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Canadian (TSX) Market Analysis & Valuation

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies2211
  • 7D1.2%
  • 3M11.7%
  • 1Y29.9%
  • YTD4.8%

The market has climbed 1.2% in the last 7 days, lead by the Materials sector with a gain of 7.9%. The market is up 30% over the last 12 months. As for the next few years, earnings are expected to grow by 13% 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, 29 Jan 2026CA$5.2tCA$2.1tCA$224.0b17.4x23.2x2.4x
Sat, 27 Dec 2025CA$5.0tCA$2.1tCA$224.3b16.5x22.1x2.3x
Mon, 24 Nov 2025CA$4.7tCA$2.1tCA$224.6b15.9x20.9x2.2x
Wed, 22 Oct 2025CA$4.7tCA$2.2tCA$209.5b16.2x22.6x2.2x
Fri, 19 Sep 2025CA$4.6tCA$2.1tCA$208.7b16.4x22x2.1x
Sun, 17 Aug 2025CA$4.4tCA$2.1tCA$201.7b15.8x21.8x2.1x
Tue, 15 Jul 2025CA$4.3tCA$2.1tCA$191.8b16.1x22.5x2x
Thu, 12 Jun 2025CA$4.3tCA$2.1tCA$191.8b15.4x22.2x2x
Sat, 10 May 2025CA$4.0tCA$2.1tCA$179.9b14.7x22.5x1.9x
Mon, 07 Apr 2025CA$3.7tCA$2.1tCA$173.9b14x21.4x1.8x
Wed, 05 Mar 2025CA$4.0tCA$2.1tCA$172.2b14.5x23x1.8x
Fri, 31 Jan 2025CA$3.9tCA$2.1tCA$172.0b14.8x22.9x1.8x
Sun, 29 Dec 2024CA$3.9tCA$2.1tCA$169.2b14.1x22.9x1.8x
Tue, 26 Nov 2024CA$4.0tCA$2.1tCA$166.4b14.5x23.8x1.9x
Thu, 24 Oct 2024CA$3.9tCA$2.1tCA$167.9b15.4x23.4x1.9x
Sat, 21 Sep 2024CA$3.8tCA$2.1tCA$167.5b15.2x22.7x1.8x
Mon, 19 Aug 2024CA$3.7tCA$2.1tCA$170.0b14.7x21.7x1.8x
Wed, 17 Jul 2024CA$3.7tCA$2.0tCA$167.6b14x21.8x1.8x
Fri, 14 Jun 2024CA$3.5tCA$2.1tCA$167.4b14x20.9x1.7x
Sun, 12 May 2024CA$3.6tCA$2.1tCA$168.5b14x21.5x1.8x
Tue, 09 Apr 2024CA$3.6tCA$2.0tCA$174.2b14x20.5x1.7x
Thu, 07 Mar 2024CA$3.5tCA$2.1tCA$173.1b14.1x19.9x1.7x
Sat, 03 Feb 2024CA$3.4tCA$2.1tCA$170.5b13x19.9x1.6x
Mon, 01 Jan 2024CA$3.4tCA$2.1tCA$172.8b13.3x19.5x1.6x
Wed, 29 Nov 2023CA$3.2tCA$2.1tCA$178.6b11.8x18x1.5x
Fri, 27 Oct 2023CA$3.1tCA$2.1tCA$184.4b11.2x16.7x1.5x
Sun, 24 Sep 2023CA$3.2tCA$2.1tCA$184.3b11.7x17.4x1.5x
Tue, 22 Aug 2023CA$3.2tCA$2.1tCA$185.8b11.4x17.3x1.5x
Thu, 20 Jul 2023CA$3.3tCA$2.1tCA$199.6b11.5x16.5x1.6x
Sat, 17 Jun 2023CA$3.2tCA$2.1tCA$200.3b11.3x16.1x1.5x
Mon, 15 May 2023CA$3.3tCA$2.1tCA$206.5b10.9x15.9x1.5x
Wed, 12 Apr 2023CA$3.4tCA$2.1tCA$217.7b10.6x15.4x1.6x
Fri, 10 Mar 2023CA$3.3tCA$2.1tCA$220.8b10.9x15x1.6x
Sun, 05 Feb 2023CA$3.4tCA$2.1tCA$246.4b11.4x13.8x1.6x
Price to Earnings Ratio

13.8x


Total Market Cap: CA$3.4tTotal Earnings: CA$246.4bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.2x202420252026
Current Market PE
  • Investors are optimistic on the Canadian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 23.2x which is higher than its 3-year average PE of 20.2x.
Past Earnings Growth
  • The earnings for Canadian listed companies have declined 3.1% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Canadian Market?

