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Canadian (TSX) Market Analysis & Valuation

UpdatedApr 24, 2026
DataAggregated Company Financials
Companies2198
  • 7D-0.3%
  • 3M2.5%
  • 1Y36.7%
  • YTD7.7%

Over the last 7 days, the market has remained flat, although notably the Materials sector declined by 4.1%. Meanwhile, the market is actually up 37% 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
Fri, 24 Apr 2026CA$5.4tCA$2.2tCA$241.1b16.8x22.2x2.5x
Sun, 22 Mar 2026CA$4.9tCA$2.1tCA$238.9b15.6x20.6x2.3x
Tue, 17 Feb 2026CA$5.2tCA$2.1tCA$228.5b17.4x22.9x2.4x
Thu, 15 Jan 2026CA$5.1tCA$2.1tCA$225.0b17x22.7x2.4x
Sat, 13 Dec 2025CA$4.9tCA$2.1tCA$224.8b16.2x21.8x2.3x
Mon, 10 Nov 2025CA$4.7tCA$2.1tCA$220.4b16.3x21.1x2.2x
Wed, 08 Oct 2025CA$4.8tCA$2.2tCA$209.3b16.6x22.7x2.2x
Fri, 05 Sep 2025CA$4.5tCA$2.1tCA$208.6b16.3x21.7x2.1x
Sun, 03 Aug 2025CA$4.3tCA$2.1tCA$195.2b15.8x22x2x
Tue, 01 Jul 2025CA$4.2tCA$2.1tCA$191.5b15.8x22.2x2x
Thu, 29 May 2025CA$4.2tCA$2.1tCA$191.6b14.9x21.9x2x
Sat, 26 Apr 2025CA$3.9tCA$2.1tCA$174.0b14.9x22.7x1.9x
Mon, 24 Mar 2025CA$4.0tCA$2.1tCA$173.6b14.9x22.9x1.9x
Wed, 19 Feb 2025CA$4.0tCA$2.1tCA$168.7b15.2x23.9x1.9x
Fri, 17 Jan 2025CA$3.9tCA$2.1tCA$171.2b14.7x22.5x1.8x
Sun, 15 Dec 2024CA$3.9tCA$2.1tCA$169.3b14.5x23.3x1.9x
Tue, 12 Nov 2024CA$3.9tCA$2.1tCA$167.5b14.8x23.4x1.8x
Thu, 10 Oct 2024CA$3.8tCA$2.1tCA$167.8b15.4x22.8x1.8x
Sat, 07 Sep 2024CA$3.6tCA$2.1tCA$167.4b14.8x21.8x1.7x
Mon, 05 Aug 2024CA$3.6tCA$2.1tCA$167.2b13.8x21.4x1.7x
Wed, 03 Jul 2024CA$3.5tCA$2.1tCA$166.4b14x21.2x1.7x
Fri, 31 May 2024CA$3.6tCA$2.1tCA$166.7b14.2x21.5x1.8x
Sun, 28 Apr 2024CA$3.5tCA$2.1tCA$173.1b13.9x20.4x1.7x
Tue, 26 Mar 2024CA$3.5tCA$2.0tCA$173.4b13.6x20.2x1.7x
Thu, 22 Feb 2024CA$3.4tCA$2.1tCA$175.0b13.6x19.5x1.6x
Sat, 20 Jan 2024CA$3.4tCA$2.1tCA$173.2b12.9x19.4x1.6x
Mon, 18 Dec 2023CA$3.3tCA$2.1tCA$172.9b12.4x19.1x1.6x
Wed, 15 Nov 2023CA$3.2tCA$2.1tCA$179.5b11.9x17.7x1.5x
Fri, 13 Oct 2023CA$3.2tCA$2.1tCA$185.2b11.5x17.2x1.5x
Sun, 10 Sep 2023CA$3.2tCA$2.1tCA$184.9b11.7x17.5x1.5x
Tue, 08 Aug 2023CA$3.3tCA$2.1tCA$184.4b11.7x17.8x1.6x
Thu, 06 Jul 2023CA$3.2tCA$2.1tCA$200.3b11.2x16.2x1.5x
Sat, 03 Jun 2023CA$3.2tCA$2.1tCA$200.0b11.1x16.2x1.5x
Mon, 01 May 2023CA$3.4tCA$2.1tCA$214.6b11.2x15.7x1.6x
Price to Earnings Ratio

