H.TO · rate-regulated utility · book-value and yield view
Hydro One Limited (H.TO): Valuation Snapshot
Hydro One Limited (H.TO) is a rate-regulated utility, and a discounted-cash-flow model is the wrong lens for one, so TickerWorth does not publish a DCF fair value for it. What its filings and market data do show is below. Snapshot as of Oct 19, 2026.
Model by Miraaj Patel · generated from public market data · Updated Oct 19, 2026 · How these pages are made
Why is there no fair value for H.TO?
This is a rate-regulated utility. Its returns are set by a regulator on an approved rate base rather than won in a market, so a free-cash-flow DCF is the wrong lens — heavy ongoing capex is the business model, not a cash-flow problem. We show the regulated-asset lenses — book value, earnings and dividend — instead.
What is H.TO's TickerWorth Score?
Scores lower than almost every company we compare it with
Compared with Utilities companies in Canada
Its strongest point: a profitable, high-quality business. Its weakest: trades above our estimate of what it's worth.
- Value · 35 of 100
Cheaper than 35% of Utilities companies worldwide
- Price vs worth · 22 of 100
- Quality · 54 of 100
More profitable than 54% of Utilities companies worldwide
- Financial health · 43 of 100
Financially stronger than 43% of Utilities companies worldwide
- Growth · 47 of 100
Growing faster than 47% of Utilities companies worldwide
- Momentum · 26 of 100
Outperformed 26% of Utilities companies worldwide over the past year
Confidence: High confidence · Scored
Get the Undervalued Company of the Week.
- Price
- C$52.34
- Market cap
- C$31,
409, 031, 168 - 52-week high
- C$60.57
- 52-week low
- C$50.14
- Currency
- CAD
- Exchange
- Toronto
Snapshot of Oct 19, 2026, quote time not published · Prices are delayed.
What we can say
Hydro One Limited (H.TO) is a rate-regulated utility, and a free-cash-flow discounted-cash-flow (DCF) model is structurally the wrong lens for one. Its returns are not won in a market — a regulator sets them on an approved rate base — and the heavy, permanent capital spending that depresses its free cash flow is the business model rather than a problem with it. We have the data to print a DCF number for H.TO; we don't publish one because the model's assumptions don't describe how this company actually earns. What follows is the lenses that do — descriptive, not a valuation, and not investment advice.
Read the full reasoning
On the numbers we do have, H.TO trades at a recent price of C$52.34, a market capitalisation of about C$31,409,031,168, sitting 21% of the way up its 52-week range (C$50.14–C$60.57), on the Toronto.
The standard alternative to a DCF is relative valuation — comparing H.TO's trading multiples against a sector benchmark. Here that gives P/E of 22.2× (in line with the peer median of 22.0×); Fwd P/E of 21.9× (richer than the peer median of 18.2×); P/B of 2.4× (richer than the peer median of 2.2×); P/S of 3.3× (in line with the peer median of 3.1×); EV/EBITDA of 15.6× (richer than the peer median of 13.7×); Dividend yield of 2.7% (richer than the peer median of 3.3%). A cheaper multiple than peers can flag a discount or a market that expects weaker growth; it is a comparison, not a recommendation.
The asset, or book-value, lens is the classic tool for asset-heavy businesses and financials. H.TO shows a price-to-book (P/B) of 2.42 and book value of C$21.66 per share. Price-to-book compares the market price to the accounting net-asset value per share; below 1.0 can mean a discount to net assets or that the market is pricing in trouble — descriptive either way, never a buy signal on its own.
Finally, a price-based read — explicitly not a valuation. H.TO is in a down-trend (price below both its 50- and 200-day averages), trading -13.6% from its 52-week high. Over the past year the stock is +2.0%. Moving-average trend and 52-week position describe where the stock has traded; they say nothing about what it is worth.
To be exact about what this page is not: we are not saying the numbers for H.TO are unavailable. They are, and they are above. We are saying a discounted-cash-flow model is the wrong instrument for this kind of business, and publishing one anyway — because the inputs happen to exist — would be a precise answer to the wrong question. Refusing is the more useful answer, and it is the same rule we apply to every name in this category.
H.TO vs peers
Sector benchmark (bellwethers, not direct competitors).
| Multiple | H.TO | Peer median | Read |
|---|---|---|---|
| P/E | 22.2× | 22.0× | in line with |
| Fwd P/E | 21.9× | 18.2× | richer than |
| P/B | 2.4× | 2.2× | richer than |
| P/S | 3.3× | 3.1× | in line with |
| EV/EBITDA | 15.6× | 13.7× | richer than |
| Dividend yield | 2.7% | 3.3% | richer than |
What does Hydro One Limited do?
What does it do?
Hydro One Limited operates as an electricity transmission and distribution company in Ontario. It operates through three segments: Transmission, Distribution, and Other. It operates in the Utilities - Regulated Electric industry (Utilities sector), headquartered in Canada. The company employs roughly 7,151 people.
How does it make money?
The business turns $9.5B in annual revenue into profit. Out of every $100 of sales, about $27 is left as operating profit (operating margin of 26.9%), after a 36% gross margin on the products/services it sells. After all costs, taxes and interest, 14.9% of revenue becomes bottom-line net profit.
Is it financially healthy?
Financially it looks stretched: carries moderate debt (1.5× equity), may struggle to cover its short-term bills (0.9× current ratio), and is currently profitable.
H.TO insider trading
Insider filings are available for US-listed companies only.
Companies we do put a number on
Not investment advice. TickerWorth Score is a model output.
A descriptive, available-data snapshot and relative comparison — NOT a DCF, NOT a price target, and NOT investment advice. TickerWorth is not a licensed investment adviser, and these figures are estimates from public market data that can be wrong, stale or incomplete.