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Canadian (TSX) Market Analysis & Valuation

UpdatedAug 27, 2026
DataAggregated Company Financials
Companies2205
  • 7D1.0%
  • 3M5.2%
  • 1Y29.2%
  • YTD15.6%

In the last week, the market has stayed flat, however the Materials sector stood out, gaining 5.8%. Meanwhile, the market is actually up 29% over the past year. As for the next few years, earnings are expected to grow by 11% 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
Thu, 27 Aug 2026CA$5.7tCA$2.3tCA$255.5b17.2x22.4x2.5x
Sat, 25 Jul 2026CA$5.5tCA$2.3tCA$243.1b16.8x22.8x2.5x
Mon, 22 Jun 2026CA$5.5tCA$2.2tCA$244.9b16.2x22.4x2.4x
Wed, 20 May 2026CA$5.4tCA$2.2tCA$246.2b16.3x21.9x2.4x
Fri, 17 Apr 2026CA$5.4tCA$2.2tCA$241.1b16.9x22.3x2.5x
Sun, 15 Mar 2026CA$5.1tCA$2.1tCA$240.6b16.1x21.3x2.4x
Tue, 10 Feb 2026CA$5.1tCA$2.1tCA$226.5b17.6x22.6x2.4x
Thu, 08 Jan 2026CA$5.0tCA$2.1tCA$224.8b16.4x22.4x2.4x
Sat, 06 Dec 2025CA$4.9tCA$2.1tCA$225.9b16.1x21.6x2.3x
Mon, 03 Nov 2025CA$4.7tCA$2.2tCA$215.5b16.3x21.8x2.2x
Wed, 01 Oct 2025CA$4.7tCA$2.1tCA$209.2b16.5x22.4x2.2x
Fri, 29 Aug 2025CA$4.5tCA$2.1tCA$203.9b16.1x22x2.1x
Sun, 27 Jul 2025CA$4.4tCA$2.1tCA$191.1b16.4x22.9x2.1x
Tue, 24 Jun 2025CA$4.3tCA$2.1tCA$191.9b15.4x22.2x2x
Thu, 22 May 2025CA$4.1tCA$2.1tCA$183.1b14.7x22.5x2x
Sat, 19 Apr 2025CA$3.9tCA$2.1tCA$173.0b14.7x22.4x1.8x
Mon, 17 Mar 2025CA$3.9tCA$2.1tCA$174.3b14.9x22.4x1.8x
Wed, 12 Feb 2025CA$4.1tCA$2.1tCA$168.8b14.7x24.1x1.9x
Fri, 10 Jan 2025CA$3.9tCA$2.1tCA$171.0b14.7x22.8x1.8x
Sun, 08 Dec 2024CA$4.0tCA$2.1tCA$169.1b14.7x23.6x1.9x
Tue, 05 Nov 2024CA$3.9tCA$2.1tCA$168.7b14.7x22.9x1.8x
Thu, 03 Oct 2024CA$3.8tCA$2.1tCA$167.7b15.3x22.9x1.8x
Sat, 31 Aug 2024CA$3.7tCA$2.1tCA$167.7b15.3x22.2x1.8x
Mon, 29 Jul 2024CA$3.7tCA$2.1tCA$167.8b14.2x21.9x1.8x
Wed, 26 Jun 2024CA$3.5tCA$2.0tCA$166.8b14x21.1x1.7x
Fri, 24 May 2024CA$3.6tCA$2.1tCA$167.2b14.2x21.7x1.8x
Sun, 21 Apr 2024CA$3.5tCA$2.1tCA$174.7b13.8x20.1x1.7x
Tue, 19 Mar 2024CA$3.5tCA$2.1tCA$173.4b13.5x20.1x1.7x
Thu, 15 Feb 2024CA$3.3tCA$2.1tCA$179.2b13x18.5x1.6x
Sat, 13 Jan 2024CA$3.4tCA$2.1tCA$173.2b12.9x19.5x1.6x
Mon, 11 Dec 2023CA$3.3tCA$2.1tCA$172.5b12.2x18.9x1.6x
Wed, 08 Nov 2023CA$3.2tCA$2.1tCA$179.7b11.8x17.7x1.5x
Fri, 06 Oct 2023CA$3.1tCA$2.1tCA$185.5b11.2x16.8x1.5x
Sun, 03 Sep 2023CA$3.3tCA$2.1tCA$184.8b11.8x17.9x1.6x
Price to Earnings Ratio

17.9x


Total Market Cap: CA$3.3tTotal Earnings: CA$184.8bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21.5x202420252026
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 21.5x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 11% per year over the last three years.
  • Revenues for these companies have grown 3.1% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Canadian Market?

