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Canadian (TSX) Electric Utilities Industry Analysis

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies4
  • 7D0.2%
  • 3M4.8%
  • 1Y20.1%
  • YTD20.9%

In the last week, Electric Utilities has been flat. The past year has been better, since the industry has gained 20% in that time. 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
Thu, 25 Dec 2025CA$88.5bCA$29.7bCA$4.1b19.7x21.4x3x
Sat, 22 Nov 2025CA$89.7bCA$29.7bCA$4.1b19.9x21.7x3x
Mon, 20 Oct 2025CA$89.0bCA$29.1bCA$3.9b22.5x23x3.1x
Wed, 17 Sep 2025CA$83.3bCA$29.1bCA$3.9b20.8x21.5x2.9x
Fri, 15 Aug 2025CA$85.0bCA$29.1bCA$3.9b21.6x21.9x2.9x
Sun, 13 Jul 2025CA$81.2bCA$28.6bCA$3.8b20.6x21.5x2.8x
Tue, 10 Jun 2025CA$80.9bCA$28.6bCA$3.8b20.2x21.4x2.8x
Thu, 08 May 2025CA$84.4bCA$27.7bCA$3.3b24.3x25.3x3x
Sat, 05 Apr 2025CA$82.6bCA$27.5bCA$3.3b22.9x25x3x
Mon, 03 Mar 2025CA$77.2bCA$27.5bCA$3.3b21.9x23.4x2.8x
Wed, 29 Jan 2025CA$75.1bCA$27.5bCA$3.4b21.5x22.1x2.7x
Fri, 27 Dec 2024CA$73.0bCA$27.5bCA$3.4b21.1x21.5x2.7x
Sun, 24 Nov 2024CA$74.5bCA$27.5bCA$3.4b21.9x21.9x2.7x
Tue, 22 Oct 2024CA$74.9bCA$27.1bCA$3.5b20.7x21.7x2.8x
Thu, 19 Sep 2024CA$75.2bCA$27.1bCA$3.5b20.2x21.8x2.8x
Sat, 17 Aug 2024CA$71.1bCA$27.1bCA$3.5b19.4x20.6x2.6x
Mon, 15 Jul 2024CA$65.0bCA$26.7bCA$3.3b19.5x19.8x2.4x
Wed, 12 Jun 2024CA$65.6bCA$26.7bCA$3.3b19.7x20x2.5x
Fri, 10 May 2024CA$65.7bCA$27.0bCA$3.6b16.1x18.1x2.4x
Sun, 07 Apr 2024CA$63.6bCA$27.2bCA$3.6b15.8x17.6x2.3x
Tue, 05 Mar 2024CA$64.4bCA$27.2bCA$3.6b15.7x17.9x2.4x
Thu, 01 Feb 2024CA$65.0bCA$27.8bCA$3.8b14.6x17.2x2.3x
Sat, 30 Dec 2023CA$64.4bCA$27.8bCA$3.8b14.9x17x2.3x
Mon, 27 Nov 2023CA$63.6bCA$27.8bCA$3.8b14.9x16.8x2.3x
Wed, 25 Oct 2023CA$59.9bCA$27.8bCA$3.7b15.8x16.1x2.2x
Fri, 22 Sep 2023CA$62.3bCA$27.8bCA$3.7b16.1x16.7x2.2x
Sun, 20 Aug 2023CA$62.7bCA$27.8bCA$3.7b16.1x16.8x2.3x
Tue, 18 Jul 2023CA$66.0bCA$27.6bCA$3.6b16.6x18.2x2.4x
Thu, 15 Jun 2023CA$65.1bCA$27.6bCA$3.6b17.2x18x2.4x
Sat, 13 May 2023CA$69.9bCA$27.2bCA$3.4b19x20.5x2.6x
Mon, 10 Apr 2023CA$68.9bCA$26.7bCA$3.4b19.1x20.5x2.6x
Wed, 08 Mar 2023CA$62.6bCA$26.7bCA$3.4b18.2x18.7x2.3x
Fri, 03 Feb 2023CA$63.4bCA$25.5bCA$3.1b19.6x20.2x2.5x
Sun, 01 Jan 2023CA$62.7bCA$25.5bCA$3.1b19x20x2.5x
Price to Earnings Ratio

20x


Total Market Cap: CA$62.7bTotal Earnings: CA$3.1bTotal Revenue: CA$25.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Electric Utilities Industry Price to Earnings3Y Average 20x202320242025
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 Market2.21%
Utilities0.67%
Electric Utilities0.19%
Electric Utilities0.19%
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
H Hydro OneCA$53.841.2%
+CA$371.9m		21.0%PE24.7x
EMA EmeraCA$67.040.3%
+CA$51.3m		24.6%PE18.4x
CUP.U Caribbean Utilities CompanyUS$13.502.7%
+US$14.8m		-3.6%PE12.4x

Latest News

FTS
CA$70.64
Fortis
7D
-0.8%
1Y
17.6%

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
1.2%
1Y
21.0%

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.
EMA
CA$67.04
Emera
7D
0.3%
1Y
24.6%

EMA: Dividend Stability And Regulatory Backdrop Will Guide Share Performance

We are raising our price target on Emera slightly to C$68.50 from about C$68.39, reflecting analysts modestly higher long term expectations following multiple target hikes across the Street on updated models and a more constructive outlook for the shares. Analyst Commentary Recent price target revisions across the Street highlight a more constructive stance on Emera, with multiple firms lifting their estimates into the low C$70s as updated models reflect improved earnings visibility and a steadier regulatory backdrop.
CUP.U
US$13.50
Caribbean Utilities Company
7D
2.7%
1Y
-3.6%