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Canadian (TSX) Utilities Sector Analysis

UpdatedApr 05, 2026
DataAggregated Company Financials
Companies25
  • 7D2.6%
  • 3M13.8%
  • 1Y30.2%
  • YTD12.7%

In the last week, the Utilities industry is up 2.6%, with Fortis leading the way, up 2.2%. Meanwhile, Superior Plus actually underperformed within the industry, shrinking 5.2% in the last week. This takes the industry's 12 month performance to a gain of 30%. As for the next few years, earnings are expected to grow by 6.5% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 05 Apr 2026CA$201.1bCA$77.2bCA$5.3b23.2x38.2x2.6x
Tue, 03 Mar 2026CA$193.6bCA$76.5bCA$5.1b20.9x37.7x2.5x
Thu, 29 Jan 2026CA$179.3bCA$75.7bCA$5.3b18.7x34x2.4x
Sat, 27 Dec 2025CA$174.4bCA$75.8bCA$5.3b18.4x33.1x2.3x
Mon, 24 Nov 2025CA$177.8bCA$76.3bCA$5.4b18.3x33.2x2.3x
Wed, 22 Oct 2025CA$182.0bCA$75.3bCA$5.3b20.8x34.4x2.4x
Fri, 19 Sep 2025CA$165.4bCA$75.1bCA$5.3b19.9x31.2x2.2x
Sun, 17 Aug 2025CA$168.7bCA$75.1bCA$5.3b20.4x31.9x2.2x
Tue, 15 Jul 2025CA$166.0bCA$75.6bCA$5.8b19.8x28.5x2.2x
Thu, 12 Jun 2025CA$165.3bCA$75.6bCA$5.8b19.9x28.4x2.2x
Sat, 10 May 2025CA$163.6bCA$75.8bCA$5.8b19x28.3x2.2x
Mon, 07 Apr 2025CA$154.3bCA$74.8bCA$5.5b19.5x28.2x2.1x
Wed, 05 Mar 2025CA$154.4bCA$75.5bCA$5.8b19.9x26.8x2x
Fri, 31 Jan 2025CA$139.7bCA$75.4bCA$5.3b20.2x26.3x1.9x
Sun, 29 Dec 2024CA$160.5bCA$82.2bCA$3.5b20.7x46.1x2x
Tue, 26 Nov 2024CA$163.7bCA$81.5bCA$3.5b21.5x46.2x2x
Thu, 24 Oct 2024CA$167.7bCA$81.2bCA$6.9b19.7x24.2x2.1x
Sat, 21 Sep 2024CA$160.5bCA$80.8bCA$6.9b19.2x23.2x2x
Mon, 19 Aug 2024CA$154.6bCA$81.0bCA$6.9b17.8x22.3x1.9x
Wed, 17 Jul 2024CA$148.9bCA$80.0bCA$7.2b14.1x20.6x1.9x
Fri, 14 Jun 2024CA$147.9bCA$80.1bCA$7.2b14.4x20.4x1.8x
Sun, 12 May 2024CA$150.9bCA$80.3bCA$7.6b14.2x19.9x1.9x
Tue, 09 Apr 2024CA$138.5bCA$80.8bCA$6.3b14.1x22x1.7x
Thu, 07 Mar 2024CA$140.0bCA$81.4bCA$5.8b14.9x23.9x1.7x
Sat, 03 Feb 2024CA$147.1bCA$87.2bCA$6.5b15.1x22.6x1.7x
Mon, 01 Jan 2024CA$148.7bCA$85.2bCA$8.7b14.7x17.1x1.7x
Wed, 29 Nov 2023CA$143.9bCA$85.5bCA$8.7b13.9x16.4x1.7x
Fri, 27 Oct 2023CA$136.4bCA$85.3bCA$6.8b13.3x20.1x1.6x
Sun, 24 Sep 2023CA$146.3bCA$85.0bCA$6.8b14.2x21.6x1.7x
Tue, 22 Aug 2023CA$148.9bCA$85.0bCA$6.8b14.5x22x1.8x
Thu, 20 Jul 2023CA$157.2bCA$85.1bCA$7.9b14.1x19.8x1.8x
Sat, 17 Jun 2023CA$155.6bCA$85.2bCA$7.9b15.2x19.6x1.8x
Mon, 15 May 2023CA$167.7bCA$85.6bCA$8.0b15.2x21.1x2x
Wed, 12 Apr 2023CA$166.8bCA$82.7bCA$7.1b16.7x23.3x2x
Price to Earnings Ratio

23.3x


Total Market Cap: CA$166.8bTotal Earnings: CA$7.1bTotal Revenue: CA$82.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 26.4x202420252026
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 38.2x which is higher than its 3-year average PE of 26.4x.
  • The 3-year average PS ratio of 2.0x is lower than the industry's current PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 9.7% per year over the last three years,
  • Revenues have also declined 2.3% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

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

CA Market3.31%
Utilities2.59%
Water Utilities50.00%
Renewable Energy3.98%
Electric Utilities2.51%
Other Utilities1.68%
Gas Utilities-0.24%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 23.5x.
    • Analysts are expecting annual earnings growth of 52.3%, which is higher than its past year's earnings decline of 65.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Other Utilities industry, expecting annual earnings growth of 52% over the next 5 years.
  • This is better than its past earnings decline of 65% per year.
  • In contrast, the Renewable Energy industry is expected to see its earnings decline by 17% 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
FTS FortisCA$79.022.2%
+CA$1.0b		20.3%PE23.5x
H Hydro OneCA$58.252.6%
+CA$887.7m		18.7%PE26.1x
EMA EmeraCA$73.322.8%
+CA$596.9m		20.5%PE21.9x
CU Canadian UtilitiesCA$49.652.4%
+CA$313.4m		35.5%PE321.8x
TA TransAltaCA$18.764.3%
+CA$240.8m		61.6%PS2.3x

