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Canadian (TSX) Market Analysis & Valuation

UpdatedAug 18, 2026
DataAggregated Company Financials
Companies2197
  • 7D0.7%
  • 3M6.8%
  • 1Y31.0%
  • YTD15.2%

In the last week, the market has been flat, with a notable exception in the Information Technology sector dropping 3.0%. As for the longer term, the market has risen 31% 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, 18 Aug 2026CA$5.7tCA$2.3tCA$254.8b16.6x22.4x2.5x
Thu, 16 Jul 2026CA$5.5tCA$2.2tCA$244.8b16.5x22.6x2.5x
Sat, 13 Jun 2026CA$5.5tCA$2.2tCA$243.9b16x22.4x2.4x
Mon, 11 May 2026CA$5.4tCA$2.2tCA$244.3b16.7x22.1x2.4x
Wed, 08 Apr 2026CA$5.2tCA$2.2tCA$241.3b16.1x21.6x2.4x
Fri, 06 Mar 2026CA$5.3tCA$2.1tCA$236.0b17.1x22.6x2.5x
Sun, 01 Feb 2026CA$5.0tCA$2.1tCA$224.1b16.8x22.4x2.4x
Tue, 30 Dec 2025CA$4.9tCA$2.1tCA$224.4b16.5x22x2.3x
Thu, 27 Nov 2025CA$4.8tCA$2.1tCA$224.4b16.2x21.3x2.2x
Sat, 25 Oct 2025CA$4.7tCA$2.2tCA$215.4b16.8x21.8x2.2x
Mon, 22 Sep 2025CA$4.7tCA$2.1tCA$208.7b16.4x22.3x2.2x
Wed, 20 Aug 2025CA$4.4tCA$2.1tCA$201.8b15.7x21.8x2.1x
Fri, 18 Jul 2025CA$4.3tCA$2.1tCA$191.9b16.1x22.6x2x
Sun, 15 Jun 2025CA$4.3tCA$2.1tCA$191.5b15.4x22.3x2x
Tue, 13 May 2025CA$4.1tCA$2.1tCA$180.1b14.7x22.6x1.9x
Thu, 10 Apr 2025CA$3.6tCA$2.1tCA$173.6b14.4x20.7x1.7x
Sat, 08 Mar 2025CA$3.9tCA$2.1tCA$173.8b14.8x22.5x1.8x
Mon, 03 Feb 2025CA$3.9tCA$2.1tCA$170.8b14.6x23.1x1.8x
Wed, 01 Jan 2025CA$3.9tCA$2.1tCA$169.1b14.2x22.8x1.8x
Fri, 29 Nov 2024CA$4.0tCA$2.1tCA$166.3b14.7x23.9x1.9x
Sun, 27 Oct 2024CA$3.9tCA$2.1tCA$167.7b15.3x23.3x1.8x
Tue, 24 Sep 2024CA$3.8tCA$2.1tCA$167.5b15.2x22.7x1.8x
Thu, 22 Aug 2024CA$3.7tCA$2.1tCA$169.8b14.9x21.7x1.8x
Sat, 20 Jul 2024CA$3.7tCA$2.1tCA$167.7b13.9x21.8x1.8x
Mon, 17 Jun 2024CA$3.5tCA$2.1tCA$167.4b14.1x20.8x1.7x
Wed, 15 May 2024CA$3.6tCA$2.0tCA$167.8b14.1x21.5x1.8x
Fri, 12 Apr 2024CA$3.6tCA$2.1tCA$174.4b14.1x20.5x1.7x
Sun, 10 Mar 2024CA$3.5tCA$2.1tCA$173.3b13.7x20.1x1.7x
Tue, 06 Feb 2024CA$3.3tCA$2.1tCA$172.9b12.8x19.4x1.6x
Thu, 04 Jan 2024CA$3.4tCA$2.1tCA$173.1b13x19.4x1.6x
Sat, 02 Dec 2023CA$3.2tCA$2.1tCA$176.2b12.3x18.4x1.6x
Mon, 30 Oct 2023CA$3.1tCA$2.1tCA$184.5b11.3x16.5x1.5x
Wed, 27 Sep 2023CA$3.2tCA$2.1tCA$184.4b11.6x17.3x1.5x
Fri, 25 Aug 2023CA$3.2tCA$2.1tCA$185.8b11.4x17.2x1.5x
Price to Earnings Ratio

