Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Canadian (TSX) Utilities Sector Analysis

UpdatedSep 18, 2025
DataAggregated Company Financials
Companies23
  • 7D-0.5%
  • 3M2.3%
  • 1Y7.9%
  • YTD9.7%

Over the last 7 days, the Utilities industry has remained flat, although notably Capital Power gained 4.3%. The past year has been better, since the industry has gained 7.9% in that time. As for the next few years, earnings are expected to grow by 18% per annum.

Sector Valuation and Performance

Has the Canadian Utilities Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 18 Sep 2025CA$165.3bCA$75.1bCA$5.3b19.9x31.2x2.2x
Sat, 16 Aug 2025CA$168.3bCA$75.1bCA$5.3b20.4x31.8x2.2x
Mon, 14 Jul 2025CA$166.0bCA$75.6bCA$5.8b19.8x28.5x2.2x
Wed, 11 Jun 2025CA$164.1bCA$75.6bCA$5.8b19.8x28.2x2.2x
Fri, 09 May 2025CA$164.1bCA$74.8bCA$5.1b20.6x32.1x2.2x
Sun, 06 Apr 2025CA$154.3bCA$74.8bCA$5.5b19.5x28.2x2.1x
Tue, 04 Mar 2025CA$154.4bCA$75.5bCA$5.8b19.9x26.8x2x
Thu, 30 Jan 2025CA$140.4bCA$75.4bCA$5.3b19.9x26.4x1.9x
Sat, 28 Dec 2024CA$160.6bCA$82.2bCA$3.5b20.7x46.1x2x
Mon, 25 Nov 2024CA$163.7bCA$81.5bCA$3.5b21.5x46.2x2x
Wed, 23 Oct 2024CA$168.8bCA$81.2bCA$6.9b19.7x24.4x2.1x
Fri, 20 Sep 2024CA$162.5bCA$80.8bCA$6.9b19.1x23.5x2x
Sun, 18 Aug 2024CA$154.6bCA$81.0bCA$6.9b17.8x22.3x1.9x
Tue, 16 Jul 2024CA$151.0bCA$80.0bCA$7.2b14.1x20.9x1.9x
Thu, 13 Jun 2024CA$150.0bCA$80.1bCA$7.2b14.4x20.7x1.9x
Sat, 11 May 2024CA$150.0bCA$80.3bCA$7.6b14.2x19.8x1.9x
Mon, 08 Apr 2024CA$138.5bCA$80.8bCA$6.3b14.1x22x1.7x
Wed, 06 Mar 2024CA$140.0bCA$81.5bCA$5.8b14.9x23.9x1.7x
Fri, 02 Feb 2024CA$148.3bCA$85.3bCA$8.7b14.4x17x1.7x
Sun, 31 Dec 2023CA$148.6bCA$85.2bCA$8.7b14.7x17.1x1.7x
Tue, 28 Nov 2023CA$144.7bCA$85.6bCA$8.8b14x16.5x1.7x
Thu, 26 Oct 2023CA$135.5bCA$85.3bCA$6.8b13.4x20x1.6x
Sat, 23 Sep 2023CA$146.3bCA$85.0bCA$6.8b14.2x21.6x1.7x
Mon, 21 Aug 2023CA$148.9bCA$85.0bCA$6.8b14.6x22x1.8x
Wed, 19 Jul 2023CA$155.5bCA$85.1bCA$7.9b14x19.6x1.8x
Fri, 16 Jun 2023CA$157.4bCA$85.2bCA$7.9b15x19.8x1.8x
Sun, 14 May 2023CA$167.7bCA$85.6bCA$8.0b15.2x21.1x2x
Tue, 11 Apr 2023CA$165.1bCA$82.8bCA$7.2b16.6x23.1x2x
Thu, 09 Mar 2023CA$154.8bCA$82.9bCA$7.5b16.9x20.6x1.9x
Sat, 04 Feb 2023CA$153.8bCA$79.3bCA$6.0b17.9x25.7x1.9x
Mon, 02 Jan 2023CA$149.8bCA$79.4bCA$6.0b17.2x25x1.9x
Wed, 30 Nov 2022CA$155.0bCA$79.3bCA$6.6b18.8x23.4x2x
Fri, 28 Oct 2022CA$155.6bCA$76.0bCA$5.9b20.6x26.3x2x
Sun, 25 Sep 2022CA$174.5bCA$75.7bCA$5.9b21.4x29.7x2.3x
Price to Earnings Ratio

29.7x


Total Market Cap: CA$174.5bTotal Earnings: CA$5.9bTotal Revenue: CA$75.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 24.7x202320242025
Current Industry PE
  • Investors are optimistic on the Canadian Utilities industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 31.2x which is higher than its 3-year average PE of 24.7x.
  • The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.2x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 3.3% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the Canadian Utilities sector?