CA Market0.96%
Materials5.84%
Financials0.52%
Energy0.35%
Telecom-0.42%
Healthcare-0.50%
Tech-0.60%
Industrials-1.12%
Utilities-1.50%
Consumer Staples-1.58%
Real Estate-1.94%
Consumer Discretionary-4.51%
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 7.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 44% over the next 5 years.
  • This is better than its past earnings growth rate of 2.1% per year.
  • In contrast, the Utilities sector is expected to see its earnings grow by 4.3% 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
BNS Bank of Nova ScotiaCA$129.817.1%
+CA$10.5b		52.5%PB1.8xFinancials
CCO CamecoCA$149.0610.2%
+CA$6.0b		43.6%PE182.9xEnergy
WPM Wheaton Precious MetalsCA$216.346.3%
+CA$5.9b		62.4%PE34.5xMaterials
FNV Franco-NevadaCA$370.886.9%
+CA$4.6b		44.7%PE34.9xMaterials
ABX Barrick MiningCA$65.174.5%
+CA$4.6b		78.8%PE11.8xMaterials
See more

Market Insights

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Latest News

ABX
CA$65.17
Barrick Mining
7D
4.5%
1Y
78.8%
BMO
CA$239.97
Bank of Montreal
7D
-1.1%
1Y
46.1%
BNS
CA$129.81
Bank of Nova Scotia
7D
7.1%
1Y
52.5%
WPM
CA$216.34
Wheaton Precious Metals
7D
6.3%
1Y
62.4%
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Wheaton Precious Metals: Records Across The Board, And The Pipeline Is Already Funded

Summary Wheaton Precious Metals delivered record Q2 2026 results, driven by the transformative Antamina stream expansion and robust streaming model. WPM's growth pipeline is fully funded, supporting a target of roughly 50% production growth by 2030 without additional capex risk. Despite a sharp rise to $1.9 billion net debt from the Antamina deal, liquidity remains strong, and leverage is manageable with an upsized $2.5 billion credit facility. The stock remains a buy, trading 25% below its five-year average P/E, with risks centered on Antamina's operational consistency and Peñasquito's declining mine life. Read the full article on Seeking Alpha
FNV
CA$370.88
Franco-Nevada
7D
6.9%
1Y
44.7%
IMO
CA$182.29
Imperial Oil
7D
-3.1%
1Y
47.2%
BBD.B
CA$320.25
Bombardier
7D
-5.7%
1Y
96.7%
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BBD.B: Elevated P/E Will Depend On Defense Backlog Execution

Bombardier's updated analyst price target reflects a higher fair value estimate of CA$265.81 from CA$253.68. This is supported by analysts who cite Street research raising targets into the CA$320 to CA$406 range, along with adjusted assumptions for revenue growth, profit margin and future P/E.
K
CA$44.83
Kinross Gold
7D
8.5%
1Y
60.9%
Narrative Update • Aug 25

K: Cash Returns And Investment Grade Rating Will Support Future Upside Potential

Analysts have lowered their price target for Kinross Gold to CA$52.78 from CA$61.02 as they now apply a slightly higher discount rate, expect more modest revenue growth and profit margins, and use a higher future P/E multiple in their valuation work. What's in the News for Kinross Gold Riley Gold Corp.
CCO
CA$149.06
Cameco
7D
10.2%
1Y
43.6%
Narrative Update • Aug 21

CCO: Fair Outlook Balances Uranium Upside With Production And Margin Risks

Analysts now place Cameco's fair value at CA$149.06, up from CA$144.91. This reflects updated assumptions for the discount rate, revenue growth, profit margin and future P/E expectations.
CVE
CA$43.67
Cenovus Energy
7D
-2.6%
1Y
86.8%
Narrative Update • Aug 21

CVE: Fair Value View Will Test 2026 Output And Refining Balance

Analysts have lifted the Cenovus Energy fair value estimate from CA$42.00 to about CA$42.84. They attribute the change to higher price targets across recent research that reference updated 2026 outlooks, current strip prices, and what they describe as robust recent earnings with a favorable guidance outlook.
TD
CA$165.87
Toronto-Dominion Bank
7D
1.4%
1Y
58.0%
Narrative Update • Aug 20

TD: Future Will Reflect AI Use Capital Markets Momentum And Execution Risk

Analysts have lifted the fair value estimate for Toronto Dominion Bank to CA$170.38 from CA$163, reflecting revised targets across the Canadian bank sector and continued support from capital markets and wealth revenue trends. Analyst Commentary Recent Street research on Toronto Dominion Bank points to a cluster of higher price targets, which lines up with the revised fair value estimate.
DOL
CA$176.76
Dollarama
7D
-6.9%
1Y
-4.5%
TECK.B
CA$98.76
Teck Resources
7D
8.3%
1Y
117.6%
SU
CA$91.13
Suncor Energy
7D
-2.3%
1Y
61.1%
NA
CA$213.18
National Bank of Canada
7D
-4.0%
1Y
47.3%
Narrative Update • Aug 13

NA: Future Returns Will Reflect Dividend Support And Measured Repricing Of Earnings Multiples

Analysts have nudged the National Bank of Canada fair value estimate higher, with the target moving from about CA$206.54 to CA$213.38 as they recalibrate P/E expectations and factor in recent sector wide price target revisions across Canadian banks. Analyst Commentary Recent Street research on National Bank of Canada shows a wide range of price targets, even as most firms revisit their assumptions on P/E, operating leverage and revenue trends across Canadian banks.
ATD
CA$84.27
Alimentation Couche-Tard
7D
-4.2%
1Y
20.7%
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Can they absorb Zabka Group?

Couche-Tard sits inside the top tenth of the TGI watchlist on the primary rank and higher still on dividend growth, with a payout ratio near ten percent. It arrived there in the same three months it agreed to acquire Poland's Żabka Group for approximately US$8.6 billion, the largest acquisition in its history, funded entirely with debt, and the first network it has promised not to absorb.