17.2x


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 21.5x202420252026
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 Market0.67%
Energy2.50%
Utilities2.18%
Telecom1.32%
Industrials0.88%
Financials0.73%
Materials0.14%
Real Estate-0.15%
Consumer Discretionary-0.27%
Healthcare-0.77%
Consumer Staples-2.12%
Tech-3.05%
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 43% 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 5.6% 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
RY Royal Bank of CanadaCA$300.092.0%
+CA$8.3b		59.3%PB3.2xFinancials
CVE Cenovus EnergyCA$44.568.2%
+CA$6.2b		115.7%PE12.4xEnergy
TD Toronto-Dominion BankCA$172.522.2%
+CA$6.1b		69.0%PB2.3xFinancials
SU Suncor EnergyCA$92.595.8%
+CA$6.0b		73.8%PE12.1xEnergy
CNQ Canadian Natural ResourcesCA$68.383.9%
+CA$5.3b		66.3%PE12xEnergy
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

CSU
CA$2,990.99
Constellation Software
7D
-9.5%
1Y
-31.9%
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.
BN
CA$59.41
Brookfield
7D
-3.7%
1Y
-0.8%
PAAS
CA$66.78
Pan American Silver
7D
-7.6%
1Y
52.5%
RY
CA$300.09
Royal Bank of Canada
7D
2.0%
1Y
59.3%
CVE
CA$44.56
Cenovus Energy
7D
8.2%
1Y
115.7%
SU
CA$92.59
Suncor Energy
7D
5.8%
1Y
73.8%
CM
CA$171.36
Canadian Imperial Bank of Commerce
7D
3.0%
1Y
68.2%
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.
SLF
CA$112.00
Sun Life Financial
7D
-2.8%
1Y
38.9%
IFC
CA$263.76
Intact Financial
7D
-4.5%
1Y
-5.7%
TD
CA$172.52
Toronto-Dominion Bank
7D
2.2%
1Y
69.0%
TRI
CA$137.41
Thomson Reuters
7D
-5.3%
1Y
-43.3%
Analysis Article • Aug 10

Thomson Reuters Corporation Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next

It's been a good week for Thomson Reuters Corporation ( TSE:TRI ) shareholders, because the company has just released...
CNQ
CA$68.38
Canadian Natural Resources
7D
3.9%
1Y
66.3%
BNS
CA$126.70
Bank of Nova Scotia
7D
2.5%
1Y
61.3%
Narrative Update • Aug 05

BNS: Dividend Strength And AI Adoption Will Support Steady Fair Value

Analysts have modestly raised their price target for Bank of Nova Scotia to CA$117.62 from CA$115.21, citing recent Q2 report takeaways and updated fair value and P/E assumptions that are in line with broader Street target increases across the Canadian banking sector. Analyst Commentary Recent Street research on Bank of Nova Scotia shows a cluster of price target moves around the latest Q2 results, with analysts updating their views on valuation, earnings power, and risk around credit quality.
IMO
CA$187.20
Imperial Oil
7D
4.3%
1Y
62.0%
Narrative Update • Aug 04

IMO: Future Cash Returns Will Reflect Mixed Oil Price And Buyback Expectations

Analysts now place Imperial Oil's fair value at CA$200.63. This shift is driven by mixed price target changes across the Street, with CA$159 at Scotiabank, CA$156 at TD Securities, and CA$138 at Morgan Stanley reflecting updated views on oil pricing and sector performance.
ENB
CA$70.22
Enbridge
7D
-2.1%
1Y
9.0%
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.
ATD
CA$90.47
Alimentation Couche-Tard
7D
-2.8%
1Y
28.0%
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.