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Canadian diversified utility and infrastructure conglomerate spanning electricity/gas utilities, modular structures and logistics, and ports.
Canadian diversified utility and infrastructure conglomerate spanning electricity/gas utilities, modular structures and logistics, and ports.
Is mostly an owner of Canadian Utilities, whose regulated electricity and gas networks in Alberta earn a rate set by regulators on money invested. The structures business, selling and renting modular buildings, and ports add more cyclical income. The Southern family controls ATCO through voting shares; the Class I shares listed here carry no vote.
In one line: Canada's diversified utility-plus-industrial holding company.
Moat: narrow (regulatory licence, scale, installed base). Regulated utility franchises plus a leading global modular-structures manufacturing/leasing business.
Headquarters: Calgary, Canada · Founded: 1947 · Employees: 20,369
Size ATCO (ACO-X.TO) is a Canada Utilities company (Electric Utilities) with a market value of $6.15B, the 107th largest of 420 Canada companies the cockpit tracks. Shares closed at C$85.30 on 6 Nov 2026.
Performance Over six months the shares gained 25.2%, against -5.7% for the median peer and +5.2% for the Canada market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 4.8% over the last twelve months (peer median +7.2%); the operating margin is 12.4% (peer median 17.3%).
Valuation It trades at 16.8× forward earnings against a peer median of 17.1× (10th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +10 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.8 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$5.32B | C$5.14B | C$4.94B | C$4.74B | C$4.98B |
| Revenue growth | — | +4% | +4% | -5% | — |
| Gross profit | C$1.38B | C$1.34B | C$1.85B | C$1.87B | C$2.13B |
| EBITDA | C$2.10B | C$2.04B | C$1.97B | C$1.95B | C$1.94B |
| Net income | C$182M | C$150M | C$430M | C$432M | C$370M |
| Free cash flow | C$372M | C$227M | -C$27.0M | C$57.0M | C$535M |
| Capital expenditure | C$1.84B | C$1.84B | C$1.80B | C$1.56B | C$1.58B |
| Total debt | C$13.0B | C$13.2B | C$12.0B | C$11.2B | C$10.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ATCO ACO-X.TO | $6.15B | +25% | +5% | 12% | 16.8× | 15.0% |
| Canadian Utilities CU.TO | $10.1B | +9% | +1% | 16% | 18.9× | 20.1% |
| Fortis FTS.TO | $31.0B | +11% | +4% | 28% | 22.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ACO-X.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.1% | -0.3% | 6th highest of 21 |
| 6-month return | +25.2% | -5.7% | highest of 21 |
| Distance from 52-week high | -1.6% | -26.5% | highest of 21 |
| Revenue growth (TTM) | +4.8% | +7.2% | 10th lowest of 21 |
| Operating margin | 12.4% | 17.3% | 5th lowest of 21 |
| Forward P/E | 16.8× | 17.1× | 10th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 15.0% | -1.6% | 2nd most demanding of 11 |
| Growth delivered (Del g) | +5.5% | +8.3% | 3rd lowest of 11 |
| Hurdle (Req g minus delivered) | +9.5 pp | -8.6 pp | most demanding of 11 |
| ROIC minus cost of capital | -2.8 pp | -0.7 pp | 4th lowest of 21 |
| EV / EBITDA | 11.7× | 11.7× | 6th cheapest of 13 |
| Net debt / EBITDA | 5.7× | 4.9× | 4th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ATCO ACO-X.TO | Canada | $6.15B | +25% | +5% | 12% | 16.8× | 15.0% | +5.5% |
| YTL 1773.T | Japan | $6.14B | +1% | +19% | 19% | 12.5× | n/a | n/a |
| Hera HER.MI | Italy | $6.14B | -3% | -11% | 8% | 11.9× | -8.9% | +12.6% |
| Enel Chile SA Sponsored ADR ENIC | United States | $6.06B | -6% | +16% | 19% | 9.4× | 3.4% | +6.9% |
| TXNM Energy TXNM | United States | $6.41B | -1% | +10% | 24% | 22.5× | n/a | n/a |
| Companhia Energetica de Minas Gerais SA Sponsored ADR Pfd CIG | United States | $6.45B | -23% | +13% | 13% | 9.0× | -1.6% | +9.4% |
| Shenergy 600642.SS | China | $6.64B | +1% | -2% | 12% | 12.6× | -1.6% | +7.2% |
| Ormat Technologies ORA | United States | $5.65B | -24% | +31% | 19% | 41.2× | n/a | n/a |
| Torrent Power TORNTPOWER.NS | India | $6.78B | -26% | +8% | 13% | 23.3× | n/a | n/a |
| China Southern Power Grid Energy Storage 600995.SS | China | $5.48B | -21% | +18% | 41% | 18.7× | n/a | n/a |
| Portland General Electric POR | United States | $5.47B | -5% | +3% | 16% | 12.9× | n/a | n/a |
| HK Electric Investments & HK Electric Investments 2638.HK | Hong Kong | $6.99B | -3% | +4% | 42% | 17.1× | 3.5% | +3.1% |
| Capital Power CPX.TO | Canada | $7.13B | -4% | +25% | 10% | 19.5× | 18.9% | +11.8% |
| SPIC Hydropower 600292.SS | China | $7.26B | -34% | +301% | 28% | 72.6× | -6.8% | +27.0% |
| Acea ACE.MI | Italy | $5.14B | -7% | -21% | 26% | 14.3× | 5.8% | -3.3% |
| Inner Mongolia MengDian HuaNeng Thermal Power 600863.SS | China | $7.35B | +16% | -3% | 16% | 18.4× | -1.9% | +6.5% |
| NorthWestern Energy NWE | United States | $5.09B | +14% | +11% | 19% | 20.6× | n/a | n/a |
| Beijing Jingneng Power 600578.SS | China | $5.06B | +3% | -6% | 11% | 11.0× | -2.8% | +12.2% |
| Huadian Energy 600726.SS | China | $5.01B | -33% | -7% | 10% | n/a | n/a | n/a |
| Shanghai Electric Power 600021.SS | China | $4.98B | -31% | -6% | 13% | 8.9× | n/a | n/a |
| Brookfield Renewable BEPC | United States | $4.79B | -13% | +6% | 19% | 249.6× | n/a | n/a |