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Canadian (TSX) Electric Utilities Industry Analysis

UpdatedMar 19, 2026
DataAggregated Company Financials
Companies4
  • 7D1.6%
  • 3M10.7%
  • 1Y22.6%
  • YTDn/a

All of the companies in the Electric Utilities industry have been up over the last week, with the industry up 1.8%. In the last 12 months, the industry was up 23%. As for the next few years, earnings are expected to grow by 7.0% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 19 Mar 2026CA$99.2bCA$30.3bCA$4.1b22.6x24.1x3.3x
Sat, 14 Feb 2026CA$93.6bCA$29.9bCA$4.3b20.5x22x3.1x
Mon, 12 Jan 2026CA$89.4bCA$29.7bCA$4.1b20x21.6x3x
Wed, 10 Dec 2025CA$86.8bCA$29.7bCA$4.1b19.3x21x2.9x
Fri, 07 Nov 2025CA$87.5bCA$29.3bCA$3.9b22.3x22.6x3x
Sun, 05 Oct 2025CA$85.6bCA$29.1bCA$3.9b21.8x22.1x2.9x
Tue, 02 Sep 2025CA$84.4bCA$29.1bCA$3.9b21.3x21.8x2.9x
Thu, 31 Jul 2025CA$82.8bCA$28.6bCA$3.8b21.5x21.9x2.9x
Sat, 28 Jun 2025CA$80.3bCA$28.6bCA$3.8b20.4x21.2x2.8x
Mon, 26 May 2025CA$82.5bCA$28.6bCA$3.8b20.7x21.8x2.9x
Wed, 23 Apr 2025CA$82.6bCA$27.5bCA$3.3b23.8x25x3x
Fri, 21 Mar 2025CA$79.5bCA$27.5bCA$3.3b22.8x24.1x2.9x
Sun, 16 Feb 2025CA$76.0bCA$27.6bCA$3.4b21.7x22.3x2.8x
Tue, 14 Jan 2025CA$71.6bCA$27.5bCA$3.4b20.5x21.1x2.6x
Thu, 12 Dec 2024CA$74.8bCA$27.5bCA$3.4b21.3x22x2.7x
Sat, 09 Nov 2024CA$72.0bCA$27.5bCA$3.5b19.6x20.6x2.6x
Mon, 07 Oct 2024CA$72.3bCA$27.1bCA$3.5b20x20.9x2.7x
Wed, 04 Sep 2024CA$72.0bCA$27.1bCA$3.5b19.7x20.9x2.7x
Fri, 02 Aug 2024CA$69.4bCA$26.8bCA$3.3b20.4x20.9x2.6x
Sun, 30 Jun 2024CA$63.8bCA$26.7bCA$3.3b19.1x19.4x2.4x
Tue, 28 May 2024CA$65.5bCA$26.7bCA$3.3b19.7x19.9x2.5x
Thu, 25 Apr 2024CA$62.9bCA$27.2bCA$3.6b15.7x17.4x2.3x
Sat, 23 Mar 2024CA$64.9bCA$27.2bCA$3.6b15.7x18x2.4x
Mon, 19 Feb 2024CA$64.5bCA$27.6bCA$3.8b14.5x17x2.3x
Wed, 17 Jan 2024CA$65.6bCA$27.8bCA$3.8b15.3x17.3x2.4x
Fri, 15 Dec 2023CA$65.0bCA$27.8bCA$3.8b15x17.2x2.3x
Sun, 12 Nov 2023CA$63.4bCA$27.9bCA$3.9b15x16.5x2.3x
Tue, 10 Oct 2023CA$60.4bCA$27.8bCA$3.7b16.2x16.2x2.2x
Thu, 07 Sep 2023CA$60.6bCA$27.8bCA$3.7b15.9x16.2x2.2x
Sat, 05 Aug 2023CA$62.2bCA$27.7bCA$3.6b15.9x17.2x2.2x
Mon, 03 Jul 2023CA$65.7bCA$27.6bCA$3.6b17x18.2x2.4x
Wed, 31 May 2023CA$66.3bCA$27.6bCA$3.6b17.6x18.3x2.4x
Fri, 28 Apr 2023CA$69.4bCA$26.7bCA$3.4b19.3x20.7x2.6x
Sun, 26 Mar 2023CA$64.6bCA$26.7bCA$3.4b18.4x19.2x2.4x
Price to Earnings Ratio

19.2x


Total Market Cap: CA$64.6bTotal Earnings: CA$3.4bTotal Revenue: CA$26.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Electric Utilities Industry Price to Earnings3Y Average 20.2x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Electric Utilities industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 24.2x which is higher than its 3-year average PE of 20.2x.
  • The 3-year average PS ratio of 2.6x is lower than the industry's current PS ratio of 3.3x.
Past Earnings Growth
  • The earnings for companies in the Electric Utilities industry have grown 7.0% per year over the last three years.
  • Revenues for these companies have grown 4.3% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Canadian Electric Utilities compare with similar industries?

CA Market-2.57%
Utilities2.17%
Electric Utilities1.62%
Electric Utilities1.62%
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$79.031.4%
+CA$558.1m		22.2%PE23.4x
H Hydro OneCA$59.581.6%
+CA$545.8m		22.4%PE26.7x
EMA EmeraCA$72.902.1%
+CA$451.5m		24.5%PE21.8x
CUP.U Caribbean Utilities CompanyUS$13.842.5%
+US$14.4m		5.2%PE12.7x

Latest News

EMA
CA$72.90
Emera
7D
2.1%
1Y
24.5%

EMA: Florida Earnings Base Will Balance Nova Scotia Regulatory Uncertainty

Analysts have nudged their average price targets for Emera slightly higher, with recent moves including TD Securities lifting its target to CA$75 from CA$74 and BMO Capital moving to CA$74 from CA$72. Meanwhile, others like BofA and JPMorgan have trimmed or moderated views on valuation and regulatory uncertainty, resulting in only a modest adjustment to the overall analyst price target in our model.
CUP.U
US$13.84
Caribbean Utilities Company
7D
2.5%
1Y
5.2%
H
CA$59.58
Hydro One
7D
1.6%
1Y
22.4%

H: Stable Outlook And Higher P E Assumptions Will Shape Modest Repricing Potential

Our updated fair value estimate for Hydro One edges up by about CA$0.50 per share, reflecting a modest adjustment in projected growth assumptions as analysts lift their price targets into the CA$55 to CA$58 range while largely maintaining neutral to hold style ratings. Analyst Commentary Recent Street research on Hydro One points to a fairly clustered set of views, with several firms lifting their price targets into the mid CA$50s while keeping neutral style ratings.
FTS
CA$79.03
Fortis
7D
1.4%
1Y
22.2%

FTS: Fairly Valued Outlook Will Depend On Regulated Earnings And Funding Risks

Analysts have inched their average price target for Fortis higher to CA$75.50 from CA$75.23, with multiple firms lifting targets into the CA$77 to CA$83 range as they refine assumptions around discount rates, fair value and future P/E expectations. Analyst Commentary Recent research updates on Fortis cluster around higher price targets in the CA$77 to CA$83 range, with bullish analysts fine tuning their models on discount rates, fair value and P/E assumptions.