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Ontario's largest electricity transmission and distribution utility, majority-owned by the Ontario provincial government.
Ontario's largest electricity transmission and distribution utility, majority-owned by the Ontario provincial government.
Earns a return that the Ontario Energy Board allows on the value of its network, so growth comes from investing in lines and stations rather than selling more electricity. Transmission is the larger piece; distribution mostly serves rural and smaller-town customers. The province listed it through a partial share sale in 2015.
In one line: A regulated transmission utility like American Electric Power.
Moat: wide (regulatory licence, scale). Regulated monopoly over Ontario's transmission grid and much of its distribution territory.
Headquarters: Toronto, Canada · Founded: 1906 · Employees: 9,098
Size Hydro One (H.TO) is a Canada Utilities company (Electric Utilities) with a market value of $24.7B, the 42nd largest of 420 Canada companies the cockpit tracks. Shares closed at C$57.68 on 6 Nov 2026.
Performance Over six months the shares fell 1.7%, against +0.2% for the median peer and +5.2% for the Canada market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 8.6% over the last twelve months (peer median +5.4%); the operating margin is 24.5% (peer median 21.3%).
Valuation It trades at 24.5× forward earnings against a peer median of 17.8× (3rd most expensive of 20).
Capital Return on invested capital runs 0.1 points above its cost of capital (5.1% WACC).
Credit Hydro One has 6 bonds outstanding ($1.78B), rated A by the agencies and trading like A at a weighted spread of 99 bp.
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$9.52B | C$9.04B | C$8.48B | C$7.84B | C$7.78B |
| Revenue growth | — | +7% | +8% | +1% | — |
| Gross profit | C$2.33B | C$2.24B | C$1.97B | C$1.84B | C$1.83B |
| EBITDA | C$3.44B | C$3.35B | C$3.03B | C$2.84B | C$2.80B |
| Net income | C$1.42B | C$1.34B | C$1.16B | C$1.08B | C$1.05B |
| Free cash flow | -C$248M | -C$275M | -C$186M | C$67.0M | C$294M |
| Capital expenditure | C$2.99B | C$3.05B | C$2.81B | C$2.48B | C$2.09B |
| Total debt | C$20.1B | C$19.2B | C$17.7B | C$15.7B | C$15.2B |
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 |
|---|---|---|---|---|---|---|
| Hydro One H.TO | $24.7B | -2% | +9% | 24% | 24.5× | n/a |
| Fortis FTS.TO | $31.0B | +11% | +4% | 28% | 22.5× | n/a |
| Emera EMA.TO | $15.7B | 0% | +11% | 19% | 20.2× | n/a |
| American Electric Power AEP | $68.9B | -3% | +10% | 24% | 18.5× | 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 | H.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.5% | +6.1% | 2nd highest of 21 |
| 6-month return | -1.7% | +0.2% | 9th lowest of 21 |
| Distance from 52-week high | -4.8% | -10.1% | 7th highest of 21 |
| Revenue growth (TTM) | +8.6% | +5.4% | 7th highest of 21 |
| Operating margin | 24.5% | 21.3% | 8th highest of 21 |
| Forward P/E | 24.5× | 17.8× | 3rd most expensive of 20 |
| ROIC minus cost of capital | +0.1 pp | -1.2 pp | 6th highest of 21 |
| EV / EBITDA | 15.7× | 12.6× | 3rd most expensive of 17 |
| Net debt / EBITDA | 5.7× | 5.3× | 8th most indebted of 18 |
| Bond spread | 99 bp | 77 bp | 3rd widest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hydro One H.TO | Canada | $24.7B | -2% | +9% | 24% | 24.5× | n/a | n/a |
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | n/a | 5.2% | +11.8% |
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 14.4× | n/a | n/a |
| Clp 0002.HK | Hong Kong | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% | +2.0% |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
| Eversource Energy ES | United States | $26.3B | +6% | +8% | 22% | 14.3× | -8.6% | +8.8% |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 9.2× | n/a | n/a |
| FirstEnergy FE | United States | $26.9B | +5% | +12% | 19% | 16.1× | n/a | n/a |
| PPL PPL | United States | $26.9B | 0% | +7% | 24% | 17.0× | n/a | n/a |
| CenterPoint Energy CNP | United States | $27.0B | -2% | +8% | 24% | 19.9× | n/a | n/a |
| Terna TRN.MI | Italy | $22.0B | -2% | +11% | 42% | 17.8× | n/a | n/a |
| DTE Energy DTE | United States | $28.1B | -3% | +18% | 13% | 16.6× | n/a | n/a |
| CMS Energy CMS | United States | $21.7B | -5% | +8% | 20% | 17.1× | n/a | n/a |
| Cki 1038.HK | Hong Kong | $21.6B | +9% | -9% | -3% | 7.1× | -0.9% | -9.3% |
| PG&E PCG | United States | $28.6B | -19% | +4% | 20% | 7.4× | n/a | n/a |
| Orsted ORSTED.CO | Denmark | $29.5B | -8% | +15% | 2% | 20.4× | n/a | n/a |
| Uniper UN0.DE | Germany | $20.6B | 0% | -14% | -8% | 33.3× | 1.7% | +3.6% |
| China National Nuclear Power 601985.SS | China | $29.8B | +7% | -2% | 27% | 26.1× | n/a | n/a |
| Evergy EVRG | United States | $20.2B | +8% | +4% | 26% | 19.4× | n/a | n/a |
| Huaneng Lancang River Hydropower 600025.SS | China | $30.7B | +15% | +4% | 48% | 23.1× | 3.8% | +6.6% |
| Fortis FTS.TO | Canada | $31.0B | +11% | +4% | 28% | 22.5× | n/a | n/a |
Hydro One has 6 bonds outstanding with $1.78B face value. The agencies rate it A; its bonds trade like A. Weighted yield 4.55%, a spread of 99 bp over government bonds.