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Canadian (TSX) Market Analysis & Valuation

UpdatedApr 20, 2026
DataAggregated Company Financials
Companies2198
  • 7D1.3%
  • 3M5.5%
  • 1Y41.6%
  • YTD8.8%

Over the last 7 days, the market has risen 1.3%, driven by gains of 3.3% in the Financials sector. On the other hand, with a decline of 4.4%, the Energy sector is lagging behind. As for the past 12 months, the market is up 42%. Looking forward, 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
Tue, 21 Apr 2026CA$5.4tCA$2.2tCA$240.8b17x22.4x2.5x
Thu, 19 Mar 2026CA$5.2tCA$2.1tCA$239.5b16x21.6x2.4x
Sat, 14 Feb 2026CA$5.1tCA$2.1tCA$226.1b17.5x22.7x2.4x
Mon, 12 Jan 2026CA$5.1tCA$2.1tCA$225.1b16.8x22.5x2.4x
Wed, 10 Dec 2025CA$4.8tCA$2.1tCA$225.4b15.9x21.5x2.3x
Fri, 07 Nov 2025CA$4.7tCA$2.1tCA$222.3b16.3x21x2.2x
Sun, 05 Oct 2025CA$4.8tCA$2.2tCA$209.3b16.7x22.7x2.2x
Tue, 02 Sep 2025CA$4.5tCA$2.1tCA$207.8b16x21.7x2.1x
Thu, 31 Jul 2025CA$4.4tCA$2.1tCA$191.5b16.1x22.8x2.1x
Sat, 28 Jun 2025CA$4.3tCA$2.1tCA$191.7b15.7x22.2x2x
Mon, 26 May 2025CA$4.1tCA$2.1tCA$193.6b14.7x21.4x2x
Wed, 23 Apr 2025CA$3.8tCA$2.1tCA$173.0b14.7x22.2x1.8x
Fri, 21 Mar 2025CA$4.0tCA$2.1tCA$173.5b15x22.9x1.9x
Sun, 16 Feb 2025CA$4.0tCA$2.1tCA$168.6b15x23.9x1.9x
Tue, 14 Jan 2025CA$3.9tCA$2.1tCA$171.2b14.2x22.5x1.8x
Thu, 12 Dec 2024CA$4.0tCA$2.1tCA$169.1b14.8x23.5x1.9x
Sat, 09 Nov 2024CA$3.9tCA$2.1tCA$170.5b14.7x23.1x1.9x
Mon, 07 Oct 2024CA$3.8tCA$2.1tCA$167.4b15.4x23x1.8x
Wed, 04 Sep 2024CA$3.7tCA$2.1tCA$167.7b15x22.3x1.8x
Fri, 02 Aug 2024CA$3.7tCA$2.1tCA$166.6b14.1x22.3x1.8x
Sun, 30 Jun 2024CA$3.5tCA$2.1tCA$166.4b14.2x21.2x1.7x
Tue, 28 May 2024CA$3.6tCA$2.0tCA$166.3b14.3x21.8x1.8x
Thu, 25 Apr 2024CA$3.5tCA$2.1tCA$173.9b13.9x20.3x1.7x
Sat, 23 Mar 2024CA$3.5tCA$2.0tCA$173.6b13.6x20.2x1.7x
Mon, 19 Feb 2024CA$3.4tCA$2.1tCA$177.4b13.5x19.2x1.6x
Wed, 17 Jan 2024CA$3.4tCA$2.1tCA$173.3b12.8x19.6x1.6x
Fri, 15 Dec 2023CA$3.3tCA$2.1tCA$173.0b12.7x19.2x1.6x
Sun, 12 Nov 2023CA$3.2tCA$2.1tCA$177.6b11.9x17.8x1.5x
Tue, 10 Oct 2023CA$3.1tCA$2.1tCA$185.2b11.2x16.9x1.5x
Thu, 07 Sep 2023CA$3.3tCA$2.1tCA$184.8b11.4x17.7x1.5x
Sat, 05 Aug 2023CA$3.3tCA$2.1tCA$185.0b11.8x17.8x1.6x
Mon, 03 Jul 2023CA$3.2tCA$2.1tCA$200.2b11x16.2x1.5x
Wed, 31 May 2023CA$3.2tCA$2.1tCA$200.4b11.1x16x1.5x
Fri, 28 Apr 2023CA$3.3tCA$2.1tCA$215.3b10.7x15.5x1.6x
Price to Earnings Ratio

