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Canadian (TSX) Utilities Sector Analysis

UpdatedFeb 10, 2026
DataAggregated Company Financials
Companies25
  • 7D1.2%
  • 3M-0.5%
  • 1Y21.0%
  • YTD2.3%

Over the last 7 days, the Utilities industry has risen 1.2%, driven by gains from Fortis of 1.9%. This takes the industry's 12 month performance to a gain of 21%. Earnings are forecast to grow by 15% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 10 Feb 2026CA$181.0bCA$75.8bCA$5.7b18.9x31.5x2.4x
Thu, 08 Jan 2026CA$175.7bCA$76.0bCA$5.3b18.6x33.4x2.3x
Sat, 06 Dec 2025CA$175.9bCA$76.0bCA$5.3b18x32.9x2.3x
Mon, 03 Nov 2025CA$180.7bCA$75.4bCA$5.2b20.8x34.6x2.4x
Wed, 01 Oct 2025CA$170.6bCA$75.2bCA$5.3b20.6x32.2x2.3x
Fri, 29 Aug 2025CA$167.2bCA$75.0bCA$5.3b20.1x31.6x2.2x
Sun, 27 Jul 2025CA$168.2bCA$74.5bCA$5.8b20.2x29.1x2.3x
Tue, 24 Jun 2025CA$165.0bCA$75.6bCA$5.8b19.9x28.4x2.2x
Thu, 22 May 2025CA$164.0bCA$75.8bCA$5.8b20.3x28.2x2.2x
Sat, 19 Apr 2025CA$158.1bCA$74.4bCA$5.5b20.7x28.8x2.1x
Mon, 17 Mar 2025CA$156.1bCA$74.9bCA$5.5b20.1x28.5x2.1x
Wed, 12 Feb 2025CA$148.8bCA$75.4bCA$5.1b20.5x28.9x2x
Fri, 10 Jan 2025CA$144.3bCA$75.3bCA$5.3b21.3x27.2x1.9x
Sun, 08 Dec 2024CA$166.1bCA$81.8bCA$3.5b20.8x47.2x2x
Tue, 05 Nov 2024CA$159.5bCA$81.0bCA$6.9b18.3x23.1x2x
Thu, 03 Oct 2024CA$165.5bCA$80.7bCA$6.9b19.5x24x2.1x
Sat, 31 Aug 2024CA$154.9bCA$80.7bCA$6.9b18.8x22.4x1.9x
Mon, 29 Jul 2024CA$151.6bCA$80.3bCA$7.2b15x20.9x1.9x
Wed, 26 Jun 2024CA$146.7bCA$80.0bCA$7.2b13.9x20.3x1.8x
Fri, 24 May 2024CA$152.5bCA$80.1bCA$7.2b14.7x21.1x1.9x
Sun, 21 Apr 2024CA$135.3bCA$81.0bCA$6.3b13.7x21.5x1.7x
Tue, 19 Mar 2024CA$139.4bCA$80.7bCA$6.3b13.7x22.2x1.7x
Thu, 15 Feb 2024CA$137.6bCA$82.2bCA$6.2b14.1x22.1x1.7x
Sat, 13 Jan 2024CA$149.3bCA$85.4bCA$8.7b14.6x17.1x1.7x
Mon, 11 Dec 2023CA$146.7bCA$85.6bCA$8.8b14.5x16.8x1.7x
Wed, 08 Nov 2023CA$143.4bCA$85.9bCA$8.4b13.1x17.1x1.7x
Fri, 06 Oct 2023CA$136.1bCA$85.2bCA$6.8b13.8x20.1x1.6x
Sun, 03 Sep 2023CA$148.5bCA$85.1bCA$6.8b15.2x21.9x1.7x
Tue, 01 Aug 2023CA$154.9bCA$84.4bCA$8.0b14x19.5x1.8x
Thu, 29 Jun 2023CA$154.1bCA$85.2bCA$7.9b14.8x19.4x1.8x
Sat, 27 May 2023CA$161.5bCA$85.7bCA$8.0b14.6x20.3x1.9x
Mon, 24 Apr 2023CA$166.4bCA$82.8bCA$7.2b16.5x23.3x2x
Wed, 22 Mar 2023CA$156.9bCA$83.0bCA$7.2b16.1x21.9x1.9x
Fri, 17 Feb 2023CA$153.1bCA$80.2bCA$7.0b17.6x21.8x1.9x
Price to Earnings Ratio

