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Canadian (TSX) Market Analysis & Valuation

UpdatedMay 26, 2026
DataAggregated Company Financials
Companies2193
  • 7D2.5%
  • 3M3.5%
  • 1Y33.9%
  • YTD11.4%

The market is up 2.5% over the last week, with the Financials sector leading the way, up 4.0%. The market is up 34% over the last 12 months. 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, 26 May 2026CA$5.5tCA$2.2tCA$247.1b16.6x22.1x2.5x
Thu, 23 Apr 2026CA$5.3tCA$2.2tCA$240.8b16.8x22.1x2.4x
Sat, 21 Mar 2026CA$5.0tCA$2.1tCA$238.9b15.6x20.9x2.3x
Mon, 16 Feb 2026CA$5.2tCA$2.1tCA$228.5b17.4x22.9x2.4x
Wed, 14 Jan 2026CA$5.1tCA$2.1tCA$225.0b16.9x22.7x2.4x
Fri, 12 Dec 2025CA$4.9tCA$2.1tCA$224.8b16.1x21.7x2.3x
Sun, 09 Nov 2025CA$4.7tCA$2.1tCA$220.4b16.3x21.1x2.2x
Tue, 07 Oct 2025CA$4.8tCA$2.2tCA$209.3b16.7x22.7x2.2x
Thu, 04 Sep 2025CA$4.5tCA$2.1tCA$208.5b16.2x21.6x2.1x
Sat, 02 Aug 2025CA$4.3tCA$2.1tCA$194.6b15.8x22.2x2x
Mon, 30 Jun 2025CA$4.2tCA$2.1tCA$191.7b15.7x22.1x2x
Wed, 28 May 2025CA$4.2tCA$2.1tCA$191.7b14.7x21.7x2x
Fri, 25 Apr 2025CA$3.9tCA$2.1tCA$173.1b15.1x22.6x1.9x
Sun, 23 Mar 2025CA$4.0tCA$2.1tCA$173.4b14.9x22.9x1.9x
Tue, 18 Feb 2025CA$4.0tCA$2.1tCA$168.6b15x23.9x1.9x
Thu, 16 Jan 2025CA$3.8tCA$2.1tCA$170.9b14.5x22.4x1.8x
Sat, 14 Dec 2024CA$4.0tCA$2.1tCA$169.3b14.4x23.4x1.9x
Mon, 11 Nov 2024CA$3.9tCA$2.1tCA$167.7b14.8x23.4x1.8x
Wed, 09 Oct 2024CA$3.8tCA$2.1tCA$167.8b15.3x22.9x1.8x
Fri, 06 Sep 2024CA$3.7tCA$2.1tCA$167.6b15x22x1.8x
Sun, 04 Aug 2024CA$3.6tCA$2.1tCA$167.2b13.8x21.4x1.7x
Tue, 02 Jul 2024CA$3.5tCA$2.1tCA$166.6b14x21.2x1.7x
Thu, 30 May 2024CA$3.6tCA$2.1tCA$165.9b14.2x21.8x1.8x
Sat, 27 Apr 2024CA$3.5tCA$2.1tCA$173.1b13.9x20.4x1.7x
Mon, 25 Mar 2024CA$3.5tCA$2.0tCA$173.5b13.6x20.2x1.7x
Wed, 21 Feb 2024CA$3.4tCA$2.1tCA$177.5b13x19.2x1.6x
Fri, 19 Jan 2024CA$3.3tCA$2.1tCA$173.3b12.7x19.3x1.6x
Sun, 17 Dec 2023CA$3.3tCA$2.1tCA$172.9b12.4x19.3x1.6x
Tue, 14 Nov 2023CA$3.2tCA$2.1tCA$179.0b11.9x17.7x1.5x
Thu, 12 Oct 2023CA$3.2tCA$2.1tCA$185.1b11.6x17.2x1.5x
Sat, 09 Sep 2023CA$3.3tCA$2.1tCA$184.9b11.7x17.6x1.5x
Mon, 07 Aug 2023CA$3.3tCA$2.1tCA$186.2b11.7x17.6x1.6x
Wed, 05 Jul 2023CA$3.2tCA$2.1tCA$193.3b11.2x16.4x1.5x
Fri, 02 Jun 2023CA$3.2tCA$2.1tCA$200.1b11.2x15.9x1.5x
Price to Earnings Ratio

