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Canadian (TSX) Market Analysis & Valuation

UpdatedAug 25, 2026
DataAggregated Company Financials
Companies2205
  • 7D-0.02%
  • 3M4.1%
  • 1Y30.1%
  • YTD15.5%

The Materials sector gained 10.0% while the market remained flat over the last week. As for the longer term, the market has risen 30% 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
Tue, 25 Aug 2026CA$5.7tCA$2.3tCA$255.3b17.3x22.3x2.5x
Thu, 23 Jul 2026CA$5.5tCA$2.2tCA$242.4b16.9x22.9x2.5x
Sat, 20 Jun 2026CA$5.5tCA$2.2tCA$244.9b16.1x22.5x2.5x
Mon, 18 May 2026CA$5.4tCA$2.2tCA$245.9b16.8x21.9x2.4x
Wed, 15 Apr 2026CA$5.3tCA$2.2tCA$241.2b17x22.2x2.4x
Fri, 13 Mar 2026CA$5.2tCA$2.1tCA$239.6b16.3x21.7x2.4x
Sun, 08 Feb 2026CA$5.1tCA$2.1tCA$226.8b17.4x22.6x2.4x
Tue, 06 Jan 2026CA$5.0tCA$2.1tCA$224.5b16.4x22.3x2.3x
Thu, 04 Dec 2025CA$4.8tCA$2.1tCA$224.6b16.2x21.5x2.3x
Sat, 01 Nov 2025CA$4.7tCA$2.2tCA$216.1b16.3x21.7x2.2x
Mon, 29 Sep 2025CA$4.7tCA$2.2tCA$209.3b16.3x22.3x2.2x
Wed, 27 Aug 2025CA$4.4tCA$2.1tCA$202.9b16.1x21.9x2.1x
Fri, 25 Jul 2025CA$4.4tCA$2.1tCA$190.6b16.3x22.9x2.1x
Sun, 22 Jun 2025CA$4.3tCA$2.1tCA$191.8b15.3x22.3x2x
Tue, 20 May 2025CA$4.1tCA$2.1tCA$183.5b14.4x22.2x1.9x
Thu, 17 Apr 2025CA$3.8tCA$2.1tCA$173.1b15.2x22.2x1.8x
Sat, 15 Mar 2025CA$3.9tCA$2.1tCA$174.3b14.9x22.1x1.8x
Mon, 10 Feb 2025CA$4.0tCA$2.1tCA$168.6b14.6x24x1.9x
Wed, 08 Jan 2025CA$3.9tCA$2.1tCA$171.0b14.5x22.7x1.8x
Fri, 06 Dec 2024CA$4.0tCA$2.1tCA$169.1b14.6x23.6x1.9x
Sun, 03 Nov 2024CA$3.9tCA$2.1tCA$168.8b14.9x22.8x1.8x
Tue, 01 Oct 2024CA$3.8tCA$2.1tCA$167.7b15.4x22.8x1.8x
Thu, 29 Aug 2024CA$3.7tCA$2.1tCA$166.5b14.9x22.4x1.8x
Sat, 27 Jul 2024CA$3.6tCA$2.1tCA$167.8b14.2x21.7x1.8x
Mon, 24 Jun 2024CA$3.5tCA$2.1tCA$166.9b14.1x20.8x1.7x
Wed, 22 May 2024CA$3.6tCA$2.0tCA$167.0b14.2x21.8x1.8x
Fri, 19 Apr 2024CA$3.5tCA$2.1tCA$174.7b13.9x20x1.7x
Sun, 17 Mar 2024CA$3.5tCA$2.1tCA$173.4b13.5x20.2x1.7x
Tue, 13 Feb 2024CA$3.4tCA$2.1tCA$176.8b13.3x19x1.6x
Thu, 11 Jan 2024CA$3.4tCA$2.1tCA$173.3b13x19.5x1.6x
Sat, 09 Dec 2023CA$3.3tCA$2.1tCA$172.3b12.2x18.9x1.6x
Mon, 06 Nov 2023CA$3.2tCA$2.1tCA$180.7b12.1x17.7x1.5x
Wed, 04 Oct 2023CA$3.1tCA$2.1tCA$185.4b11.3x16.8x1.5x
Fri, 01 Sep 2023CA$3.3tCA$2.1tCA$184.6b11.8x17.7x1.5x
Price to Earnings Ratio

