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Canadian (TSX) Utilities Sector Analysis

UpdatedFeb 04, 2026
DataAggregated Company Financials
Companies25
  • 7D0.9%
  • 3M-0.08%
  • 1Y23.0%
  • YTD2.5%

In the last week, the Utilities industry is flat overall, with Capital Power standing out by going down 5.0%. As for the the longer term, the industry is up 23% over the past 12 months. Looking forward, earnings are forecast to grow by 14% annually.

Sector Valuation and Performance

Has the Canadian Utilities Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 04 Feb 2026CA$178.4bCA$75.9bCA$5.7b19.4x31.1x2.3x
Fri, 02 Jan 2026CA$174.9bCA$75.9bCA$5.3b18.6x33.2x2.3x
Sun, 30 Nov 2025CA$179.4bCA$76.1bCA$5.3b18.5x33.6x2.4x
Tue, 28 Oct 2025CA$182.2bCA$75.3bCA$5.3b21.1x34.5x2.4x
Thu, 25 Sep 2025CA$168.0bCA$75.2bCA$5.3b20.3x31.7x2.2x
Sat, 23 Aug 2025CA$169.9bCA$75.1bCA$5.3b19.7x32.1x2.3x
Mon, 21 Jul 2025CA$168.7bCA$75.6bCA$5.8b19.8x29x2.2x
Wed, 18 Jun 2025CA$166.0bCA$75.5bCA$5.8b19.7x28.5x2.2x
Fri, 16 May 2025CA$160.5bCA$75.9bCA$5.8b20x27.6x2.1x
Sun, 13 Apr 2025CA$153.8bCA$74.4bCA$5.5b20.1x28x2.1x
Tue, 11 Mar 2025CA$155.1bCA$75.0bCA$5.5b20.2x28.4x2.1x
Thu, 06 Feb 2025CA$146.7bCA$75.4bCA$5.1b20.3x28.5x1.9x
Sat, 04 Jan 2025CA$159.9bCA$82.3bCA$3.5b20.7x45.9x1.9x
Mon, 02 Dec 2024CA$165.9bCA$81.6bCA$3.5b20.2x47x2x
Wed, 30 Oct 2024CA$164.2bCA$81.3bCA$6.9b19.1x23.7x2x
Fri, 27 Sep 2024CA$163.9bCA$80.6bCA$6.9b19.3x23.7x2x
Sun, 25 Aug 2024CA$154.4bCA$80.7bCA$6.9b17.8x22.3x1.9x
Tue, 23 Jul 2024CA$147.3bCA$80.2bCA$7.2b14.4x20.4x1.8x
Thu, 20 Jun 2024CA$144.8bCA$80.1bCA$7.2b13.9x20x1.8x
Sat, 18 May 2024CA$152.0bCA$79.9bCA$7.2b14.9x21.1x1.9x
Mon, 15 Apr 2024CA$135.4bCA$81.0bCA$6.3b13.8x21.5x1.7x
Wed, 13 Mar 2024CA$143.9bCA$80.6bCA$6.3b14.7x23x1.8x
Fri, 09 Feb 2024CA$140.8bCA$82.3bCA$6.2b14.6x22.6x1.7x
Sun, 07 Jan 2024CA$150.5bCA$85.3bCA$8.7b14.8x17.2x1.8x
Tue, 05 Dec 2023CA$146.4bCA$85.5bCA$8.7b14.2x16.7x1.7x
Thu, 02 Nov 2023CA$134.8bCA$85.8bCA$7.1b12.7x18.9x1.6x
Sat, 30 Sep 2023CA$137.2bCA$85.1bCA$6.8b13.4x20.3x1.6x
Mon, 28 Aug 2023CA$149.1bCA$85.1bCA$6.8b15.2x22x1.8x
Wed, 26 Jul 2023CA$157.9bCA$85.1bCA$7.9b14.5x19.9x1.9x
Fri, 23 Jun 2023CA$156.3bCA$85.1bCA$7.9b15.1x19.7x1.8x
Sun, 21 May 2023CA$164.6bCA$85.5bCA$8.0b14.7x20.7x1.9x
Tue, 18 Apr 2023CA$165.6bCA$82.6bCA$7.1b16.5x23.2x2x
Thu, 16 Mar 2023CA$156.5bCA$82.9bCA$7.5b16.6x20.8x1.9x
Sat, 11 Feb 2023CA$152.3bCA$79.4bCA$6.9b17.8x21.9x1.9x
Price to Earnings Ratio

21.9x


Total Market Cap: CA$152.3bTotal Earnings: CA$6.9bTotal Revenue: CA$79.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 25.6x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Utilities industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 31.1x which is higher than its 3-year average PE of 25.6x.
  • The 3-year average PS ratio of 2.0x is lower than the industry's current PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 6.1% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

