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Canadian (TSX) Utilities Sector Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies25
  • 7D-0.6%
  • 3M-0.8%
  • 1Y18.3%
  • YTD-0.6%

Over the last 7 days, the Utilities industry has remained flat, although notably Algonquin Power & Utilities gained 5.6%. As for the the longer term, the industry is up 18% over the past 12 months. Earnings are forecast to grow by 11% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 12 Jan 2026CA$175.4bCA$76.1bCA$5.3b18.7x33.3x2.3x
Wed, 10 Dec 2025CA$174.0bCA$76.0bCA$5.3b17.8x32.5x2.3x
Fri, 07 Nov 2025CA$180.8bCA$75.8bCA$5.3b20.9x34.3x2.4x
Sun, 05 Oct 2025CA$174.0bCA$75.3bCA$5.3b20.7x32.9x2.3x
Tue, 02 Sep 2025CA$166.8bCA$75.0bCA$5.3b20.2x31.5x2.2x
Thu, 31 Jul 2025CA$168.2bCA$74.7bCA$5.8b20.6x29.1x2.3x
Sat, 28 Jun 2025CA$164.1bCA$75.6bCA$5.8b19.7x28.2x2.2x
Mon, 26 May 2025CA$163.2bCA$75.6bCA$5.8b20.2x28.1x2.2x
Wed, 23 Apr 2025CA$157.3bCA$74.3bCA$5.5b20.5x28.6x2.1x
Fri, 21 Mar 2025CA$157.8bCA$74.9bCA$5.5b20.1x28.8x2.1x
Sun, 16 Feb 2025CA$149.3bCA$75.3bCA$5.2b20.4x28.9x2x
Tue, 14 Jan 2025CA$142.2bCA$75.3bCA$5.3b20.5x26.7x1.9x
Thu, 12 Dec 2024CA$162.8bCA$81.8bCA$3.5b20x46.3x2x
Sat, 09 Nov 2024CA$160.1bCA$80.6bCA$6.9b18.3x23.1x2x
Mon, 07 Oct 2024CA$162.3bCA$80.8bCA$6.9b19.1x23.5x2x
Wed, 04 Sep 2024CA$155.3bCA$80.8bCA$6.9b19.1x22.5x1.9x
Fri, 02 Aug 2024CA$153.2bCA$80.4bCA$7.3b15.4x21.1x1.9x
Sun, 30 Jun 2024CA$145.1bCA$80.0bCA$7.2b13.8x20.1x1.8x
Tue, 28 May 2024CA$151.6bCA$80.0bCA$7.2b14.2x21x1.9x
Thu, 25 Apr 2024CA$137.2bCA$80.9bCA$6.3b13.9x21.8x1.7x
Sat, 23 Mar 2024CA$141.2bCA$80.8bCA$6.3b13.8x22.5x1.7x
Mon, 19 Feb 2024CA$140.8bCA$82.2bCA$6.2b14.4x22.6x1.7x
Wed, 17 Jan 2024CA$150.9bCA$85.5bCA$8.7b14.7x17.3x1.8x
Fri, 15 Dec 2023CA$148.9bCA$85.3bCA$8.7b14.7x17x1.7x
Sun, 12 Nov 2023CA$140.8bCA$86.0bCA$8.8b14.1x15.9x1.6x
Tue, 10 Oct 2023CA$136.3bCA$85.2bCA$6.8b14.1x20.1x1.6x
Thu, 07 Sep 2023CA$143.5bCA$85.2bCA$6.8b14.4x21.2x1.7x
Sat, 05 Aug 2023CA$148.6bCA$85.0bCA$7.2b14.1x20.8x1.7x
Mon, 03 Jul 2023CA$156.3bCA$85.2bCA$7.9b14.5x19.7x1.8x
Wed, 31 May 2023CA$161.2bCA$85.6bCA$8.0b14.8x20.2x1.9x
Fri, 28 Apr 2023CA$165.8bCA$83.0bCA$7.2b16.5x22.9x2x
Sun, 26 Mar 2023CA$156.9bCA$83.0bCA$7.2b16x21.9x1.9x
Tue, 21 Feb 2023CA$154.4bCA$80.5bCA$7.1b17.8x21.9x1.9x
Thu, 19 Jan 2023CA$158.4bCA$79.4bCA$6.0b18.1x26.5x2x
Price to Earnings Ratio

