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Canadian (TSX) Market Analysis & Valuation

UpdatedJul 21, 2026
DataAggregated Company Financials
Companies2193
  • 7D-0.7%
  • 3M3.2%
  • 1Y27.4%
  • YTD10.6%

In the last week, the market has been flat, with a notable exception in the Information Technology sector dropping 5.3%. More promisingly, the market is up 27% over the past year. 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
Wed, 22 Jul 2026CA$5.5tCA$2.2tCA$243.2b16.5x22.7x2.5x
Fri, 19 Jun 2026CA$5.5tCA$2.2tCA$244.7b15.8x22.6x2.5x
Sun, 17 May 2026CA$5.4tCA$2.2tCA$245.8b16.8x21.9x2.4x
Tue, 14 Apr 2026CA$5.3tCA$2.2tCA$241.2b16.9x22x2.4x
Thu, 12 Mar 2026CA$5.2tCA$2.1tCA$239.8b16.6x21.8x2.4x
Sat, 07 Feb 2026CA$5.0tCA$2.1tCA$226.1b17.3x22.3x2.4x
Mon, 05 Jan 2026CA$5.0tCA$2.1tCA$224.4b16.4x22.1x2.3x
Wed, 03 Dec 2025CA$4.8tCA$2.1tCA$224.7b16.1x21.5x2.3x
Fri, 31 Oct 2025CA$4.7tCA$2.2tCA$216.2b16.1x21.6x2.2x
Sun, 28 Sep 2025CA$4.7tCA$2.2tCA$209.2b16.3x22.4x2.2x
Tue, 26 Aug 2025CA$4.5tCA$2.1tCA$201.9b16x22.1x2.1x
Thu, 24 Jul 2025CA$4.4tCA$2.1tCA$190.8b16.3x22.8x2.1x
Sat, 21 Jun 2025CA$4.3tCA$2.1tCA$191.8b15.3x22.3x2x
Mon, 19 May 2025CA$4.1tCA$2.1tCA$183.5b14.5x22.2x1.9x
Wed, 16 Apr 2025CA$3.8tCA$2.1tCA$173.2b14.8x22x1.8x
Fri, 14 Mar 2025CA$3.9tCA$2.1tCA$175.4b14.5x22.1x1.8x
Sun, 09 Feb 2025CA$4.0tCA$2.1tCA$168.6b14.6x24x1.9x
Tue, 07 Jan 2025CA$3.9tCA$2.1tCA$170.9b14.4x22.9x1.8x
Thu, 05 Dec 2024CA$4.0tCA$2.1tCA$166.6b14.8x24x1.9x
Sat, 02 Nov 2024CA$3.8tCA$2.1tCA$168.7b14.9x22.8x1.8x
Mon, 30 Sep 2024CA$3.8tCA$2.1tCA$167.7b15.5x22.8x1.8x
Wed, 28 Aug 2024CA$3.7tCA$2.1tCA$166.5b15.1x22.5x1.8x
Fri, 26 Jul 2024CA$3.6tCA$2.1tCA$168.0b14.1x21.7x1.8x
Sun, 23 Jun 2024CA$3.5tCA$2.1tCA$166.9b14.1x20.8x1.7x
Tue, 21 May 2024CA$3.6tCA$2.0tCA$167.0b14.2x21.9x1.8x
Thu, 18 Apr 2024CA$3.5tCA$2.1tCA$174.7b13.9x20x1.7x
Sat, 16 Mar 2024CA$3.5tCA$2.1tCA$173.4b13.5x20.1x1.7x
Mon, 12 Feb 2024CA$3.4tCA$2.1tCA$176.7b13x19x1.6x
Wed, 10 Jan 2024CA$3.4tCA$2.1tCA$173.2b13x19.5x1.6x
Fri, 08 Dec 2023CA$3.3tCA$2.1tCA$172.3b12.1x18.9x1.6x
Sun, 05 Nov 2023CA$3.2tCA$2.1tCA$180.7b12.1x17.7x1.5x
Tue, 03 Oct 2023CA$3.2tCA$2.1tCA$185.4b11.3x17.1x1.5x
Thu, 31 Aug 2023CA$3.3tCA$2.1tCA$184.8b11.8x17.8x1.6x
Sat, 29 Jul 2023CA$3.3tCA$2.1tCA$191.2b11.9x17.2x1.6x
Price to Earnings Ratio