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

CA Market-1.91%
Utilities0.90%
Renewable Energy1.22%
Electric Utilities0.87%
Other Utilities0.74%
Gas Utilities0.35%
Water Utilities0%0
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 21.6x.
    • Analysts are expecting annual earnings growth of 23.0%, which is higher than its past year's earnings growth of 11.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 26% over the next 5 years.
  • This is better than its past earnings decline of 39% per year.
  • In contrast, the Gas Utilities industry is expected to see its earnings grow by 5.0% 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
FTS FortisCA$74.222.6%
+CA$953.0m		19.1%PE22.1x
H Hydro OneCA$54.802.7%
+CA$869.7m		20.9%PE25.2x
ALA AltaGasCA$42.601.5%
+CA$189.9m		23.3%PE17.8x
EMA EmeraCA$68.740.9%
+CA$184.1m		23.7%PE18.9x
CU Canadian UtilitiesCA$44.891.4%
+CA$163.3m		31.4%PE22.9x

Latest News

ALA
CA$42.60
AltaGas
7D
1.5%
1Y
23.3%
CU
CA$44.89
Canadian Utilities
7D
1.4%
1Y
31.4%

Canadian Utilities' (TSE:CU) Dividend Will Be Increased To CA$0.4623

Feb 04
Canadian Utilities' (TSE:CU) Dividend Will Be Increased To CA$0.4623
ACO.X
CA$60.09
ATCO
7D
1.3%
1Y
28.5%
SPB
CA$7.13
Superior Plus
7D
-3.0%
1Y
18.4%

SPB: Share Buybacks And Mixed Ratings Will Shape Future Risk Balance

Analysts now set their fair value estimate for Superior Plus at about $7.07, up from $6.63, reflecting a mix of reduced Street price targets in the C$9 to C$10 range, an upgrade to Buy at C$8.50, and updated assumptions around revenue growth, margins, discount rate, and future P/E. Analyst Commentary Recent research on Superior Plus reflects a mixed backdrop, with some support around C$8.50 to C$10 and a cluster of more cautious revisions that feed into the trimmed fair value estimate of about $7.07.
BITZ.U
US$3.07
Bitzero Holdings
7D
-20.1%
1Y
n/a
TA
CA$17.20
TransAlta
7D
-8.9%
1Y
10.2%
BLX
CA$26.37
Boralex
7D
2.4%
1Y
2.5%
EMA
CA$68.74
Emera
7D
0.9%
1Y
23.7%

EMA: Premium Pricing And Equity Program Will Shape Future Risk Reward Balance

Analysts have trimmed their average fair value estimate for Emera by about C$0.43 to roughly C$68.79. The revised figure reflects updated price targets that take into account a premium valuation, regulatory uncertainty in Nova Scotia, and more cautious expectations around growth beyond the Florida business.
CPX
CA$57.79
Capital Power
7D
-7.1%
1Y
9.8%

CPX: Future Returns Will Reflect Long Term Contracted U.S. Gas Cash Flows

Analysts have nudged their fair value estimate for Capital Power higher to about C$74.71 from roughly C$74.46, citing a series of recent price target increases across the Street that reflect updated views on revenue growth, margins, and future P/E assumptions. Analyst Commentary Recent research updates around Capital Power cluster tightly in a C$73 to C$82 fair value range, which helps explain the modest move higher in the aggregated fair value estimate.
PIF
CA$12.28
Polaris Renewable Energy
7D
-0.2%
1Y
-5.5%
AQN
CA$8.96
Algonquin Power & Utilities
7D
0.3%
1Y
37.2%

AQN: 2026 Rate Cases And Index Shifts Will Drive Balanced Outlook

Analysts have inched their fair value estimate for Algonquin Power & Utilities up from about $8.33 to roughly $8.42, pointing to recent upgrades and expectations that upcoming 2026 rate case approvals could help narrow the company’s return on equity and valuation gap to peers. Analyst Commentary Recent Street research has turned more constructive on Algonquin Power & Utilities, with bullish analysts pointing to potential catalysts tied to the 2026 rate case cycle and what that could mean for returns and valuation relative to peers.
NUE
CA$0.21
NU E Power
7D
-8.7%
1Y
-61.8%
H
CA$54.80
Hydro One
7D
2.7%
1Y
20.9%

H: Stable Returns And EPS Outlook Will Support Measured Repricing Potential

Narrative update on Hydro One The analyst price target for Hydro One has been revised modestly higher, supported by recent Street updates that lifted targets to C$57 and C$52 as analysts factor in small adjustments to fair value, discount rate, profit margin assumptions and future P/E. Analyst Commentary Recent Street updates on Hydro One point to a slightly higher view of fair value, with price targets clustered in the low to mid C$50s and ratings maintained at neutral levels.
FTS
CA$74.22
Fortis
7D
2.6%
1Y
19.1%

FTS: Fairly Valued Shares Will Rely On Regulated Growth And Dividend Stability

Analysts have nudged their price expectations for Fortis higher, with recent targets ranging from C$69 to C$79. This reflects updated models and views that its regulated utility footprint and projected rate base growth continue to underpin their valuation work.
MXG
CA$4.30
Maxim Power
7D
-1.1%
1Y
-28.5%
WATR
CA$0.015
Current Water Technologies
7D
-25.0%
1Y
-40.0%