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Canadian (TSX) Market Analysis & Valuation

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies2202
  • 7D2.4%
  • 3M4.8%
  • 1Y41.4%
  • YTD7.6%

Over the last 7 days, the market has risen 2.4%, driven by gains of 4.7% in the Financials sector. As for the past 12 months, the market is up 41%. Earnings are forecast to grow by 10% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 15 Apr 2026CA$5.3tCA$2.2tCA$241.2b17x22.2x2.4x
Fri, 13 Mar 2026CA$5.2tCA$2.1tCA$239.6b16.3x21.7x2.4x
Sun, 08 Feb 2026CA$5.1tCA$2.1tCA$226.8b17.4x22.6x2.4x
Tue, 06 Jan 2026CA$5.0tCA$2.1tCA$224.5b16.4x22.3x2.3x
Thu, 04 Dec 2025CA$4.8tCA$2.1tCA$224.6b16.2x21.5x2.3x
Sat, 01 Nov 2025CA$4.7tCA$2.2tCA$216.1b16.3x21.7x2.2x
Mon, 29 Sep 2025CA$4.7tCA$2.2tCA$209.3b16.3x22.3x2.2x
Wed, 27 Aug 2025CA$4.4tCA$2.1tCA$202.9b16.1x21.9x2.1x
Fri, 25 Jul 2025CA$4.4tCA$2.1tCA$190.6b16.3x22.9x2.1x
Sun, 22 Jun 2025CA$4.3tCA$2.1tCA$191.8b15.3x22.3x2x
Tue, 20 May 2025CA$4.1tCA$2.1tCA$183.5b14.4x22.2x1.9x
Thu, 17 Apr 2025CA$3.8tCA$2.1tCA$173.1b15.2x22.2x1.8x
Sat, 15 Mar 2025CA$3.9tCA$2.1tCA$174.3b14.9x22.1x1.8x
Mon, 10 Feb 2025CA$4.0tCA$2.1tCA$168.6b14.6x24x1.9x
Wed, 08 Jan 2025CA$3.9tCA$2.1tCA$171.0b14.5x22.7x1.8x
Fri, 06 Dec 2024CA$4.0tCA$2.1tCA$169.1b14.6x23.6x1.9x
Sun, 03 Nov 2024CA$3.9tCA$2.1tCA$168.8b14.9x22.8x1.8x
Tue, 01 Oct 2024CA$3.8tCA$2.1tCA$167.7b15.4x22.8x1.8x
Thu, 29 Aug 2024CA$3.7tCA$2.1tCA$166.5b14.9x22.4x1.8x
Sat, 27 Jul 2024CA$3.6tCA$2.1tCA$167.8b14.2x21.7x1.8x
Mon, 24 Jun 2024CA$3.5tCA$2.1tCA$166.9b14.1x20.8x1.7x
Wed, 22 May 2024CA$3.6tCA$2.0tCA$167.0b14.2x21.8x1.8x
Fri, 19 Apr 2024CA$3.5tCA$2.1tCA$174.7b13.9x20x1.7x
Sun, 17 Mar 2024CA$3.5tCA$2.1tCA$173.4b13.5x20.2x1.7x
Tue, 13 Feb 2024CA$3.4tCA$2.1tCA$176.8b13.3x19x1.6x
Thu, 11 Jan 2024CA$3.4tCA$2.1tCA$173.3b13x19.5x1.6x
Sat, 09 Dec 2023CA$3.3tCA$2.1tCA$172.3b12.2x18.9x1.6x
Mon, 06 Nov 2023CA$3.2tCA$2.1tCA$180.7b12.1x17.7x1.5x
Wed, 04 Oct 2023CA$3.1tCA$2.1tCA$185.4b11.3x16.8x1.5x
Fri, 01 Sep 2023CA$3.3tCA$2.1tCA$184.6b11.8x17.7x1.5x
Sun, 30 Jul 2023CA$3.3tCA$2.1tCA$191.2b11.9x17.2x1.6x
Tue, 27 Jun 2023CA$3.2tCA$2.1tCA$200.0b11x15.8x1.5x
Thu, 25 May 2023CA$3.2tCA$2.1tCA$205.6b11x15.7x1.5x
Sat, 22 Apr 2023CA$3.4tCA$2.1tCA$217.9b10.8x15.5x1.6x
Price to Earnings Ratio