21.8x


Total Market Cap: CA$153.1bTotal Earnings: CA$7.0bTotal Revenue: CA$80.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 25.7x202420252026
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 31.5x which is higher than its 3-year average PE of 25.7x.
  • The 3-year average PS ratio of 2.0x is lower than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 6.5% 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 Market2.79%
Utilities1.19%
Renewable Energy2.66%
Gas Utilities1.38%
Electric Utilities0.85%
Water Utilities0%0
Other Utilities-0.52%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 21.7x.
    • Analysts are expecting annual earnings growth of 58.4%, which is higher than its past year's earnings growth of 11.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Other Utilities industry, expecting annual earnings growth of 58% over the next 5 years.
  • This is better than its past earnings growth rate of 11% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 3.4% 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$73.391.9%
+CA$682.2m		17.3%PE21.8x
H Hydro OneCA$54.421.1%
+CA$347.9m		19.5%PE25x
TA TransAltaCA$18.445.6%
+CA$290.8m		19.9%PS2.2x
ALA AltaGasCA$42.191.3%
+CA$174.3m		21.4%PE17.6x
BLX BoralexCA$26.885.2%
+CA$136.7m		5.8%PS3.3x

Latest News

FTS
CA$73.39
Fortis
7D
1.9%
1Y
17.3%
ALA
CA$42.19
AltaGas
7D
1.3%
1Y
21.4%

ALA: Montney Storage Expansion And Higher Dividend Will Support Future Upside

Analysts have adjusted their price outlook for AltaGas, citing updated assumptions for discount rates, revenue growth, profit margins and future P/E expectations. Together, these factors have led to a revised price target of $47.09.
CPX
CA$58.75
Capital Power
7D
0.1%
1Y
12.1%

CPX: Future Returns Will Reflect Long Dated Arlington Tolling Cash Flows

Narrative Update on Capital Power Analysts have nudged their price target on Capital Power to C$82 from C$80, reflecting updated assumptions around discount rates, long term revenue growth, profit margins and future P/E expectations. Analyst Commentary Recent Street research around Capital Power focuses on how updated assumptions feed into valuation and execution risks, rather than any single near term catalyst.
BLX
CA$26.88
Boralex
7D
5.2%
1Y
5.8%

Sentiment Still Eluding Boralex Inc. (TSE:BLX)

Feb 08
Sentiment Still Eluding Boralex Inc. (TSE:BLX)
ACO.X
CA$58.94
ATCO
7D
0.5%
1Y
24.7%

ATCO's (TSE:ACO.X) Shareholders Will Receive A Bigger Dividend Than Last Year

Feb 07
ATCO's (TSE:ACO.X) Shareholders Will Receive A Bigger Dividend Than Last Year
CUP.U
US$13.15
Caribbean Utilities Company
7D
-2.5%
1Y
-1.9%
CU
CA$43.54
Canadian Utilities
7D
-0.8%
1Y
28.2%
AQN
CA$8.81
Algonquin Power & Utilities
7D
-1.1%
1Y
35.3%

AQN: Future Rate Case Outcomes Will Likely Define Re Rating Potential

Analysts have raised their price target on Algonquin Power & Utilities to about $8.75 from roughly $7.00, citing expectations that upcoming rate case approvals and implementations could help narrow the company’s return on equity and valuation gap compared with peers. Analyst Commentary The latest research points to rate case approvals and implementations as a key swing factor for Algonquin Power & Utilities, with some analysts expecting that progress here could help close the gap in return on equity and valuation versus peers.
TA
CA$18.44
TransAlta
7D
5.6%
1Y
19.9%

TA: Centralia Conversion To Gas Will Support Long Term Margin Expansion

Analysts have adjusted their fair value estimate for TransAlta from about $24.27 to $23.55 per share, reflecting updated views on revenue growth expectations, profit margin assumptions near 9.1% and a slightly lower forward P/E of roughly 39.2x. What's in the News TransAlta signed a long term tolling agreement with Puget Sound Energy to convert its 700 MW Centralia Unit 2 facility from coal to natural gas generation.
H
CA$54.42
Hydro One
7D
1.1%
1Y
19.5%

H: Stable Outlook And Labour Negotiations Will Shape Measured Repricing Potential

Hydro One’s updated analyst price target ticks slightly lower to about C$52.07 from C$52.21. Analysts outline higher revenue growth assumptions, modestly softer profit margins and a small adjustment to future P/E expectations, with recent Street targets ranging from C$52 to C$57.
NPI
CA$19.35
Northland Power
7D
2.3%
1Y
15.9%

Northland Power (TSE:NPI) Has Some Difficulty Using Its Capital Effectively

Feb 02
Northland Power (TSE:NPI) Has Some Difficulty Using Its Capital Effectively
BITZ.U
US$2.98
Bitzero Holdings
7D
-10.5%
1Y
n/a
WEB
CA$1.90
Westbridge Renewable Energy
7D
-4.0%
1Y
-42.1%
EMA
CA$66.35
Emera
7D
-1.2%
1Y
19.1%

EMA: Premium Pricing And Equity Program Will Shape Future Risk Reward Balance

Analysts have trimmed their average fair value estimate for Emera by about C$0.43 to roughly C$68.79. The revised figure reflects updated price targets that take into account a premium valuation, regulatory uncertainty in Nova Scotia, and more cautious expectations around growth beyond the Florida business.
NKW.H
CA$0.045
Oceanic Wind Energy
7D
-25.0%
1Y
28.6%
MXG
CA$4.30
Maxim Power
7D
-4.4%
1Y
-26.5%