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Canadian (TSX) Market Analysis & Valuation

UpdatedAug 26, 2026
DataAggregated Company Financials
Companies2201
  • 7D1.2%
  • 3M5.4%
  • 1Y29.7%
  • YTD15.9%

The market is up 1.2% over the last week, with the Materials sector leading the way, up 14%. The market is up 30% 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
Wed, 26 Aug 2026CA$5.7tCA$2.3tCA$255.2b17.5x22.4x2.5x
Fri, 24 Jul 2026CA$5.6tCA$2.2tCA$242.3b16.9x23x2.5x
Sun, 21 Jun 2026CA$5.5tCA$2.2tCA$244.9b16.2x22.4x2.4x
Tue, 19 May 2026CA$5.4tCA$2.2tCA$246.2b16.8x21.9x2.4x
Thu, 16 Apr 2026CA$5.4tCA$2.2tCA$241.1b16.9x22.3x2.5x
Sat, 14 Mar 2026CA$5.2tCA$2.1tCA$240.5b16.1x21.5x2.4x
Mon, 09 Feb 2026CA$5.1tCA$2.1tCA$226.8b17.4x22.6x2.4x
Wed, 07 Jan 2026CA$5.0tCA$2.1tCA$224.6b16.5x22.3x2.3x
Fri, 05 Dec 2025CA$4.9tCA$2.1tCA$225.9b16.1x21.6x2.3x
Sun, 02 Nov 2025CA$4.7tCA$2.2tCA$215.4b16.3x21.8x2.2x
Tue, 30 Sep 2025CA$4.7tCA$2.2tCA$209.2b16.4x22.4x2.2x
Thu, 28 Aug 2025CA$4.5tCA$2.1tCA$203.8b16.1x22x2.1x
Sat, 26 Jul 2025CA$4.4tCA$2.1tCA$190.8b16.2x22.9x2.1x
Mon, 23 Jun 2025CA$4.3tCA$2.1tCA$191.8b15.4x22.2x2x
Wed, 21 May 2025CA$4.1tCA$2.1tCA$183.4b14.4x22.2x1.9x
Fri, 18 Apr 2025CA$3.9tCA$2.1tCA$173.0b14.7x22.3x1.8x
Sun, 16 Mar 2025CA$3.9tCA$2.1tCA$174.3b14.9x22.4x1.8x
Tue, 11 Feb 2025CA$4.0tCA$2.1tCA$168.6b14.6x24x1.9x
Thu, 09 Jan 2025CA$3.9tCA$2.1tCA$171.0b14.6x22.7x1.8x
Sat, 07 Dec 2024CA$4.0tCA$2.1tCA$169.1b14.7x23.7x1.9x
Mon, 04 Nov 2024CA$3.9tCA$2.1tCA$168.8b14.9x22.8x1.8x
Wed, 02 Oct 2024CA$3.8tCA$2.1tCA$167.7b15.3x22.9x1.8x
Fri, 30 Aug 2024CA$3.7tCA$2.1tCA$167.3b15.3x22.2x1.8x
Sun, 28 Jul 2024CA$3.7tCA$2.1tCA$167.8b14.2x21.9x1.8x
Tue, 25 Jun 2024CA$3.5tCA$2.0tCA$166.8b14.1x20.8x1.7x
Thu, 23 May 2024CA$3.7tCA$2.0tCA$167.1b14.1x21.9x1.8x
Sat, 20 Apr 2024CA$3.5tCA$2.1tCA$174.7b13.9x20x1.7x
Mon, 18 Mar 2024CA$3.5tCA$2.1tCA$173.4b13.5x20.2x1.7x
Wed, 14 Feb 2024CA$3.3tCA$2.1tCA$177.1b13x18.7x1.6x
Fri, 12 Jan 2024CA$3.4tCA$2.1tCA$173.2b12.8x19.5x1.6x
Sun, 10 Dec 2023CA$3.3tCA$2.1tCA$172.3b12.2x18.9x1.6x
Tue, 07 Nov 2023CA$3.2tCA$2.1tCA$179.6b12x17.8x1.5x
Thu, 05 Oct 2023CA$3.1tCA$2.1tCA$185.5b11.2x16.8x1.5x
Sat, 02 Sep 2023CA$3.3tCA$2.1tCA$184.9b11.8x17.9x1.6x
Price to Earnings Ratio

