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Canadian (TSX) Market Analysis & Valuation

UpdatedApr 09, 2026
DataAggregated Company Financials
Companies2204
  • 7D1.9%
  • 3M5.4%
  • 1Y41.1%
  • YTD6.4%

The market has climbed 1.9% in the last 7 days, lead by the Financials sector with a gain of 2.9%. On the other hand, with a decline of 6.3%, the Communication Services sector is lagging behind. The market is up 41% over the last 12 months. 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
Thu, 09 Apr 2026CA$5.2tCA$2.2tCA$241.0b16.3x21.7x2.4x
Sat, 07 Mar 2026CA$5.3tCA$2.1tCA$239.5b16.8x22x2.5x
Mon, 02 Feb 2026CA$5.0tCA$2.1tCA$224.1b16.8x22.4x2.4x
Wed, 31 Dec 2025CA$5.0tCA$2.1tCA$224.3b16.4x22.1x2.3x
Fri, 28 Nov 2025CA$4.8tCA$2.1tCA$224.4b16.5x21.5x2.3x
Sun, 26 Oct 2025CA$4.7tCA$2.2tCA$215.4b16.8x21.9x2.2x
Tue, 23 Sep 2025CA$4.7tCA$2.1tCA$208.8b16.4x22.3x2.2x
Thu, 21 Aug 2025CA$4.4tCA$2.1tCA$201.9b15.8x21.7x2x
Sat, 19 Jul 2025CA$4.4tCA$2.1tCA$191.2b16.1x22.8x2x
Mon, 16 Jun 2025CA$4.3tCA$2.1tCA$191.5b15.4x22.3x2x
Wed, 14 May 2025CA$4.0tCA$2.1tCA$176.8b14.4x22.7x1.9x
Fri, 11 Apr 2025CA$3.8tCA$2.1tCA$173.3b14.1x21.8x1.8x
Sun, 09 Mar 2025CA$3.9tCA$2.1tCA$173.5b14.9x22.7x1.8x
Tue, 04 Feb 2025CA$3.9tCA$2.1tCA$170.9b14.4x23.1x1.8x
Thu, 02 Jan 2025CA$3.9tCA$2.1tCA$169.1b14.2x22.9x1.8x
Sat, 30 Nov 2024CA$4.0tCA$2.1tCA$166.3b14.9x23.9x1.9x
Mon, 28 Oct 2024CA$3.9tCA$2.1tCA$167.7b15.3x23.3x1.8x
Wed, 25 Sep 2024CA$3.8tCA$2.1tCA$167.5b15.3x22.7x1.8x
Fri, 23 Aug 2024CA$3.7tCA$2.1tCA$169.8b14.7x21.8x1.8x
Sun, 21 Jul 2024CA$3.6tCA$2.1tCA$167.7b14x21.7x1.8x
Tue, 18 Jun 2024CA$3.5tCA$2.1tCA$167.4b14.1x20.8x1.7x
Thu, 16 May 2024CA$3.6tCA$2.0tCA$167.9b14.2x21.5x1.8x
Sat, 13 Apr 2024CA$3.6tCA$2.1tCA$174.6b14.1x20.4x1.7x
Mon, 11 Mar 2024CA$3.5tCA$2.1tCA$173.3b13.7x20.1x1.7x
Wed, 07 Feb 2024CA$3.4tCA$2.1tCA$172.8b13.1x19.5x1.6x
Fri, 05 Jan 2024CA$3.4tCA$2.1tCA$173.1b13x19.5x1.6x
Sun, 03 Dec 2023CA$3.3tCA$2.1tCA$173.3b12.3x18.9x1.6x
Tue, 31 Oct 2023CA$3.1tCA$2.1tCA$184.5b11.6x16.6x1.5x
Thu, 28 Sep 2023CA$3.2tCA$2.1tCA$184.3b11.4x17.2x1.5x
Sat, 26 Aug 2023CA$3.2tCA$2.1tCA$184.8b11.5x17.4x1.5x
Mon, 24 Jul 2023CA$3.3tCA$2.1tCA$200.2b11.7x16.6x1.6x
Wed, 21 Jun 2023CA$3.2tCA$2.1tCA$200.3b11.1x15.9x1.5x
Fri, 19 May 2023CA$3.3tCA$2.2tCA$206.4b11.2x15.9x1.5x
Sun, 16 Apr 2023CA$3.4tCA$2.1tCA$217.2b10.6x15.5x1.6x
Price to Earnings Ratio