17.7x


Total Market Cap: CA$3.3tTotal Earnings: CA$184.6bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21.5x202420252026
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 21.5x.
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 3.1% 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-0.021%
Materials9.96%
Energy0.74%
Real Estate0.41%
Healthcare0.39%
Telecom0.29%
Industrials-0.87%
Consumer Staples-0.94%
Consumer Discretionary-1.48%
Tech-2.77%
Utilities-3.04%
Financials-4.55%
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 24.4%, which is higher than its past year's earnings growth of 7.8% 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 4.3% 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$221.9417.1%
+CA$14.7b		67.6%PE35.5xMaterials
ABX Barrick MiningCA$66.6313.0%
+CA$12.6b		82.8%PE12.1xMaterials
K Kinross GoldCA$45.6118.6%
+CA$8.5b		66.8%PE12.3xMaterials
FNV Franco-NevadaCA$374.0113.1%
+CA$8.3b		47.7%PE35.3xMaterials
TRI Thomson ReutersCA$150.219.3%
+CA$5.5b		-39.6%PE28xIndustrials
See more

Market Insights

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Latest News

K
CA$45.61
Kinross Gold
7D
18.6%
1Y
66.8%
BNS
CA$120.29
Bank of Nova Scotia
7D
-5.1%
1Y
51.3%
BMO
CA$238.63
Bank of Montreal
7D
-7.2%
1Y
51.2%
CNQ
CA$70.27
Canadian Natural Resources
7D
2.8%
1Y
63.3%
ABX
CA$66.63
Barrick Mining
7D
13.0%
1Y
82.8%
FNV
CA$374.01
Franco-Nevada
7D
13.1%
1Y
47.7%
TRI
CA$150.21
Thomson Reuters
7D
9.3%
1Y
-39.6%
WPM
CA$221.94
Wheaton Precious Metals
7D
17.1%
1Y
67.6%
CM
CA$159.26
Canadian Imperial Bank of Commerce
7D
-7.1%
1Y
58.2%
NTR
CA$102.87
Nutrien
7D
8.6%
1Y
27.3%
Narrative Update • Aug 21

NTR: Potash Stability And Capital Discipline Will Shape Balanced Forward Returns

Analysts have trimmed the Nutrien fair value estimate from CA$110.93 to CA$107.49. Recent price target cuts across the Street reflect a cautious view on near term fertilizer pricing and margins, even as many still highlight steady demand, potash resilience and capital discipline as support for the stock.
TD
CA$161.42
Toronto-Dominion Bank
7D
-6.4%
1Y
57.8%
Narrative Update • Aug 20

TD: Future Will Reflect AI Use Capital Markets Momentum And Execution Risk

Analysts have lifted the fair value estimate for Toronto Dominion Bank to CA$170.38 from CA$163, reflecting revised targets across the Canadian bank sector and continued support from capital markets and wealth revenue trends. Analyst Commentary Recent Street research on Toronto Dominion Bank points to a cluster of higher price targets, which lines up with the revised fair value estimate.
RY
CA$282.62
Royal Bank of Canada
7D
-5.8%
1Y
49.6%
TECK.B
CA$97.26
Teck Resources
7D
8.1%
1Y
110.7%
NA
CA$217.06
National Bank of Canada
7D
-6.3%
1Y
44.2%
Narrative Update • Aug 13

NA: Future Returns Will Reflect Dividend Support And Measured Repricing Of Earnings Multiples

Analysts have nudged the National Bank of Canada fair value estimate higher, with the target moving from about CA$206.54 to CA$213.38 as they recalibrate P/E expectations and factor in recent sector wide price target revisions across Canadian banks. Analyst Commentary Recent Street research on National Bank of Canada shows a wide range of price targets, even as most firms revisit their assumptions on P/E, operating leverage and revenue trends across Canadian banks.
CLS
CA$407.36
Celestica
7D
-13.6%
1Y
52.4%
ATD
CA$85.99
Alimentation Couche-Tard
7D
-5.0%
1Y
23.5%
New Narrative • Aug 02

Can they absorb Zabka Group?

Couche-Tard sits inside the top tenth of the TGI watchlist on the primary rank and higher still on dividend growth, with a payout ratio near ten percent. It arrived there in the same three months it agreed to acquire Poland's Żabka Group for approximately US$8.6 billion, the largest acquisition in its history, funded entirely with debt, and the first network it has promised not to absorb.