26.5x


Total Market Cap: CA$158.4bTotal Earnings: CA$6.0bTotal Revenue: CA$79.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 25.5x202420252026
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 33.3x which is higher than its 3-year average PE of 25.5x.
  • The 3-year average PS ratio of 2.0x 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 4.1% 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 Market1.94%
Utilities-0.56%
Other Utilities2.13%
Electric Utilities0.011%
Water Utilities0%0
Renewable Energy-2.13%
Gas Utilities-3.38%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 21.5x.
    • Analysts are expecting annual earnings growth of 23.1%, 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 23% 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 5.8% 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
AQN Algonquin Power & UtilitiesCA$8.895.6%
+CA$361.1m		43.9%PE190.2x
FTS FortisCA$71.630.5%
+CA$190.6m		21.6%PE21.3x
EMA EmeraCA$67.990.6%
+CA$117.7m		29.6%PE18.7x
CU Canadian UtilitiesCA$43.170.9%
+CA$103.4m		26.6%PE22x
ACO.X ATCOCA$57.090.9%
+CA$58.9m		21.4%PE15x

Latest News

TA
CA$17.24
TransAlta
7D
-3.5%
1Y
-9.8%
EMA
CA$67.99
Emera
7D
0.6%
1Y
29.6%

EMA: Funding Flexibility And Dividend Policy Will Shape Future Risk Reward Balance

Analysts have nudged their price targets for Emera higher, with recent updates moving from C$63 to a range of C$69 to C$72 as they refine their models and outlook for the stock. Analyst Commentary Recent research updates cluster Emera's price targets in a tight C$69 to C$72 band, giving you a clearer sense of how the stock is being framed on valuation and execution right now.
CU
CA$43.17
Canadian Utilities
7D
0.9%
1Y
26.6%
ACO.X
CA$57.09
ATCO
7D
0.9%
1Y
21.4%
CPX
CA$59.35
Capital Power
7D
-1.5%
1Y
-2.4%

CPX: Future Returns Will Reflect Long Term Contracted And Merchant Cash Flows

Analysts have raised their price targets on Capital Power into a C$73 to C$85 range, with several firms moving to around C$80 to C$82, citing updated views on valuation inputs such as discount rates and future P/E assumptions. Analyst Commentary Recent Street research shows a tight cluster of targets between C$73 and C$85, with several bullish analysts moving into the C$80 to C$82 area.
AQN
CA$8.89
Algonquin Power & Utilities
7D
5.6%
1Y
43.9%

AQN: 2026 Rate Cases And Index Changes Will Shape A Balanced Outlook

Narrative Update on Algonquin Power & Utilities Analysts have nudged their price target on Algonquin Power & Utilities up by $0.50 to $7.50, citing expectations that multiple 2026 rate case approvals could help close the company’s return on equity and valuation gap to peers. Analyst Commentary Bullish analysts have shifted their stance on Algonquin Power & Utilities, pointing to upcoming 2026 rate case decisions as a key driver for potential value creation and a rerating closer to peers.
ALA
CA$40.49
AltaGas
7D
-4.0%
1Y
17.8%
SPB
CA$7.23
Superior Plus
7D
1.8%
1Y
15.5%

Earnings Tell The Story For Superior Plus Corp. (TSE:SPB)

Jan 07
Earnings Tell The Story For Superior Plus Corp. (TSE:SPB)
H
CA$53.95
Hydro One
7D
-0.9%
1Y
23.8%

H: Regulated Returns And EPS Outlook Will Support Defensive Positioning

Analysts have nudged their average price target on Hydro One higher into the low C$50s, reflecting updated sector views that emphasize the role of regulated utilities as a defensive hedge, alongside expectations for generally solid loads and new rates. Analyst Commentary Recent Street research has clustered around higher fair value estimates for Hydro One, with several firms lifting their price targets into a C$52 to C$57 range while maintaining mid tier ratings such as Market Perform, Sector Perform and Neutral.
FTS
CA$71.63
Fortis
7D
0.5%
1Y
21.6%

FTS: Fairly Valued Shares Will Balance Dividend Stability With Regulated Rate Base Expansion

Analysts have lifted their price expectations for Fortis to a range of C$69 to C$79, reflecting updated models and views that its diverse utility footprint and projected 7.0% five year rate base CAGR remain supportive for the shares. Analyst Commentary Recent research updates show a tighter cluster of price targets for Fortis, with most sitting in the C$69 to C$79 range.
NUE
CA$0.20
NU E Power
7D
36.7%
1Y
-43.8%
NPI
CA$18.04
Northland Power
7D
-1.2%
1Y
-1.3%

Northland Power (TSE:NPI) Takes On Some Risk With Its Use Of Debt

Dec 28
Northland Power (TSE:NPI) Takes On Some Risk With Its Use Of Debt
BLX
CA$25.99
Boralex
7D
-0.7%
1Y
-1.9%

BLX: Québec Wind And Battery Projects Will Drive Long Term Power Momentum

Analysts have trimmed their average price target on Boralex by about C$1 to approximately C$36. This reflects a modestly lower fair value and a slightly higher discount rate, even as they still see solid long term growth potential for power producers relative to regulated utilities.
MXG
CA$4.49
Maxim Power
7D
1.1%
1Y
-25.7%
CUP.U
US$13.55
Caribbean Utilities Company
7D
-0.6%
1Y
0.4%