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Canadian (TSX) Market Analysis & Valuation

UpdatedAug 14, 2026
DataAggregated Company Financials
Companies2195
  • 7D1.6%
  • 3M6.4%
  • 1Y32.0%
  • YTD15.5%

The market has climbed 1.6% over the last week, with theEnergy and Real Estate sectors leading the way. The market is up 32% over the last 12 months. Looking forward, 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
Fri, 14 Aug 2026CA$5.7tCA$2.3tCA$254.6b16.4x22.4x2.5x
Sun, 12 Jul 2026CA$5.5tCA$2.3tCA$245.5b16.5x22.5x2.5x
Tue, 09 Jun 2026CA$5.4tCA$2.2tCA$243.9b16.2x22.3x2.4x
Thu, 07 May 2026CA$5.3tCA$2.2tCA$243.2b16.4x21.9x2.4x
Sat, 04 Apr 2026CA$5.2tCA$2.2tCA$241.3b16.1x21.6x2.4x
Mon, 02 Mar 2026CA$5.4tCA$2.1tCA$238.8b17.6x22.6x2.5x
Wed, 28 Jan 2026CA$5.2tCA$2.1tCA$224.1b17.6x23.2x2.4x
Fri, 26 Dec 2025CA$5.0tCA$2.1tCA$224.3b16.5x22.1x2.3x
Sun, 23 Nov 2025CA$4.7tCA$2.1tCA$224.5b15.9x20.8x2.2x
Tue, 21 Oct 2025CA$4.7tCA$2.2tCA$209.5b16.5x22.6x2.2x
Thu, 18 Sep 2025CA$4.6tCA$2.1tCA$208.6b16.4x22.1x2.1x
Sat, 16 Aug 2025CA$4.4tCA$2.1tCA$201.6b15.7x21.7x2.1x
Mon, 14 Jul 2025CA$4.3tCA$2.1tCA$191.7b16.1x22.5x2x
Wed, 11 Jun 2025CA$4.2tCA$2.1tCA$191.8b15.5x22.1x2x
Fri, 09 May 2025CA$4.0tCA$2.1tCA$176.1b14.8x22.8x1.9x
Sun, 06 Apr 2025CA$3.7tCA$2.1tCA$173.9b14x21.4x1.8x
Tue, 04 Mar 2025CA$4.0tCA$2.1tCA$172.5b14.7x23.3x1.9x
Thu, 30 Jan 2025CA$3.9tCA$2.1tCA$171.4b14.8x22.9x1.8x
Sat, 28 Dec 2024CA$3.9tCA$2.1tCA$169.2b14.1x22.9x1.8x
Mon, 25 Nov 2024CA$4.0tCA$2.1tCA$166.9b14.5x23.8x1.9x
Wed, 23 Oct 2024CA$3.9tCA$2.1tCA$168.1b15.4x23.4x1.9x
Fri, 20 Sep 2024CA$3.8tCA$2.1tCA$167.4b15.1x22.5x1.8x
Sun, 18 Aug 2024CA$3.7tCA$2.1tCA$170.0b14.6x21.7x1.8x
Tue, 16 Jul 2024CA$3.6tCA$2.1tCA$167.1b14x21.8x1.8x
Thu, 13 Jun 2024CA$3.5tCA$2.1tCA$167.3b14.2x21.1x1.7x
Sat, 11 May 2024CA$3.6tCA$2.1tCA$168.0b14.2x21.6x1.8x
Mon, 08 Apr 2024CA$3.6tCA$2.0tCA$174.3b14.1x20.5x1.7x
Wed, 06 Mar 2024CA$3.4tCA$2.1tCA$174.6b14x19.8x1.7x
Fri, 02 Feb 2024CA$3.4tCA$2.1tCA$173.0b13.3x19.7x1.6x
Sun, 31 Dec 2023CA$3.4tCA$2.1tCA$172.8b13.3x19.5x1.6x
Tue, 28 Nov 2023CA$3.2tCA$2.1tCA$179.0b11.7x18x1.6x
Thu, 26 Oct 2023CA$3.1tCA$2.1tCA$184.5b11.1x16.7x1.5x
Sat, 23 Sep 2023CA$3.2tCA$2.1tCA$184.4b11.7x17.4x1.5x
Mon, 21 Aug 2023CA$3.2tCA$2.1tCA$185.8b11.5x17.3x1.5x
Price to Earnings Ratio

17.3x


Total Market Cap: CA$3.2tTotal Earnings: CA$185.8bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21.4x202420252026
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 21.4x.
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 Market1.55%
Energy2.66%
Materials2.37%
Tech2.35%
Industrials1.79%
Telecom1.22%
Financials0.99%
Utilities0.95%
Real Estate0.13%
Consumer Staples0.11%
Consumer Discretionary0.088%
Healthcare-0.66%
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 24.6%, 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 42% over the next 5 years.
  • This is better than its past earnings growth rate of 2.1% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 5.7% 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
SU Suncor EnergyCA$91.236.0%
+CA$6.1b		69.4%PE12xEnergy
CVE Cenovus EnergyCA$42.687.8%
+CA$5.7b		104.1%PE11.8xEnergy
BAM Brookfield Asset ManagementCA$77.784.5%
+CA$5.4b		-9.4%PE31.8xFinancials
CNQ Canadian Natural ResourcesCA$66.353.9%
+CA$5.2b		61.2%PE11.6xEnergy
CLS CelesticaCA$484.739.5%
+CA$4.8b		78.5%PE35.8xTech
See more

