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

Canadian (TSX) Utilities Sector Analysis

UpdatedNov 23, 2025
DataAggregated Company Financials
Companies24
  • 7D-1.0%
  • 3M5.4%
  • 1Y15.5%
  • YTD17.8%

In the last week, the Utilities industry is flat overall, with Capital Power standing out by going down 5.3%. The past year has been better, since the industry has gained 16% in that time. Earnings are forecast to grow by 29% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 23 Nov 2025CA$177.8bCA$76.3bCA$5.4b18.3x33.2x2.3x
Tue, 21 Oct 2025CA$182.0bCA$75.3bCA$5.3b20.3x34.4x2.4x
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
Price to Earnings Ratio

23.4x


Total Market Cap: CA$155.0bTotal Earnings: CA$6.6bTotal Revenue: CA$79.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 25.2x202320242025
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 33.2x which is higher than its 3-year average PE of 25.2x.
  • The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 6.8% 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 Market-0.73%
Utilities-0.99%
Gas Utilities1.23%
Electric Utilities0.05%
Other Utilities-1.55%
Renewable Energy-3.23%
Water Utilities-20.00%
Industry PE
  • Investors are most optimistic about the Other Utilities industry, which is trading close to its 3-year average PE ratio of 21.2x.
    • Analysts are expecting annual earnings growth of 19.1%, which is higher than its past year's earnings growth of 11.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 84% over the next 5 years.
  • This is better than its past earnings decline of 51% per year.
  • In contrast, the Electric Utilities industry is expected to see its earnings grow by 6.1% 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
H Hydro OneCA$54.701.5%
+CA$485.8m		19.9%PE25.1x
SPB Superior PlusCA$7.1213.2%
+CA$185.1m		16.2%PE70.9x
WEB Westbridge Renewable EnergyCA$2.152.4%
+CA$1.3m		-33.6%PE3.3x
REVV ReVolve Renewable PowerCA$0.205.4%
+CA$838.4k		-15.2%PS2.9x
CUP.U Caribbean Utilities CompanyUS$13.460.07%
+US$423.4k		-3.0%PE12.3x

Latest News

ACO.X
CA$54.81
ATCO
7D
-2.0%
1Y
11.2%

ATCO (TSE:ACO.X) Has More To Do To Multiply In Value Going Forward

Nov 23
ATCO (TSE:ACO.X) Has More To Do To Multiply In Value Going Forward
NPI
CA$17.02
Northland Power
7D
-6.5%
1Y
-13.6%
CUP.U
US$13.46
Caribbean Utilities Company
7D
0.07%
1Y
-3.0%
SPB
CA$7.12
Superior Plus
7D
13.2%
1Y
16.2%
CBLU
CA$0.055
Clear Blue Technologies International
7D
10.0%
1Y
-54.2%
CPX
CA$59.69
Capital Power
7D
-5.3%
1Y
-2.3%

CPX: Future Performance Will Reflect Recent Storage and Contract Wins Driving Upside

The analyst price target for Capital Power saw a modest decrease of $0.50 to $75.46 per share, as analysts cite adjustments in fair value and discount rate. This comes despite ongoing positive sentiment highlighted by several recent price target increases across major investment firms.
TA
CA$19.34
TransAlta
7D
-5.5%
1Y
28.8%
H
CA$54.70
Hydro One
7D
1.5%
1Y
19.9%
REVV
CA$0.20
ReVolve Renewable Power
7D
5.4%
1Y
-15.2%
CU
CA$41.84
Canadian Utilities
7D
-1.3%
1Y
15.9%

CU: Earnings Stability And Regulated Strength Will Offset Near-Term Market Volatility

Analysts have increased their average price target for Canadian Utilities from C$40.14 to C$41.43. They cite solid regulated results and modest improvements in revenue growth, despite ongoing market volatility.
EMA
CA$66.78
Emera
7D
-0.5%
1Y
28.6%

Emera Incorporated Beat Revenue Forecasts By 7.6%: Here's What Analysts Are Forecasting Next

Nov 11
Emera Incorporated Beat Revenue Forecasts By 7.6%: Here's What Analysts Are Forecasting Next
BLX
CA$24.85
Boralex
7D
-6.6%
1Y
-16.7%

BLX: Upcoming Commercial Operation In Québec Will Drive Sector Momentum

Analysts have revised Boralex's price target downward from C$38.10 to C$36.90, citing a modest increase in the discount rate, tempered fair value estimates, ongoing sector volatility, and shifting growth expectations. Analyst Commentary Recent analyst updates highlight a range of perspectives on Boralex's current valuation and future trajectory.
WEB
CA$2.15
Westbridge Renewable Energy
7D
2.4%
1Y
-33.6%
FTS
CA$72.66
Fortis
7D
-0.9%
1Y
15.1%

Fortis (TSE:FTS) Is Paying Out A Larger Dividend Than Last Year

Nov 07
Fortis (TSE:FTS) Is Paying Out A Larger Dividend Than Last Year
NKW.H
CA$0.07
Oceanic Wind Energy
7D
7.7%
1Y
40.0%
AKH.H
CA$0.03
Alaska Hydro
7D
20.0%
1Y
100.0%