15.5x


Total Market Cap: CA$3.3tTotal Earnings: CA$215.3bTotal 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 3.8% 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 Market1.29%
Tech12.74%
Healthcare3.38%
Financials3.32%
Real Estate2.68%
Materials2.13%
Telecom1.86%
Consumer Discretionary0.84%
Industrials0.66%
Consumer Staples-0.27%
Utilities-0.89%
Energy-4.41%
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 3.1% 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 7.7% 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
BN BrookfieldCA$63.845.9%
+CA$8.0b		44.2%PE91.5xFinancials
XNDU Xanadu Quantum TechnologiesCA$41.52159.5%
+CA$7.6b		n/aPS1960.2xTech
RY Royal Bank of CanadaCA$244.232.2%
+CA$7.3b		53.2%PB2.7xFinancials
BAM Brookfield Asset ManagementCA$67.565.8%
+CA$6.0b		3.3%PE31.9xFinancials
TD Toronto-Dominion BankCA$144.172.5%
+CA$5.8b		71.3%PB2xFinancials
See more

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Latest News

DOO
CA$79.17
BRP
7D
-25.3%
1Y
74.5%

DOO: Tariff Headwinds And Execution Through 2027 Guidance Will Drive Upside

Analysts have lowered the BRP fair value estimate to CA$124 from CA$131, reflecting a reduced aggregate price target. This change is influenced by tariff-related cost headwinds, guidance uncertainty, and slightly softer growth assumptions, which are contributing to higher discount rates and modestly reduced future P/E expectations.
CM
CA$149.43
Canadian Imperial Bank of Commerce
7D
3.5%
1Y
84.8%

CM: Future Earnings Will Reflect Capital Markets Strength And Credit Discipline

Analysts have lifted Canadian Imperial Bank of Commerce price targets into a CA$135 to CA$158 range, citing Q1 results that exceeded consensus, stronger than anticipated performance in key banking segments, and refreshed longer term estimates across the Canadian bank group. Analyst Commentary Recent research updates point to a cluster of higher price targets on Canadian Imperial Bank of Commerce, with most sitting in the mid CA$130s to high CA$150s range.
NTR
CA$96.75
Nutrien
7D
-5.7%
1Y
33.0%

NTR: Tighter Fertilizer Markets And DOJ Probe Will Shape Balanced Outlook

The analyst price target for Nutrien has risen by CA$4.18. Analysts attribute this change to updated assumptions for slightly stronger revenue growth, higher profit margins, and a lower future P/E multiple, reflecting the recent wave of higher sector targets and tighter global fertilizer markets.
CVE
CA$33.55
Cenovus Energy
7D
-7.6%
1Y
104.6%
XNDU
CA$41.52
Xanadu Quantum Technologies
7D
159.5%
1Y
n/a
BMO
CA$208.15
Bank of Montreal
7D
3.3%
1Y
62.9%
RY
CA$244.23
Royal Bank of Canada
7D
2.2%
1Y
53.2%
IMO
CA$167.04
Imperial Oil
7D
-6.9%
1Y
86.4%
ENB
CA$72.09
Enbridge
7D
-2.3%
1Y
15.8%

ENB: Future Returns Will Hinge On Rich Pricing And Utility Execution

The updated analyst price target for Enbridge reflects a modest fair value shift to CA$75.99, with recent CA$1 to CA$5 target increases from firms such as Argus, Citi, BMO Capital, RBC Capital, CIBC and Scotiabank, partly balanced by valuation driven downgrades from TD Securities and Jefferies, as analysts factor in the company’s diversified pipelines and its growing utility exposure. Analyst Commentary Recent research on Enbridge shows a mix of optimism and caution, with several firms lifting price targets while others are more restrained given the share price move and valuation.
SU
CA$83.69
Suncor Energy
7D
-6.4%
1Y
75.0%

High Utilization And Capital Demands Will Pressure Margins And Earnings Quality

Catalysts About Suncor Energy Suncor Energy is an integrated energy company focused on Canadian oil sands production, upgrading, refining and refined product sales. What are the underlying business or industry changes driving this perspective?
BN
CA$63.84
Brookfield
7D
5.9%
1Y
44.2%
BAM
CA$67.56
Brookfield Asset Management
7D
5.8%
1Y
3.3%
CLS
CA$542.89
Celestica
7D
7.5%
1Y
387.0%
CNQ
CA$58.81
Canadian Natural Resources
7D
-9.1%
1Y
48.4%
TRP
CA$82.92
TC Energy
7D
-3.7%
1Y
23.6%

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.
TD
CA$144.17
Toronto-Dominion Bank
7D
2.5%
1Y
71.3%

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.