Market Insights

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Investing in a theme primarily based on demand could come unstuck. As the European heatwave has shown, adoption can be far more complicated than whether a product is needed, which is exactly the part investors tend to skip.
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Latest News

SU
CA$91.23
Suncor Energy
7D
6.0%
1Y
69.4%
MFC
CA$61.23
Manulife Financial
7D
-2.1%
1Y
44.9%
Narrative Update • Aug 13

MFC: Earnings Momentum And Capital Actions Will Shape Balanced Medium Term Outlook

Analysts have lifted the fair value estimate for Manulife Financial to CA$63.87 from CA$60.07. This change reflects higher Street price targets in the CA$59 to CA$70 range, supported by updated views on revenue growth, profit margin and future P/E assumptions.
CM
CA$170.46
Canadian Imperial Bank of Commerce
7D
2.7%
1Y
67.1%
Narrative Update • Aug 13

CM: Future Returns Will Reflect Q2 Execution And Emerging AI Initiatives

Analysts have modestly raised the fair value estimate for Canadian Imperial Bank of Commerce to CA$159.73 from CA$155.18, reflecting a slightly higher assumed future P/E multiple and updated sector price targets that factor in expectations for a gradual return to more typical operating leverage and revenue growth across Canadian banks. Analyst Commentary Recent Street research on Canadian Imperial Bank of Commerce shows a mix of optimism and caution around the stock, with several firms adjusting price targets and ratings following recent earnings updates and sector reviews.
RY
CA$299.45
Royal Bank of Canada
7D
1.0%
1Y
58.8%
Narrative Update • Aug 13

RY: Future Returns Will Rely On Fee Income And Capital Return Balance

Analysts have raised the Royal Bank of Canada fair value estimate from CA$271.89 to CA$282.38, reflecting recent increases in Street price targets that cite steady revenue trends, resilient margins and expectations for a return to more normal operating leverage in the Canadian banking sector. Analyst Commentary Recent Street research on Royal Bank of Canada points to a cluster of higher price targets, with analysts reacting to recent earnings data, revenue trends and updated expectations for the broader Canadian banking sector.
ABX
CA$57.08
Barrick Mining
7D
-1.7%
1Y
74.7%
SLF
CA$112.73
Sun Life Financial
7D
-2.5%
1Y
40.5%
BAM
CA$77.78
Brookfield Asset Management
7D
4.5%
1Y
-9.4%
CLS
CA$484.73
Celestica
7D
9.5%
1Y
78.5%
CNQ
CA$66.35
Canadian Natural Resources
7D
3.9%
1Y
61.2%
CP
CA$130.79
Canadian Pacific Kansas City
7D
3.4%
1Y
28.2%
Narrative Update • Aug 08

CP: Record Grain Flows And New Alliances Will Support Balanced Outlook

Analysts have lifted their price target on Canadian Pacific Kansas City to about CA$140 from roughly CA$134, reflecting updated assumptions for slightly lower revenue growth, a modestly higher discount rate, a small improvement in profit margin, and a marginally lower future P/E multiple. What’s in the News for Canadian Pacific Kansas City Reported operating results for June 2026, with 2.8 million metric tonnes of Canadian grain and grain products moved in the month and more than 28.4 million metric tonnes moved through Week 48 of the 2025 to 2026 crop year.
LUN
CA$35.08
Lundin Mining
7D
-6.7%
1Y
124.3%
CVE
CA$42.68
Cenovus Energy
7D
7.8%
1Y
104.1%
Narrative Update • Aug 06

CVE: Fair Value View Weighs Project Execution Against Pipeline Expansion Upside

The fair value estimate for Cenovus Energy has been revised to CA$42.00 from CA$40.00 as analysts point to higher published price targets following recent reports that highlighted robust Q2 earnings, favorable guidance and expectations for future volume and free cash flow contributions from key projects. Analyst Commentary Recent Street research on Cenovus Energy has centered on higher published price targets and reiterated positive ratings, framed around the latest Q2 earnings and project pipeline.
ENB
CA$71.47
Enbridge
7D
-1.3%
1Y
7.4%
Narrative Update • Aug 04

ENB: Future Returns Will Reflect Regulated Assets And Sunrise Gas Expansion

Analysts have modestly raised the fair value estimate for Enbridge, lifting the price target from CA$78.48 to CA$80.14, as they factor in recent target changes across the Street and updated views on the company’s growth mix and valuation. Analyst Commentary Recent Street research on Enbridge shows a mix of optimism and caution as analysts reassess the stock's valuation, execution and growth profile following recent quarterly updates and management meetings.
TRP
CA$87.96
TC Energy
7D
-1.8%
1Y
24.3%
FFH
CA$2,307.93
Fairfax Financial Holdings
7D
-2.9%
1Y
-2.4%
Narrative Update • Aug 01

FFH: Softer Insurance Cycle Will Test Margins Yet Support Future Upside

Fairfax Financial Holdings' analyst price target has shifted modestly lower in recent weeks, with a reduced fair value estimate of about CA$2,680. This aligns with Street commentary that now frames the stock as fairly valued and facing softer insurance markets that may weigh on margins and combined ratios.
TECK.B
CA$88.85
Teck Resources
7D
-4.2%
1Y
99.3%
Narrative Update • Jul 27

TECK.B: Anglo Merger And Copper Expansion Will Shape Future Cash Generation Risk Balance

The analyst price target for Teck Resources has been revised to CA$86.76 from CA$85.00. This reflects recent Street research that highlights ongoing strong cash generation and exposure to energy transition metals as key supports for the updated outlook.