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Canadian (TSX) Market Analysis & Valuation

UpdatedJul 03, 2026
DataAggregated Company Financials
Companies2204
  • 7D0.3%
  • 3M5.7%
  • 1Y29.2%
  • YTD10.8%

Over the last 7 days, the market has remained flat, although notably the Communication Services sector declined by 5.2%. Meanwhile, the market is actually up 28% over the past year. As for the next few years, earnings are expected to grow by 11% per annum.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 03 Jul 2026CA$5.5tCA$2.3tCA$245.7b16.3x22.3x2.4x
Sun, 31 May 2026CA$5.5tCA$2.2tCA$243.1b16.8x22.6x2.5x
Tue, 28 Apr 2026CA$5.3tCA$2.2tCA$241.1b16.8x22.2x2.5x
Thu, 26 Mar 2026CA$5.0tCA$2.2tCA$239.0b16x21x2.3x
Sat, 21 Feb 2026CA$5.3tCA$2.2tCA$230.1b17.2x22.9x2.4x
Mon, 19 Jan 2026CA$5.1tCA$2.1tCA$225.2b17.2x22.8x2.4x
Wed, 17 Dec 2025CA$4.9tCA$2.1tCA$224.7b16.3x21.8x2.3x
Fri, 14 Nov 2025CA$4.8tCA$2.1tCA$223.6b16.4x21.4x2.2x
Sun, 12 Oct 2025CA$4.7tCA$2.2tCA$209.4b16.4x22.3x2.2x
Tue, 09 Sep 2025CA$4.6tCA$2.1tCA$208.5b16.4x21.9x2.1x
Thu, 07 Aug 2025CA$4.4tCA$2.1tCA$194.1b16.1x22.5x2.1x
Sat, 05 Jul 2025CA$4.3tCA$2.1tCA$191.5b15.9x22.5x2x
Mon, 02 Jun 2025CA$4.2tCA$2.1tCA$192.1b14.9x21.6x2x
Wed, 30 Apr 2025CA$4.0tCA$2.1tCA$173.9b14.9x22.8x1.9x
Fri, 28 Mar 2025CA$4.0tCA$2.1tCA$174.0b15.2x23x1.9x
Sun, 23 Feb 2025CA$4.0tCA$2.1tCA$169.1b14.8x23.6x1.9x
Tue, 21 Jan 2025CA$3.9tCA$2.1tCA$171.1b14.3x22.8x1.8x
Thu, 19 Dec 2024CA$3.9tCA$2.1tCA$169.6b13.9x23x1.8x
Sat, 16 Nov 2024CA$3.9tCA$2.1tCA$167.8b14.5x23.3x1.8x
Mon, 14 Oct 2024CA$3.9tCA$2.1tCA$168.0b15.7x23.2x1.8x
Wed, 11 Sep 2024CA$3.7tCA$2.1tCA$167.4b15x22x1.8x
Fri, 09 Aug 2024CA$3.5tCA$2.1tCA$168.6b13.7x20.8x1.7x
Sun, 07 Jul 2024CA$3.5tCA$2.0tCA$166.7b13.9x21.3x1.7x
Tue, 04 Jun 2024CA$3.6tCA$2.0tCA$166.2b14.3x21.7x1.8x
Thu, 02 May 2024CA$3.5tCA$2.1tCA$173.4b13.8x20.2x1.7x
Sat, 30 Mar 2024CA$3.5tCA$2.0tCA$175.1b13.8x20.3x1.7x
Mon, 26 Feb 2024CA$3.4tCA$2.0tCA$171.2b14.1x20x1.7x
Wed, 24 Jan 2024CA$3.4tCA$2.1tCA$173.3b13.3x19.4x1.6x
Fri, 22 Dec 2023CA$3.3tCA$2.1tCA$172.8b13.1x19.2x1.6x
Sun, 19 Nov 2023CA$3.2tCA$2.1tCA$179.9b12x17.9x1.6x
Tue, 17 Oct 2023CA$3.2tCA$2.1tCA$185.1b11.5x17.2x1.5x
Thu, 14 Sep 2023CA$3.3tCA$2.1tCA$184.6b11.8x17.7x1.5x
Sat, 12 Aug 2023CA$3.3tCA$2.1tCA$187.6b11.7x17.7x1.6x
Mon, 10 Jul 2023CA$3.2tCA$2.1tCA$200.3b11.2x16x1.5x
Price to Earnings Ratio

