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Canadian (TSX) Utilities Sector Analysis

UpdatedNov 11, 2025
DataAggregated Company Financials
Companies24
  • 7D0.7%
  • 3M8.8%
  • 1Y20.9%
  • YTD21.1%

The Utilities industry has been flat over the last week, but Capital Power has lost 8.2%. The past year has been better, since the industry has gained 21% in that time. As for the next few years, earnings are expected to grow by 34% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 11 Nov 2025CA$182.8bCA$76.0bCA$5.6b18.3x32.7x2.4x
Thu, 09 Oct 2025CA$175.7bCA$75.3bCA$5.3b20.4x33.2x2.3x
Sat, 06 Sep 2025CA$166.3bCA$75.1bCA$5.3b20x31.4x2.2x
Mon, 04 Aug 2025CA$167.6bCA$74.7bCA$5.8b20.3x28.9x2.2x
Wed, 02 Jul 2025CA$164.3bCA$75.5bCA$5.8b19.8x28.2x2.2x
Fri, 30 May 2025CA$164.5bCA$75.7bCA$5.8b20.3x28.3x2.2x
Sun, 27 Apr 2025CA$161.4bCA$74.4bCA$5.5b21x29.4x2.2x
Tue, 25 Mar 2025CA$159.0bCA$74.9bCA$5.5b20x29.1x2.1x
Thu, 20 Feb 2025CA$149.3bCA$75.3bCA$5.2b20.2x28.9x2x
Sat, 18 Jan 2025CA$142.5bCA$75.4bCA$5.3b20.8x26.8x1.9x
Mon, 16 Dec 2024CA$161.1bCA$81.9bCA$3.5b21.1x46x2x
Wed, 13 Nov 2024CA$160.8bCA$81.5bCA$3.9b19.9x41.5x2x
Fri, 11 Oct 2024CA$159.2bCA$81.1bCA$6.9b18.8x23x2x
Sun, 08 Sep 2024CA$155.8bCA$80.8bCA$6.9b19.1x22.5x1.9x
Tue, 06 Aug 2024CA$154.0bCA$80.9bCA$6.0b15.6x25.6x1.9x
Thu, 04 Jul 2024CA$144.6bCA$80.0bCA$7.2b13.8x20x1.8x
Sat, 01 Jun 2024CA$148.6bCA$80.0bCA$7.2b14.2x20.6x1.9x
Mon, 29 Apr 2024CA$136.9bCA$80.9bCA$6.3b13.9x21.8x1.7x
Wed, 27 Mar 2024CA$140.0bCA$80.8bCA$6.3b13.7x22.3x1.7x
Fri, 23 Feb 2024CA$141.2bCA$82.2bCA$5.6b14.7x25.1x1.7x
Sun, 21 Jan 2024CA$146.7bCA$85.4bCA$8.7b14.7x16.8x1.7x
Tue, 19 Dec 2023CA$148.8bCA$85.3bCA$8.7b14.5x17x1.7x
Thu, 16 Nov 2023CA$144.9bCA$85.7bCA$8.8b14.8x16.5x1.7x
Sat, 14 Oct 2023CA$136.8bCA$85.2bCA$6.8b13.9x20.2x1.6x
Mon, 11 Sep 2023CA$145.6bCA$85.2bCA$6.8b14.8x21.5x1.7x
Wed, 09 Aug 2023CA$148.6bCA$84.9bCA$7.1b14.2x20.8x1.8x
Fri, 07 Jul 2023CA$155.2bCA$85.4bCA$7.9b14.4x19.5x1.8x
Sun, 04 Jun 2023CA$163.2bCA$85.4bCA$8.0b14.7x20.5x1.9x
Tue, 02 May 2023CA$165.5bCA$83.8bCA$7.5b16.3x22x2x
Thu, 30 Mar 2023CA$161.3bCA$82.8bCA$7.2b16.2x22.6x1.9x
Sat, 25 Feb 2023CA$152.0bCA$81.4bCA$7.1b17.1x21.4x1.9x
Mon, 23 Jan 2023CA$157.2bCA$79.2bCA$6.0b18x26.3x2x
Wed, 21 Dec 2022CA$151.4bCA$79.5bCA$6.0b17.2x25.3x1.9x
Fri, 18 Nov 2022CA$152.9bCA$79.0bCA$6.6b18.5x23.2x1.9x
Price to Earnings Ratio

