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Canadian (TSX) Market Analysis & Valuation

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies2196
  • 7D0.3%
  • 3M2.7%
  • 1Y28.5%
  • YTD2.6%

In the last week, the market has been flat. Meanwhile, the market is actually up 29% over the past year. As for the next few years, earnings are expected to grow by 10% per annum.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 27 Mar 2026CA$5.0tCA$2.2tCA$239.0b16x21x2.3x
Sun, 22 Feb 2026CA$5.3tCA$2.1tCA$235.2b17.2x22.6x2.5x
Tue, 20 Jan 2026CA$5.1tCA$2.1tCA$225.0b17.2x22.9x2.4x
Thu, 18 Dec 2025CA$4.9tCA$2.1tCA$224.8b16.3x21.6x2.3x
Sat, 15 Nov 2025CA$4.7tCA$2.1tCA$223.4b16.2x21.1x2.2x
Mon, 13 Oct 2025CA$4.7tCA$2.2tCA$209.4b16.4x22.3x2.2x
Wed, 10 Sep 2025CA$4.6tCA$2.1tCA$208.6b16.5x21.9x2.1x
Fri, 08 Aug 2025CA$4.4tCA$2.1tCA$195.9b16.2x22.3x2x
Sun, 06 Jul 2025CA$4.3tCA$2.1tCA$191.5b15.9x22.5x2x
Tue, 03 Jun 2025CA$4.2tCA$2.1tCA$191.9b15.3x21.7x2x
Thu, 01 May 2025CA$4.0tCA$2.1tCA$173.8b14.9x22.8x1.9x
Sat, 29 Mar 2025CA$4.0tCA$2.1tCA$173.8b15.1x23x1.9x
Mon, 24 Feb 2025CA$4.0tCA$2.1tCA$169.1b14.8x23.6x1.9x
Wed, 22 Jan 2025CA$3.9tCA$2.1tCA$171.1b14.3x22.9x1.8x
Fri, 20 Dec 2024CA$3.8tCA$2.1tCA$169.5b13.8x22.6x1.8x
Sun, 17 Nov 2024CA$3.9tCA$2.1tCA$167.6b14.5x23.2x1.8x
Tue, 15 Oct 2024CA$3.9tCA$2.1tCA$168.0b15.7x23.2x1.8x
Thu, 12 Sep 2024CA$3.7tCA$2.1tCA$167.4b15x22.1x1.8x
Sat, 10 Aug 2024CA$3.6tCA$2.1tCA$167.9b13.9x21.2x1.7x
Mon, 08 Jul 2024CA$3.5tCA$2.0tCA$166.7b13.9x21.3x1.7x
Wed, 05 Jun 2024CA$3.6tCA$2.0tCA$167.4b14.1x21.4x1.7x
Fri, 03 May 2024CA$3.5tCA$2.1tCA$173.0b13.9x20.2x1.7x
Sun, 31 Mar 2024CA$3.6tCA$2.0tCA$173.4b14x20.5x1.7x
Tue, 27 Feb 2024CA$3.4tCA$2.1tCA$170.9b13.8x20x1.7x
Thu, 25 Jan 2024CA$3.4tCA$2.1tCA$174.1b12.8x19.4x1.6x
Sat, 23 Dec 2023CA$3.4tCA$2.1tCA$172.8b13.2x19.5x1.6x
Mon, 20 Nov 2023CA$3.2tCA$2.1tCA$179.8b12x18x1.6x
Wed, 18 Oct 2023CA$3.2tCA$2.1tCA$185.1b11.7x17.2x1.5x
Fri, 15 Sep 2023CA$3.3tCA$2.1tCA$184.5b12x17.8x1.6x
Sun, 13 Aug 2023CA$3.3tCA$2.1tCA$187.6b11.7x17.7x1.6x
Tue, 11 Jul 2023CA$3.2tCA$2.1tCA$200.3b11.1x16x1.5x
Thu, 08 Jun 2023CA$3.2tCA$2.1tCA$199.9b11.2x16.2x1.5x
Sat, 06 May 2023CA$3.3tCA$2.1tCA$209.7b11.2x15.8x1.6x
Mon, 03 Apr 2023CA$3.3tCA$2.1tCA$217.2b10.6x15.2x1.6x
Price to Earnings Ratio

15.2x


Total Market Cap: CA$3.3tTotal Earnings: CA$217.2bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.6x202420252026
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 20.6x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 3.2% 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 Market0.31%
Energy2.76%
Financials0.47%
Tech0.25%
Telecom-0.24%
Industrials-0.49%
Consumer Staples-0.57%
Materials-0.73%
Utilities-1.07%
Real Estate-1.66%
Consumer Discretionary-1.99%
Healthcare-2.17%
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 24.6%, which is higher than its past year's earnings growth of 19.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 54% over the next 5 years.
  • This is better than its past earnings growth rate of 29% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 9.2% 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
SU Suncor EnergyCA$90.063.5%
+CA$3.6b		62.9%PE18.1xEnergy
CVE Cenovus EnergyCA$36.015.1%
+CA$3.3b		78.6%PE17.2xEnergy
ENB EnbridgeCA$75.491.8%
+CA$2.9b		18.9%PE23.4xEnergy
BN BrookfieldCA$54.952.3%
+CA$2.7b		6.4%PE77.8xFinancials
CNR Canadian National RailwayCA$140.643.3%
+CA$2.7b		-1.4%PE18.2xIndustrials
See more

