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Canadian (TSX) Renewable Energy Industry Analysis

UpdatedJan 13, 2026
DataAggregated Company Financials
Companies13
  • 7D-0.8%
  • 3M-12.5%
  • 1Y10.1%
  • YTD-0.8%

The Renewable Energy industry has been flat over the last week, but TransAlta has lost 3.6%. As for the the longer term, the industry is up 10% over the past 12 months. As for the next few years, earnings are expected to grow by 14% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 13 Jan 2026CA$47.4bCA$18.0b-CA$627,774,255.373.3x-75.6x2.6x
Thu, 11 Dec 2025CA$49.3bCA$17.9b-CA$624,645,851.783.3x-78.9x2.8x
Sat, 08 Nov 2025CA$56.0bCA$18.0b-CA$368,778,897.0320.5x-151.9x3.1x
Mon, 06 Oct 2025CA$51.2bCA$17.6b-CA$391,916,113.207x-130.6x2.9x
Wed, 03 Sep 2025CA$46.4bCA$17.5b-CA$384,633,085.217.8x-120.6x2.7x
Fri, 01 Aug 2025CA$48.7bCA$17.4bCA$44.8m21.2x1085.6x2.8x
Sun, 29 Jun 2025CA$48.6bCA$18.7bCA$304.1m19.2x159.7x2.6x
Tue, 27 May 2025CA$45.4bCA$18.7bCA$300.6m19.8x151x2.4x
Thu, 24 Apr 2025CA$41.1bCA$19.1bCA$684.9m18.4x60x2.1x
Sat, 22 Mar 2025CA$45.0bCA$19.4bCA$665.2m19.7x67.6x2.3x
Mon, 17 Feb 2025CA$41.6bCA$19.5b-CA$96,535,108.4218.5x-431.1x2.1x
Wed, 15 Jan 2025CA$38.0bCA$19.5bCA$62.8m19.9x604.2x2x
Fri, 13 Dec 2024CA$56.1bCA$26.2b-CA$1,742,135,331.6522.2x-32.2x2.1x
Sun, 10 Nov 2024CA$57.4bCA$25.9b-CA$1,468,454,173.4720.2x-39.1x2.2x
Tue, 08 Oct 2024CA$57.5bCA$25.6bCA$2.0b13.2x29.2x2.2x
Thu, 05 Sep 2024CA$50.1bCA$25.5bCA$2.0b12x25.5x2x
Sat, 03 Aug 2024CA$51.7bCA$25.3bCA$2.8b7.6x18.6x2x
Mon, 01 Jul 2024CA$51.3bCA$25.2bCA$2.8b7.7x18.4x2x
Wed, 29 May 2024CA$56.0bCA$25.2bCA$2.8b7.9x20.2x2.2x
Fri, 26 Apr 2024CA$44.2bCA$25.0bCA$896.5m11.5x49.3x1.8x
Sun, 24 Mar 2024CA$46.7bCA$25.0bCA$896.4m12.9x52x1.9x
Tue, 20 Feb 2024CA$47.6bCA$24.9bCA$1.1b16x42x1.9x
Thu, 18 Jan 2024CA$53.8bCA$24.8bCA$3.5b16.2x15.6x2.2x
Sat, 16 Dec 2023CA$56.3bCA$24.7bCA$3.4b16.2x16.4x2.3x
Mon, 13 Nov 2023CA$49.4bCA$25.1bCA$3.5b27.7x14x2x
Wed, 11 Oct 2023CA$50.0bCA$24.1bCA$1.7b17.7x29.2x2.1x
Fri, 08 Sep 2023CA$54.1bCA$24.2bCA$1.7b19.2x31.6x2.2x
Sun, 06 Aug 2023CA$56.8bCA$24.1bCA$1.9b16.6x30.2x2.4x
Tue, 04 Jul 2023CA$60.2bCA$23.8bCA$2.8b23.9x21.7x2.5x
Thu, 01 Jun 2023CA$63.6bCA$24.1bCA$2.8b20x22.7x2.6x
Sat, 29 Apr 2023CA$64.4bCA$22.6bCA$2.7b45.6x23.9x2.8x
Mon, 27 Mar 2023CA$62.0bCA$22.8bCA$2.7b43.1x22.9x2.7x
Wed, 22 Feb 2023CA$58.4bCA$21.9bCA$2.6b24.8x22.7x2.7x
Fri, 20 Jan 2023CA$62.4bCA$21.7bCA$1.6b27.4x39.3x2.9x
Price to Earnings Ratio

39.3x


Total Market Cap: CA$62.4bTotal Earnings: CA$1.6bTotal Revenue: CA$21.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Renewable Energy Industry Price to Earnings3Y Average 21.8x202420252026
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 2.6x.
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 6.1% per year, which is driving profits down.