Latest News

H
CA$58.25
Hydro One
7D
2.6%
1Y
18.7%

H: Incremental Repricing And Leadership Transition Will Shape A Steady Forward Outlook

Hydro One's analyst price target has been revised slightly higher from about CA$54.79 to CA$55.53, reflecting analysts' updated view after a series of recent price target increases across major firms. Analyst Commentary Recent Street research on Hydro One has centered on modestly higher price targets and generally neutral stock ratings, which together suggest a balanced view of upside potential and execution risk.
TA
CA$18.76
TransAlta
7D
4.3%
1Y
61.6%

TA: Data Centre Expansion At Keephills Will Drive Long Term Upside

Analysts have lifted their fair value estimate for TransAlta to CA$28.00 from CA$20.00, citing updated assumptions for revenue growth, profit margins and future P/E that they state support a higher long term price target. What's in the News Management outlined a focus on disciplined growth at the 2026 Investor Day, highlighting plans to advance legacy projects such as Centralia and Alberta data centers, pursue value accretive M&A, and progress a defined project development pipeline for long term opportunities.
CPX
CA$66.32
Capital Power
7D
1.2%
1Y
49.7%
FTS
CA$79.02
Fortis
7D
2.2%
1Y
20.3%

FTS: Fairly Valued Outlook Will Depend On Regulated Returns And P E Assumptions

The analyst price target for Fortis has been lifted by CA$0.20 to CA$76.63, reflecting a series of recent target increases across major firms as analysts incorporate slightly higher revenue growth assumptions, a marginally lower discount rate, and modestly higher future P/E expectations, partly offset by more conservative profit margin forecasts. Analyst Commentary Recent Street research shows several price target adjustments for Fortis, with targets now quoted in the CA$77 to CA$83 range and a mix of Buy, Market Perform, and Sector Perform ratings.
NPI
CA$24.00
Northland Power
7D
3.2%
1Y
29.3%
CU
CA$49.65
Canadian Utilities
7D
2.4%
1Y
35.5%

CU: Higher Income And Tight Range Will Support A Steady Future Profile

Analyst price targets for Canadian Utilities have moved higher into a CA$47 to CA$49 range, as several firms cite updated views on the company that support a modest upward revision to the fair value estimate of CA$48.43. Analyst Commentary Recent research updates cluster in a tight CA$47 to CA$49 range, which lines up with the consolidated fair value estimate around CA$48.43.
SPB
CA$6.53
Superior Plus
7D
-5.2%
1Y
-0.9%

SPB: Share Repurchases And Cost Efficiencies Will Support Future P/E Recovery

Analysts have reduced the fair value estimate for Superior Plus to CA$10.00 from CA$11.00, reflecting lower price targets across the Street and more cautious assumptions on growth, profitability, and required return. Analyst Commentary Recent Street research shows a clear reset in expectations for Superior Plus, with multiple firms cutting price targets and revising ratings.
ACO.X
CA$68.88
ATCO
7D
1.1%
1Y
37.2%

ACO.X: Regulated Utilities And Payout Policy Will Support Steady Returns And Buybacks

Analysts have lifted the consensus price target for ATCO to CA$67, from a previous range of CA$57 to CA$72 in recent reports, citing updated views on the company that support a CA$67 fair value in the current model. Analyst Commentary Recent research updates point to a tighter cluster of fair value estimates around CA$67, with several firms adjusting their price targets into a CA$66 to CA$72 range.
MXG
CA$4.40
Maxim Power
7D
-0.7%
1Y
15.5%
EMA
CA$73.32
Emera
7D
2.8%
1Y
20.5%

EMA: Florida Stability And Nova Scotia Uncertainty Will Shape Future Returns

The updated analyst price target for Emera rises by about CA$1 to CA$70.75, reflecting recent target revisions from CA$72 to CA$75 as analysts weigh steady earnings guidance, valuation concerns, and differing views on the regulatory backdrop in Nova Scotia and growth prospects in Florida. Analyst Commentary Recent research views on Emera show a split between bullish analysts who are comfortable with the current outlook and valuation, and more cautious voices who see less room for upside at current levels.
BLX
CA$36.60
Boralex
7D
-0.3%
1Y
41.1%

BLX: Battery Storage Scale And Possible Take Private May Support Steady Returns

Analysts have trimmed their price target for Boralex from CA$36 to CA$35, citing updated assumptions around discount rates and valuation multiples, while keeping core growth and margin expectations broadly consistent. Analyst Commentary Recent research indicates that the slight reduction in the price target to CA$35 is driven more by updated assumptions around discount rates and valuation multiples than by changes to the underlying business outlook.
WEB
CA$1.67
Westbridge Renewable Energy
7D
-2.3%
1Y
-31.6%
CFY
CA$0.11
CF Energy
7D
-4.3%
1Y
-51.1%

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BITZ.U
US$2.31
Bitzero Holdings
7D
-1.7%
1Y
n/a
RE
CA$0.39
RE Royalties
7D
-9.3%
1Y
-11.4%