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Latest News

POW
CA$66.82
Power Corporation of Canada
7D
4.7%
1Y
30.7%
DOL
CA$168.84
Dollarama
7D
-8.0%
1Y
12.5%
RY
CA$222.00
Royal Bank of Canada
7D
0.8%
1Y
35.2%
CLS
CA$378.58
Celestica
7D
-3.1%
1Y
213.1%

CLS: AI Platform Collaboration And 2026 Outlook Will Support Further Upside

Analysts have made a modest adjustment to their CA$ price target on Celestica, reflecting an updated view of inputs such as discount rate, revenue growth, profit margin, and future P/E assumptions that remain broadly consistent with prior estimates. What's in the News Celestica and AMD agreed to collaborate on the Helios rack-scale AI platform, pairing AMD compute with Celestica’s networking switch design and manufacturing for Open Compute Project, Open-Rack-Wide systems targeting large AI clusters, with initial availability planned for late 2026 (Key Developments).
TRI
CA$125.36
Thomson Reuters
7D
-2.2%
1Y
-49.3%

TRI: Larger Buybacks And Higher Dividend Will Support Future Upside

Analysts have lifted their CA$ fair value estimate for Thomson Reuters by roughly CA$2 to CA$185.72, reflecting updated assumptions around the discount rate, revenue growth, profit margins and future P/E multiples. What's in the News Smokeball and Thomson Reuters announced a partnership to link Smokeball's practice management tools and AI matter assistant with Thomson Reuters CoCounsel Legal, with a real time data connector planned to sync legal documents across platforms and further integration phases underway (Client Announcements).
TCL.A
CA$5.11
Transcontinental
7D
-78.0%
1Y
-72.7%
BMO
CA$183.56
Bank of Montreal
7D
-2.2%
1Y
32.1%
CSU
CA$2,386.76
Constellation Software
7D
-5.3%
1Y
-48.8%

AI Adoption And Minority Stakes Will Reshape This Vertical Software Compounder

Catalysts About Constellation Software Constellation Software acquires and operates vertical market software businesses that provide mission critical solutions across many industries worldwide. What are the underlying business or industry changes driving this perspective?
CNR
CA$140.64
Canadian National Railway
7D
3.3%
1Y
-1.4%
GFL
CA$55.07
GFL Environmental
7D
-5.8%
1Y
-21.1%

GFL: Share Repurchases And Profit Outlook Will Support Fair Value View

Analysts have adjusted their price target on GFL Environmental to CA$60.00, citing updated assumptions for revenue growth, profit margins, and a revised future P/E estimate as key drivers of the change. What's in the News The Board of Directors authorized a new share buyback plan on February 27, 2026, signaling continued use of repurchases as a capital management tool (Key Developments).
CNQ
CA$67.52
Canadian Natural Resources
7D
-2.8%
1Y
52.5%

CNQ: Elevated Capital Spending Will Constrain Cash Returns Despite Rising Street Optimism

Analysts have raised the fair value estimate for Canadian Natural Resources from CA$54.90 to CA$58.60, citing updated price targets across the Street, as well as support from slightly higher margin assumptions and modestly better revenue trends, even as views on future P/E and ratings remain mixed. Analyst Commentary Recent research views on Canadian Natural Resources are mixed, with several bullish analysts lifting price targets while a smaller group has turned more cautious on execution and capital allocation.
CVE
CA$36.01
Cenovus Energy
7D
5.1%
1Y
78.6%

CVE: Cash Returns And Portfolio Integration Will Shape Future Risk Reward Balance

Cenovus Energy's analyst fair value estimate has been revised higher from CA$32.12 to CA$33.19, reflecting a series of recent target price increases from multiple firms as analysts factor in updated views on revenue, profit margins and sector conditions. Analyst Commentary Recent Street research on Cenovus Energy points to an active debate around upside potential versus execution and commodity related risks, with several firms adjusting their price targets and ratings in quick succession.
BN
CA$54.95
Brookfield
7D
2.3%
1Y
6.4%
ENB
CA$75.49
Enbridge
7D
1.8%
1Y
18.9%

ENB: Future Returns Will Rely On Utility Execution And Rich Market Pricing

Analysts have nudged the fair value estimate for Enbridge higher, with the implied price target moving roughly CA$1.48 to CA$75.29. This change is supported by a slightly lower discount rate, steady revenue growth and margin assumptions, and a modestly higher future P/E multiple after a series of recent CA$72 to CA$77 Street price target revisions.
MFC
CA$47.73
Manulife Financial
7D
2.5%
1Y
7.1%

MFC: Execution On Medium Term Goals Will Support Further Multiple Expansion

Analysts have nudged the fair value estimate for Manulife Financial slightly higher to about CA$54.71, citing modestly higher revenue growth assumptions, a somewhat lower profit margin outlook, and a higher future P/E that aligns with a series of recent price target increases in the CA$52 to CA$58 range. Analyst Commentary Recent Street research on Manulife Financial has been active, with several firms adjusting price targets in a tight CA$52 to CA$58 range and one rating upgrade.
SU
CA$90.06
Suncor Energy
7D
3.5%
1Y
62.9%

SU: Investor Day And Buybacks Will Shape Oil Sands Resource Reassessment

The analyst fair value estimate for Suncor Energy has been lifted from CA$75.45 to CA$77.50, reflecting higher Street price targets and updated analyst views on sector conditions and relative valuation. Analyst Commentary Recent Street research on Suncor Energy shows a mix of optimism and caution, with several firms adjusting their price targets and ratings in response to sector conditions and company specific factors.