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Canadian (TSX) Market Analysis & Valuation

UpdatedFeb 20, 2026
DataAggregated Company Financials
Companies2201
  • 7D2.6%
  • 3M12.5%
  • 1Y31.6%
  • YTD6.1%

Over the last 7 days, the market has risen 2.6%, driven by gains of 4.8% in the Materials sector. As for the past 12 months, the market is up 32%. 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, 20 Feb 2026CA$5.2tCA$2.1tCA$230.9b17.4x22.7x2.5x
Sun, 18 Jan 2026CA$5.1tCA$2.1tCA$225.2b17.2x22.8x2.4x
Tue, 16 Dec 2025CA$4.9tCA$2.1tCA$224.8b16.2x21.8x2.3x
Thu, 13 Nov 2025CA$4.7tCA$2.1tCA$222.1b16.8x21.2x2.2x
Sat, 11 Oct 2025CA$4.7tCA$2.2tCA$209.4b16.4x22.5x2.2x
Mon, 08 Sep 2025CA$4.6tCA$2.1tCA$208.6b16.3x21.8x2.1x
Wed, 06 Aug 2025CA$4.3tCA$2.1tCA$195.1b16.1x22x2x
Fri, 04 Jul 2025CA$4.3tCA$2.1tCA$191.4b15.9x22.3x2x
Sun, 01 Jun 2025CA$4.2tCA$2.1tCA$192.2b14.9x21.6x2x
Tue, 29 Apr 2025CA$3.9tCA$2.1tCA$173.9b14.9x22.7x1.9x
Thu, 27 Mar 2025CA$4.0tCA$2.1tCA$173.4b15.3x23.2x1.9x
Sat, 22 Feb 2025CA$4.0tCA$2.1tCA$169.1b14.8x23.6x1.9x
Mon, 20 Jan 2025CA$3.9tCA$2.1tCA$171.3b14.3x22.8x1.8x
Wed, 18 Dec 2024CA$3.9tCA$2.1tCA$169.4b14.2x23.1x1.8x
Fri, 15 Nov 2024CA$3.9tCA$2.1tCA$167.2b14.8x23.3x1.8x
Sun, 13 Oct 2024CA$3.9tCA$2.1tCA$168.0b15.7x23.2x1.8x
Tue, 10 Sep 2024CA$3.7tCA$2.1tCA$167.4b14.9x22x1.8x
Thu, 08 Aug 2024CA$3.5tCA$2.1tCA$167.4b13.6x21.1x1.7x
Sat, 06 Jul 2024CA$3.6tCA$2.0tCA$166.4b13.9x21.5x1.7x
Mon, 03 Jun 2024CA$3.6tCA$2.0tCA$166.2b14.4x21.7x1.8x
Wed, 01 May 2024CA$3.5tCA$2.1tCA$173.3b13.9x20.2x1.7x
Fri, 29 Mar 2024CA$3.5tCA$2.0tCA$175.1b13.8x20.2x1.7x
Sun, 25 Feb 2024CA$3.4tCA$2.1tCA$173.8b14.1x19.8x1.7x
Tue, 23 Jan 2024CA$3.4tCA$2.1tCA$173.3b12.9x19.4x1.6x
Thu, 21 Dec 2023CA$3.3tCA$2.1tCA$173.0b13x19.4x1.6x
Sat, 18 Nov 2023CA$3.2tCA$2.1tCA$179.9b12x17.9x1.6x
Mon, 16 Oct 2023CA$3.2tCA$2.1tCA$185.2b11.6x17.1x1.5x
Wed, 13 Sep 2023CA$3.3tCA$2.1tCA$184.7b11.8x17.7x1.5x
Fri, 11 Aug 2023CA$3.3tCA$2.1tCA$184.6b11.7x17.9x1.5x
Sun, 09 Jul 2023CA$3.2tCA$2.1tCA$200.3b11.2x16x1.5x
Tue, 06 Jun 2023CA$3.2tCA$2.1tCA$200.0b11x16.2x1.5x
Thu, 04 May 2023CA$3.3tCA$2.1tCA$213.2b11x15.5x1.6x
Sat, 01 Apr 2023CA$3.3tCA$2.1tCA$216.9b10.5x15.2x1.6x
Mon, 27 Feb 2023CA$3.3tCA$2.1tCA$233.6b10.8x14.2x1.6x
Price to Earnings Ratio

14.2x


Total Market Cap: CA$3.3tTotal Earnings: CA$233.6bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.4x202420252026
Current Market PE
  • Investors are optimistic on the Canadian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 22.7x which is higher than its 3-year average PE of 20.4x.
Past Earnings Growth
  • Both revenue and earnings for Canadian listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

Which sectors have driven the changes within the Canadian Market?

