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Canadian (TSX) Market Analysis & Valuation

UpdatedAug 10, 2026
DataAggregated Company Financials
Companies2189
  • 7D2.4%
  • 3M4.1%
  • 1Y31.4%
  • YTD14.3%

The market is up 2.4% over the last week, with the Materials sector leading the way, up 16%. On the other hand, with a decline of 4.4%, the Energy sector is lagging behind. The market is up 31% 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
Mon, 10 Aug 2026CA$5.6tCA$2.3tCA$252.9b16.5x22.3x2.4x
Wed, 08 Jul 2026CA$5.5tCA$2.3tCA$245.7b16.3x22.5x2.4x
Fri, 05 Jun 2026CA$5.5tCA$2.2tCA$243.7b16.5x22.6x2.5x
Sun, 03 May 2026CA$5.4tCA$2.2tCA$241.0b16.5x22.2x2.5x
Tue, 31 Mar 2026CA$5.0tCA$2.2tCA$241.0b15.6x20.8x2.3x
Thu, 26 Feb 2026CA$5.3tCA$2.1tCA$236.7b17.4x22.6x2.5x
Sat, 24 Jan 2026CA$5.2tCA$2.1tCA$224.5b17.4x23x2.4x
Mon, 22 Dec 2025CA$4.9tCA$2.1tCA$224.7b16.4x21.9x2.3x
Wed, 19 Nov 2025CA$4.7tCA$2.1tCA$224.4b16x20.9x2.2x
Fri, 17 Oct 2025CA$4.8tCA$2.2tCA$209.6b16.7x22.9x2.2x
Sun, 14 Sep 2025CA$4.6tCA$2.1tCA$208.7b16.3x22.1x2.1x
Tue, 12 Aug 2025CA$4.4tCA$2.1tCA$201.7b15.8x21.6x2x
Thu, 10 Jul 2025CA$4.3tCA$2.1tCA$191.7b15.8x22.4x2x
Sat, 07 Jun 2025CA$4.2tCA$2.1tCA$191.9b15.4x21.9x2x
Mon, 05 May 2025CA$4.0tCA$2.1tCA$175.4b14.8x22.7x1.9x
Wed, 02 Apr 2025CA$4.0tCA$2.1tCA$173.7b15.4x22.9x1.9x
Fri, 28 Feb 2025CA$4.0tCA$2.1tCA$172.6b14.8x23.3x1.9x
Sun, 26 Jan 2025CA$3.9tCA$2.1tCA$171.2b15x23x1.8x
Tue, 24 Dec 2024CA$3.8tCA$2.1tCA$169.2b13.9x22.7x1.8x
Thu, 21 Nov 2024CA$3.9tCA$2.1tCA$166.7b14.5x23.5x1.8x
Sat, 19 Oct 2024CA$3.9tCA$2.1tCA$168.1b15.6x23.4x1.9x
Mon, 16 Sep 2024CA$3.8tCA$2.1tCA$167.4b15.1x22.5x1.8x
Wed, 14 Aug 2024CA$3.6tCA$2.1tCA$170.5b14.7x21.1x1.7x
Fri, 12 Jul 2024CA$3.6tCA$2.0tCA$166.6b14.1x21.6x1.8x
Sun, 09 Jun 2024CA$3.6tCA$2.1tCA$167.4b14.3x21.3x1.7x
Tue, 07 May 2024CA$3.6tCA$2.0tCA$172.8b14x20.7x1.7x
Thu, 04 Apr 2024CA$3.5tCA$2.0tCA$173.4b14x20.4x1.7x
Sat, 02 Mar 2024CA$3.4tCA$2.1tCA$176.1b13.7x19.4x1.7x
Mon, 29 Jan 2024CA$3.4tCA$2.1tCA$173.9b12.8x19.6x1.6x
Wed, 27 Dec 2023CA$3.4tCA$2.1tCA$172.8b13.2x19.5x1.6x
Fri, 24 Nov 2023CA$3.2tCA$2.1tCA$179.3b11.7x18x1.5x
Sun, 22 Oct 2023CA$3.1tCA$2.1tCA$185.3b11.4x16.8x1.5x
Tue, 19 Sep 2023CA$3.3tCA$2.1tCA$184.5b11.9x18x1.6x
Thu, 17 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 Market2.38%
Materials15.98%
Tech2.56%
Industrials2.17%
Telecom1.79%
Consumer Discretionary1.61%
Financials0.92%
Healthcare-0.25%
Real Estate-0.97%
Consumer Staples-1.37%
Utilities-2.62%
Energy-4.36%
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 24.2%, 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
ABX Barrick MiningCA$60.9618.5%
+CA$15.9b		93.8%PE12xMaterials
WPM Wheaton Precious MetalsCA$187.3222.8%
+CA$15.8b		39.5%PE29.8xMaterials
EQX Equinox GoldCA$16.1628.7%
+CA$9.0b		81.8%PE27.4xMaterials
BAM Brookfield Asset ManagementCA$73.197.9%
+CA$8.6b		-13.5%PE29.9xFinancials
K Kinross GoldCA$38.5219.2%
+CA$7.4b		47.5%PE10.3xMaterials
See more

