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

Canadian (TSX) Utilities Sector Analysis

UpdatedJun 06, 2026
DataAggregated Company Financials
Companies24
  • 7D0.9%
  • 3M7.0%
  • 1Y26.6%
  • YTD15.3%

In the last week, the Utilities industry is flat overall, with TransAlta standing out by going down 10.0%. As for the the longer term, the industry is up 27% over the past 12 months. As for the next few years, earnings are expected to grow by 15% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 06 Jun 2026CA$204.6bCA$77.7bCA$4.8b26.3x42.8x2.6x
Mon, 04 May 2026CA$199.3bCA$77.0bCA$4.9b24.7x40.9x2.6x
Wed, 01 Apr 2026CA$197.2bCA$77.2bCA$5.3b22.8x37.5x2.6x
Fri, 27 Feb 2026CA$191.4bCA$76.6bCA$5.2b20.3x36.7x2.5x
Sun, 25 Jan 2026CA$176.9bCA$75.8bCA$5.3b18.7x33.6x2.3x
Tue, 23 Dec 2025CA$172.8bCA$75.9bCA$5.3b18.3x32.8x2.3x
Thu, 20 Nov 2025CA$179.0bCA$76.2bCA$5.4b18.6x33.4x2.3x
Sat, 18 Oct 2025CA$181.3bCA$75.3bCA$5.3b20.6x34.3x2.4x
Mon, 15 Sep 2025CA$166.8bCA$75.1bCA$5.3b20.2x31.5x2.2x
Wed, 13 Aug 2025CA$168.1bCA$75.0bCA$5.5b20.7x30.4x2.2x
Fri, 11 Jul 2025CA$165.3bCA$75.5bCA$5.8b19.8x28.4x2.2x
Sun, 08 Jun 2025CA$163.0bCA$75.6bCA$5.8b19.8x28x2.2x
Tue, 06 May 2025CA$163.2bCA$74.6bCA$5.3b20.9x30.8x2.2x
Thu, 03 Apr 2025CA$159.6bCA$74.9bCA$5.5b20.6x29.1x2.1x
Sat, 01 Mar 2025CA$152.5bCA$75.5bCA$5.7b19.7x26.6x2x
Mon, 27 Jan 2025CA$143.2bCA$75.3bCA$5.3b21.2x26.9x1.9x
Wed, 25 Dec 2024CA$160.6bCA$82.2bCA$3.5b20.6x46.1x2x
Fri, 22 Nov 2024CA$162.3bCA$81.5bCA$3.5b21.5x45.8x2x
Sun, 20 Oct 2024CA$168.0bCA$81.2bCA$6.9b19.7x24.2x2.1x
Tue, 17 Sep 2024CA$163.1bCA$80.8bCA$6.9b19.6x23.6x2x
Thu, 15 Aug 2024CA$153.7bCA$80.9bCA$6.7b17.7x23x1.9x
Sat, 13 Jul 2024CA$150.7bCA$80.0bCA$7.2b14.3x20.9x1.9x
Mon, 10 Jun 2024CA$150.6bCA$80.2bCA$7.2b14.6x20.8x1.9x
Wed, 08 May 2024CA$147.2bCA$80.3bCA$8.1b14.1x18.2x1.8x
Fri, 05 Apr 2024CA$138.9bCA$80.8bCA$6.3b13.9x22.1x1.7x
Sun, 03 Mar 2024CA$140.4bCA$81.7bCA$5.9b14.9x23.9x1.7x
Tue, 30 Jan 2024CA$147.9bCA$85.4bCA$8.7b14.7x16.9x1.7x
Thu, 28 Dec 2023CA$148.1bCA$85.1bCA$8.7b14.5x17x1.7x
Sat, 25 Nov 2023CA$145.1bCA$85.6bCA$8.8b14.4x16.6x1.7x
Mon, 23 Oct 2023CA$132.8bCA$85.2bCA$6.8b13.1x19.6x1.6x
Wed, 20 Sep 2023CA$147.5bCA$84.9bCA$6.8b14.7x21.8x1.7x
Fri, 18 Aug 2023CA$148.2bCA$85.0bCA$6.8b14x21.9x1.7x
Sun, 16 Jul 2023CA$158.1bCA$85.2bCA$7.9b14.1x19.9x1.9x
Tue, 13 Jun 2023CA$161.7bCA$85.4bCA$7.9b15.2x20.3x1.9x
Price to Earnings Ratio

20.3x


Total Market Cap: CA$161.7bTotal Earnings: CA$7.9bTotal Revenue: CA$85.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 27.4x202420252026
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 42.8x which is higher than its 3-year average PE of 27.4x.
  • 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 16% per year over the last three years,
  • Revenues have also declined 3.1% 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 Market-1.18%
Utilities0.88%
Other Utilities3.67%
Gas Utilities3.54%
Electric Utilities1.07%
Water Utilities0%0
Renewable Energy-1.37%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 25.5x.
    • Analysts are expecting annual earnings growth of 50.7%, which is higher than its past year's earnings decline of 63.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Other Utilities industry, expecting annual earnings growth of 51% over the next 5 years.
  • This is better than its past earnings decline of 63% per year.
  • In contrast, the Electric Utilities industry is expected to see its earnings grow by 7.3% 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$77.832.1%
+CA$799.3m		19.7%PE23.1x
ALA AltaGasCA$55.763.9%
+CA$657.8m		46.2%PE34.6x
ACO.X ATCOCA$72.106.0%
+CA$459.0m		42.8%PE51.3x
CU Canadian UtilitiesCA$51.022.9%
+CA$386.7m		35.5%PE463.1x
BITZ.U Bitzero HoldingsUS$8.0350.1%
+US$147.8m		n/aPS16.6x

