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Canadian (TSX) Market Analysis & Valuation

UpdatedApr 30, 2026
DataAggregated Company Financials
Companies2192
  • 7D-1.7%
  • 3M1.8%
  • 1Y33.8%
  • YTD5.9%

Over the last 7 days, the market has dropped 1.7%, driven by a decline of 8.2% in the Materials sector. In contrast, the Energy sector has actually gained 4.6%. In the last year, the market is actually up 34%. As for the next few years, earnings are expected to grow by 10% 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
Thu, 30 Apr 2026CA$5.3tCA$2.2tCA$241.7b16.4x21.9x2.4x
Sat, 28 Mar 2026CA$5.0tCA$2.2tCA$240.7b15.7x20.8x2.3x
Mon, 23 Feb 2026CA$5.3tCA$2.1tCA$235.2b17.2x22.6x2.5x
Wed, 21 Jan 2026CA$5.2tCA$2.1tCA$224.9b17.4x22.9x2.4x
Fri, 19 Dec 2025CA$4.9tCA$2.1tCA$224.8b16.3x21.6x2.3x
Sun, 16 Nov 2025CA$4.7tCA$2.1tCA$224.3b16x21x2.2x
Tue, 14 Oct 2025CA$4.7tCA$2.2tCA$209.5b16.4x22.3x2.2x
Thu, 11 Sep 2025CA$4.6tCA$2.1tCA$208.5b16.3x21.9x2.1x
Sat, 09 Aug 2025CA$4.3tCA$2.1tCA$201.0b15.9x21.6x2x
Mon, 07 Jul 2025CA$4.3tCA$2.1tCA$191.5b15.9x22.5x2x
Wed, 04 Jun 2025CA$4.2tCA$2.1tCA$191.9b15.5x21.9x2x
Fri, 02 May 2025CA$4.0tCA$2.1tCA$174.1b14.8x22.7x1.9x
Sun, 30 Mar 2025CA$3.9tCA$2.1tCA$173.8b15x22.7x1.9x
Tue, 25 Feb 2025CA$4.0tCA$2.1tCA$168.8b14.9x23.6x1.9x
Thu, 23 Jan 2025CA$3.9tCA$2.1tCA$171.2b14.8x22.9x1.8x
Sat, 21 Dec 2024CA$3.8tCA$2.1tCA$169.7b13.8x22.5x1.8x
Mon, 18 Nov 2024CA$3.9tCA$2.1tCA$167.6b14.5x23.2x1.8x
Wed, 16 Oct 2024CA$3.9tCA$2.1tCA$168.0b15.5x23.1x1.8x
Fri, 13 Sep 2024CA$3.7tCA$2.1tCA$167.4b15x22.1x1.8x
Sun, 11 Aug 2024CA$3.6tCA$2.1tCA$170.4b14x21x1.7x
Tue, 09 Jul 2024CA$3.5tCA$2.0tCA$166.7b14x21.3x1.7x
Thu, 06 Jun 2024CA$3.6tCA$2.0tCA$167.3b14.3x21.3x1.7x
Sat, 04 May 2024CA$3.5tCA$2.1tCA$170.9b14x20.5x1.7x
Mon, 01 Apr 2024CA$3.6tCA$2.0tCA$173.4b14x20.5x1.7x
Wed, 28 Feb 2024CA$3.4tCA$2.1tCA$172.6b13.8x19.8x1.7x
Fri, 26 Jan 2024CA$3.4tCA$2.1tCA$174.0b12.9x19.5x1.6x
Sun, 24 Dec 2023CA$3.4tCA$2.1tCA$172.8b13.2x19.5x1.6x
Tue, 21 Nov 2023CA$3.2tCA$2.1tCA$179.8b12x18x1.6x
Thu, 19 Oct 2023CA$3.2tCA$2.1tCA$185.3b11.6x17x1.5x
Sat, 16 Sep 2023CA$3.3tCA$2.1tCA$184.5b12x17.8x1.6x
Mon, 14 Aug 2023CA$3.3tCA$2.1tCA$187.8b11.7x17.6x1.6x
Wed, 12 Jul 2023CA$3.2tCA$2.1tCA$200.2b11.3x16.1x1.5x
Fri, 09 Jun 2023CA$3.2tCA$2.1tCA$199.7b11.1x16.2x1.5x
Sun, 07 May 2023CA$3.3tCA$2.1tCA$209.9b11.2x15.8x1.6x
Price to Earnings Ratio

15.8x


Total Market Cap: CA$3.3tTotal Earnings: CA$209.9bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.8x202420252026
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 20.8x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 4.8% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Canadian Market?

