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Canadian (TSX) Renewable Energy Industry Analysis

UpdatedMar 23, 2026
DataAggregated Company Financials
Companies13
  • 7D-0.2%
  • 3M9.9%
  • 1Y20.3%
  • YTD7.1%

Over the last 7 days, the Renewable Energy industry has remained flat, although notably Boralex gained 4.8%. As for the the longer term, the industry is up 19% over the past 12 months. 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
Mon, 23 Mar 2026CA$52.7bCA$18.3b-CA$116,002,198.3459.8x-454.6x2.9x
Wed, 18 Feb 2026CA$52.0bCA$17.9b-CA$151,011,399.8812.1x-344.3x2.9x
Fri, 16 Jan 2026CA$48.0bCA$18.0b-CA$628,525,223.183.3x-76.3x2.7x
Sun, 14 Dec 2025CA$48.0bCA$17.9b-CA$623,547,702.883.3x-77x2.7x
Tue, 11 Nov 2025CA$56.1bCA$17.9b-CA$381,343,525.7616.9x-147.2x3.1x
Thu, 09 Oct 2025CA$53.0bCA$17.6b-CA$392,089,828.846.8x-135.2x3x
Sat, 06 Sep 2025CA$46.0bCA$17.5b-CA$387,499,393.198.2x-118.7x2.6x
Mon, 04 Aug 2025CA$47.1bCA$17.5b-CA$55,690,648.9920.5x-845.4x2.7x
Wed, 02 Jul 2025CA$48.6bCA$18.7bCA$307.9m19.2x157.7x2.6x
Fri, 30 May 2025CA$46.6bCA$18.8bCA$298.9m18.9x156x2.5x
Sun, 27 Apr 2025CA$42.7bCA$19.1bCA$685.9m18.6x62.3x2.2x
Tue, 25 Mar 2025CA$45.4bCA$19.4bCA$646.3m19.1x70.2x2.3x
Thu, 20 Feb 2025CA$41.6bCA$19.5b-CA$97,283,427.1318.4x-427.8x2.1x
Sat, 18 Jan 2025CA$38.6bCA$19.5bCA$59.2m20.2x652.4x2x
Mon, 16 Dec 2024CA$56.4bCA$26.2b-CA$1,743,762,736.4622.2x-32.3x2.2x
Wed, 13 Nov 2024CA$56.4bCA$25.9b-CA$1,468,288,701.7819.9x-38.4x2.2x
Fri, 11 Oct 2024CA$55.8bCA$25.7bCA$2.0b12.8x28.3x2.2x
Sun, 08 Sep 2024CA$50.8bCA$25.5bCA$2.0b11.8x25.8x2x
Tue, 06 Aug 2024CA$51.6bCA$25.7bCA$1.7b9.1x29.5x2x
Thu, 04 Jul 2024CA$51.3bCA$25.2bCA$2.8b7.8x18.5x2x
Sat, 01 Jun 2024CA$54.8bCA$25.2bCA$2.8b8.1x19.7x2.2x
Mon, 29 Apr 2024CA$44.2bCA$25.0bCA$896.4m11.6x49.3x1.8x
Wed, 27 Mar 2024CA$45.9bCA$24.9bCA$896.9m12.8x51.1x1.8x
Fri, 23 Feb 2024CA$47.3bCA$25.0bCA$514.9m28x91.8x1.9x
Sun, 21 Jan 2024CA$53.9bCA$24.7bCA$3.4b16.4x15.6x2.2x
Tue, 19 Dec 2023CA$55.4bCA$24.7bCA$3.4b16x16.1x2.2x
Thu, 16 Nov 2023CA$52.1bCA$25.0bCA$3.5b27.9x15x2.1x
Sat, 14 Oct 2023CA$48.2bCA$24.2bCA$1.7b17.4x28.1x2x
Mon, 11 Sep 2023CA$54.6bCA$24.2bCA$1.7b19.4x31.9x2.3x
Wed, 09 Aug 2023CA$56.8bCA$24.1bCA$1.9b16.5x30.2x2.4x
Fri, 07 Jul 2023CA$59.5bCA$23.9bCA$2.8b23.5x21.4x2.5x
Sun, 04 Jun 2023CA$64.8bCA$23.9bCA$2.8b20.2x23.2x2.7x
Tue, 02 May 2023CA$64.3bCA$23.4bCA$2.9b20.1x22.5x2.8x
Thu, 30 Mar 2023CA$63.7bCA$22.6bCA$2.7b43.9x23.7x2.8x
Price to Earnings Ratio

23.7x


Total Market Cap: CA$63.7bTotal Earnings: CA$2.7bTotal Revenue: CA$22.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Renewable Energy Industry Price to Earnings3Y Average -8x202420252026
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-4.49%
Utilities-3.17%
Renewable Energy-0.24%
Renewable Energy0.99%
Independent Power Producers and Energy Traders-3.30%
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$28.262.1%
    +CA$58.6m    		-2.4%PE414.8x
    		MXG Maxim PowerCA$4.42-0.9%
    CA$12.3m    		-3.1%PE17.7x
    		BITZ.U Bitzero HoldingsUS$2.292.7%
    +US$3.2m    		n/aPS4.4x
    		WEB Westbridge Renewable EnergyCA$1.721.2%
    +CA$523.9k    		-44.2%PE2.7x

    Latest News

    MXG
    CA$4.42
    Maxim Power
    7D
    -0.9%
    1Y
    -3.1%
    NPI
    CA$21.57
    Northland Power
    7D
    -0.9%
    1Y
    11.2%
    TA
    CA$16.22
    TransAlta
    7D
    -4.9%
    1Y
    15.9%

    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.
    GCA.X
    CA$0.085
    Gencan Capital
    7D
    -15.0%
    1Y
    n/a
    BLX
    CA$28.26
    Boralex
    7D
    2.1%
    1Y
    -2.4%

    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
    -2.5%
    1Y
    23.4%

    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
    -7.7%
    1Y
    -21.7%
    PIF
    CA$11.85
    Polaris Renewable Energy
    7D
    -1.5%
    1Y
    -1.2%
    WEB
    CA$1.72
    Westbridge Renewable Energy
    7D
    1.2%
    1Y
    -44.2%
    RESO
    CA$0.18
    ReSolve Energie
    7D
    -10.0%
    1Y
    n/a
    BITZ.U
    US$2.29
    Bitzero Holdings
    7D
    2.7%
    1Y
    n/a
    RE
    CA$0.39
    RE Royalties
    7D
    -4.9%
    1Y
    -17.9%