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Canadian (TSX) Market Analysis & Valuation

UpdatedAug 28, 2026
DataAggregated Company Financials
Companies2205
  • 7D1.1%
  • 3M4.6%
  • 1Y29.0%
  • YTD15.6%

The market is up 1.1% over the last week, with the Materials sector leading the way, up 4.9%. In contrast, the Consumer Discretionary sector is lagging, dropping 3.5%. In the last year, the market has climbed 29%. 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
Sat, 29 Aug 2026CA$5.7tCA$2.3tCA$255.5b17.3x22.4x2.5x
Mon, 27 Jul 2026CA$5.6tCA$2.3tCA$201.2b16.8x27.6x2.5x
Wed, 24 Jun 2026CA$5.5tCA$2.2tCA$245.0b15.9x22.5x2.5x
Fri, 22 May 2026CA$5.4tCA$2.2tCA$246.4b16.4x22x2.4x
Sun, 19 Apr 2026CA$5.4tCA$2.2tCA$241.0b16.9x22.4x2.5x
Tue, 17 Mar 2026CA$5.1tCA$2.1tCA$240.6b16.1x21.3x2.4x
Thu, 12 Feb 2026CA$5.2tCA$2.1tCA$226.9b17.6x23x2.4x
Sat, 10 Jan 2026CA$5.0tCA$2.1tCA$225.0b16.8x22.3x2.3x
Mon, 08 Dec 2025CA$4.9tCA$2.1tCA$225.3b16.1x21.6x2.3x
Wed, 05 Nov 2025CA$4.7tCA$2.1tCA$215.5b16.1x21.7x2.2x
Fri, 03 Oct 2025CA$4.7tCA$2.2tCA$209.3b16.6x22.5x2.2x
Sun, 31 Aug 2025CA$4.5tCA$2.1tCA$207.8b16x21.7x2.1x
Tue, 29 Jul 2025CA$4.4tCA$2.1tCA$191.2b16.4x22.9x2.1x
Thu, 26 Jun 2025CA$4.2tCA$2.1tCA$191.8b15.4x22.1x2x
Sat, 24 May 2025CA$4.1tCA$2.1tCA$190.5b14.8x21.4x1.9x
Mon, 21 Apr 2025CA$3.9tCA$2.1tCA$173.0b14.7x22.4x1.8x
Wed, 19 Mar 2025CA$3.9tCA$2.1tCA$174.3b14.8x22.6x1.8x
Fri, 14 Feb 2025CA$4.0tCA$2.1tCA$172.3b14.9x23.5x1.9x
Sun, 12 Jan 2025CA$3.9tCA$2.1tCA$171.3b14.5x22.5x1.8x
Tue, 10 Dec 2024CA$4.0tCA$2.1tCA$169.2b14.8x23.6x1.9x
Thu, 07 Nov 2024CA$3.9tCA$2.1tCA$169.4b15x22.9x1.8x
Sat, 05 Oct 2024CA$3.8tCA$2.1tCA$167.4b15.4x22.8x1.8x
Mon, 02 Sep 2024CA$3.7tCA$2.1tCA$167.6b15.4x22.3x1.8x
Wed, 31 Jul 2024CA$3.7tCA$2.1tCA$168.0b14.2x21.8x1.8x
Fri, 28 Jun 2024CA$3.5tCA$2.1tCA$166.5b14.1x21.1x1.7x
Sun, 26 May 2024CA$3.6tCA$2.0tCA$166.4b14.2x21.8x1.8x
Tue, 23 Apr 2024CA$3.5tCA$2.1tCA$174.7b13.8x20.1x1.7x
Thu, 21 Mar 2024CA$3.5tCA$2.1tCA$173.4b13.5x20.2x1.7x
Sat, 17 Feb 2024CA$3.4tCA$2.1tCA$175.2b13.1x19.4x1.6x
Mon, 15 Jan 2024CA$3.4tCA$2.1tCA$173.1b12.9x19.5x1.6x
Wed, 13 Dec 2023CA$3.2tCA$2.1tCA$172.5b12.1x18.8x1.6x
Fri, 10 Nov 2023CA$3.1tCA$2.1tCA$178.5b11.8x17.6x1.5x
Sun, 08 Oct 2023CA$3.1tCA$2.1tCA$185.3b11.2x16.9x1.5x
Tue, 05 Sep 2023CA$3.3tCA$2.1tCA$184.7b11.8x17.9x1.6x
Price to Earnings Ratio