CA Market2.64%
Materials4.79%
Consumer Discretionary4.74%
Healthcare4.14%
Tech3.97%
Energy3.94%
Industrials2.57%
Utilities2.01%
Real Estate1.57%
Financials0.95%
Consumer Staples0.61%
Telecom-0.86%
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 24.9%, which is higher than its past year's earnings growth of 17.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 50% over the next 5 years.
  • This is better than its past earnings growth rate of 15% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 9.0% 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$58.237.0%
+CA$7.9b		33.9%PE18.2xEnergy
ABX Barrick MiningCA$66.567.6%
+CA$7.9b		149.6%PE16.3xMaterials
RY Royal Bank of CanadaCA$233.961.5%
+CA$4.9b		38.1%PB2.6xFinancials
CVE Cenovus EnergyCA$31.689.1%
+CA$4.8b		46.3%PE19.1xEnergy
IMO Imperial OilCA$167.976.0%
+CA$4.6b		62.6%PE24.9xEnergy
See more

Market Insights

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IAG
CA$149.85
iA Financial
7D
-10.0%
1Y
15.9%
NDM
CA$1.82
Northern Dynasty Minerals
7D
-39.7%
1Y
85.7%
CS
CA$13.75
Capstone Copper
7D
-11.3%
1Y
57.3%
CNQ
CA$58.23
Canadian Natural Resources
7D
7.0%
1Y
33.9%

CNQ: Capital Program And Asset Deal Will Shape Future Cash Returns

Analysts have trimmed their average price target on Canadian Natural Resources by about CA$1. This reflects updated views on fair value, a slightly higher discount rate, softer expected revenue trends, lower projected profit margins, and a higher assumed future P/E multiple in light of planned capital spending and its potential impact on near term cash returns.
FNV
CA$349.38
Franco-Nevada
7D
7.1%
1Y
73.9%
WPM
CA$199.10
Wheaton Precious Metals
7D
5.1%
1Y
100.9%

WPM: Fair Value Case Balances Higher Metal Assumptions And Execution Risks

The analyst price target for Wheaton Precious Metals has been raised by CA$19.86. Analysts cite refreshed valuation work that incorporates updated revenue growth, profit margin and P/E assumptions reflected in recent target increases from firms such as Stifel, CIBC, UBS, Scotiabank, Canaccord and BofA.
BAM
CA$68.57
Brookfield Asset Management
7D
-3.1%
1Y
-19.8%

Long Term Private Markets And AI Infrastructure Exposure Will Support This Undervalued Asset Manager

Catalysts About Brookfield Asset Management Brookfield Asset Management manages a global, diversified platform of alternative investment strategies focused on real assets, credit and related private market solutions. What are the underlying business or industry changes driving this perspective?
T
CA$18.54
TELUS
7D
-2.2%
1Y
-15.0%
BN
CA$63.25
Brookfield
7D
-2.4%
1Y
11.6%
SLF
CA$89.47
Sun Life Financial
7D
-4.5%
1Y
14.4%
CVE
CA$31.68
Cenovus Energy
7D
9.1%
1Y
46.3%
ABX
CA$66.56
Barrick Mining
7D
7.6%
1Y
149.6%
RY
CA$233.96
Royal Bank of Canada
7D
1.5%
1Y
38.1%

RY: Future Returns Will Rely On Leading ROE And Diversified Franchise Strength

Royal Bank of Canada’s analyst fair value estimate has edged up from C$233.87 to C$235.27, as analysts point to a series of higher price targets and fresh Outperform ratings that highlight the bank’s scale, returns on equity and diversified business mix. Analyst Commentary Recent research updates cluster around higher price targets and fresh Outperform ratings, with Royal Bank of Canada now covered by several firms that are broadly constructive on its profile and valuation.
IMO
CA$167.97
Imperial Oil
7D
6.0%
1Y
62.6%

IMO: Future Returns Will Likely Weaken Versus C$115 Fair Value Estimate

Narrative Update Analysts have nudged their fair value estimate for Imperial Oil up from C$113 to about C$115.41. This reflects recent adjustments to sector price targets that factor in updated 2025 guidance and early 2026 commentary, while continuing to see gas as relatively more attractive than oil.
IVN
CA$15.60
Ivanhoe Mines
7D
-6.5%
1Y
-7.5%

IVN: Higher Metals Price Assumptions Will Support Multi Year Copper Production Ramp

Narrative Update The analyst price target for Ivanhoe Mines has been lifted by about $0.94, with analysts pointing to refreshed sector price forecasts, an updated fair value of $23.80, a slightly higher discount rate of 7.48% and a modestly higher future P/E of 35.06x as key drivers of the change. Analyst Commentary Recent Street research on Ivanhoe Mines has leaned positive, with several bullish analysts lifting their price targets and pointing to refreshed sector assumptions to support higher valuation levels.
CM
CA$134.47
Canadian Imperial Bank of Commerce
7D
3.6%
1Y
53.9%

CM: Net Interest Margins And Credit Costs Will Shape Future Earnings Balance

Narrative update The analyst price target for Canadian Imperial Bank of Commerce has been raised, with recent Street research moving targets to C$117, C$123, C$127 and most recently C$138, as analysts point to factors such as net interest margin trends and provisions for credit losses as key drivers in their updated views. Analyst Commentary Recent research shows a series of higher price targets for Canadian Imperial Bank of Commerce, along with mixed views on how sustainable current drivers of earnings might be.