Industry Trends

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

CA Market1.53%
Utilities-0.34%
Renewable Energy-0.82%
Independent Power Producers and Energy Traders-0.036%
Renewable Energy-1.17%
Industry PE
  • Investors are most optimistic about the Independent Power Producers and Energy Traders industry which is trading above its 3-year average PE ratio of 24.7x.
    • Analysts are expecting annual earnings growth of 49.9%, which is higher than its past year's earnings decline of 46.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Independent Power Producers and Energy Traders industry, expecting annual earnings growth of 50% over the next 5 years.
  • This is better than its past earnings decline of 46% per year.
  • In contrast, the Renewable Energy industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
CPX Capital PowerCA$60.072.0%
+CA$187.1m		2.7%PE24.5x
NPI Northland PowerCA$18.511.1%
+CA$54.9m		1.1%PS2.1x
NUE NU E PowerCA$0.2037.9%
+CA$4.6m		-55.1%PS176x
RE RE RoyaltiesCA$0.3015.1%
+CA$1.7m		-35.1%PB9.2x
BITZ.U Bitzero HoldingsUS$2.370.9%
+US$1.0m		n/aPS4.7x

Latest News

NKW.H
CA$0.05
Oceanic Wind Energy
7D
-16.7%
1Y
0%
BLX
CA$26.40
Boralex
7D
-1.0%
1Y
0.4%

BLX: Storage And Wind Projects Will Support Long Term Power Momentum

Analysts have kept their fair value view on Boralex steady at about C$35.60, while Street price targets have shifted modestly, with one moving down to C$36 and another up to C$39, citing mixed expectations for Q3 power generation and pricing against a backdrop of more volatile markets and credit spreads. Analyst Commentary Recent Street research on Boralex points to a split view, with some analysts leaning more optimistic on upside potential and others taking a more cautious stance as they reassess price targets around the mid C$30s.
NPI
CA$18.51
Northland Power
7D
1.1%
1Y
1.1%

NPI: Future Returns Will Benefit From Resolving Offshore Execution Uncertainty

Analysts have pulled back on Northland Power, trimming price targets to a C$19 to C$27 range as they factor in a slower growth path, more cautious free cash flow expectations and offshore execution uncertainty in their updated models. Analyst Commentary Recent Street research on Northland Power clusters around a tighter C$19 to C$27 price target band, with several firms revising models after the company’s investor day and reassessing how execution risk and a slower growth profile feed into valuation.
TA
CA$16.92
TransAlta
7D
-3.6%
1Y
-9.6%
CPX
CA$60.07
Capital Power
7D
2.0%
1Y
2.7%

CPX: Future Returns Will Reflect Long Term Contracted And Merchant Cash Flows

Analysts have raised their price targets on Capital Power into a C$73 to C$85 range, with several firms moving to around C$80 to C$82, citing updated views on valuation inputs such as discount rates and future P/E assumptions. Analyst Commentary Recent Street research shows a tight cluster of targets between C$73 and C$85, with several bullish analysts moving into the C$80 to C$82 area.
NUE
CA$0.20
NU E Power
7D
37.9%
1Y
-55.1%
CBLU
CA$0.08
Clear Blue Technologies International
7D
14.3%
1Y
-55.6%
GCA.X
CA$0.09
Gencan Capital
7D
63.6%
1Y
n/a
PIF
CA$12.41
Polaris Renewable Energy
7D
-0.5%
1Y
-4.5%
RE
CA$0.30
RE Royalties
7D
15.1%
1Y
-35.1%
WEB
CA$2.19
Westbridge Renewable Energy
7D
0.5%
1Y
-31.6%
MXG
CA$4.45
Maxim Power
7D
-0.9%
1Y
-25.6%
AKH.H
CA$0.025
Alaska Hydro
7D
-28.6%
1Y
-37.5%