Latest News

BLX
CA$36.84
Boralex
7D
-0.08%
1Y
15.7%
FTS
CA$77.83
Fortis
7D
2.1%
1Y
19.7%
NPI
CA$22.78
Northland Power
7D
-3.1%
1Y
9.8%
SPB
CA$8.38
Superior Plus
7D
-0.1%
1Y
6.9%
Narrative Update • Jun 05

SPB: Share Repurchases And Execution Efforts Will Support Future Cash Generation

The analyst price target for Superior Plus is now set at CA$10.00, up from CA$9.00. Analysts attribute the revision to modest adjustments in discount rate, revenue growth, profit margin and future P/E assumptions in their updated models.
TA
CA$17.69
TransAlta
7D
-10.0%
1Y
24.8%
Narrative Update • Jun 05

TA: Colorado Peaking Deal And Keephills Data Centres Will Drive Long Term Upside

Analysts have maintained their CA$28.00 price target for TransAlta, pointing to updated assumptions that now pair a slightly lower discount rate with higher revenue growth and profit margin estimates, along with a lower future P/E multiple. What's in the News TransAlta agreed to acquire the Mountain Peak and Canyon Peak natural gas peaking plants near Denver, Colorado for about US$1 billion, adding 318 MW of fully contracted capacity and an estimated US$80 million in annual Adjusted EBITDA, according to recent news reports.
ACO.X
CA$72.10
ATCO
7D
6.0%
1Y
42.8%
Narrative Update • Jun 04

ACO.X: Higher Bank Confidence And Buybacks Are Expected To Support Steady Returns

ATCO's analyst price target has been raised by CA$3.57 to CA$72.43, as analysts factor in updated fair value estimates along with recent target increases from several major Canadian banks. Analyst Commentary Recent Street research on ATCO points to a cluster of higher price targets across several Canadian banks, which feeds directly into the updated consensus fair value estimate of CA$72.43.
CU
CA$51.02
Canadian Utilities
7D
2.9%
1Y
35.5%
Narrative Update • Jun 04

CU: Higher Margins And Tighter Expectations Will Shape A Steady Forward Profile

Analysts have lifted the average price target for Canadian Utilities to about CA$50.71 from CA$48.43, citing updated views on long term profitability and valuation, including higher projected profit margins and a lower future P/E multiple. Analyst Commentary Recent research reports point to a tighter range of price targets clustered around the new average of about CA$50.71, with several firms lifting their individual targets by CA$1 to CA$4.
H
CA$56.97
Hydro One
7D
0.5%
1Y
15.2%
Narrative Update • Jun 03

H: C$58 Consensus And New CEO Will Frame A Balanced Outlook

The analyst fair value estimate for Hydro One has edged up to CA$57.29 from CA$56.93, reflecting a combination of higher Street price targets around CA$58 and some pushback from analysts who view the stock's valuation premium as difficult to justify. Analyst Commentary Recent Street research on Hydro One shows a split view, with several bullish analysts lifting price targets toward CA$58 and at least one bearish analyst questioning how far the valuation can stretch relative to peers.
AQN
CA$8.37
Algonquin Power & Utilities
7D
2.6%
1Y
4.4%
Narrative Update • Jun 01

AQN: Turnaround Execution And 2027 Tax Headwinds Will Guide Re Rating Potential

Analysts have nudged their CA$ price targets for Algonquin Power & Utilities slightly lower. This reflects updated views on slower revenue growth, slimmer profit margins, and a higher discount rate, even as some recent research highlights a potential turnaround and improving execution.
BITZ.U
US$8.03
Bitzero Holdings
7D
50.1%
1Y
n/a
CUP.U
US$14.60
Caribbean Utilities Company
7D
4.3%
1Y
10.4%
ALA
CA$55.76
AltaGas
7D
3.9%
1Y
46.2%
MXG
CA$4.27
Maxim Power
7D
-0.9%
1Y
-3.6%
RE
CA$0.39
RE Royalties
7D
-1.3%
1Y
-18.8%
CPX
CA$69.74
Capital Power
7D
-1.3%
1Y
24.5%
Analysis Article • May 04

Downgrade: Here's How Analysts See Capital Power Corporation (TSE:CPX) Performing In The Near Term

The analysts covering Capital Power Corporation ( TSE:CPX ) delivered a dose of negativity to shareholders today, by...
WEB
CA$1.19
Westbridge Renewable Energy
7D
-15.0%
1Y
-58.7%