15.9x


Total Market Cap: CA$3.2tTotal Earnings: CA$200.1bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21x202420252026
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 21.0x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 7.3% 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 Market2.45%
Tech7.32%
Financials4.02%
Consumer Discretionary3.83%
Telecom3.55%
Real Estate3.14%
Utilities3.07%
Industrials2.94%
Materials2.07%
Healthcare2.01%
Consumer Staples1.55%
Energy-1.21%
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 22.1%, which is higher than its past year's earnings growth of 2.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 47% over the next 5 years.
  • This is better than its past earnings growth rate of 4.1% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 8.1% 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
RY Royal Bank of CanadaCA$264.154.6%
+CA$16.3b		49.8%PB2.9xFinancials
TD Toronto-Dominion BankCA$156.565.6%
+CA$13.8b		67.6%PB2.1xFinancials
BMO Bank of MontrealCA$224.536.9%
+CA$10.3b		56.1%PB1.9xFinancials
ENB EnbridgeCA$79.734.7%
+CA$7.9b		25.6%PE27xEnergy
CM Canadian Imperial Bank of CommerceCA$160.764.8%
+CA$6.8b		71.2%PB2.3xFinancials
See more

Market Insights

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GMIN
CA$43.70
G Mining Ventures
7D
-8.1%
1Y
115.7%
IMO
CA$178.65
Imperial Oil
7D
-3.6%
1Y
81.2%
CVE
CA$39.78
Cenovus Energy
7D
-6.2%
1Y
109.7%
Narrative Update • May 25

CVE: Future Cash Returns And Project Execution Will Shape Risk Balance

Cenovus Energy's fair value estimate has shifted from CA$42.00 to CA$45.47 as analysts factor in higher price targets across the Street and updated assumptions around future revenue growth, profit margins, and a lower future P/E multiple. Analyst Commentary Bullish and cautious views around Cenovus Energy center on how effectively the company can translate future project ramp ups and commodity price trends into sustainable cash generation and whether the current valuation already embeds much of that potential.
ENB
CA$79.73
Enbridge
7D
4.7%
1Y
25.6%
TD
CA$156.56
Toronto-Dominion Bank
7D
5.6%
1Y
67.6%
SCR
CA$44.97
Strathcona Resources
7D
-7.3%
1Y
54.5%
Narrative Update • May 21

SCR: Higher Fair Value And Buyback Plan Will Shape Heavy Oil Outlook

The updated fair value estimate for Strathcona Resources increases from CA$30.78 to CA$50.40. This reflects analysts' higher CA$54 and other revised price targets, along with updated views on revenue growth, margins and a lower future P/E multiple.
FM
CA$39.80
First Quantum Minerals
7D
14.2%
1Y
90.2%
NTR
CA$96.62
Nutrien
7D
-1.9%
1Y
18.6%
Narrative Update • May 20

NTR: Tighter Fertilizer Markets And DOJ Probe Will Guide Future Returns

Analysts have trimmed the fair value estimate for Nutrien to CA$92.08 from CA$95.15, reflecting slightly lower revenue and margin assumptions, even as recent research points to mixed price target changes across the Street. Analyst Commentary Recent Street research presents a mixed picture, with some firms lifting price targets and ratings while others trim expectations or shift to a more cautious stance.
RY
CA$264.15
Royal Bank of Canada
7D
4.6%
1Y
49.8%
Narrative Update • May 19

RY: Future Returns Will Rely On Lower Volatility Earnings And Disciplined AI Use

Royal Bank of Canada's updated fair value estimate edges up from CA$245.07 to CA$250.25, as analysts lift price targets into the CA$244 to CA$265.50 range. They highlight the bank's diversified, lower volatility earnings profile that may offer steadier performance but, in their view, less relative upside than some peers in a stronger trading revenue setting.
ABX
CA$58.57
Barrick Mining
7D
4.9%
1Y
124.5%
SU
CA$90.27
Suncor Energy
7D
-4.0%
1Y
83.2%
CNQ
CA$64.80
Canadian Natural Resources
7D
-1.9%
1Y
51.4%
Analysis Article • May 17

Canadian Natural Resources (TSE:CNQ) Strong Profits May Be Masking Some Underlying Issues

The recent earnings posted by Canadian Natural Resources Limited ( TSE:CNQ ) were solid, but the stock didn't move as...
CM
CA$160.76
Canadian Imperial Bank of Commerce
7D
4.8%
1Y
71.2%
BNS
CA$110.98
Bank of Nova Scotia
7D
4.5%
1Y
54.7%
TOU
CA$65.26
Tourmaline Oil
7D
-3.3%
1Y
1.8%
BMO
CA$224.53
Bank of Montreal
7D
6.9%
1Y
56.1%
Narrative Update • May 14

BMO: Future Returns Will Reflect ROE Expansion Plans And Tech Risk Management

Analysts have nudged the Bank of Montreal fair value estimate higher, with a modest move in the price target supported by a series of recent CA$1 to CA$13 target hikes across the Street, as firms refresh their models around earnings, return on equity plans, and U.S. loan growth assumptions. Analyst Commentary Recent research updates sketch out a mixed backdrop for Bank of Montreal, with most firms lifting price targets while one firm has turned more cautious on the stock.