17.9x


Total Market Cap: CA$3.3tTotal Earnings: CA$184.7bTotal 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 Market1.14%
Materials4.89%
Tech2.51%
Financials1.56%
Healthcare-0.24%
Energy-0.42%
Telecom-0.46%
Industrials-0.77%
Consumer Staples-1.23%
Real Estate-1.89%
Utilities-2.36%
Consumer Discretionary-3.54%
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 24.3%, 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 44% 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 4.6% 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
TD Toronto-Dominion BankCA$168.614.6%
+CA$9.9b		63.5%PB2.2xFinancials
BNS Bank of Nova ScotiaCA$128.366.5%
+CA$9.5b		49.7%PB1.8xFinancials
CSU Constellation SoftwareCA$3.16k4.0%
+CA$2.6b		-30.5%PE50.2xTech
MFC Manulife FinancialCA$59.561.6%
+CA$1.6b		41.0%PE15.9xFinancials
GWO Great-West LifecoCA$90.381.8%
+CA$1.5b		66.1%PE18.2xFinancials
See more

Market Insights

Header cover image
At first glance, this was the strongest earnings season in years. But when you look at where the growth actually came from, the story splits into two very different pictures.
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Latest News

RY
CA$284.17
Royal Bank of Canada
7D
0.6%
1Y
42.4%
IMO
CA$181.34
Imperial Oil
7D
-4.6%
1Y
45.5%
TD
CA$168.61
Toronto-Dominion Bank
7D
4.6%
1Y
63.5%
GFL
CA$59.54
GFL Environmental
7D
5.2%
1Y
-13.3%
SU
CA$91.09
Suncor Energy
7D
-3.4%
1Y
60.5%
BNS
CA$128.36
Bank of Nova Scotia
7D
6.5%
1Y
49.7%
ABX
CA$63.54
Barrick Mining
7D
-3.1%
1Y
73.5%
DOL
CA$175.92
Dollarama
7D
-5.6%
1Y
-6.1%
Narrative Update • Aug 26

DOL: Rich P/E Will Test EPS And Margin Resilience Despite Ongoing Buybacks

Dollarama's analyst fair value estimate has moved from CA$164.07 to CA$168.32. This reflects a series of higher Street price targets in the CA$215 to CA$228 range as analysts highlight expectations for continued EPS growth, stable gross margins and solid same store sales trends.
GWO
CA$90.38
Great-West Lifeco
7D
1.8%
1Y
66.1%
Narrative Update • Aug 26

GWO: Share Repurchases Will Support Higher Earnings Quality And Capital Discipline

Analysts have lifted the fair value estimate for Great-West Lifeco from CA$95.00 to CA$111.00. This reflects updated assumptions on long term revenue growth, profit margins and future P/E, alongside a slightly higher discount rate.
TRI
CA$147.53
Thomson Reuters
7D
1.5%
1Y
-40.4%
BBD.B
CA$318.87
Bombardier
7D
-6.7%
1Y
98.6%
Narrative Update • Aug 25

BBD.B: Elevated P/E Will Depend On Defense Backlog Execution

Bombardier's updated analyst price target reflects a higher fair value estimate of CA$265.81 from CA$253.68. This is supported by analysts who cite Street research raising targets into the CA$320 to CA$406 range, along with adjusted assumptions for revenue growth, profit margin and future P/E.
CNQ
CA$68.14
Canadian Natural Resources
7D
-3.8%
1Y
56.7%
CVE
CA$43.91
Cenovus Energy
7D
-3.3%
1Y
92.3%
Narrative Update • Aug 21

CVE: Fair Value View Will Test 2026 Output And Refining Balance

Analysts have lifted the Cenovus Energy fair value estimate from CA$42.00 to about CA$42.84. They attribute the change to higher price targets across recent research that reference updated 2026 outlooks, current strip prices, and what they describe as robust recent earnings with a favorable guidance outlook.
MG
CA$91.48
Magna International
7D
-8.9%
1Y
45.1%
Narrative Update • Aug 18

MG: Higher Discount Rate And Lower Multiple Will Likely Offset Dividend Support

Analysts have lowered their CA$ fair value estimate for Magna International from about CA$77.09 to CA$68.93 as they adjust discount rate, revenue growth, profit margin and future P/E assumptions in their models. What's in the News Magna International declared a cash dividend of CA$0.495 per share, with an ex dividend date scheduled for 14 August 2026.
CSU
CA$3,163.56
Constellation Software
7D
4.0%
1Y
-30.5%
Narrative Update • Aug 17

CSU: Acquisition Execution Will Drive Future Returns Despite Organic And AI Questions

Analysts recently trimmed their blended Constellation Software price target by CA$242.94 to reflect a modestly lower fair value estimate, while still highlighting acquisition execution alongside ongoing questions around organic growth and AI disruption. Analyst Commentary Recent Street research on Constellation Software points to a generally constructive tone, even as analysts fine tune their numbers around organic growth, expense levels and potential AI disruption.
MFC
CA$59.56
Manulife Financial
7D
1.6%
1Y
41.0%