15.5x


Total Market Cap: CA$3.4tTotal Earnings: CA$217.2bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.7x202420252026
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 20.7x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 3.5% 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 Market1.91%
Consumer Discretionary3.20%
Financials2.93%
Healthcare2.74%
Real Estate2.44%
Consumer Staples2.33%
Tech2.31%
Industrials2.22%
Materials2.06%
Utilities1.73%
Energy0.41%
Telecom-6.29%
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 24.9%, which is higher than its past year's earnings growth of 17.6% 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 7.8% 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$234.283.2%
+CA$10.3b		46.1%PB2.5xFinancials
TD Toronto-Dominion BankCA$137.254.5%
+CA$9.9b		69.0%PB1.9xFinancials
CM Canadian Imperial Bank of CommerceCA$139.654.6%
+CA$5.6b		73.1%PB2xFinancials
CLS CelesticaCA$443.1010.7%
+CA$4.9b		282.3%PE44.2xTech
CP Canadian Pacific Kansas CityCA$112.964.2%
+CA$4.1b		9.4%PE24.5xIndustrials
See more

Market Insights

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Latest News

T
CA$17.47
TELUS
7D
-3.2%
1Y
-12.0%

T: Quantum And Space Connectivity Will Drive Future Upside Potential

Analysts now set their average TELUS price target at roughly CA$21.00, slightly below the prior fair value estimate of about CA$21.38. This reflects updated views on discount rate, revenue growth, profit margins and future P/E assumptions.
MFC
CA$50.47
Manulife Financial
7D
4.4%
1Y
22.8%
CNQ
CA$64.12
Canadian Natural Resources
7D
-0.8%
1Y
63.3%
CLS
CA$443.10
Celestica
7D
10.7%
1Y
282.3%
SU
CA$89.24
Suncor Energy
7D
-1.2%
1Y
84.7%
TD
CA$137.25
Toronto-Dominion Bank
7D
4.5%
1Y
69.0%

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.
BCE
CA$33.39
BCE
7D
-5.3%
1Y
12.8%

BCE: Price War Risks And AI Data Centres Will Shape 2026 Outlook

Analysts made a modest upward adjustment to the BCE fair value estimate to CA$37.53. This reflects slightly higher assumed revenue growth and profit margin expectations, along with a marginally lower future P/E multiple and a small change in the discount rate, following recent price target increases across several firms and ongoing sector price war concerns.
RCI.B
CA$45.92
Rogers Communications
7D
-13.3%
1Y
34.1%

RCI.B: Wireless And Satellite Expansion Will Offset Rising Price War Concerns

Analysts have trimmed the Rogers Communications price target by about CA$0.65 to reflect slightly softer revenue growth and profit margin assumptions, a modestly higher discount rate, and a somewhat richer future P/E multiple in light of recent sector-wide price war concerns and mixed broker target revisions. Analyst Commentary Recent research on Rogers Communications shows a split view, with some analysts trimming price targets on pricing pressure concerns while others are still lifting targets on valuation and execution factors.
CM
CA$139.65
Canadian Imperial Bank of Commerce
7D
4.6%
1Y
73.1%

CM: Future Earnings Will Reflect Credit Costs And Capital Markets Consistency

Analysts have slightly increased the average CA$ fair value estimate for Canadian Imperial Bank of Commerce to about CA$143, supported by a series of recent price target increases into the CA$141 to CA$158 range following Q1 results that they describe as stronger than anticipated across several core businesses. Analyst Commentary Recent research updates on Canadian Imperial Bank of Commerce center on higher fair value estimates, with several firms lifting their price targets following Q1 results that were described as stronger than anticipated in key businesses such as Capital Markets and Canadian Personal & Business Banking.
TRI
CA$119.22
Thomson Reuters
7D
-2.6%
1Y
-50.3%
BN
CA$58.23
Brookfield
7D
2.9%
1Y
22.7%
AG
CA$28.91
First Majestic Silver
7D
-6.0%
1Y
245.4%
CP
CA$112.96
Canadian Pacific Kansas City
7D
4.2%
1Y
9.4%
PVF.UN
CA$15.50
Partners Value Investments
7D
-9.8%
1Y
24.0%
CNR
CA$149.04
Canadian National Railway
7D
3.9%
1Y
7.4%
RY
CA$234.28
Royal Bank of Canada
7D
3.2%
1Y
46.1%

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

Narrative Update The analyst price target for Royal Bank of Canada has edged higher by CA$0.07 to CA$245.07, as analysts factor in updated earnings assumptions, modest tweaks to P/E expectations, and recent Street research that has generally nudged targets upward within the CA$245 to CA$259 range. Analyst Commentary Recent research on Royal Bank of Canada points to a cluster of target prices in the mid C$240s to high C$250s, with ratings in the Outperform, Buy and Overweight range.