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Canadian (TSX) Utilities Sector Analysis

UpdatedFeb 26, 2026
DataAggregated Company Financials
Companies25
  • 7D1.2%
  • 3M6.7%
  • 1Y25.0%
  • YTD8.1%

In the last week, the Utilities industry is up 1.2%, with Hydro One up 2.3%. In the same time, Superior Plus was down 18%. This means that the industry has gained 25% over the past year. Looking forward, earnings are forecast to grow by 2.1% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Feb 2026CA$191.7bCA$76.5bCA$5.8b19.7x33.1x2.5x
Sat, 24 Jan 2026CA$176.6bCA$75.8bCA$5.3b18.7x33.5x2.3x
Mon, 22 Dec 2025CA$172.8bCA$75.9bCA$5.3b18.3x32.8x2.3x
Wed, 19 Nov 2025CA$180.0bCA$76.1bCA$5.4b18.7x33.5x2.4x
Fri, 17 Oct 2025CA$180.3bCA$75.4bCA$5.3b18.2x34.1x2.4x
Sun, 14 Sep 2025CA$166.8bCA$75.1bCA$5.3b20.2x31.5x2.2x
Tue, 12 Aug 2025CA$168.4bCA$75.1bCA$5.5b20.7x30.4x2.2x
Thu, 10 Jul 2025CA$164.9bCA$75.6bCA$5.8b19.8x28.3x2.2x
Sat, 07 Jun 2025CA$163.6bCA$75.6bCA$5.8b19.8x28.1x2.2x
Mon, 05 May 2025CA$163.2bCA$74.6bCA$5.3b21.2x30.8x2.2x
Wed, 02 Apr 2025CA$158.3bCA$74.9bCA$5.5b20.5x28.9x2.1x
Fri, 28 Feb 2025CA$153.7bCA$75.5bCA$5.8b19.5x26.5x2x
Sun, 26 Jan 2025CA$143.2bCA$75.3bCA$5.3b21.2x26.9x1.9x
Tue, 24 Dec 2024CA$159.2bCA$82.1bCA$3.5b20.5x45.6x1.9x
Thu, 21 Nov 2024CA$162.4bCA$81.5bCA$3.5b21.2x45.9x2x
Sat, 19 Oct 2024CA$166.9bCA$81.2bCA$6.9b19.7x24.1x2.1x
Mon, 16 Sep 2024CA$163.1bCA$80.8bCA$6.9b19.6x23.6x2x
Wed, 14 Aug 2024CA$152.6bCA$80.9bCA$6.7b17.7x22.8x1.9x
Fri, 12 Jul 2024CA$148.6bCA$80.0bCA$7.2b14.2x20.6x1.9x
Sun, 09 Jun 2024CA$150.6bCA$80.2bCA$7.2b14.6x20.8x1.9x
Tue, 07 May 2024CA$147.1bCA$80.2bCA$8.1b14.2x18.2x1.8x
Thu, 04 Apr 2024CA$139.7bCA$80.7bCA$6.3b14.1x22.2x1.7x
Sat, 02 Mar 2024CA$139.2bCA$81.7bCA$5.9b14.9x23.8x1.7x
Mon, 29 Jan 2024CA$147.9bCA$85.4bCA$8.7b14.5x16.9x1.7x
Wed, 27 Dec 2023CA$148.1bCA$85.2bCA$8.7b14.5x17x1.7x
Fri, 24 Nov 2023CA$145.3bCA$85.7bCA$8.8b14.5x16.6x1.7x
Sun, 22 Oct 2023CA$132.8bCA$85.2bCA$6.8b13.1x19.6x1.6x
Tue, 19 Sep 2023CA$150.2bCA$85.0bCA$6.8b14.9x22.2x1.8x
Thu, 17 Aug 2023CA$148.2bCA$85.0bCA$6.8b14x21.9x1.7x
Sat, 15 Jul 2023CA$158.1bCA$85.2bCA$7.9b14.1x19.9x1.9x
Mon, 12 Jun 2023CA$162.1bCA$85.3bCA$7.9b14.8x20.4x1.9x
Wed, 10 May 2023CA$167.9bCA$84.9bCA$7.7b16.4x21.9x2x
Fri, 07 Apr 2023CA$165.2bCA$82.7bCA$7.1b16.4x23.1x2x
Sun, 05 Mar 2023CA$152.4bCA$82.7bCA$7.6b16.8x20.1x1.8x
Price to Earnings Ratio

