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Canadian (TSX) Renewable Energy Industry Analysis

UpdatedMar 22, 2026
DataAggregated Company Financials
Companies13
  • 7D1.0%
  • 3M10.0%
  • 1Y19.1%
  • YTD7.1%

Last week, the Renewable Energy industry hasn't moved much but Boralex is up 4.8% in that time. The past year has been better, since the industry has gained 19% in that time. As for the next few years, earnings are forecast to decline by 18% per annum.

Industry Valuation and Performance

Has the Canadian Renewable Energy Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 22 Mar 2026CA$52.7bCA$18.3b-CA$116,002,198.3459.8x-454.5x2.9x
Tue, 17 Feb 2026CA$52.0bCA$17.9b-CA$150,946,010.9511.8x-344.4x2.9x
Thu, 15 Jan 2026CA$48.7bCA$18.0b-CA$628,004,451.533.3x-77.5x2.7x
Sat, 13 Dec 2025CA$48.4bCA$17.9b-CA$623,547,702.883.3x-77.7x2.7x
Mon, 10 Nov 2025CA$56.1bCA$18.0b-CA$381,902,897.0320.7x-147x3.1x
Wed, 08 Oct 2025CA$52.2bCA$17.6b-CA$391,998,628.136.8x-133.1x3x
Fri, 05 Sep 2025CA$45.5bCA$17.5b-CA$386,378,927.347.6x-117.8x2.6x
Sun, 03 Aug 2025CA$47.1bCA$17.5b-CA$55,690,648.9920.5x-845.4x2.7x
Tue, 01 Jul 2025CA$48.6bCA$18.7bCA$307.9m19.2x157.7x2.6x
Thu, 29 May 2025CA$46.3bCA$18.8bCA$295.8m20.1x156.6x2.5x
Sat, 26 Apr 2025CA$42.0bCA$19.1bCA$685.9m18.6x61.3x2.2x
Mon, 24 Mar 2025CA$45.4bCA$19.4bCA$645.3m19.7x70.3x2.3x
Wed, 19 Feb 2025CA$41.6bCA$19.5b-CA$97,283,427.1318.4x-427.8x2.1x
Fri, 17 Jan 2025CA$37.7bCA$19.5bCA$61.5m20.7x612x1.9x
Sun, 15 Dec 2024CA$56.4bCA$26.2b-CA$1,743,762,736.4622.2x-32.3x2.2x
Tue, 12 Nov 2024CA$57.4bCA$25.9b-CA$1,465,841,460.0820.2x-39.1x2.2x
Thu, 10 Oct 2024CA$55.8bCA$25.7bCA$2.0b13x28.3x2.2x
Sat, 07 Sep 2024CA$50.8bCA$25.5bCA$2.0b11.8x25.8x2x
Mon, 05 Aug 2024CA$51.6bCA$25.8bCA$1.8b9.1x29.5x2x
Wed, 03 Jul 2024CA$51.3bCA$25.2bCA$2.8b7.7x18.4x2x
Fri, 31 May 2024CA$54.8bCA$25.2bCA$2.8b8x19.7x2.2x
Sun, 28 Apr 2024CA$44.2bCA$25.0bCA$896.4m11.6x49.3x1.8x
Tue, 26 Mar 2024CA$46.7bCA$24.9bCA$896.9m12.8x52x1.9x
Thu, 22 Feb 2024CA$47.2bCA$24.9bCA$1.1b15.8x41.6x1.9x
Sat, 20 Jan 2024CA$53.9bCA$24.7bCA$3.4b16.4x15.6x2.2x
Mon, 18 Dec 2023CA$55.4bCA$24.7bCA$3.4b16.2x16.1x2.2x
Wed, 15 Nov 2023CA$49.1bCA$25.0bCA$3.5b28x14x2x
Fri, 13 Oct 2023CA$50.6bCA$24.2bCA$1.7b17.6x29.5x2.1x
Sun, 10 Sep 2023CA$54.6bCA$24.2bCA$1.7b19.4x31.9x2.3x
Tue, 08 Aug 2023CA$56.8bCA$24.0bCA$1.9b16.6x30.2x2.4x
Thu, 06 Jul 2023CA$60.4bCA$23.8bCA$2.8b23.7x21.8x2.5x
Sat, 03 Jun 2023CA$64.8bCA$24.0bCA$2.8b20.2x23.2x2.7x
Mon, 01 May 2023CA$64.4bCA$22.6bCA$2.7b45.6x23.9x2.8x
Wed, 29 Mar 2023CA$63.0bCA$22.7bCA$2.7b43x23.4x2.8x
Price to Earnings Ratio