CA Market-1.68%
Energy4.56%
Utilities0.52%
Industrials0.014%
Consumer Staples-0.87%
Financials-1.18%
Consumer Discretionary-1.18%
Healthcare-1.78%
Real Estate-1.97%
Telecom-2.33%
Tech-6.59%
Materials-8.23%
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 22.0% which is higher than its past year's earnings decline of 0.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 47% over the next 5 years.
  • This is better than its past earnings growth rate of 26% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 8.7% 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
CNQ Canadian Natural ResourcesCA$64.635.8%
+CA$7.3b		63.4%PE12.5xEnergy
CVE Cenovus EnergyCA$39.3710.9%
+CA$7.3b		142.6%PE18.9xEnergy
SU Suncor EnergyCA$91.815.9%
+CA$6.0b		88.6%PE18.4xEnergy
TRP TC EnergyCA$87.566.6%
+CA$5.7b		25.7%PE25.2xEnergy
ENB EnbridgeCA$73.013.0%
+CA$4.7b		13.2%PE22.6xEnergy
See more

Market Insights

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Latest News

CVE
CA$39.37
Cenovus Energy
7D
10.9%
1Y
142.6%
ARX
CA$31.97
ARC Resources
7D
23.0%
1Y
25.3%
WPM
CA$170.84
Wheaton Precious Metals
7D
-13.7%
1Y
48.4%

WPM: Robust Streaming Pipeline And New Leadership Will Drive Future Upside

Analysts have lifted their fair value estimate for Wheaton Precious Metals from CA$259.57 to CA$355.72, citing updated assumptions for revenue growth, margins, and future P/E multiples following a series of recent price target revisions across the Street. Analyst Commentary Recent Street research on Wheaton Precious Metals has leaned positive overall, with several bullish analysts revising price targets higher and highlighting potential growth levers around the company’s asset base and development pipeline.
CCO
CA$156.33
Cameco
7D
-7.8%
1Y
148.1%

CCO: The largest Uranium Miner at the Dawn of the Nuclear Renaissance—and an $80 Billion Deal Changing the Nuclear Game.

From Saskatchewan's Athabasca Basin to the Centre of the Global Energy Transition Cameco Corporation (TSX: CCO) is a Saskatoon, Saskatchewan-based uranium mining, refining, and nuclear services company that has spent 38 years building what is today the most strategically valuable nuclear fuel supply chain in the Western world. The company operates through three segments: Uranium, which encompasses exploration, mining, milling, purchasing, and sale of uranium concentrate across its flagship Canadian operations at McArthur River and Key Lake and the Cigar Lake mine in Saskatchewan's Athabasca Basin—the highest-grade uranium mining district on earth; Fuel Services, which handles the refining, conversion, and fabrication of uranium concentrate into nuclear fuel intermediates at the Port Hope and Blind River facilities in Ontario; and Westinghouse, the nuclear reactor technology and services company that Cameco acquired a 49% stake in through a partnership with Brookfield Renewable Partners in November 2023, positioning Cameco at the precise intersection of uranium fuel supply and reactor construction that defines the entire nuclear value chain from ore body to operating power plant.
SU
CA$91.81
Suncor Energy
7D
5.9%
1Y
88.6%

