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Canadian energy infrastructure company running regulated natural-gas distribution utilities and a midstream (NGL export/processing) business.
Canadian energy infrastructure company running regulated natural-gas distribution utilities and a midstream (NGL export/processing) business.
Utilities earn a regulator-approved return on the pipes and equipment they own, which in the US mainly means Washington Gas, bought with WGL in 2018. The midstream arm earns on propane and butane exported from British Columbia to Asia, so it moves with global gas-liquids prices, unlike the utilities.
In one line: A mix of a regulated gas utility (like WEC Energy) and an NGL midstream operator (like Tar.
Moat: narrow (regulatory licence, installed base). Regulated utility rate base plus a West Coast NGL export terminal with limited competing capacity.
Headquarters: Calgary, Alberta, Canada · Founded: 1994 · Employees: 2,853
Size AltaGas (ALA.TO) is a Canada Utilities company (Gas Distributors) with a market value of $11.8B, the 69th largest of 420 Canada companies the cockpit tracks. Shares closed at C$53.07 on 6 Nov 2026.
Performance Over six months the shares gained 4.4%, against -0.3% for the median peer and +5.2% for the Canada market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 17.8% over the last twelve months (peer median +2.0%); the operating margin is 9.4% (peer median 21.3%).
Valuation It trades at 22.5× forward earnings against a peer median of 16.4× (2nd most expensive of 21).
Capital Return on invested capital runs 0.6 points below its cost of capital (5.3% WACC).
Credit AltaGas has 1 bond outstanding ($900M), rated BB by the agencies.
Next results Next results expected around 5 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$14.7B | C$12.5B | C$12.4B | C$12.9B | C$14.4B |
| Revenue growth | — | +1% | -3% | -10% | — |
| Gross profit | C$3.37B | C$3.02B | C$2.76B | C$2.26B | C$2.81B |
| EBITDA | C$1.94B | C$1.69B | C$1.51B | C$1.19B | C$1.68B |
| Net income | C$631M | C$768M | C$596M | C$673M | C$523M |
| Free cash flow | -C$412M | -C$344M | C$160M | C$187M | -C$405M |
| Capital expenditure | C$1.88B | C$1.62B | C$1.39B | C$943M | C$958M |
| Total debt | C$11.3B | C$10.5B | C$10.6B | C$9.88B | 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 |
|---|---|---|---|---|---|---|
| AltaGas ALA.TO | $11.8B | +4% | +18% | 9% | 22.5× | n/a |
| Pembina Pipeline PPL.TO | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% |
| Keyera KEY.TO | $10.6B | 0% | 0% | 11% | 17.4× | n/a |
| WEC Energy WEC | $38.1B | +5% | +8% | 25% | 21.6× | n/a |
| Targa Resources TRGP | $56.7B | +7% | -1% | 25% | 21.7× | 7.2% |
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 | ALA.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.4% | +5.8% | 2nd lowest of 21 |
| 6-month return | +4.4% | -0.3% | 7th highest of 21 |
| Distance from 52-week high | -8.7% | -10.5% | 9th highest of 21 |
| Revenue growth (TTM) | +17.8% | +2.0% | highest of 21 |
| Operating margin | 9.4% | 21.3% | 6th lowest of 20 |
| Forward P/E | 22.5× | 16.4× | 2nd most expensive of 21 |
| ROIC minus cost of capital | -0.6 pp | -0.9 pp | 10th highest of 20 |
| EV / EBITDA | 14.8× | 11.9× | 4th most expensive of 18 |
| Net debt / EBITDA | 5.7× | 5.1× | 5th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| AltaGas ALA.TO | Canada | $11.8B | +4% | +18% | 9% | 22.5× | n/a | n/a |
| Tokyo Gas 9531.T | Japan | $13.1B | -7% | +4% | 7% | 16.3× | -1.8% | +9.9% |
| Osaka Gas 9532.T | Japan | $13.3B | -2% | +1% | 7% | 14.6× | 4.0% | +8.3% |
| Italgas IG.MI | Italy | $10.4B | -12% | +9% | 49% | 12.3× | 2.4% | +11.3% |
| APA APA.AX | Australia | $10.4B | +7% | -6% | 38% | 49.3× | 12.5% | +3.1% |
| Canadian Utilities CU.TO | Canada | $10.1B | +9% | +1% | 16% | 18.9× | 20.1% | +2.7% |
| ENN Natural Gas 600803.SS | China | $9.83B | +5% | -1% | n/a | 11.8× | -6.1% | +8.4% |
| Centrica CNA.L | United Kingdom | $9.23B | -25% | 0% | 23% | 13.1× | n/a | n/a |
| KunLun Energy 0135.HK | Hong Kong | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% | +11.4% |
| HK & China Gas 0003.HK | Hong Kong | $17.6B | +3% | +2% | 14% | 21.6× | 8.7% | +5.8% |
| DCC Energy DCC.L | United Kingdom | $7.41B | +13% | -14% | 3% | 12.7× | 7.1% | +2.9% |
| Enn Energy 2688.HK | Hong Kong | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% | +8.6% |
| Southwest Gas SWX | United States | $6.62B | +2% | -57% | 29% | 18.9× | n/a | n/a |
| NiSource NI | United States | $21.2B | -6% | +10% | 27% | 20.3× | n/a | n/a |
| Black Hills BKH | United States | $6.47B | +13% | +3% | 24% | 18.2× | n/a | n/a |
| Snam SRG.MI | Italy | $23.3B | -2% | +9% | 46% | 14.5× | 9.3% | +6.9% |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
| Spire SR | United States | $5.25B | +4% | +4% | 20% | 17.9× | n/a | n/a |
| Enagas ENG.MC | Spain | $5.22B | +7% | -2% | 21% | 19.4× | 15.0% | -2.2% |
| ONE Gas OGS | United States | $5.09B | -5% | -2% | 21% | 16.6× | n/a | n/a |
| Cheniere Energy Partners, L.P CQP | United States | $27.8B | -8% | +13% | 33% | 12.0× | -13.4% | +12.7% |
AltaGas has 1 bond outstanding with $900M face value. The agencies rate it BB.