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Latest News

WPM
CA$187.32
Wheaton Precious Metals
7D
22.8%
1Y
39.5%
CNQ
CA$63.45
Canadian Natural Resources
7D
-5.0%
1Y
54.0%
ABX
CA$60.96
Barrick Mining
7D
18.5%
1Y
93.8%
BAM
CA$73.19
Brookfield Asset Management
7D
7.9%
1Y
-13.5%
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$38.52
Kinross Gold
7D
19.2%
1Y
46.1%
SU
CA$83.83
Suncor Energy
7D
-11.0%
1Y
56.8%
EQX
CA$16.16
Equinox Gold
7D
28.7%
1Y
77.4%
PAAS
CA$71.45
Pan American Silver
7D
18.4%
1Y
64.3%
Narrative Update • Aug 07

PAAS: Project Execution And Precious Metal Upside Will Drive Future Returns

Analysts have updated their view on Pan American Silver with a lower fair value estimate and a higher CA$95 price target, reflecting revised assumptions for discount rates, revenue growth, profit margins and future P/E multiples in light of recent Street research. Analyst Commentary Recent Street research on Pan American Silver shows a mix of optimism and caution as analysts reset their price targets and model assumptions.
CVE
CA$39.38
Cenovus Energy
7D
-6.8%
1Y
96.9%
Narrative Update • Aug 06

CVE: Fair Value View Weighs Project Execution Against Pipeline Expansion Upside

The fair value estimate for Cenovus Energy has been revised to CA$42.00 from CA$40.00 as analysts point to higher published price targets following recent reports that highlighted robust Q2 earnings, favorable guidance and expectations for future volume and free cash flow contributions from key projects. Analyst Commentary Recent Street research on Cenovus Energy has centered on higher published price targets and reiterated positive ratings, framed around the latest Q2 earnings and project pipeline.
NTR
CA$89.89
Nutrien
7D
-7.1%
1Y
15.8%
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.
CCO
CA$135.86
Cameco
7D
12.3%
1Y
26.9%
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$332.81
Franco-Nevada
7D
11.6%
1Y
37.3%
Narrative Update • Aug 04

FNV: Future Cash Flows Will Hinge On Cobre Panama Restart

Franco-Nevada's updated analyst price target shifts to CA$482 from CA$440 as analysts factor in a more hawkish outlook for gold prices, adjustments to silver assumptions, and recent resets to sector estimates and Q2 expectations. Analyst Commentary Recent Street research on Franco-Nevada has shifted toward more conservative price targets, yet a core group of bullish analysts still highlight reasons to stay constructive on the stock, particularly around balance sheet strength, project restart potential, and exposure to precious metals over the medium term.
L
CA$62.89
Loblaw Companies
7D
-4.4%
1Y
9.7%
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.
IMO
CA$174.21
Imperial Oil
7D
-4.1%
1Y
51.5%
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$71.55
Enbridge
7D
-6.2%
1Y
9.3%
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.
TRP
CA$88.19
TC Energy
7D
-6.6%
1Y
28.0%