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Canadian (TSX) Market Analysis & Valuation

UpdatedMar 06, 2026
DataAggregated Company Financials
Companies2209
  • 7D-3.0%
  • 3M8.5%
  • 1Y36.9%
  • YTD6.1%

Over the last 7 days, the market has dropped 3.0%, driven by a loss of 9.3% in the Materials sector. In the last year, the market is actually up 37%. Looking forward, earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 06 Mar 2026CA$5.3tCA$2.1tCA$236.0b17.1x22.6x2.5x
Sun, 01 Feb 2026CA$5.0tCA$2.1tCA$224.1b16.8x22.4x2.4x
Tue, 30 Dec 2025CA$4.9tCA$2.1tCA$224.4b16.5x22x2.3x
Thu, 27 Nov 2025CA$4.8tCA$2.1tCA$224.4b16.2x21.3x2.2x
Sat, 25 Oct 2025CA$4.7tCA$2.2tCA$215.4b16.8x21.8x2.2x
Mon, 22 Sep 2025CA$4.7tCA$2.1tCA$208.7b16.4x22.3x2.2x
Wed, 20 Aug 2025CA$4.4tCA$2.1tCA$201.8b15.7x21.8x2.1x
Fri, 18 Jul 2025CA$4.3tCA$2.1tCA$191.9b16.1x22.6x2x
Sun, 15 Jun 2025CA$4.3tCA$2.1tCA$191.5b15.4x22.3x2x
Tue, 13 May 2025CA$4.1tCA$2.1tCA$180.1b14.7x22.6x1.9x
Thu, 10 Apr 2025CA$3.6tCA$2.1tCA$173.6b14.4x20.7x1.7x
Sat, 08 Mar 2025CA$3.9tCA$2.1tCA$173.8b14.8x22.5x1.8x
Mon, 03 Feb 2025CA$3.9tCA$2.1tCA$170.8b14.6x23.1x1.8x
Wed, 01 Jan 2025CA$3.9tCA$2.1tCA$169.1b14.2x22.8x1.8x
Fri, 29 Nov 2024CA$4.0tCA$2.1tCA$166.3b14.7x23.9x1.9x
Sun, 27 Oct 2024CA$3.9tCA$2.1tCA$167.7b15.3x23.3x1.8x
Tue, 24 Sep 2024CA$3.8tCA$2.1tCA$167.5b15.2x22.7x1.8x
Thu, 22 Aug 2024CA$3.7tCA$2.1tCA$169.8b14.9x21.7x1.8x
Sat, 20 Jul 2024CA$3.7tCA$2.1tCA$167.7b13.9x21.8x1.8x
Mon, 17 Jun 2024CA$3.5tCA$2.1tCA$167.4b14.1x20.8x1.7x
Wed, 15 May 2024CA$3.6tCA$2.0tCA$167.8b14.1x21.5x1.8x
Fri, 12 Apr 2024CA$3.6tCA$2.1tCA$174.4b14.1x20.5x1.7x
Sun, 10 Mar 2024CA$3.5tCA$2.1tCA$173.3b13.7x20.1x1.7x
Tue, 06 Feb 2024CA$3.3tCA$2.1tCA$172.9b12.8x19.4x1.6x
Thu, 04 Jan 2024CA$3.4tCA$2.1tCA$173.1b13x19.4x1.6x
Sat, 02 Dec 2023CA$3.2tCA$2.1tCA$176.2b12.3x18.4x1.6x
Mon, 30 Oct 2023CA$3.1tCA$2.1tCA$184.5b11.3x16.5x1.5x
Wed, 27 Sep 2023CA$3.2tCA$2.1tCA$184.4b11.6x17.3x1.5x
Fri, 25 Aug 2023CA$3.2tCA$2.1tCA$185.8b11.4x17.2x1.5x
Sun, 23 Jul 2023CA$3.3tCA$2.1tCA$200.2b11.7x16.5x1.6x
Tue, 20 Jun 2023CA$3.2tCA$2.1tCA$200.3b11.2x16.1x1.5x
Thu, 18 May 2023CA$3.3tCA$2.2tCA$206.3b11x15.9x1.5x
Sat, 15 Apr 2023CA$3.4tCA$2.1tCA$217.2b10.6x15.5x1.6x
Mon, 13 Mar 2023CA$3.2tCA$2.1tCA$220.6b10.8x14.7x1.5x
Price to Earnings Ratio