17.2x


Total Market Cap: CA$3.3tTotal Earnings: CA$191.2bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21.3x202420252026
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 21.3x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 6.9% 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 Market-0.75%
Consumer Discretionary1.26%
Utilities0.66%
Industrials0.40%
Real Estate0.25%
Energy0.085%
Consumer Staples0.06%
Telecom-0.07%
Financials-0.42%
Healthcare-2.56%
Materials-3.16%
Tech-5.30%
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 21.4%, which is higher than its past year's earnings growth of 6.7% 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 decline of 6.5% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 4.7% 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
MFC Manulife FinancialCA$59.762.2%
+CA$2.1b		43.1%PE16.9xFinancials
CNQ Canadian Natural ResourcesCA$61.881.5%
+CA$1.9b		47.9%PE13.3xEnergy
BBD.B BombardierCA$341.505.3%
+CA$1.7b		106.1%PE25.1xIndustrials
POW Power Corporation of CanadaCA$91.442.5%
+CA$1.4b		68.8%PE21.3xFinancials
SLF Sun Life FinancialCA$113.502.3%
+CA$1.4b		35.5%PE20.9xFinancials
See more

Market Insights

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A strong brand today doesn't guarantee a strong brand forever. Even the most established names can see their pricing power fade over time. In an industry landscape being reshaped by new entrants, shifting tastes and disruptive technology, it's worth understanding how to tell a temporary dip from a permanent decline.
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What makes a lasting brand?

Latest News

BAM
CA$65.69
Brookfield Asset Management
7D
-1.8%
1Y
-20.5%
FNV
CA$292.74
Franco-Nevada
7D
2.6%
1Y
34.0%
RY
CA$297.74
Royal Bank of Canada
7D
-1.1%
1Y
64.3%
BN
CA$59.54
Brookfield
7D
-3.1%
1Y
-1.2%
BB
CA$12.68
BlackBerry
7D
-18.0%
1Y
135.3%
TECK.B
CA$80.21
Teck Resources
7D
-5.1%
1Y
52.1%
BNS
CA$123.38
Bank of Nova Scotia
7D
-1.5%
1Y
60.9%
TD
CA$170.05
Toronto-Dominion Bank
7D
-1.6%
1Y
66.4%
IMO
CA$175.59
Imperial Oil
7D
2.0%
1Y
54.5%
MFC
CA$60.41
Manulife Financial
7D
3.0%
1Y
44.2%
Narrative Update • Jul 16

MFC: Asia Expansion And AI Focus Will Support Measured Medium Term Outlook

Analysts have raised their blended price target for Manulife Financial to CA$57.25 from CA$55.38, reflecting updated views on the company after a series of recent Street target changes between CA$54 and CA$61 and slight adjustments to fair value, revenue growth and profit margin assumptions. Analyst Commentary Street research on Manulife Financial has clustered around a range of CA$54 to CA$61, with several firms adjusting their price targets in recent months.
CCO
CA$125.09
Cameco
7D
-2.9%
1Y
18.0%
BBD.B
CA$353.78
Bombardier
7D
10.3%
1Y
121.6%
CVE
CA$40.60
Cenovus Energy
7D
4.8%
1Y
108.6%
Narrative Update • Jul 09

CVE: Fair Value View Balances Offshore Project Execution And Overvaluation Risk

The fair value estimate for Cenovus Energy has been raised from CA$25.00 to CA$40.00 as analysts point to higher targeted price levels around CA$47.00 and expectations for a shift to positive revenue growth despite more moderate margin and P/E assumptions. Analyst Commentary Recent Street research on Cenovus Energy centers on higher stated price targets and a focus on execution around key growth projects.
SU
CA$89.84
Suncor Energy
7D
4.6%
1Y
68.9%
Narrative Update • Jul 09

SU: Operational Turnaround And Capital Returns Will Drive Future Upside Potential

The analyst price target for Suncor Energy has been reset from CA$109.42 to CA$118.00, reflecting updated views on oil prices, refreshed earnings estimates, and mixed but constructive Street commentary that includes both recent target trims and new Outperform ratings. Analyst Commentary Recent Street commentary on Suncor Energy offers a mixed but constructive picture, with valuation views and oil price assumptions pulling in different directions.
CNR
CA$179.46
Canadian National Railway
7D
2.2%
1Y
31.4%
Narrative Update • Jul 08

CNR: Resource Corridors Recycling Projects And Buybacks Will Support Future Earnings

Analysts have modestly raised their fair value estimate for Canadian National Railway, lifting the implied price target from about CA$162.11 to roughly CA$167.37. They attribute this change to a slightly lower discount rate, a marginally higher profit margin assumption, and an updated future P/E outlook.
CNQ
CA$63.31
Canadian Natural Resources
7D
5.5%
1Y
49.2%
Narrative Update • Jul 06

CNQ: Future Oilsands Expansion And Pipeline Timing Will Shape Balanced Outlook

Analysts have lifted their fair value estimate for Canadian Natural Resources from CA$43.00 to about CA$57.47, citing updated price targets from firms covering the stock and revised assumptions for revenue trends, margins and future P/E expectations. Analyst Commentary Recent Street research on Canadian Natural Resources reflects a mix of optimism on the company and pockets of caution around execution risks, future growth assumptions and how current trading levels line up with updated fair value views.