CA Market1.18%
Materials7.88%
Energy3.19%
Utilities1.32%
Telecom0.30%
Tech0.22%
Financials-1.65%
Industrials-1.67%
Real Estate-1.79%
Healthcare-3.06%
Consumer Staples-3.34%
Consumer Discretionary-4.06%
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 23.6%, which is higher than its past year's earnings growth of 12.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 55% over the next 5 years.
  • This is better than its past earnings decline of 0.3% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 21% 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
WPM Wheaton Precious MetalsCA$211.6011.2%
+CA$9.7b		142.7%PE70.7xMaterials
ABX Barrick MiningCA$71.865.9%
+CA$6.8b		212.2%PE25xMaterials
CCO CamecoCA$181.667.3%
+CA$5.4b		151.4%PE150.4xEnergy
CLS CelesticaCA$467.129.1%
+CA$4.5b		222.2%PE55.3xTech
PAAS Pan American SilverCA$89.3113.0%
+CA$4.3b		174.0%PE43.8xMaterials
See more

Market Insights

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CP
CA$97.28
Canadian Pacific Kansas City
7D
-2.3%
1Y
-14.4%
PAAS
CA$89.31
Pan American Silver
7D
13.0%
1Y
174.0%

Sustained Silver at ~US$100/oz Drives Explosive Leverage and Re-Rating for PAAS

Pan American Silver (PAAS) stands to benefit enormously from a structural shift in the silver market, where I expect the price to stabilize long-term around US$100 per ounce (or higher), driven by persistent supply deficits (Silver Institute forecasts ongoing shortfalls through 2027+), surging industrial demand (solar PV, EVs, electronics, and AI-related applications consuming ever-larger volumes), and renewed monetary/investment interest amid inflation/geopolitical risks. Unlike conservative analyst models that often embed long-term silver assumptions of US$25–35/oz (leading to muted cash flow projections and lower fair values), my base case assumes silver averages ~US$100 over the forecast period.
ATD
CA$71.57
Alimentation Couche-Tard
7D
-5.4%
1Y
-5.9%

ATD: Self Distribution Buildout And Buybacks Will Support Future Upside

The updated analyst price target on Alimentation Couche-Tard reflects a modest adjustment, with a slightly lower fair value estimate of $83.43. Analysts are balancing higher modeled revenue growth and a small change in projected P/E with recent neutral and Outperform views across the Street.
RY
CA$225.93
Royal Bank of Canada
7D
-2.7%
1Y
28.3%

RY: Future Returns Will Rely On Leading ROE And Diversified Capital Actions

Narrative Update The analyst price target for Royal Bank of Canada has shifted higher, with recent Street research moving targets to a range of about C$224 to C$242. Analysts highlight the bank's leading ROE, large scale, diversified business mix, and relatively lower lending exposure as key supports for the updated valuations.
IFC
CA$247.37
Intact Financial
7D
-6.0%
1Y
-3.0%

IFC: Q3 Earnings Beat And Buybacks Will Support Undervalued Upside

Analysts have nudged their view higher on Intact Financial, with the consensus price target moving up by C$6 to C$318. They cited the recent Q3 earnings beat as support for slightly stronger revenue growth, revised profit margin assumptions, and a marginally lower discount rate and forward P/E in their models.
CCO
CA$181.66
Cameco
7D
7.3%
1Y
151.4%

CCO: Future Shareholder Value Will Be Shaped By Sector-Aligned Expectations

Analysts have raised their price target on Cameco from $151.63 to $156.12, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E that are broadly in line with recent Street research trends on target revisions elsewhere in the sector. Analyst Commentary Recent Street research across related names, including a price target adjustment for Clear Channel Outdoor, lines up with how analysts are thinking about Cameco.
TRI
CA$158.91
Thomson Reuters
7D
-4.4%
1Y
-34.0%

TRI: Trust In AI Alliance And Buybacks Will Support Future Upside

Analysts have raised their price target on Thomson Reuters to US$46.22 from US$45.52, citing slightly refined assumptions around the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News Thomson Reuters launched the Trust in AI Alliance through Thomson Reuters Labs, bringing together AI experts from industry and academia to work on trustworthy, agentic AI systems used in high stakes professional settings, with founding participants including Anthropic, AWS, Google Cloud, OpenAI and Thomson Reuters.
CNR
CA$133.70
Canadian National Railway
7D
-2.7%
1Y
-12.2%

