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Canadian (TSX) Market Analysis & Valuation

UpdatedMay 28, 2026
DataAggregated Company Financials
Companies2193
  • 7D0.7%
  • 3M0.7%
  • 1Y31.9%
  • YTD10.0%

Over the last 7 days, the market has remained flat, although notably the Communication Services sector gained 3.9% in that time. As for the longer term, the market has risen 32% in the past 12 months. Earnings are forecast to grow by 11% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Canadian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 28 May 2026CA$5.5tCA$2.2tCA$249.0b16.5x22.1x2.5x
Sat, 25 Apr 2026CA$5.4tCA$2.2tCA$241.4b17x22.2x2.5x
Mon, 23 Mar 2026CA$4.9tCA$2.1tCA$239.0b15.6x20.6x2.3x
Wed, 18 Feb 2026CA$5.2tCA$2.1tCA$228.4b17.2x22.9x2.4x
Fri, 16 Jan 2026CA$5.1tCA$2.1tCA$225.0b17.1x22.8x2.4x
Sun, 14 Dec 2025CA$4.9tCA$2.1tCA$224.8b16.2x21.8x2.3x
Tue, 11 Nov 2025CA$4.7tCA$2.1tCA$220.5b16.4x21.1x2.2x
Thu, 09 Oct 2025CA$4.7tCA$2.2tCA$209.3b16.8x22.7x2.2x
Sat, 06 Sep 2025CA$4.5tCA$2.1tCA$208.6b16.3x21.8x2.1x
Mon, 04 Aug 2025CA$4.3tCA$2.1tCA$195.2b15.9x22x2x
Wed, 02 Jul 2025CA$4.2tCA$2.1tCA$191.5b15.8x22.2x2x
Fri, 30 May 2025CA$4.3tCA$2.1tCA$192.5b15x22.3x2x
Sun, 27 Apr 2025CA$3.9tCA$2.1tCA$174.0b14.9x22.7x1.9x
Tue, 25 Mar 2025CA$4.0tCA$2.1tCA$173.5b15.2x22.9x1.9x
Thu, 20 Feb 2025CA$4.0tCA$2.1tCA$168.7b15.2x23.9x1.9x
Sat, 18 Jan 2025CA$3.9tCA$2.1tCA$171.3b14.4x22.6x1.8x
Mon, 16 Dec 2024CA$3.9tCA$2.1tCA$169.3b14.5x23.2x1.8x
Wed, 13 Nov 2024CA$3.9tCA$2.1tCA$167.7b14.5x23.4x1.8x
Fri, 11 Oct 2024CA$3.9tCA$2.1tCA$167.9b15.6x23x1.8x
Sun, 08 Sep 2024CA$3.6tCA$2.1tCA$167.4b14.8x21.8x1.7x
Tue, 06 Aug 2024CA$3.6tCA$2.1tCA$167.2b13.8x21.4x1.7x
Thu, 04 Jul 2024CA$3.5tCA$2.0tCA$166.4b14.1x21.2x1.7x
Sat, 01 Jun 2024CA$3.6tCA$2.0tCA$166.1b14.4x21.5x1.7x
Mon, 29 Apr 2024CA$3.5tCA$2.1tCA$173.1b13.9x20.4x1.7x
Wed, 27 Mar 2024CA$3.5tCA$2.0tCA$174.3b13.8x20.1x1.7x
Fri, 23 Feb 2024CA$3.4tCA$2.1tCA$172.4b14x19.8x1.6x
Sun, 21 Jan 2024CA$3.4tCA$2.1tCA$173.2b12.9x19.4x1.6x
Tue, 19 Dec 2023CA$3.3tCA$2.1tCA$173.1b12.7x19.1x1.6x
Thu, 16 Nov 2023CA$3.2tCA$2.1tCA$179.9b12x17.9x1.6x
Sat, 14 Oct 2023CA$3.2tCA$2.1tCA$185.2b11.5x17.1x1.5x
Mon, 11 Sep 2023CA$3.2tCA$2.1tCA$184.9b11.7x17.5x1.5x
Wed, 09 Aug 2023CA$3.3tCA$2.1tCA$185.0b11.8x17.8x1.6x
Fri, 07 Jul 2023CA$3.2tCA$2.1tCA$200.6b11.3x16x1.5x
Sun, 04 Jun 2023CA$3.2tCA$2.1tCA$200.0b11.1x16.2x1.5x
Price to Earnings Ratio

16.2x


Total Market Cap: CA$3.2tTotal Earnings: CA$200.0bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21x202420252026
Current Market PE
  • Investors are relatively neutral on the Canadian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 21.0x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 7.6% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Canadian Market?

