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Canadian (TSX) Market Analysis & Valuation

UpdatedAug 11, 2026
DataAggregated Company Financials
Companies2191
  • 7D2.6%
  • 3M4.2%
  • 1Y31.6%
  • YTD14.5%

The market is up 2.6% over the last week, with the Materials sector leading the way, up 16%. The market is up 32% over the last 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, 11 Aug 2026CA$5.6tCA$2.3tCA$253.3b16.4x22.3x2.4x
Thu, 09 Jul 2026CA$5.5tCA$2.3tCA$245.5b16.3x22.4x2.4x
Sat, 06 Jun 2026CA$5.6tCA$2.2tCA$243.9b15.9x22.8x2.5x
Mon, 04 May 2026CA$5.4tCA$2.2tCA$241.0b16.5x22.2x2.5x
Wed, 01 Apr 2026CA$5.0tCA$2.2tCA$240.8b16x20.9x2.3x
Fri, 27 Feb 2026CA$5.4tCA$2.1tCA$238.8b17.5x22.5x2.5x
Sun, 25 Jan 2026CA$5.2tCA$2.1tCA$224.5b17.5x23.2x2.4x
Tue, 23 Dec 2025CA$4.9tCA$2.1tCA$224.6b16.3x21.9x2.3x
Thu, 20 Nov 2025CA$4.7tCA$2.1tCA$224.5b16.1x20.9x2.2x
Sat, 18 Oct 2025CA$4.8tCA$2.2tCA$209.5b16.6x22.7x2.2x
Mon, 15 Sep 2025CA$4.6tCA$2.1tCA$208.7b16.3x22.1x2.1x
Wed, 13 Aug 2025CA$4.4tCA$2.1tCA$202.6b15.8x21.5x2x
Fri, 11 Jul 2025CA$4.3tCA$2.1tCA$191.6b16x22.4x2x
Sun, 08 Jun 2025CA$4.3tCA$2.1tCA$191.9b15.4x22.2x2x
Tue, 06 May 2025CA$4.0tCA$2.1tCA$175.3b14.8x22.8x1.9x
Thu, 03 Apr 2025CA$4.0tCA$2.1tCA$173.9b15.5x22.9x1.9x
Sat, 01 Mar 2025CA$4.0tCA$2.1tCA$172.8b15x23x1.9x
Mon, 27 Jan 2025CA$3.9tCA$2.1tCA$171.2b15x23x1.8x
Wed, 25 Dec 2024CA$3.9tCA$2.1tCA$169.2b13.9x22.9x1.8x
Fri, 22 Nov 2024CA$3.9tCA$2.1tCA$166.7b14.6x23.5x1.8x
Sun, 20 Oct 2024CA$4.0tCA$2.1tCA$168.1b15.6x23.5x1.9x
Tue, 17 Sep 2024CA$3.8tCA$2.1tCA$167.5b15.2x22.5x1.8x
Thu, 15 Aug 2024CA$3.6tCA$2.1tCA$170.3b14.7x21.3x1.7x
Sat, 13 Jul 2024CA$3.6tCA$2.0tCA$166.7b14x21.7x1.8x
Mon, 10 Jun 2024CA$3.6tCA$2.1tCA$167.4b14.3x21.3x1.7x
Wed, 08 May 2024CA$3.6tCA$2.1tCA$172.8b14x20.7x1.7x
Fri, 05 Apr 2024CA$3.6tCA$2.0tCA$174.2b14x20.4x1.7x
Sun, 03 Mar 2024CA$3.5tCA$2.1tCA$176.7b13.7x19.5x1.7x
Tue, 30 Jan 2024CA$3.4tCA$2.1tCA$173.8b12.8x19.6x1.6x
Thu, 28 Dec 2023CA$3.4tCA$2.1tCA$172.7b13.3x19.6x1.6x
Sat, 25 Nov 2023CA$3.2tCA$2.1tCA$179.1b11.8x18x1.5x
Mon, 23 Oct 2023CA$3.1tCA$2.1tCA$185.3b11.3x16.8x1.5x
Wed, 20 Sep 2023CA$3.3tCA$2.1tCA$184.4b11.9x17.8x1.6x
Fri, 18 Aug 2023CA$3.2tCA$2.1tCA$185.8b11.4x17.4x1.5x
Price to Earnings Ratio

17.4x


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 21.4x202420252026
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 21.4x.
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 3.0% 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 Market2.57%
Materials16.10%
Tech3.18%
Telecom1.33%
Industrials1.28%
Consumer Discretionary1.10%
Financials0.85%
Healthcare-0.76%
Consumer Staples-1.94%
Energy-2.24%
Real Estate-2.32%
Utilities-4.14%
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 25.3%, which is higher than its past year's earnings growth of 6.7% 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 decline of 0.3% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 5.7% 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
WPM Wheaton Precious MetalsCA$185.7521.8%
+CA$15.1b		38.3%PE29.5xMaterials
BAM Brookfield Asset ManagementCA$73.668.6%
+CA$9.4b		-13.0%PE30.1xFinancials
ABX Barrick MiningCA$57.0310.8%
+CA$9.3b		81.3%PE11.2xMaterials
EQX Equinox GoldCA$16.1528.6%
+CA$8.9b		77.3%PE27.4xMaterials
FNV Franco-NevadaCA$335.4312.5%
+CA$7.2b		38.4%PE34xMaterials
See more

