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Canadian (TSX) Market Analysis & Valuation

UpdatedSep 02, 2026
DataAggregated Company Financials
Companies2207
  • 7D-2.6%
  • 3M1.9%
  • 1Y25.3%
  • YTD12.9%

Over the last 7 days, the market has dropped 2.6%, driven by a loss of 8.3% in the Materials sector. In the last year, the market is actually up 25%. 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
Wed, 02 Sep 2026CA$5.6tCA$2.3tCA$257.9b16.6x21.9x2.4x
Fri, 31 Jul 2026CA$5.5tCA$2.3tCA$244.4b16.6x22.6x2.4x
Sun, 28 Jun 2026CA$5.5tCA$2.3tCA$245.7b15.7x22.3x2.4x
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
Price to Earnings Ratio

17.6x


Total Market Cap: CA$3.3tTotal Earnings: CA$184.9bTotal 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 12% per year over the last three years.
  • Revenues for these companies have grown 3.3% 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-2.59%
Energy2.83%
Consumer Staples-0.17%
Telecom-0.47%
Utilities-1.20%
Tech-1.86%
Financials-2.07%
Healthcare-2.48%
Consumer Discretionary-2.93%
Industrials-3.20%
Real Estate-3.66%
Materials-8.33%
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 24.5%, which is higher than its past year's earnings growth of 13.2% 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
CNQ Canadian Natural ResourcesCA$72.074.9%
+CA$7.0b		63.4%PE12.6xEnergy
SU Suncor EnergyCA$95.996.1%
+CA$6.4b		68.6%PE12.6xEnergy
CVE Cenovus EnergyCA$46.097.7%
+CA$6.1b		97.0%PE12.8xEnergy
ENB EnbridgeCA$70.542.5%
+CA$3.7b		6.0%PE27.2xEnergy
NTR NutrienCA$107.787.1%
+CA$3.4b		35.7%PE15.6xMaterials
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.
Continue reading
Which payment stocks actually get paid?

Latest News

RY
CA$283.11
Royal Bank of Canada
7D
-1.2%
1Y
41.9%
CM
CA$156.39
Canadian Imperial Bank of Commerce
7D
-4.5%
1Y
46.9%
CVE
CA$46.09
Cenovus Energy
7D
7.7%
1Y
97.0%
IMO
CA$187.68
Imperial Oil
7D
3.2%
1Y
52.7%
SU
CA$95.99
Suncor Energy
7D
6.1%
1Y
68.6%
ENB
CA$70.54
Enbridge
7D
2.5%
1Y
6.0%
ABX
CA$59.89
Barrick Mining
7D
-11.4%
1Y
61.1%
CP
CA$123.61
Canadian Pacific Kansas City
7D
-5.3%
1Y
17.4%
WPM
CA$201.40
Wheaton Precious Metals
7D
-11.0%
1Y
43.9%
Narrative Update • Aug 26

WPM: Future Streaming Deals And Production Outlook Will Support Upside Potential

Analysts now place the fair value for Wheaton Precious Metals at about CA$346.14 compared with CA$309.07 previously, reflecting updated assumptions around revenue, profit margins and future P/E following recent price target revisions and commodity price outlook changes across the Street. Analyst Commentary Recent research on Wheaton Precious Metals shows a cluster of lower price targets, but many bullish analysts still describe the stock as attractive within the precious metals royalty space.
TRI
CA$147.84
Thomson Reuters
7D
2.5%
1Y
-40.6%
K
CA$40.84
Kinross Gold
7D
-11.6%
1Y
38.1%
Narrative Update • Aug 25

K: Cash Returns And Investment Grade Rating Will Support Future Upside Potential

Analysts have lowered their price target for Kinross Gold to CA$52.78 from CA$61.02 as they now apply a slightly higher discount rate, expect more modest revenue growth and profit margins, and use a higher future P/E multiple in their valuation work. What's in the News for Kinross Gold Riley Gold Corp.
CNQ
CA$72.07
Canadian Natural Resources
7D
4.9%
1Y
63.4%
CCO
CA$133.79
Cameco
7D
-9.5%
1Y
28.7%
Narrative Update • Aug 21

CCO: Fair Outlook Balances Uranium Upside With Production And Margin Risks

Analysts now place Cameco's fair value at CA$149.06, up from CA$144.91. This reflects updated assumptions for the discount rate, revenue growth, profit margin and future P/E expectations.
NTR
CA$107.78
Nutrien
7D
7.1%
1Y
35.7%
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.
BN
CA$55.21
Brookfield
7D
-5.2%
1Y
-9.4%
TRP
CA$87.81
TC Energy
7D
2.6%
1Y
23.2%