CA Market0.67%
Telecom3.93%
Industrials3.15%
Utilities3.12%
Consumer Discretionary2.81%
Tech2.20%
Real Estate1.46%
Financials1.41%
Materials1.33%
Healthcare0.76%
Consumer Staples-0.81%
Energy-3.55%
Sector PE
  • Investors favour the Tech sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 21.9%, which is higher than its past year's earnings growth of 3.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 41% over the next 5 years.
  • This is better than its past earnings growth rate of 4.1% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 8.1% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
TD Toronto-Dominion BankCA$155.133.1%
+CA$7.8b		64.6%PB2.1xFinancials
CP Canadian Pacific Kansas CityCA$126.246.4%
+CA$6.7b		13.0%PE27.5xIndustrials
BMO Bank of MontrealCA$225.534.0%
+CA$6.1b		53.3%PB1.9xFinancials
RY Royal Bank of CanadaCA$261.641.7%
+CA$6.0b		46.5%PB2.8xFinancials
BNS Bank of Nova ScotiaCA$111.572.8%
+CA$3.8b		54.6%PB1.6xFinancials
See more

Market Insights

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Latest News

NA
CA$203.90
National Bank of Canada
7D
-2.8%
1Y
51.8%
SU
CA$88.50
Suncor Energy
7D
-5.1%
1Y
81.1%
BNS
CA$111.57
Bank of Nova Scotia
7D
2.8%
1Y
54.6%
BMO
CA$225.53
Bank of Montreal
7D
4.0%
1Y
53.3%
CNQ
CA$63.32
Canadian Natural Resources
7D
-5.6%
1Y
48.8%
TECK.B
CA$90.23
Teck Resources
7D
7.3%
1Y
74.4%
Narrative Update • May 25

TECK.B: Anglo Merger Progress And Copper Initiatives Will Shape Future Risk Reward Balance

Analysts have lifted the Teck Resources fair value estimate by about CA$4 to CA$83.06, citing higher price targets from several firms and updated assumptions that include a slightly higher discount rate and P/E multiple, along with more muted revenue growth and profit margin expectations. Analyst Commentary Recent Street research on Teck Resources has focused heavily on price targets and how current valuations stack up against execution risks and merger related milestones.
CP
CA$126.24
Canadian Pacific Kansas City
7D
6.4%
1Y
13.0%
IMO
CA$172.18
Imperial Oil
7D
-6.3%
1Y
73.3%
CVE
CA$39.00
Cenovus Energy
7D
-7.0%
1Y
109.8%
Narrative Update • May 25

CVE: Future Cash Returns And Project Execution Will Shape Risk Balance

Cenovus Energy's fair value estimate has shifted from CA$42.00 to CA$45.47 as analysts factor in higher price targets across the Street and updated assumptions around future revenue growth, profit margins, and a lower future P/E multiple. Analyst Commentary Bullish and cautious views around Cenovus Energy center on how effectively the company can translate future project ramp ups and commodity price trends into sustainable cash generation and whether the current valuation already embeds much of that potential.
ENB
CA$77.74
Enbridge
7D
-1.1%
1Y
23.3%
TD
CA$155.13
Toronto-Dominion Bank
7D
3.1%
1Y
64.6%
TRP
CA$94.29
TC Energy
7D
-2.2%
1Y
36.6%
CNR
CA$163.86
Canadian National Railway
7D
3.9%
1Y
12.8%
FM
CA$39.71
First Quantum Minerals
7D
11.7%
1Y
93.8%
RY
CA$261.64
Royal Bank of Canada
7D
1.7%
1Y
46.5%
Narrative Update • May 19

RY: Future Returns Will Rely On Lower Volatility Earnings And Disciplined AI Use

Royal Bank of Canada's updated fair value estimate edges up from CA$245.07 to CA$250.25, as analysts lift price targets into the CA$244 to CA$265.50 range. They highlight the bank's diversified, lower volatility earnings profile that may offer steadier performance but, in their view, less relative upside than some peers in a stronger trading revenue setting.
FFH
CA$2,171.33
Fairfax Financial Holdings
7D
-3.4%
1Y
-6.8%