SU: Buybacks And Shifting Street Views Will Shape Future Margin Expectations

Analysts' fair value estimate for Suncor Energy has shifted to CA$97.05 from CA$92.79 as they factor in updated expectations for revenue growth, profit margins, and future P/E, in line with a series of recent price target revisions across the Street. Analyst Commentary Recent Street research around Suncor Energy has been active, with a cluster of price target revisions from large global banks and local firms.
TRP
CA$87.56
TC Energy
7D
6.6%
1Y
25.7%

TRP: Backlog Visibility And Dividend Policy Will Shape Future Risk Reward Balance

TC Energy's analyst price target has been revised higher by CA$0.87 to CA$88.52 as analysts factor in Q4 results, updated models, and continued interest in the company's natural gas and power growth pipeline. Analyst Commentary Recent research updates show a cluster of higher price targets for TC Energy alongside a few rating downgrades, giving you a mixed but useful picture of how the Street views valuation, execution risk, and growth plans after the latest results.
FNV
CA$312.76
Franco-Nevada
7D
-7.5%
1Y
32.0%
CNQ
CA$64.63
Canadian Natural Resources
7D
5.8%
1Y
63.4%

CNQ: Higher Dividend And Buybacks Will Shape Future Shareholder Returns

Analysts have lifted the fair value estimate for Canadian Natural Resources to CA$69.68 from CA$61.47, citing updated price targets across several firms, along with expectations for slightly positive revenue growth, a higher profit margin, and a modestly lower future P/E multiple. Analyst Commentary Recent Street research on Canadian Natural Resources shows a mix of optimism and caution, with several firms adjusting price targets and a few shifting ratings.
IMO
CA$178.77
Imperial Oil
7D
4.4%
1Y
92.2%

IMO: Future Returns Will Depend On Stretch P/E Holding After Outperformance

Imperial Oil's fair value estimate has been raised to CA$118 from CA$98 as analysts update their price targets and P/E expectations in light of recent research that revisits the stock's valuation against company fundamentals. Analyst Commentary Recent research on Imperial Oil reflects a mixed picture, with several firms lifting their price targets while others highlight valuation risks and potential downside relative to peers.
ABX
CA$52.58
Barrick Mining
7D
-5.6%
1Y
100.0%

ABX: Reko Diq Review And Project Delays Will Shape Future Upside

Analysts have raised their CA$ fair value estimate for Barrick Mining from about CA$65.36 to about CA$71.61, citing updated assumptions around discount rates, revenue growth, margins, and a slightly lower future P/E multiple that together support the higher price target. Analyst Commentary Analysts are updating their views on Barrick Mining in the context of broader sector research that has recently featured valuation resets and rating changes for peers.
K
CA$40.86
Kinross Gold
7D
-8.4%
1Y
100.8%

K: Future Buybacks And Steady Output Will Likely Drive Stronger Cash Returns

Analysts have trimmed their fair value estimate for Kinross Gold to CA$53.46 from CA$54.39, reflecting updated assumptions around revenue growth, profit margins, the discount rate, and future P/E levels. What's in the News The Board of Directors authorized a new share buyback plan on March 19, 2026, signaling continued use of repurchases as a capital management tool (Key Developments).
ENB
CA$73.01
Enbridge
7D
3.0%
1Y
13.2%

ENB: Future Returns Will Hinge On Rich Pricing And Utility Execution

The updated analyst price target for Enbridge reflects a modest fair value shift to CA$75.99, with recent CA$1 to CA$5 target increases from firms such as Argus, Citi, BMO Capital, RBC Capital, CIBC and Scotiabank, partly balanced by valuation driven downgrades from TD Securities and Jefferies, as analysts factor in the company’s diversified pipelines and its growing utility exposure. Analyst Commentary Recent research on Enbridge shows a mix of optimism and caution, with several firms lifting price targets while others are more restrained given the share price move and valuation.
BN
CA$59.10
Brookfield
7D
-6.5%
1Y
19.7%
BAM
CA$63.00
Brookfield Asset Management
7D
-5.0%
1Y
-14.4%
CP
CA$115.30
Canadian Pacific Kansas City
7D
2.5%
1Y
15.2%
FM
CA$32.46
First Quantum Minerals
7D
-15.2%
1Y
75.4%