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Canadian (TSX) Utilities Sector Analysis

UpdatedAug 27, 2025
DataAggregated Company Financials
Companies24
  • 7D-0.8%
  • 3M3.5%
  • 1Y14.4%
  • YTD11.1%

The Utilities industry has stayed flat over the last week. As for the the longer term, the industry is up 15% over the past 12 months. Earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 27 Aug 2025CA$168.5bCA$75.1bCA$5.3b19.9x31.8x2.2x
Fri, 25 Jul 2025CA$168.0bCA$74.5bCA$5.8b20x29.1x2.3x
Sun, 22 Jun 2025CA$164.4bCA$75.6bCA$5.8b19.7x28.3x2.2x
Tue, 20 May 2025CA$162.8bCA$75.9bCA$5.8b20x28x2.1x
Thu, 17 Apr 2025CA$156.7bCA$74.4bCA$5.5b20.5x28.5x2.1x
Sat, 15 Mar 2025CA$156.4bCA$74.9bCA$5.5b20.1x28.6x2.1x
Mon, 10 Feb 2025CA$148.8bCA$75.4bCA$5.1b20.4x28.9x2x
Wed, 08 Jan 2025CA$145.5bCA$75.3bCA$5.3b20.7x27.4x1.9x
Fri, 06 Dec 2024CA$166.1bCA$81.6bCA$3.5b20.6x47.1x2x
Sun, 03 Nov 2024CA$159.5bCA$81.0bCA$6.9b18.4x23.1x2x
Tue, 01 Oct 2024CA$166.1bCA$80.7bCA$6.9b19.4x24x2.1x
Thu, 29 Aug 2024CA$155.0bCA$80.7bCA$6.9b17.8x22.4x1.9x
Sat, 27 Jul 2024CA$150.3bCA$80.3bCA$7.2b15x20.8x1.9x
Mon, 24 Jun 2024CA$143.6bCA$80.1bCA$7.2b13.7x19.9x1.8x
Wed, 22 May 2024CA$151.7bCA$80.0bCA$7.2b14.2x21x1.9x
Fri, 19 Apr 2024CA$134.5bCA$81.0bCA$6.3b13.7x21.4x1.7x
Sun, 17 Mar 2024CA$140.5bCA$80.7bCA$6.3b13.7x22.4x1.7x
Tue, 13 Feb 2024CA$139.9bCA$82.0bCA$6.2b14.5x22.4x1.7x
Thu, 11 Jan 2024CA$152.4bCA$85.3bCA$8.7b14.8x17.5x1.8x
Sat, 09 Dec 2023CA$147.5bCA$85.6bCA$8.8b14.5x16.8x1.7x
Mon, 06 Nov 2023CA$143.4bCA$85.9bCA$8.7b13.3x16.5x1.7x
Wed, 04 Oct 2023CA$131.0bCA$85.2bCA$6.8b13x19.3x1.5x
Fri, 01 Sep 2023CA$147.1bCA$85.0bCA$6.8b15.1x21.7x1.7x
Sun, 30 Jul 2023CA$156.4bCA$84.5bCA$8.0b13.9x19.6x1.9x
Tue, 27 Jun 2023CA$154.8bCA$85.1bCA$7.9b14.9x19.5x1.8x
Thu, 25 May 2023CA$162.4bCA$85.6bCA$8.0b14.6x20.4x1.9x
Sat, 22 Apr 2023CA$166.4bCA$82.8bCA$7.2b16.5x23.3x2x
Mon, 20 Mar 2023CA$158.4bCA$83.0bCA$7.2b16.1x22.1x1.9x
Wed, 15 Feb 2023CA$153.2bCA$80.1bCA$7.0b17.8x21.9x1.9x
Fri, 13 Jan 2023CA$155.4bCA$79.2bCA$6.0b17.7x26x2x
Sun, 11 Dec 2022CA$157.5bCA$79.5bCA$6.0b19.4x26.3x2x
Tue, 08 Nov 2022CA$156.1bCA$77.7bCA$6.1b19.4x25.4x2x
Thu, 06 Oct 2022CA$164.4bCA$75.9bCA$5.9b20.7x28x2.2x
Sat, 03 Sep 2022CA$180.1bCA$75.1bCA$5.8b22.2x31x2.4x
Price to Earnings Ratio

31x


Total Market Cap: CA$180.1bTotal Earnings: CA$5.8bTotal Revenue: CA$75.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 24.7x202320242025
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 32.0x which is higher than its 3-year average PE of 24.7x.
  • The 3-year average PS ratio of 1.9x 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 3.1% 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 Market1.91%
Utilities-0.77%
Renewable Energy-0.38%
Electric Utilities-0.67%
Other Utilities-0.95%
Gas Utilities-2.39%
Water Utilities-25.00%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 20.4x.
    • Analysts are expecting annual earnings growth of 21.0%, which is higher than its past year's earnings decline of 16.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 40% over the next 5 years.
  • This is better than its past earnings decline of 45% per year.
  • In contrast, the Gas Utilities 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
SPB Superior PlusCA$7.301.1%
+CA$17.8m		-4.2%PE27.1x
PIF Polaris Renewable EnergyCA$12.672.6%
+CA$6.7m		6.0%PS2.5x
NUE NU E PowerCA$0.1416.7%
+CA$727.3k		-88.3%PS13.7x

Latest News

CPX
CA$57.87
Capital Power
7D
-3.8%
1Y
28.3%

North American Demand Trends Will Expose Overvaluation Risks

Despite a substantial increase in consensus revenue growth projections and a notable decline in future P/E, the consensus analyst price target for Capital Power has been modestly reduced from CA$66.73 to CA$64.55. What's in the News Capital Power announced a 6% increase in its quarterly dividend to $0.6910 per share, raising its annualized dividend to $2.764 per common share.
ALA
CA$40.40
AltaGas
7D
-2.8%
1Y
19.2%

Here's Why We Think AltaGas (TSE:ALA) Is Well Worth Watching

Aug 25
Here's Why We Think AltaGas (TSE:ALA) Is Well Worth Watching
TA
CA$16.93
TransAlta
7D
-1.3%
1Y
40.0%
CU
CA$37.93
Canadian Utilities
7D
-0.5%
1Y
13.4%
H
CA$50.36
Hydro One
7D
-0.5%
1Y
12.4%
SPB
CA$7.30
Superior Plus
7D
1.1%
1Y
-4.2%
BLX
CA$29.26
Boralex
7D
-3.5%
1Y
-12.2%
PIF
CA$12.67
Polaris Renewable Energy
7D
2.6%
1Y
6.0%
FTS
CA$68.90
Fortis
7D
-1.1%
1Y
16.9%
ACO.X
CA$49.77
ATCO
7D
-2.0%
1Y
10.3%
NUE
CA$0.14
NU E Power
7D
16.7%
1Y
-88.3%