14.7x


Total Market Cap: CA$3.2tTotal Earnings: CA$220.6bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.5x202420252026
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 20.5x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 2.3% 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-2.97%
Tech2.56%
Energy2.24%
Telecom1.70%
Utilities0.20%
Industrials-0.63%
Real Estate-1.47%
Consumer Staples-1.71%
Healthcare-2.86%
Consumer Discretionary-3.07%
Financials-3.10%
Materials-9.30%
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 23.3%, which is higher than its past year's earnings growth of 18.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 47% over the next 5 years.
  • This is better than its past earnings growth rate of 19% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 8.6% 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
CNQ Canadian Natural ResourcesCA$61.965.1%
+CA$6.3b		55.1%PE19.4xEnergy
TRI Thomson ReutersCA$149.589.6%
+CA$5.8b		-40.3%PE32.9xIndustrials
ENB EnbridgeCA$73.633.0%
+CA$4.7b		23.7%PE22.8xEnergy
CSU Constellation SoftwareCA$2.80k7.3%
+CA$4.0b		-43.0%PE63.1xTech
SU Suncor EnergyCA$78.743.7%
+CA$3.4b		58.3%PE15.8xEnergy
See more

Market Insights

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Latest News

BN
CA$58.07
Brookfield
7D
-6.6%
1Y
15.8%
BNS
CA$99.71
Bank of Nova Scotia
7D
-5.1%
1Y
44.8%
FNV
CA$348.74
Franco-Nevada
7D
-9.1%
1Y
70.9%
K
CA$44.76
Kinross Gold
7D
-11.0%
1Y
180.8%

K: Higher Future P/E Will Likely Overstate Benefits Of Ongoing Projects

Analysts have lifted their Kinross Gold price target from about CA$17.51 to roughly CA$24.28, citing updated assumptions for discount rate, revenue growth, profit margin, and future P/E that collectively reshape their valuation outlook. What's in the News Approved a quarterly dividend of $0.04 per common share for the fourth quarter of 2025, payable on March 26, 2026, to shareholders of record on March 11, 2026, with the payout classified as an eligible dividend for Canadian tax purposes and subject to withholding for non residents (Key Developments).
FFH
CA$2,280.01
Fairfax Financial Holdings
7D
-2.5%
1Y
12.4%

FFH: Share Repurchases And Index Additions Will Support Future Upside

Analysts have adjusted their CA$ price targets for Fairfax Financial Holdings, highlighting shifts in assumptions around discount rates, revenue growth, profit margins and future P/E multiples. These changes are reflected in a revised fair value estimate of CA$2,672.19, down from CA$2,707.92.
ENB
CA$73.63
Enbridge
7D
3.0%
1Y
23.7%

ENB: Future Returns Will Depend On Gas Utility Delivery And Premium Valuation Risk

Analysts have lifted their Enbridge fair value estimate to CA$73.81 from CA$71.98, citing higher price targets across the Street and updated views on revenue growth, margins and future P/E assumptions. Analyst Commentary Recent Street research on Enbridge points to a mix of optimism on the company’s fundamentals and caution around where the shares are currently trading, which feeds directly into the updated fair value estimate.
WPM
CA$202.07
Wheaton Precious Metals
7D
-9.1%
1Y
99.4%

WPM: Long Term Metal Price Assumptions Will Restrain Upside Potential

The analyst price target for Wheaton Precious Metals has been revised slightly higher to CA$188. Analysts linked their updated views to refreshed 2026 metal price forecasts and company guidance that was broadly in line with expectations.
TRI
CA$149.58
Thomson Reuters
7D
9.6%
1Y
-40.3%
SU
CA$78.74
Suncor Energy
7D
3.7%
1Y
58.3%
LUN
CA$36.70
Lundin Mining
7D
-15.3%
1Y
194.8%
RY
CA$224.79
Royal Bank of Canada
7D
-3.2%
1Y
37.6%
IMO
CA$162.61
Imperial Oil
7D
1.9%
1Y
74.2%
ABX
CA$62.01
Barrick Mining
7D
-10.0%
1Y
135.0%
CNQ
CA$61.96
Canadian Natural Resources
7D
5.1%
1Y
55.1%
CSU
CA$2,796.99
Constellation Software
7D
7.3%
1Y
-43.0%

Constellation Software: The Fortress the AI Panic Forgot to Account For

Headline: Constellation Software (CSU): Why the AI Sell-off is a Category Error (and a Generational Buy) The market is currently punishing Constellation Software by applying a "generic AI disruption" narrative that fundamentally misunderstands the DNA of the business. Investors are pricing CSU as if it were a commodity software play, when in reality, it is a holding company for critical digital infrastructure.
CVE
CA$31.84
Cenovus Energy
7D
5.5%
1Y
75.6%