15.7x


Total Market Cap: CA$3.4tTotal Earnings: CA$214.6bTotal 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 3.9% 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-0.32%
Telecom2.87%
Industrials2.74%
Consumer Discretionary1.53%
Consumer Staples1.08%
Energy0.74%
Healthcare0.51%
Financials0.48%
Utilities-1.11%
Real Estate-1.24%
Tech-2.13%
Materials-4.12%
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 21.1%, which is higher than its past year's earnings growth of 3.0% 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 8.7% 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
CP Canadian Pacific Kansas CityCA$118.087.5%
+CA$7.4b		16.6%PE25.6xIndustrials
CNR Canadian National RailwayCA$156.234.7%
+CA$4.3b		15.5%PE20.2xIndustrials
RCI.B Rogers CommunicationsCA$51.1311.9%
+CA$2.9b		46.2%PE3.9xTelecom
TD Toronto-Dominion BankCA$143.820.9%
+CA$2.2b		66.8%PB2xFinancials
BMO Bank of MontrealCA$207.661.5%
+CA$2.1b		56.9%PB1.7xFinancials
See more

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Latest News

RCI.B
CA$51.13
Rogers Communications
7D
11.9%
1Y
46.2%
GWO
CA$71.77
Great-West Lifeco
7D
3.2%
1Y
35.1%

GWO: Capital Returns And Mixed Ratings Will Shape Medium Term Re Rating

Analysts have nudged the blended CA$ fair value estimate for Great-West Lifeco to about CA$68.92 from CA$68.33, reflecting a mix of revised price targets across firms, including recent moves to CA$64 at RBC Capital, CA$66 at BMO Capital, and CA$71 at Scotiabank, while keeping core assumptions such as discount rate, revenue growth, profit margin, and future P/E broadly unchanged. Analyst Commentary Recent research updates cluster Great-West Lifeco's fair value views within a fairly tight CA$64 to CA$71 range, with rating stances spreading from Market Perform and Sector Perform to Outperform.
LUN
CA$37.53
Lundin Mining
7D
-8.5%
1Y
212.0%

LUN: Future Returns Will Balance Caserones Expansion With Copper Price Uncertainty

Analysts have modestly adjusted the Lundin Mining fair value estimate to CA$38.90 from CA$39.14. This reflects updated assumptions for revenue growth, profit margins and a slightly higher discount rate in light of mixed but generally higher recent Street price targets.
BMO
CA$207.66
Bank of Montreal
7D
1.5%
1Y
56.9%
FNV
CA$334.43
Franco-Nevada
7D
-5.4%
1Y
40.8%
TD
CA$143.82
Toronto-Dominion Bank
7D
0.9%
1Y
66.8%

TD: Future Will Reflect Easing Mortgage Risks And Mixed Earnings Execution

Toronto Dominion Bank's average analyst price target is updated to CA$140.43, reflecting a cluster of recent target revisions in roughly the CA$135 to CA$148 range as analysts factor in recent earnings, refreshed multi year estimates and bank sector views. Analyst Commentary Recent research updates on Toronto Dominion Bank cluster in a CA$135 to CA$148 target range, with a mix of Neutral, Market Perform, Sector Perform, Underweight and Outperform views.
CNQ
CA$62.21
Canadian Natural Resources
7D
-2.0%
1Y
52.9%

CNQ: Higher Dividend And Buybacks Will Shape Future Shareholder Returns

Analysts have lifted the fair value estimate for Canadian Natural Resources to CA$69.68 from CA$61.47, citing updated price targets across several firms, along with expectations for slightly positive revenue growth, a higher profit margin, and a modestly lower future P/E multiple. Analyst Commentary Recent Street research on Canadian Natural Resources shows a mix of optimism and caution, with several firms adjusting price targets and a few shifting ratings.
AGI
CA$60.19
Alamos Gold
7D
-9.3%
1Y
53.7%