15.5x


Total Market Cap: CA$3.4tTotal Earnings: CA$217.9bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.8x202420252026
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 20.8x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 3.4% 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 Market2.81%
Tech11.95%
Materials5.95%
Financials5.73%
Consumer Discretionary5.02%
Real Estate3.05%
Industrials3.03%
Healthcare2.83%
Utilities-0.40%
Telecom-2.28%
Consumer Staples-3.67%
Energy-4.34%
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 25.3%, which is higher than its past year's earnings growth of 9.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 45% over the next 5 years.
  • This is better than its past earnings growth rate of 26% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 8.0% 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
RY Royal Bank of CanadaCA$240.714.7%
+CA$15.0b		49.7%PB2.6xFinancials
BN BrookfieldCA$62.7510.7%
+CA$13.5b		36.8%PE89.4xFinancials
CLS CelesticaCA$529.9928.2%
+CA$13.4b		359.3%PE53.2xTech
TD Toronto-Dominion BankCA$141.955.3%
+CA$11.8b		69.9%PB1.9xFinancials
CM Canadian Imperial Bank of CommerceCA$146.076.9%
+CA$8.7b		79.2%PB2.1xFinancials
See more

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Latest News

GFL
CA$53.23
GFL Environmental
7D
-14.1%
1Y
-22.2%
CVE
CA$35.45
Cenovus Energy
7D
-6.2%
1Y
124.2%
BN
CA$62.75
Brookfield
7D
10.7%
1Y
36.8%
BNS
CA$102.62
Bank of Nova Scotia
7D
5.6%
1Y
56.6%
BAM
CA$65.39
Brookfield Asset Management
7D
7.1%
1Y
-3.9%
IMO
CA$174.92
Imperial Oil
7D
-5.1%
1Y
105.7%
SU
CA$87.56
Suncor Energy
7D
-5.6%
1Y
88.3%

SU: Buybacks And Mixed Rating Revisions Will Shape Oils Margin Outlook

Analysts have lifted the fair value estimate for Suncor Energy by about CA$10 to CA$92.79, reflecting updated assumptions for modest revenue growth, a higher profit margin profile, and a lower future P/E multiple, supported by a series of recent price target increases across major Canadian and global banks. Analyst Commentary Recent research coverage on Suncor Energy has been active, with a cluster of price target changes and one rating upgrade contributing to a higher fair value estimate.
CM
CA$146.07
Canadian Imperial Bank of Commerce
7D
6.9%
1Y
79.2%
CLS
CA$529.99
Celestica
7D
28.2%
1Y
359.3%
RY
CA$240.71
Royal Bank of Canada
7D
4.7%
1Y
49.7%

RY: Future Returns Will Rely On Stable Credit And Measured AI Execution

Narrative Update Analysts have nudged the average price target for Royal Bank of Canada slightly higher to around CA$245. This reflects a series of recent target revisions in the CA$245 to CA$259 range that factor in updated earnings estimates, expectations for modest balance sheet growth, stable net interest income, controlled expenses, steady credit quality and ongoing share repurchases.
CNQ
CA$62.80
Canadian Natural Resources
7D
-8.0%
1Y
64.4%
BMO
CA$204.27
Bank of Montreal
7D
6.3%
1Y
57.8%

BMO: Future Returns Will Hinge On ROE Delivery And Capital Markets Momentum

The analyst price target for Bank of Montreal has been nudged higher to approximately CA$204.43 from about CA$204.14, with analysts pointing to updated views on revenue growth, discount rates and future P/E assumptions, along with a series of recent target raises that balance mixed ratings across the Street. Analyst Commentary Recent research on Bank of Montreal offers a mix of optimism and caution, with several firms updating targets and ratings around the latest earnings and sector outlooks.
TRP
CA$84.69
TC Energy
7D
-3.9%
1Y
24.9%

TRP: Backlog Visibility And Dividend Policy Will Guide Measured Future Return Balance

The analyst price target for TC Energy has been raised slightly, with CA$ value revisions supported by updated models that reflect recent quarterly results, higher estimated revenue growth, modestly adjusted profit margins, and Street research highlighting the company's natural gas and power portfolio as well as its project backlog visibility. Analyst Commentary Recent Street research on TC Energy clusters around a higher value range, but opinions still differ on how much upside is left and how dependable the longer term growth story looks after the recent share price move.
L
CA$61.38
Loblaw Companies
7D
-4.9%
1Y
16.6%

L: Higher Margin Hopes And Execution Risks Will Likely Cap Future Upside

Analysts have lifted the fair value estimate for Loblaw Companies to CA$51.63 from CA$47.80. This reflects a series of recent price target increases to as high as CA$75 as they factor in updated margin expectations and valuation multiples.
ENB
CA$73.00
Enbridge
7D
-3.4%
1Y
18.2%
TD
CA$141.95
Toronto-Dominion Bank
7D
5.3%
1Y
69.9%

TD: Future Will Reflect Easing Mortgage Risks And Ongoing Share Repurchases

Analysts have nudged the fair value estimate for Toronto-Dominion Bank slightly lower to CA$140.43 from CA$141.14, even as several firms raised their price targets into a CA$135 to CA$148 range. They cited stronger than expected recent results in most segments, updated longer term earnings estimates, and reduced concern around mortgage renewals.