Loading…
Canadian regulated electric and natural-gas utility operating mainly in Alberta, majority owned by ATCO.
Canadian regulated electric and natural-gas utility operating mainly in Alberta, majority owned by ATCO.
Earns an allowed return on the assets in its regulated networks, set by the Alberta Utilities Commission, so growth comes from adding to the asset base rather than selling more energy. ATCO, its parent, owns most of the shares, and a Calgary family group, the Southern family, controls ATCO.
In one line: Canada's regional Duke Energy peer.
Moat: wide (regulatory licence, installed base). Regulated monopoly utility franchise across most of Alberta's electric/gas transmission and distribution.
Headquarters: Calgary, Canada · Founded: 1927 · Employees: 8,632
Size Canadian Utilities (CU.TO) is a Canada Utilities company (Gas Distributors) with a market value of $10.1B, the 74th largest of 420 Canada companies the cockpit tracks. Shares closed at C$52.19 on 6 Nov 2026.
Performance Over six months the shares gained 8.9%, against +1.4% for the median peer and +5.2% for the Canada market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 1.2% over the last twelve months (peer median +3.1%); the operating margin is 16.3% (peer median 21.1%).
Valuation It trades at 18.9× forward earnings against a peer median of 16.6× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +17 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 3.0 points below its cost of capital (5.4% WACC).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$3.76B | C$3.69B | C$3.74B | C$3.80B | C$4.05B |
| Revenue growth | — | -1% | -1% | -6% | — |
| Gross profit | C$938M | C$914M | C$1.44B | C$1.45B | C$1.72B |
| EBITDA | C$1.93B | C$1.86B | C$1.78B | C$1.52B | C$1.86B |
| Net income | C$124M | C$119M | C$480M | C$707M | C$632M |
| Free cash flow | C$220M | C$103M | -C$72.0M | C$127M | C$515M |
| Capital expenditure | C$1.53B | C$1.57B | C$1.59B | C$1.34B | C$1.37B |
| Total debt | C$12.1B | C$12.4B | C$11.1B | C$10.6B | C$9.59B |
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 |
|---|---|---|---|---|---|---|
| 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 |
| ATCO ACO-X.TO | $6.15B | +25% | +5% | 12% | 16.8× | 15.0% |
| Emera EMA.TO | $15.7B | 0% | +11% | 19% | 20.2× | 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 | CU.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.7% | +5.4% | 9th lowest of 21 |
| 6-month return | +8.9% | +1.4% | 3rd highest of 21 |
| Distance from 52-week high | -8.3% | -10.8% | 8th highest of 21 |
| Revenue growth (TTM) | +1.2% | +3.1% | 9th lowest of 21 |
| Operating margin | 16.3% | 21.1% | 9th lowest of 20 |
| Forward P/E | 18.9× | 16.6× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 20.1% | 4.0% | most demanding of 12 |
| Growth delivered (Del g) | +2.7% | +8.3% | 2nd lowest of 12 |
| Hurdle (Req g minus delivered) | +17.5 pp | -4.3 pp | most demanding of 12 |
| ROIC minus cost of capital | -3.0 pp | -0.6 pp | 2nd lowest of 20 |
| EV / EBITDA | 14.3× | 11.9× | 5th most expensive of 18 |
| Net debt / EBITDA | 6.0× | 5.1× | 3rd most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Canadian Utilities CU.TO | Canada | $10.1B | +9% | +1% | 16% | 18.9× | 20.1% | +2.7% |
| APA APA.AX | Australia | $10.4B | +7% | -6% | 38% | 49.3× | 12.5% | +3.1% |
| Italgas IG.MI | Italy | $10.4B | -12% | +9% | 49% | 12.3× | 2.4% | +11.3% |
| 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 |
| AltaGas ALA.TO | Canada | $11.8B | +4% | +18% | 9% | 22.5× | n/a | n/a |
| KunLun Energy 0135.HK | Hong Kong | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% | +11.4% |
| 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% |
| 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 |
| Black Hills BKH | United States | $6.47B | +13% | +3% | 24% | 18.2× | n/a | n/a |
| HK & China Gas 0003.HK | Hong Kong | $17.6B | +3% | +2% | 14% | 21.6× | 8.7% | +5.8% |
| 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 |
| Beijing Enterprises 0392.HK | Hong Kong | $4.93B | -3% | +5% | 4% | 6.3× | 7.7% | +6.7% |
| Brookfield Infrastructure BIPC.TO | Canada | $4.91B | +5% | +6% | 60% | 22.0× | n/a | n/a |
| NiSource NI | United States | $21.2B | -6% | +10% | 27% | 20.3× | n/a | n/a |