AGI: Higher 2026 Metal Price Forecasts Will Support Dividend And Reserve Upside

Analysts have increased their CA$ price target on Alamos Gold by CA$8, citing updated metal price assumptions for 2026 and incremental adjustments to fair value, discount rate, margin and P/E inputs in their models. Analyst Commentary Recent research activity around Alamos Gold has centered on updated metal price assumptions for 2026 and refreshed valuation models, with several firms revising their price targets in both US$ and CA$ terms.
MG
CA$85.18
Magna International
7D
9.5%
1Y
80.5%

MG: Buybacks And Dividend Discipline Will Support 2026 Hybrid Platform Outlook

Analysts have nudged their price target on Magna International slightly lower to about CA$88.91 from roughly CA$89.42, reflecting small adjustments to forecasts for discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Magna introduced DHD REX, a dedicated hybrid drive for range extended electric vehicles, designed as a modular, single motor system with multiple operating modes and applicability across B to E segment vehicles, including SUVs (Key Developments).
ABX
CA$55.06
Barrick Mining
7D
-5.3%
1Y
104.7%

ABX: Reko Diq Review And Project Delays Will Shape Future Upside

Analysts have raised their CA$ fair value estimate for Barrick Mining from about CA$65.36 to about CA$71.61, citing updated assumptions around discount rates, revenue growth, margins, and a slightly lower future P/E multiple that together support the higher price target. Analyst Commentary Analysts are updating their views on Barrick Mining in the context of broader sector research that has recently featured valuation resets and rating changes for peers.
CSU
CA$2,501.03
Constellation Software
7D
-5.0%
1Y
-48.8%
K
CA$43.94
Kinross Gold
7D
-5.4%
1Y
116.3%

K: Future Buybacks And Steady Output Will Likely Drive Stronger Cash Returns

Analysts have trimmed their fair value estimate for Kinross Gold to CA$53.46 from CA$54.39, reflecting updated assumptions around revenue growth, profit margins, the discount rate, and future P/E levels. What's in the News The Board of Directors authorized a new share buyback plan on March 19, 2026, signaling continued use of repurchases as a capital management tool (Key Developments).
CNR
CA$156.23
Canadian National Railway
7D
4.7%
1Y
15.5%

CNR: Shareholder Returns And Infrastructure Stability Will Support Future Earnings Compounding

Analysts have inched their price target on Canadian National Railway lower by about CA$0.30 to CA$154.75, citing slightly more conservative assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Bullish Takeaways Bullish analysts focus on Canadian National Railway's ability to support their fair value work with detailed assumptions on revenue, margin profile, and P/E.
LUG
CA$102.35
Lundin Gold
7D
-8.8%
1Y
79.3%

LUG: Future Upside Will Depend On Higher Margins And Share Repurchases

Analysts have made a modest upward adjustment to the CA$-denominated price target for Lundin Gold, reflecting slightly higher fair value estimates supported by recent mixed target revisions from BMO Capital, Canaccord, Scotiabank and Veritas. Analyst Commentary Recent Street research shows a mix of revisions, but the common thread is that most price targets cluster in a relatively tight CA$115 to CA$125 range.
CCO
CA$169.47
Cameco
7D
2.7%
1Y
178.6%

CCO: Future Earnings Profile Will Reflect Premium Margins And Restrained P E Multiple

Analysts have lifted their CA$ price target for Cameco, citing slightly higher assumptions for revenue growth and profit margin, along with a modestly lower future P/E multiple in their updated models. Analyst Commentary Analysts have refreshed their models for Cameco and are using slightly revised assumptions for growth, profitability and valuation multiples to frame where the shares could trade over time.
CP
CA$118.08
Canadian Pacific Kansas City
7D
7.5%
1Y
16.6%