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Latest News

ABX
CA$57.03
Barrick Mining
7D
10.8%
1Y
81.3%
EQX
CA$16.15
Equinox Gold
7D
28.6%
1Y
77.3%
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WPM
CA$185.75
Wheaton Precious Metals
7D
21.8%
1Y
38.3%
CNQ
CA$65.83
Canadian Natural Resources
7D
-1.4%
1Y
59.8%
CLS
CA$440.01
Celestica
7D
-5.1%
1Y
55.9%
BAM
CA$73.66
Brookfield Asset Management
7D
8.6%
1Y
-13.0%
Narrative Update • Aug 07

BAM: AI And Energy Infrastructure Partnerships Will Drive Long Duration Fee Opportunities

Brookfield Asset Management's analyst fair value estimate has shifted from CA$98.00 to CA$88.91, as analysts factor in a lower discount rate, more measured revenue growth assumptions, and recent mixed price target changes across the Street. Analyst Commentary Recent research commentary on Brookfield Asset Management shows a mix of caution and optimism, with a clear group of bullish analysts highlighting specific growth drivers that they believe can support the company’s valuation over time.
K
CA$38.18
Kinross Gold
7D
18.1%
1Y
44.8%
SU
CA$87.48
Suncor Energy
7D
-7.1%
1Y
63.7%
NTR
CA$92.38
Nutrien
7D
-4.5%
1Y
19.0%
Narrative Update • Aug 06

NTR: Potash And Phosphate Stability Will Support Future Earnings Multiple

The analyst price target for Nutrien has been adjusted modestly lower to CA$110.93 from CA$113.81 as analysts factor in updated fertilizer price assumptions, a mix of cautious estimate revisions across the sector, and ongoing discussion around nitrogen, potash, and phosphate market conditions. Analyst Commentary Recent research on Nutrien shows a split view, with some bullish analysts leaning into fertilizer pricing and others more cautious on earnings sustainability, farmer demand, and longer term commodity assumptions.
CNR
CA$174.34
Canadian National Railway
7D
-2.2%
1Y
35.7%
Narrative Update • Aug 06

CNR: Grain Strength, Network Expansion And Buybacks Will Support Future Returns

Analysts have lifted their fair value estimate for Canadian National Railway to about CA$190 from roughly CA$178, reflecting updated assumptions around revenue growth, profit margins, and future P/E multiples compared with earlier expectations. What’s in the News for Canadian National Railway Canadian National Railway reported second quarter diluted EPS of $2.06, with adjusted net income of $1.25b and an improved operating ratio, and guided to mid to high single digit adjusted diluted EPS growth and low single digit volume growth for full year 2026.
CCO
CA$135.66
Cameco
7D
12.1%
1Y
26.7%
Narrative Update • Aug 04

CCO: Uranium Bull Case And Cigar Lake Exposure Will Shape Future Returns

Analysts have revised their Cameco price target to CA$144.91 from CA$152.06. This reflects updates to their models that now assume different revenue growth, profit margin and future P/E expectations.
FNV
CA$335.43
Franco-Nevada
7D
12.5%
1Y
38.4%
Narrative Update • Aug 04

FNV: Future Cash Flows Will Hinge On Cobre Panama Restart

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L
CA$61.97
Loblaw Companies
7D
-5.8%
1Y
8.1%
Narrative Update • Aug 04

L: Capital Returns And Earnings Consistency Will Support Balanced Forward Return Profile

Loblaw Companies sees its fair value estimate adjusted to CA$68.80 from CA$67.36 as analysts incorporate higher price targets from recent research, with CA$73 at BMO Capital and CA$67 at Scotiabank, while assuming only modest tweaks to growth, margin and future P/E expectations. Analyst Commentary Recent research on Loblaw Companies shows a mix of optimism and caution, with price targets adjusted in both directions over time and ratings ranging from Sector Perform to Outperform.
ENB
CA$71.71
Enbridge
7D
-6.0%
1Y
9.5%
Narrative Update • Aug 04

ENB: Future Returns Will Reflect Regulated Assets And Sunrise Gas Expansion

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TRP
CA$88.34
TC Energy
7D
-6.4%
1Y
28.2%
CSU
CA$3,304.36
Constellation Software
7D
10.0%
1Y
-31.2%
Narrative Update • Aug 03

CSU: Expense And Hardware Pressures Will Frame Measured Upside From Here

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