CNR: Share Repurchases Will Support Earnings Compounding And Future Upside Potential

Analysts have made a small upward adjustment to their price target for Canadian National Railway, nudging it from C$154.95 to C$155.05 as they factor in updated assumptions around discount rates, revenue expectations, profit margin resilience and a slightly higher future P/E. What's in the News From July 1, 2025 to September 30, 2025, Canadian National Railway repurchased 7,700,000 shares for C$1,041m, representing 1.23% of its shares.
TRP
CA$78.78
TC Energy
7D
5.6%
1Y
20.3%

TRP: Extended 2028 Outlook And Project Execution Will Shape Medium Term Returns

Our analyst price target for TC Energy edges up by about C$0.40 to roughly C$79.20, reflecting Street analysts' higher targets in the C$78 to C$84 range and their view that the company has a solid pipeline of projects and medium term opportunities. Analyst Commentary Bullish Takeaways Bullish analysts see the recent upgrade and higher price targets, in the C$78 to C$84 range, as aligned with TC Energy's current project backlog and medium term plan.
TD
CA$126.90
Toronto-Dominion Bank
7D
-2.0%
1Y
53.2%

TD: Future Will Balance U.S. Asset Cap Fallout And Capital Returns

Analysts have nudged their average price target for Toronto Dominion Bank higher into the low C$120s, citing recent target increases from C$115 to C$122 at UBS, C$119 to C$122 at Canaccord, C$125 to C$132 at Scotiabank, and a new C$119 initiation. Together these changes reflect updated views on the bank's progress under new leadership and the current valuation after a 50% year to date share price move.
CLS
CA$467.12
Celestica
7D
9.1%
1Y
222.2%

CLS: Index Additions And AI Storage Exposure Will Support Future Upside

Analysts have nudged their fair value estimate for Celestica higher, from $546.16 to $555.29, citing updated assumptions around discount rate, revenue growth, profit margin, and future P/E that modestly refine their overall pricing outlook. What's in the News Celestica Inc.
K
CA$51.56
Kinross Gold
7D
5.6%
1Y
221.2%
IVN
CA$18.81
Ivanhoe Mines
7D
14.7%
1Y
18.6%

IVN: Higher Metals Price Assumptions Will Support Major Copper Production Ramp

Analysts have lifted their price targets on Ivanhoe Mines by roughly C$3 to reflect updated fair value estimates of about $22.86 versus $20.66 previously, citing refreshed metals price forecasts and a mixed macro backdrop, with softer Chinese demand but potential offset from recovering demand in the U.S. and Europe. Analyst Commentary Bullish analysts are framing the recent price target moves as a reset of fair value that better reflects updated metals price assumptions and Ivanhoe Mines' project portfolio.
ABX
CA$71.86
Barrick Mining
7D
5.9%
1Y
212.2%

ABX: Future Corporate Split Will Weigh On Shares Despite Stronger Outlook

Analysts have raised their price target on Barrick Mining from US$31.15 to US$42.23, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple as the key drivers of the revised outlook. What's in the News Barrick Mining plans a leadership change in the finance team, with board member Helen Cai set to become Chief Financial Officer on March 1, 2026, following the departure of current CFO Graham Shuttleworth after the 2025 year end results.
FFH
CA$2,221.68
Fairfax Financial Holdings
7D
-8.3%
1Y
13.0%

FFH: Global Index Additions And Higher P/E Assumptions Will Support Upside

Analysts have raised their blended price target on Fairfax Financial to about C$3,140 from roughly C$2,990, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E in light of recent target changes across the Street. Analyst Commentary Recent Street research on Fairfax Financial shows a mix of higher and lower price targets, but the common thread is that several firms continue to see upside potential at current levels.
WPM
CA$211.60
Wheaton Precious Metals
7D
11.2%
1Y
142.7%

WPM: Precious Metals Streams And Geopolitical Tensions Will Support Future Upside

Analysts have lifted their price targets on Wheaton Precious Metals into the low US$130s, with the updated fair value estimate of about US$259. This change is supported by expectations for stronger revenue growth, higher profit margins, a slightly higher discount rate, and a lower future P/E assumption.