AltaGas Ltd (ALA) Fair Value & Analysis
Energy · CA · Market cap C$17.3B
Fair value as of: Jul 18, 2026
From 14 valuation models · updated 21 days ago
Share price +0.4% over the past month.
A solid business, but screening 36% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (C$43.14). The favourable scenario is already priced in.
- Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.
How to read this chart
60‑month range C$19.12 – C$57.18 · fair‑value band C$28.73 – C$43.14 · the C$53.88 price screens above the C$34.51 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.
Analysis
AltaGas Ltd (ALA) currently trades at C$53.88, while our model-based Fair Value estimate is C$34.51, implying the stock looks roughly 36.0% overvalued today. We read business quality at 56/100 (solid quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, AltaGas Ltd generated revenue of C$12.7B at a net margin of 4.1%. It earns a return on equity of 5.5%. Net debt stands at C$10.4B. The stock trades on a trailing P/E of 34.0. Fundamentals as of Jul 18, 2026
Our scenario range runs from C$28.73 (bear case) to C$43.14 (bull case); at C$53.88, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 47% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -35% fair-value upside, at -36%, ALA screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 14 models by family
Widest divergence: Growth Earnings (C$48.53) versus Economic Profit (C$3.66). Highest evidence: Residual Income (76).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 42 · Market factors (momentum, volatility) 78
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
AltaGas Ltd. operates as an energy infrastructure company in North America. It operates through the Utilities and Midstream segments. The Utilities segment owns and operates franchised, cost-of-service, and rate-regulated natural gas distribution and storage utilities for residential and commercial customers.
Full company description
AltaGas Ltd. operates as an energy infrastructure company in North America. It operates through the Utilities and Midstream segments. The Utilities segment owns and operates franchised, cost-of-service, and rate-regulated natural gas distribution and storage utilities for residential and commercial customers. This segment also offers storage facilities and contracts for interstate natural gas transportation and storage services, as well as natural gas and electricity directly to residential, commercial, and industrial customers in Virginia, Maryland, Delaware, Pennsylvania, Ohio, New Jersey, and the District of Columbia. The Midstream segment is involved in the operation of two liquified petroleum gas export terminals; natural gas gathering, processing, and extraction; and fractionation and liquids handling; and natural gas and natural gas liquids marketing business, domestic logistics, trucking and rail terminals, and liquid and natural gas storage capability. In addition, the company operates gas-fired power generation and distribution assets with a generating capacity of 508 megawatts of power in California. AltaGas Ltd. was founded in 1994 and is headquartered in Calgary, Canada.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
AltaGas Ltd reported revenue of C$12.5B in FY2025 versus C$10.6B in FY2021, a compound +4.2%/yr. Reported net income was C$768M in FY2025, compounding +28.3%/yr from FY2021.
ALA screens 36% overvalued. Compare with Enbridge Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- AltaGas Q2 Earnings Call Highlights
- AltaGas Ltd (ATGFF) (Q2 2026) Earnings Call Highlights: Record EBITDA and Raised Guidance Amid ...
- ALTAGAS REPORTS RECORD SECOND QUARTER RESULTS
- ALTAGAS TO ISSUE SECOND QUARTER 2026 RESULTS
Peer Group
Oil & Gas Midstream · 86 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Oil & Gas Midstream median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Enbridge Inc ENB | $56.46 | $47.20 | -16% |
| The Williams Companies, Inc WMB | $73.38 | $12.03 | -84% |
| Enterprise Products Partners L.P. EPD | $38.31 | $24.74 | -35% |
| TC Energy Corporation TRP | C$97.79 | C$42.00 | -57% |
| Kinder Morgan, Inc KMI | $32.54 | $11.12 | -66% |
| Energy Transfer LP, ET | $19.91 | $17.69 | -11% |
| ONEOK, Inc OKE | $93.52 | $64.05 | -32% |
| Targa Resources Corp TRGP | $273.35 | $79.61 | -71% |
| MPLX LP owns and MPLX | $57.17 | $37.05 | -35% |
| Cheniere Energy, Inc LNG | $255.83 | $211.18 | -17% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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