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Canadian (TSX) Market Analysis & Valuation

UpdatedSep 10, 2026
DataAggregated Company Financials
Companies2207
  • 7D-0.1%
  • 3M3.1%
  • 1Y23.9%
  • YTD13.6%

In the last week, the market has been flat. As for the longer term, the market has risen 24% in the past 12 months. 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
Thu, 10 Sep 2026CA$5.6tCA$2.3tCA$255.7b17.2x22x2.4x
Sat, 08 Aug 2026CA$5.6tCA$2.3tCA$253.0b16.6x22.2x2.4x
Mon, 06 Jul 2026CA$5.5tCA$2.3tCA$245.7b16.5x22.5x2.5x
Wed, 03 Jun 2026CA$5.5tCA$2.2tCA$243.4b16.6x22.5x2.5x
Fri, 01 May 2026CA$5.3tCA$2.2tCA$240.7b16.5x21.9x2.4x
Sun, 29 Mar 2026CA$5.0tCA$2.2tCA$240.7b15.7x20.9x2.3x
Tue, 24 Feb 2026CA$5.3tCA$2.1tCA$235.3b17.3x22.5x2.5x
Thu, 22 Jan 2026CA$5.1tCA$2.1tCA$224.9b17.4x22.7x2.4x
Sat, 20 Dec 2025CA$4.9tCA$2.1tCA$224.7b16.4x21.7x2.3x
Mon, 17 Nov 2025CA$4.7tCA$2.1tCA$224.3b16x21x2.2x
Wed, 15 Oct 2025CA$4.7tCA$2.2tCA$209.6b16.7x22.3x2.2x
Fri, 12 Sep 2025CA$4.6tCA$2.1tCA$208.5b16.3x22x2.1x
Sun, 10 Aug 2025CA$4.4tCA$2.1tCA$201.9b15.7x21.6x2x
Tue, 08 Jul 2025CA$4.3tCA$2.1tCA$191.6b16x22.5x2x
Thu, 05 Jun 2025CA$4.2tCA$2.1tCA$191.8b15.5x21.9x2x
Sat, 03 May 2025CA$4.0tCA$2.1tCA$175.5b14.8x22.5x1.9x
Mon, 31 Mar 2025CA$3.9tCA$2.1tCA$173.8b15x22.7x1.9x
Wed, 26 Feb 2025CA$4.0tCA$2.1tCA$168.8b14.8x23.6x1.9x
Fri, 24 Jan 2025CA$3.9tCA$2.1tCA$171.2b15x23x1.8x
Sun, 22 Dec 2024CA$3.8tCA$2.1tCA$169.1b13.8x22.7x1.8x
Tue, 19 Nov 2024CA$3.9tCA$2.1tCA$167.6b14.5x23.2x1.8x
Thu, 17 Oct 2024CA$3.9tCA$2.1tCA$168.0b15.6x23.2x1.9x
Sat, 14 Sep 2024CA$3.8tCA$2.1tCA$167.4b15.1x22.4x1.8x
Mon, 12 Aug 2024CA$3.6tCA$2.1tCA$170.3b14.3x21x1.7x
Wed, 10 Jul 2024CA$3.6tCA$2.0tCA$166.5b13.9x21.4x1.7x
Fri, 07 Jun 2024CA$3.6tCA$2.0tCA$167.3b14.4x21.4x1.8x
Sun, 05 May 2024CA$3.5tCA$2.1tCA$172.9b14x20.4x1.7x
Tue, 02 Apr 2024CA$3.5tCA$2.0tCA$173.3b13.9x20.5x1.7x
Thu, 29 Feb 2024CA$3.4tCA$2.1tCA$172.2b13.7x19.8x1.7x
Sat, 27 Jan 2024CA$3.4tCA$2.1tCA$173.9b12.8x19.6x1.6x
Mon, 25 Dec 2023CA$3.4tCA$2.1tCA$172.8b13.2x19.5x1.6x
Wed, 22 Nov 2023CA$3.2tCA$2.1tCA$179.8b12x18x1.6x
Fri, 20 Oct 2023CA$3.1tCA$2.1tCA$185.3b11.5x17x1.5x
Sun, 17 Sep 2023CA$3.3tCA$2.1tCA$184.5b11.9x18x1.6x
Price to Earnings Ratio

18x


Total Market Cap: CA$3.3tTotal Earnings: CA$184.5bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21.6x202420252026
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 21.6x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 11% per year over the last three years.
  • Revenues for these companies have grown 3.2% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Canadian Market?

