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Canadian (TSX) Electric Utilities Industry Analysis

UpdatedDec 28, 2025
DataAggregated Company Financials
Companies4
  • 7D0.6%
  • 3M4.7%
  • 1Y19.9%
  • YTD20.9%

Over the last 7 days, the Electric Utilities industry has remained flat. As for the the longer term, the industry is up 20% over the past 12 months. As for the next few years, earnings are expected to grow by 6.4% per annum.

Industry Valuation and Performance

Has the Canadian Electric Utilities Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 28 Dec 2025CA$88.5bCA$29.7bCA$4.1b19.7x21.4x3x
Tue, 25 Nov 2025CA$89.9bCA$29.7bCA$4.1b20x21.7x3x
Thu, 23 Oct 2025CA$89.2bCA$29.1bCA$3.9b22.6x23x3.1x
Sat, 20 Sep 2025CA$82.2bCA$29.1bCA$3.9b20.9x21.2x2.8x
Mon, 18 Aug 2025CA$86.1bCA$29.1bCA$3.9b21.7x22.2x3x
Wed, 16 Jul 2025CA$81.2bCA$28.6bCA$3.8b20.5x21.5x2.8x
Fri, 13 Jun 2025CA$80.2bCA$28.6bCA$3.8b20.4x21.2x2.8x
Sun, 11 May 2025CA$83.1bCA$28.6bCA$3.8b20.7x22x2.9x
Tue, 08 Apr 2025CA$80.9bCA$27.5bCA$3.3b22.6x24.5x2.9x
Thu, 06 Mar 2025CA$78.7bCA$27.5bCA$3.3b22.1x23.9x2.9x
Sat, 01 Feb 2025CA$74.8bCA$27.5bCA$3.4b21.6x22x2.7x
Mon, 30 Dec 2024CA$73.2bCA$27.5bCA$3.4b21.1x21.5x2.7x
Wed, 27 Nov 2024CA$74.5bCA$27.5bCA$3.4b21.8x21.9x2.7x
Fri, 25 Oct 2024CA$74.6bCA$27.1bCA$3.5b20.6x21.6x2.8x
Sun, 22 Sep 2024CA$73.6bCA$27.1bCA$3.5b20.1x21.3x2.7x
Tue, 20 Aug 2024CA$71.2bCA$27.1bCA$3.5b19.5x20.6x2.6x
Thu, 18 Jul 2024CA$65.1bCA$26.7bCA$3.3b19.7x19.8x2.4x
Sat, 15 Jun 2024CA$64.5bCA$26.7bCA$3.3b19.2x19.6x2.4x
Mon, 13 May 2024CA$66.4bCA$27.0bCA$3.6b16.2x18.3x2.5x
Wed, 10 Apr 2024CA$63.9bCA$27.2bCA$3.6b15.8x17.7x2.3x
Fri, 08 Mar 2024CA$65.7bCA$27.2bCA$3.6b16x18.2x2.4x
Sun, 04 Feb 2024CA$64.7bCA$27.8bCA$3.8b14.7x17.1x2.3x
Tue, 02 Jan 2024CA$64.8bCA$27.8bCA$3.8b14.9x17.1x2.3x
Thu, 30 Nov 2023CA$63.1bCA$27.8bCA$3.8b14.6x16.7x2.3x
Sat, 28 Oct 2023CA$61.2bCA$27.8bCA$3.7b16x16.4x2.2x
Mon, 25 Sep 2023CA$62.5bCA$27.8bCA$3.7b16.1x16.8x2.2x
Wed, 23 Aug 2023CA$62.1bCA$27.8bCA$3.7b15.9x16.6x2.2x
Fri, 21 Jul 2023CA$66.3bCA$27.6bCA$3.6b16.9x18.3x2.4x
Sun, 18 Jun 2023CA$64.5bCA$27.6bCA$3.6b17.3x17.9x2.3x
Tue, 16 May 2023CA$69.6bCA$27.6bCA$3.6b18.7x19.3x2.5x
Thu, 13 Apr 2023CA$69.7bCA$26.7bCA$3.4b19.3x20.8x2.6x
Sat, 11 Mar 2023CA$61.8bCA$26.7bCA$3.4b17.8x18.4x2.3x
Mon, 06 Feb 2023CA$63.1bCA$25.5bCA$3.1b19.6x20.1x2.5x
Wed, 04 Jan 2023CA$63.4bCA$25.5bCA$3.1b19.3x20.2x2.5x
Price to Earnings Ratio

20.2x


Total Market Cap: CA$63.4bTotal Earnings: CA$3.1bTotal Revenue: CA$25.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Electric Utilities Industry Price to Earnings3Y Average 20x20242025
Current Industry PE
  • Investors are relatively neutral on the Canadian Electric Utilities industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 20.0x.
  • The 3-year average PS ratio of 2.6x is lower than the industry's current PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the Electric Utilities industry have grown 9.7% per year over the last three years.
  • Revenues for these companies have grown 5.2% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Canadian Utilities industry?

CA Market0.90%
Utilities0.93%
Electric Utilities0.59%
Electric Utilities0.59%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
FTS FortisCA$70.640.8%
+CA$270.9m		17.1%PE21x
EMA EmeraCA$67.040.8%
+CA$159.9m		24.3%PE18.4x
H Hydro OneCA$53.840.3%
+CA$90.0m		21.2%PE24.7x

Latest News

EMA
CA$67.04
Emera
7D
0.8%
1Y
24.3%

EMA: Dividend Sustainability And Regulation Will Shape Measured Outlook Amid Funding Uncertainty

The analyst price target for Emera has edged higher to about C$69.21 from C$68.50, as analysts factor in slightly improved fair value assumptions supported by a series of upward target revisions across the Street. Analyst Commentary Analysts have turned incrementally more constructive on Emera as they update their models, reflecting improved visibility on earnings growth and balance sheet resilience.
FTS
CA$70.64
Fortis
7D
0.8%
1Y
17.1%

FTS: Shares Will Balance Dividend Stability With Rising Regulated Rate Base Demand

We are nudging our Fortis price target higher by approximately C$0.70 per share to reflect analysts steadily lifting their targets into the high C$70s as they factor in stronger regulated rate base growth, modestly faster revenue expansion, and slightly improved profitability supported by robust energy demand across the company’s diversified utility footprint. Analyst Commentary Recent target price revisions for Fortis have clustered in the high C$60s to high C$70s, signaling a constructive but nuanced view on the company’s valuation and execution prospects.
H
CA$53.84
Hydro One
7D
0.3%
1Y
21.2%

H: Updated Earnings Outlook And Regulated Returns Will Support Defensive Exposure

Hydro One's analyst-derived fair value has edged higher to approximately C$52.14 from about C$51.57, as analysts modestly increase their price targets based on stable regulated returns, slightly improved profit margin expectations, and supportive sector dynamics. Analyst Commentary Recent target price increases reflect a generally constructive view on Hydro One, driven by the stability of its regulated business model and modest upgrades to earnings expectations.