Hydro OneTSX:H +1.16%79 PB Ratio is 2.76 as of Jul. 09, 2026, which is 61% above its 10-year median of 1.71. GuruFocus rates TSX:H with a GF Score™ of 79/100 and a GF Value™ of C$50.89 (Modestly Overvalued). The stock has 10 warning signs investors should review. Among 500 Utilities - Regulated companies, Hydro One ranks worse than 84.6% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-07-09), Hydro One's share price is C$59.06. Hydro One's Book Value per Share for the quarter that ended in Mar. 2026 was C$21.41. Hence, Hydro One's PB Ratio of today is 2.76.
Warning Sign:
Hydro One Ltd stock PB Ratio (=2.75) is close to 10-year high of 2.85.
The historical rank and industry rank for Hydro One's PB Ratio or its related term are showing as below:
TSX:H'
s PB Ratio Range Over the Past 10 Years
Min: 1.13 Med: 1.71 Max: 2.85
Current: 2.76
During the past 13 years, Hydro One's highest PB Ratio was 2.85. The lowest was 1.13. And the median was 1.71.
TSX:H's PB Ratio is ranked worse than 84.6% of 500
companies
in the Utilities - Regulated industry
Industry Median: 1.41
vs TSX:H: 2.76
During the past 12 months, Hydro One's average Book Value Per Share Growth Rate was 4.70% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 3.70% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 3.60% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 3.10% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Hydro One was 8.50% per year. The lowest was -94.00% per year. And the median was 3.60% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Hydro One PB Ratio Related Terms
Hydro One PB Ratio Historical Data
* Premium members only.
The historical data trend for Hydro One's PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Utilities - Regulated Electric subindustry, Hydro One's PB Ratio, along with its competitors' market caps and PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Hydro One PB Ratio vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Hydro One's PB Ratio distribution charts can be found below:
* The bar in red indicates where Hydro One's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
Hydro One's PB Ratio for today is calculated as follows:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Hydro One (TSX:H) has a PB Ratio of 2.76 as of Jul. 09, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Hydro One and its competitors. This is 61% above median its historical median of 1.71. Over the past decade, Hydro One's PB Ratio has ranged from 1.13 to 2.85. According to the industry distribution chart, Hydro One ranks #423 out of 500 companies in the Utilities - Regulated industry, placing it in the top 84.6%.
Is Hydro One's PB Ratio too high?
Hydro One's current PB Ratio of 2.76 is 61% above median its 10-year median of 1.71. Over the past 10 years, this metric has ranged from a low of 1.13 to a high of 2.85. The Utilities - Regulated industry median PB Ratio is 1.41. Hydro One's value of 2.76 is 95.7% above this industry median. Based on the distribution chart, Hydro One ranks #423 out of 500 companies in the Utilities - Regulated industry, which is in the bottom quartile relative to peers. Overall, Hydro One has a GF Score™ of 79/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Hydro One's PB Ratio compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, Hydro One ranks #423 out of 500 companies for PB Ratio. This places Hydro One in the lower half of its industry. The industry median PB Ratio is 1.41. Hydro One's value of 2.76 is 95.7% above this benchmark. Historically, Hydro One's own PB Ratio has ranged from 1.13 to 2.85 over the past decade. While the company's 10-year median is 1.71 vs. the industry median of 1.41, Hydro One has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good PB Ratio for an Utilities - Regulated company?
The median PB Ratio among Utilities - Regulated companies is 1.41, based on 500 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Hydro One's current PB Ratio of 2.76 is 95.7% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Hydro One and its competitors. For the Utilities - Regulated industry, the median PB Ratio is 1.41 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Hydro One's current PB Ratio is 2.76, which is 61% above median its own 10-year median of 1.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hydro One stock overvalued right now?
Based on GuruFocus' analysis, Hydro One (TSX:H) is currently considered Modestly Overvalued. The stock's GF Value™ is C$50.89, compared to a current price of C$59.06 — trading 16.1% above its estimated fair value. The current PB Ratio is 2.76, which is 61% above median its 10-year median of 1.71 and 95.7% above the Utilities - Regulated industry median of 1.41. Hydro One's overall GF Score™ is 79/100 with 10 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Hydro One (TSX:H), the current PB Ratio is 2.76 as of Jul. 09, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Hydro One (TSX:H) Overvalued in 2026?
Based on GuruFocus' analysis, Hydro One stock appears to be overvalued.
The current stock price of C$59.06 is trading 16.1% above its estimated GF Value™ of C$50.89.
GuruFocus considers Hydro One to be Modestly Overvalued.
Key valuation signals for TSX:H:
PB Ratio: 2.76 (61% above median its 10-year median of 1.71)
GF Value™: C$50.89 vs. price of C$59.06 (16.1% above fair value)
Industry Position: 95.7% above the Utilities - Regulated median (#423 of 500)
No single metric tells the full story. See the TSX:H stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hydro One operates regulated transmission and distribution assets in Ontario. The area's largest electricity provider serves nearly 1.5 million customers. Transmission accounts for roughly 60% of the company's rate base, with distribution accounting for the remainder. Hydro One operates a small telecom business with annual revenue contributing less than 1% to consolidated results. The province of Ontario holds an approximate 47.5% common equity stake.
79GF Score
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