23.4x


Total Market Cap: CA$63.0bTotal Earnings: CA$2.7bTotal Revenue: CA$22.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Renewable Energy Industry Price to Earnings3Y Average -7.6x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Renewable Energy industry, and appear confident in long term growth rates.
  • The 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 2.9x.
Past Earnings Growth
  • Total earnings for the Renewable Energy industry have declined over the last three years, with the industry now making a loss overall.
  • Revenues have also declined 6.8% per year, which is driving profits down.

Industry Trends

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

CA Market-3.67%
Utilities-2.73%
Renewable Energy0.96%
Renewable Energy2.29%
Independent Power Producers and Energy Traders-2.35%
Industry PE
    Forecasted Growth
    • Analysts are most optimistic on the Independent Power Producers and Energy Traders industry, expecting annual earnings growth of 56% over the next 5 years.
    • This is better than its past earnings decline of 51% per year.
    • In contrast, the Renewable Energy industry is expected to see its earnings decline by 46% 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
    		BLX BoralexCA$28.264.8%
    +CA$132.6m    		-5.2%PE414.8x
    		NPI Northland PowerCA$21.570.7%
    +CA$39.2m    		7.5%PS2.3x
    		RE RE RoyaltiesCA$0.391.3%
    +CA$217.6k    		-17.9%PB11.8x

    Latest News

    MXG
    CA$4.42
    Maxim Power
    7D
    -0.9%
    1Y
    -8.9%
    NPI
    CA$21.57
    Northland Power
    7D
    0.7%
    1Y
    7.5%
    TA
    CA$16.22
    TransAlta
    7D
    -5.2%
    1Y
    15.5%

    TA: Keephills Data Centre Development Will Drive Long Term Margin Expansion

    Analysts have kept their CA$23.45 price target for TransAlta unchanged, citing only small model tweaks, including a slightly higher discount rate and a marginally adjusted forward P/E assumption. What's in the News TransAlta signed a Memorandum of Understanding with CPP Investments and Brookfield to advance data centre development at the Keephills site in Alberta, with TransAlta as the exclusive site and power provider.
    BLX
    CA$28.26
    Boralex
    7D
    4.8%
    1Y
    -5.2%

    BLX: Growing Battery Storage Portfolio Will Support Long Term Upside

    Analysts have trimmed their price target on Boralex to CA$35 from CA$36, reflecting updated views on fair value, discount rates, revenue growth, profit margins, and future P/E assumptions. Analyst Commentary Recent research maintains a positive stance on Boralex while trimming the price target to CA$35 from CA$36.
    CPX
    CA$61.20
    Capital Power
    7D
    -0.9%
    1Y
    25.0%

    CPX: Future Returns Will Reflect Long Dated Arlington Cash Flows And Uprate Benefits

    Analysts have nudged their Capital Power price target up by CA$2 to CA$82. This reflects updated assumptions around discount rates, revenue growth, margins and future P/E that align with recent Street research.
    REVV
    CA$0.18
    ReVolve Renewable Power
    7D
    -5.3%
    1Y
    -18.2%
    PIF
    CA$11.85
    Polaris Renewable Energy
    7D
    -1.7%
    1Y
    -0.5%
    WEB
    CA$1.72
    Westbridge Renewable Energy
    7D
    -3.4%
    1Y
    -44.9%
    RESO
    CA$0.18
    ReSolve Energie
    7D
    -10.0%
    1Y
    n/a
    BITZ.U
    US$2.29
    Bitzero Holdings
    7D
    -4.2%
    1Y
    n/a
    RE
    CA$0.39
    RE Royalties
    7D
    1.3%
    1Y
    -17.9%