17.9x


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 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 Market1.25%
Materials14.20%
Healthcare1.31%
Telecom0.64%
Tech0.53%
Real Estate-0.079%
Industrials-1.31%
Consumer Staples-1.36%
Energy-1.71%
Financials-1.94%
Utilities-2.50%
Consumer Discretionary-3.20%
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 24.4%, 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 41% 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 4.4% 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
WPM Wheaton Precious MetalsCA$226.1822.8%
+CA$19.1b		69.1%PE36.2xMaterials
ABX Barrick MiningCA$67.5815.6%
+CA$15.0b		82.5%PE12.3xMaterials
K Kinross GoldCA$46.1822.5%
+CA$10.1b		65.0%PE12.5xMaterials
FNV Franco-NevadaCA$375.3316.0%
+CA$10.0b		46.0%PE35.4xMaterials
CCO CamecoCA$147.8210.8%
+CA$6.3b		39.7%PE181.4xEnergy
See more

Market Insights

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Latest News

WPM
CA$226.18
Wheaton Precious Metals
7D
22.8%
1Y
69.1%
Seeking Alpha • 1h

Wheaton Precious Metals: Records Across The Board, And The Pipeline Is Already Funded

Summary Wheaton Precious Metals delivered record Q2 2026 results, driven by the transformative Antamina stream expansion and robust streaming model. WPM's growth pipeline is fully funded, supporting a target of roughly 50% production growth by 2030 without additional capex risk. Despite a sharp rise to $1.9 billion net debt from the Antamina deal, liquidity remains strong, and leverage is manageable with an upsized $2.5 billion credit facility. The stock remains a buy, trading 25% below its five-year average P/E, with risks centered on Antamina's operational consistency and Peñasquito's declining mine life. Read the full article on Seeking Alpha
RY
CA$286.63
Royal Bank of Canada
7D
-3.3%
1Y
50.5%
ABX
CA$67.58
Barrick Mining
7D
15.6%
1Y
82.5%
FNV
CA$375.33
Franco-Nevada
7D
16.0%
1Y
46.0%
BMO
CA$239.94
Bank of Montreal
7D
-5.5%
1Y
45.3%
K
CA$46.18
Kinross Gold
7D
22.5%
1Y
65.0%
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.
LUG
CA$107.00
Lundin Gold
7D
23.0%
1Y
27.1%
CCO
CA$147.82
Cameco
7D
10.8%
1Y
39.7%
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.
CM
CA$163.72
Canadian Imperial Bank of Commerce
7D
-3.2%
1Y
60.4%
CVE
CA$42.80
Cenovus Energy
7D
-5.4%
1Y
85.1%
Narrative Update • Aug 21

CVE: Fair Value View Will Test 2026 Output And Refining Balance

Analysts have lifted the Cenovus Energy fair value estimate from CA$42.00 to about CA$42.84. They attribute the change to higher price targets across recent research that reference updated 2026 outlooks, current strip prices, and what they describe as robust recent earnings with a favorable guidance outlook.
TD
CA$164.75
Toronto-Dominion Bank
7D
-2.9%
1Y
58.3%
Narrative Update • Aug 20

TD: Future Will Reflect AI Use Capital Markets Momentum And Execution Risk

Analysts have lifted the fair value estimate for Toronto Dominion Bank to CA$170.38 from CA$163, reflecting revised targets across the Canadian bank sector and continued support from capital markets and wealth revenue trends. Analyst Commentary Recent Street research on Toronto Dominion Bank points to a cluster of higher price targets, which lines up with the revised fair value estimate.
TECK.B
CA$98.98
Teck Resources
7D
11.4%
1Y
115.0%
SU
CA$90.49
Suncor Energy
7D
-3.9%
1Y
63.0%
FM
CA$48.69
First Quantum Minerals
7D
12.0%
1Y
104.9%
Narrative Update • Aug 07

FM: Restart Progress And Copper Exposure Will Drive Future Upside Potential

First Quantum Minerals' updated fair value estimate has increased to CA$48.56 from CA$47.06, as analysts adjust price targets within a mixed range of CA$41 to CA$55 and factor in revised margin expectations along with higher assumed future P/E levels. Analyst Commentary Recent Street research on First Quantum Minerals shows a wide range of opinions, with price targets clustered between about CA$33 and CA$55 and ratings that span from Neutral to Buy and Overweight.
ENB
CA$68.83
Enbridge
7D
-3.6%
1Y
4.8%
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$85.19
Alimentation Couche-Tard
7D
-5.3%
1Y
23.8%
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.