23.2x


Total Market Cap: CA$152.9bTotal Earnings: CA$6.6bTotal Revenue: CA$79.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 25x202320242025
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 32.7x which is higher than its 3-year average PE of 25.0x.
  • The 3-year average PS ratio of 1.9x 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 5.4% 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 Market0.41%
Utilities0.72%
Other Utilities8.08%
Gas Utilities2.07%
Electric Utilities1.63%
Water Utilities0%0
Renewable Energy-3.77%
Industry PE
  • Investors are most optimistic about the Other Utilities industry, which is trading close to its 3-year average PE ratio of 21.1x.
    • Analysts are expecting annual earnings growth of 44.0%, 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 83% over the next 5 years.
  • This is better than its past earnings decline of 51% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 4.2% 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$72.012.9%
+CA$1.0b		16.8%PE21.4x
AQN Algonquin Power & UtilitiesCA$8.8513.2%
+CA$793.0m		29.4%PE56.2x
CU Canadian UtilitiesCA$41.996.7%
+CA$717.7m		21.3%PE21.4x
ACO.X ATCOCA$55.605.5%
+CA$324.6m		17.3%PE14.5x
ALA AltaGasCA$42.012.4%
+CA$296.5m		26.0%PE16.9x

Latest News

EMA
CA$67.08
Emera
7D
0.8%
1Y
33.1%

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$28.41
Boralex
7D
1.6%
1Y
-13.9%
AQN
CA$8.85
Algonquin Power & Utilities
7D
13.2%
1Y
29.4%
TA
CA$22.10
TransAlta
7D
-10.7%
1Y
58.4%

TA: Leadership Transition And Profitability Trends Will Shape Future Performance

Narrative Update on TransAlta Analyst Price Target The analyst price target for TransAlta has increased moderately from $22.82 to $23.36. Analysts cite improved projected revenue growth and expanding profit margins in their updated assessments.
MXG
CA$4.47
Maxim Power
7D
-6.5%
1Y
-12.4%
CU
CA$41.99
Canadian Utilities
7D
6.7%
1Y
21.3%
ACO.X
CA$55.60
ATCO
7D
5.5%
1Y
17.3%
H
CA$51.62
Hydro One
7D
0.7%
1Y
15.4%

H: Defensive Exposure And Stable Returns Will Remain Key Amid Volatility

Analyst price targets for Hydro One have been raised, with the consensus moving up by up to C$2 per share. Analysts cite solid Q3 results, resilient regulated utility performance, and the appeal of defensive exposure amid increased market volatility.
WEB
CA$2.27
Westbridge Renewable Energy
7D
-10.3%
1Y
-34.0%
ALA
CA$42.01
AltaGas
7D
2.4%
1Y
26.0%
FTS
CA$72.01
Fortis
7D
2.9%
1Y
16.8%

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
PIF
CA$12.47
Polaris Renewable Energy
7D
-4.7%
1Y
1.7%

Insufficient Growth At Polaris Renewable Energy Inc. (TSE:PIF) Hampers Share Price

Nov 06
Insufficient Growth At Polaris Renewable Energy Inc. (TSE:PIF) Hampers Share Price
CPX
CA$67.53
Capital Power
7D
-8.2%
1Y
18.5%

CPX: Future Performance Will Reflect Weighing New Projects Against Margin Pressures

Analysts have modestly raised their price target for Capital Power, increasing it from approximately C$74 to C$76. They cite a series of upward target revisions across the Street that reflect confidence in the company's outlook, despite tempered growth estimates.
NPI
CA$25.58
Northland Power
7D
-0.8%
1Y
26.6%
SPB
CA$7.99
Superior Plus
7D
-0.2%
1Y
23.3%
SOLR
CA$0.015
Solar Alliance Energy
7D
-25.0%
1Y
-57.1%