CA Market-0.12%
Materials2.39%
Utilities0.92%
Healthcare0.70%
Energy0.32%
Tech-0.15%
Telecom-0.27%
Consumer Staples-0.31%
Real Estate-0.58%
Industrials-0.67%
Consumer Discretionary-0.76%
Financials-1.60%
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 25.2%, which is higher than its past year's earnings growth of 13.2% 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 growth rate of 1.3% per year.
  • In contrast, the Utilities sector is expected to see its earnings grow by 4.5% 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
CLS CelesticaCA$460.1819.8%
+CA$8.7b		31.2%PE34.3xTech
WPM Wheaton Precious MetalsCA$216.783.9%
+CA$3.7b		48.2%PE34.8xMaterials
IVN Ivanhoe MinesCA$13.4615.8%
+CA$2.6b		5.8%PE101.1xMaterials
CCO CamecoCA$138.804.0%
+CA$2.3b		25.9%PE170.3xEnergy
FM First Quantum MineralsCA$46.306.4%
+CA$2.3b		82.8%PS4.8xMaterials
See more

Market Insights

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Fresh 13F filings are where some investors go to find their next stock pick. The problem is it's missing some of the most important details for making a good investment.
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Great earnings season, but are the earnings real?

Latest News

CLS
CA$460.18
Celestica
7D
19.8%
1Y
31.2%
BAM
CA$65.94
Brookfield Asset Management
7D
-4.1%
1Y
-14.6%
BNS
CA$127.29
Bank of Nova Scotia
7D
-1.4%
1Y
43.7%
IVN
CA$13.46
Ivanhoe Mines
7D
15.8%
1Y
5.8%
Narrative Update • Sep 09

IVN: Copper And Zinc Delivery Should Support A Patiently Balanced Re Rating

Ivanhoe Mines' updated fair value estimate shifts to CA$12.78 from CA$12.31. This reflects analysts' recent adjustments to price targets in the CA$12 to CA$13.20 range as they balance expectations for long term copper growth potential with near term margin pressure from lower gold prices and higher diesel costs.
TRI
CA$133.95
Thomson Reuters
7D
-8.6%
1Y
-44.2%
Narrative Update • Sep 08

TRI: Proprietary Legal AI Platform Will Drive Future Upside Potential

Analysts have modestly reduced their CA$ fair value estimate for Thomson Reuters to about CA$174 from roughly CA$179, while pointing to slightly higher projected revenue growth, a stable profit margin near 24% and a P/E assumption close to 27x as the key inputs behind this updated price target view. What's in the News for Thomson Reuters Thomson Reuters launched its first proprietary large language model, called Thomson.
RY
CA$285.59
Royal Bank of Canada
7D
-0.8%
1Y
42.8%
IFC
CA$258.17
Intact Financial
7D
-4.9%
1Y
-6.9%
TECK.B
CA$97.28
Teck Resources
7D
4.8%
1Y
73.4%
CVE
CA$46.21
Cenovus Energy
7D
1.8%
1Y
95.1%
BN
CA$53.25
Brookfield
7D
-3.2%
1Y
-14.1%
CCO
CA$138.80
Cameco
7D
4.0%
1Y
25.9%
LUN
CA$37.26
Lundin Mining
7D
5.2%
1Y
128.3%
Narrative Update • Sep 03

LUN: Future Returns Will Reflect Caserones Recovery And Vicuña Project Progress

The updated analyst price target for Lundin Mining edges lower to CA$41.45 from CA$42.43, reflecting slightly more cautious revenue assumptions and a higher discount rate, partly offset by firm profit margin expectations and mixed Street targets that range from CA$39 to CA$47. Analyst Commentary Recent Street research on Lundin Mining shows a wide range of views on both upside potential and execution risk.
TD
CA$164.70
Toronto-Dominion Bank
7D
-2.1%
1Y
56.5%
Narrative Update • Sep 03

TD: Future Will Balance AI Use With Capital Markets Momentum Risks

Analysts have nudged their fair value estimate for Toronto Dominion Bank higher to CA$179.14 from CA$170.38, reflecting updated assumptions around revenue growth, profit margins, valuation multiples, and a lower discount rate following a series of recent price target increases across the Street. Analyst Commentary Street research on Toronto Dominion Bank points to a mixed but generally constructive view.
CSU
CA$2,801.99
Constellation Software
7D
-8.0%
1Y
-36.6%
FM
CA$46.30
First Quantum Minerals
7D
6.4%
1Y
82.8%
Narrative Update • Aug 26

FM: Cobre Panama Restart And Taca Taca Partnership Talks Will Drive Future Re Rating

The analyst price target for First Quantum Minerals has been adjusted slightly lower, with a modest fair value change that is consistent with recent Street revisions. These reflect mixed price target moves around CA$41 to CA$55, updated revenue growth and profit margin assumptions, and a higher future P/E estimate.
WPM
CA$216.78
Wheaton Precious Metals
7D
3.9%
1Y
48.2%
Narrative Update • Aug 26

WPM: Future Streaming Deals And Production Outlook Will Support Upside Potential

Analysts now place the fair value for Wheaton Precious Metals at about CA$346.14 compared with CA$309.07 previously, reflecting updated assumptions around revenue, profit margins and future P/E following recent price target revisions and commodity price outlook changes across the Street. Analyst Commentary Recent research on Wheaton Precious Metals shows a cluster of lower price targets, but many bullish analysts still describe the stock as attractive within the precious metals royalty space.