20.1x


Total Market Cap: CA$152.4bTotal Earnings: CA$7.6bTotal Revenue: CA$82.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 25.9x202420252026
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 33.1x which is higher than its 3-year average PE of 25.9x.
  • The 3-year average PS ratio of 2.0x is lower than the industry's current PS ratio of 2.5x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 8.6% per year over the last three years,
  • Revenues have also declined 2.6% 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 Market2.40%
Utilities1.17%
Other Utilities2.57%
Electric Utilities1.23%
Renewable Energy0.96%
Gas Utilities-0.91%
Water Utilities-33.33%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 21.8x.
    • 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 Renewable Energy industry is expected to see its earnings decline by 14% 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$57.982.3%
+CA$791.7m		28.0%PE26x
CU Canadian UtilitiesCA$47.863.3%
+CA$410.8m		37.2%PE24.4x
FTS FortisCA$77.810.8%
+CA$319.6m		23.5%PE23x
ACO.X ATCOCA$64.322.7%
+CA$192.6m		32.4%PE16.9x
ALA AltaGasCA$45.501.1%
+CA$155.6m		30.8%PE19x

Latest News

REVV
CA$0.18
ReVolve Renewable Power
7D
-7.5%
1Y
-15.9%
EMA
CA$69.96
Emera
7D
0.2%
1Y
20.4%

EMA: Florida Operations And Equity Program Will Offset Nova Scotia Uncertainty

Analysts have inched their price targets on Emera higher, with some moving to CA$74 and CA$75 while others trim or reset targets around CA$69. These changes reflect differing views on valuation, regulatory risk in Nova Scotia, and the balance between near term visibility and longer term growth drivers.
SPB
CA$6.42
Superior Plus
7D
-18.0%
1Y
8.3%
NPI
CA$20.02
Northland Power
7D
1.6%
1Y
5.3%

NPI: Future Returns Will Reflect Execution Versus Funding Risk At Current Levels

Analysts have kept their fair value estimate for Northland Power steady at about CA$22.15, with a slightly higher discount rate and modest tweaks to growth and margin assumptions informing an updated price target narrative. Analyst Commentary Recent commentary on Northland Power suggests a mixed but relatively balanced view, with analysts weighing valuation support against execution and industry wide risks.
ALA
CA$45.50
AltaGas
7D
1.1%
1Y
30.8%

ALA: Montney Storage And Export Projects Will Support Steady Future Returns

AltaGas’s analyst price target is unchanged at CA$47.09, as analysts keep their views steady with only small model tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Pipestone II has reached full commercial operations, with Train II running at more than 90% of design capacity and fully contracted under long term take or pay agreements, alongside Pipestone I as an integrated two train complex providing gas processing and liquids handling in the Alberta Montney.
AQN
CA$9.33
Algonquin Power & Utilities
7D
1.2%
1Y
31.8%

AQN: 2026 Rate Case Outcomes Will Drive Future Earnings Alignment

Analysts have nudged their fair value estimate for Algonquin Power & Utilities higher, supporting a price target increase of about C$1 as they factor in updated assumptions on revenue growth, profitability and P/E, along with potential upside from upcoming rate case decisions. Analyst Commentary Recent Street research on Algonquin Power & Utilities has tilted more constructive, with price targets nudged higher and ratings moving into more positive territory.
PIF
CA$12.02
Polaris Renewable Energy
7D
-1.9%
1Y
-2.5%
H
CA$57.98
Hydro One
7D
2.3%
1Y
28.0%
FTS
CA$77.81
Fortis
7D
0.8%
1Y
23.5%
WEB
CA$1.63
Westbridge Renewable Energy
7D
-13.3%
1Y
-53.7%
ACO.X
CA$64.32
ATCO
7D
2.7%
1Y
32.4%
TA
CA$17.59
TransAlta
7D
-4.3%
1Y
14.1%

TA: Centralia Gas Conversion And Tolling Agreement Will Support Long Term Margin Expansion

Analysts have made a minor adjustment to their fair value estimate for TransAlta, trimming the target from CA$23.55 to CA$23.45. This reflects updated views on discount rates and future P/E assumptions.
CU
CA$47.86
Canadian Utilities
7D
3.3%
1Y
37.2%
RESO
CA$0.20
ReSolve Energie
7D
-13.0%
1Y
n/a
BITZ.U
US$2.38
Bitzero Holdings
7D
-6.7%
1Y
n/a
WATR
CA$0.01
Current Water Technologies
7D
-33.3%
1Y
-60.0%