16x


Total Market Cap: CA$3.2tTotal Earnings: CA$200.3bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21.2x202420252026
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 21.2x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 7.1% 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 Market0.26%
Materials4.17%
Healthcare3.26%
Real Estate2.58%
Industrials1.24%
Financials0.62%
Tech-0.62%
Utilities-1.38%
Energy-2.08%
Consumer Discretionary-2.18%
Consumer Staples-3.67%
Telecom-6.90%
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 22.3%, which is higher than its past year's earnings growth of 4.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 43% over the next 5 years.
  • This is better than its past earnings decline of 5.4% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 7.9% 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
TRI Thomson ReutersCA$126.6210.1%
+CA$5.1b		-54.2%PE25.5xIndustrials
ABX Barrick MiningCA$54.254.1%
+CA$3.6b		86.2%PE10.5xMaterials
NTR NutrienCA$92.176.5%
+CA$2.7b		12.3%PE13.1xMaterials
BAM Brookfield Asset ManagementCA$65.052.7%
+CA$2.7b		-16.2%PE29.1xFinancials
GWO Great-West LifecoCA$91.282.9%
+CA$2.3b		82.2%PE19.1xFinancials
See more

Market Insights

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Markets are supposed to reprice risk when it changes. This time they've repriced the promise, but left the threat largely untouched. Whether that's an oversight or a fair call is worth thinking through.
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Latest News

BAM
CA$65.05
Brookfield Asset Management
7D
2.7%
1Y
-16.2%
ENB
CA$76.72
Enbridge
7D
-3.8%
1Y
26.0%
CCO
CA$136.88
Cameco
7D
-6.8%
1Y
38.0%
BCE
CA$30.37
BCE
7D
-7.9%
1Y
-1.4%
ABX
CA$54.25
Barrick Mining
7D
4.1%
1Y
86.2%
GWO
CA$91.28
Great-West Lifeco
7D
2.9%
1Y
82.2%
Narrative Update • Jul 01

GWO: Rising Margin Hopes Will Test Future Repricing Discipline

Great-West Lifeco's analyst price target is updated to CA$77.75 from CA$76.08, with analysts pointing to adjusted fair value estimates and assumptions around profit margin and P/E metrics as key drivers behind the change. Analyst Commentary Recent Street research on Great-West Lifeco points to a cluster of upward revisions to price targets, signaling that analysts are actively updating their valuation work as new information comes through on margins and P/E assumptions.
RCI.B
CA$44.85
Rogers Communications
7D
-9.1%
1Y
2.2%
ATD
CA$90.27
Alimentation Couche-Tard
7D
-3.5%
1Y
30.9%
Narrative Update • Jun 30

ATD: Record Q4 Execution And U.S. Momentum May Support Further Upside

The analyst price target for Alimentation Couche-Tard has been raised from about CA$93 to roughly CA$102. Analysts attribute the change to updated models around the recent fiscal Q4 report and continued supportive views from firms maintaining Outperform or equivalent ratings.
RY
CA$290.43
Royal Bank of Canada
7D
0.5%
1Y
61.8%
CLS
CA$477.34
Celestica
7D
-6.8%
1Y
118.8%
MFC
CA$58.41
Manulife Financial
7D
2.4%
1Y
36.3%
TRP
CA$94.12
TC Energy
7D
-5.5%
1Y
43.6%
Narrative Update • Jun 24

TRP: Q1 Execution And Fair Value Positioning Will Shape Forward Risk Reward

Analysts have modestly lifted their TC Energy price target to CA$103, with the change linked to updated sector models, Q1 guidance commentary, and a recent shift toward viewing the stock as closer to estimated intrinsic fair value. Analyst Commentary Recent research coverage on TC Energy has focused on how current valuation lines up with analysts’ estimates of intrinsic fair value, especially after the latest Q1 updates and sector model revisions.
TRI
CA$126.62
Thomson Reuters
7D
10.1%
1Y
-54.2%
NTR
CA$92.17
Nutrien
7D
6.5%
1Y
12.3%
Narrative Update • Jun 23

NTR: Elevated Fertilizer Prices And Buybacks Will Support Future Upside

The analyst fair value estimate for Nutrien has been revised from CA$112.49 to CA$120.23, reflecting recent Street research that balances higher price targets from several firms with more cautious views on normalized fertilizer earnings, along with a modestly higher assumed future P/E multiple. Analyst Commentary Recent Street research on Nutrien points to a mixed but generally constructive tone, with several bullish analysts raising price targets or upgrading the stock while others adopt a more cautious view on where fertilizer earnings may ultimately settle.
FNV
CA$308.54
Franco-Nevada
7D
3.4%
1Y
37.0%
Narrative Update • Jun 23

FNV: Cobre Panama Restart Will Underpin Future Cash Flow Upside

Franco-Nevada's analyst price target has been nudged higher to CA$417.41 from CA$410.64. Analysts point to upgraded ratings, modest tweaks to growth and discount rate assumptions, and expectations around the Cobre Panama restart as key supports for the revised outlook.
TD
CA$169.26
Toronto-Dominion Bank
7D
-1.0%
1Y
66.6%
Narrative Update • Jun 18

TD: Future Will Reflect Cost Controls AI Push And Mixed Execution

Toronto-Dominion Bank's analyst price target has moved higher, with the fair value estimate rising by CA$3.93 to CA$159.57. Analysts highlight recent target increases across the Street, supported by views of slightly stronger revenue growth, a modestly higher future P/E and firmer profit margins.