CA Market0.29%
Utilities-0.48%
Renewable Energy0.74%
Water Utilities0%0
Gas Utilities-0.57%
Electric Utilities-0.81%
Other Utilities-1.79%
Industry PE
  • Investors are most optimistic about the Other Utilities industry, which is trading close to its 3-year average PE ratio of 20.5x.
    • Analysts are expecting annual earnings growth of 20.9%, which is higher than its past year's earnings decline of 16.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 41% over the next 5 years.
  • This is better than its past earnings decline of 45% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 2.5% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
CPX Capital PowerCA$61.334.3%
+CA$393.3m		27.9%PE23.3x
TA TransAltaCA$18.092.9%
+CA$151.2m		43.0%PS2.1x
SPB Superior PlusCA$7.662.1%
+CA$35.7m		-2.2%PE28.6x
WEB Westbridge Renewable EnergyCA$2.6519.9%
+CA$11.1m		-19.2%PE3.8x
CUP.U Caribbean Utilities CompanyUS$13.341.0%
+US$5.5m		-7.4%PE12.7x

Latest News

WEB
CA$2.65
Westbridge Renewable Energy
7D
19.9%
1Y
-19.2%
EMA
CA$63.76
Emera
7D
-1.1%
1Y
21.1%
CFY
CA$0.16
CF Energy
7D
6.7%
1Y
-11.1%
NPI
CA$22.50
Northland Power
7D
-2.3%
1Y
-2.0%
CPX
CA$61.33
Capital Power
7D
4.3%
1Y
27.9%

Capital Power (TSE:CPX) Seems To Be Using A Lot Of Debt

Sep 09
Capital Power (TSE:CPX) Seems To Be Using A Lot Of Debt
H
CA$48.49
Hydro One
7D
-1.0%
1Y
2.7%

Is Hydro One (TSE:H) A Risky Investment?

Sep 09
Is Hydro One (TSE:H) A Risky Investment?
BLX
CA$26.74
Boralex
7D
-4.0%
1Y
-23.4%

Why Investors Shouldn't Be Surprised By Boralex Inc.'s (TSE:BLX) P/S

Sep 09
Why Investors Shouldn't Be Surprised By Boralex Inc.'s (TSE:BLX) P/S
ALA
CA$41.34
AltaGas
7D
-0.9%
1Y
18.2%

Utility Modernization And LPG Exports Will Secure Future Energy Value

Analysts have raised AltaGas's price target to CA$44.27, citing improved risk profile, sector-leading earnings growth, and greater confidence in its de-risked, high-growth midstream business. Analyst Commentary Bullish analysts see potential for attractive valuation expansion driven by AltaGas's de-risked and contracted high-growth midstream business.
MXG
CA$4.52
Maxim Power
7D
1.1%
1Y
19.9%
SPB
CA$7.66
Superior Plus
7D
2.1%
1Y
-2.2%

Operational Transformation And Clean Energy Will Unlock Future Value

With Superior Plus’s consensus price target unchanged at CA$9.62, the notable rise in its future P/E from 10.33x to 14.35x suggests investors anticipate slower earnings growth, while the discount rate held steady. What's in the News Repurchased 7,400,000 shares (3.19%) for CAD 55.2 million between April and June 2025.
FTS
CA$67.52
Fortis
7D
-0.6%
1Y
10.4%
TA
CA$18.09
TransAlta
7D
2.9%
1Y
43.0%

Alberta Data Center Demand Will Drive Renewable Expansion

The slight increase in TransAlta's future P/E implies a modestly stronger earnings outlook, supporting the upward revision in the consensus analyst price target from CA$18.77 to CA$19.25. What's in the News TransAlta completed the repurchase of 8,263,000 shares (2.75%) for CAD 101.66 million under the buyback announced on May 27, 2024.
CUP.U
US$13.34
Caribbean Utilities Company
7D
1.0%
1Y
-7.4%
AQN
CA$7.59
Algonquin Power & Utilities
7D
-1.9%
1Y
1.3%

Rate Case Approvals And Grid Modernization Will Secure Future Stability

Algonquin Power & Utilities’ unchanged consensus price target of CA$7.37 reflects a cautiously optimistic outlook supported by improved earnings guidance and growth targets, though execution risks around regulatory rate cases and a valuation in line with peers limit near-term upside. Analyst Commentary Bullish analysts cite Algonquin’s ambitious growth targets and improved long-term earnings outlook as drivers of higher price targets.
CU
CA$37.38
Canadian Utilities
7D
-1.9%
1Y
5.8%
PIF
CA$13.53
Polaris Renewable Energy
7D
0.6%
1Y
4.6%