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Canadian (TSX) Market Analysis & Valuation

UpdatedMay 04, 2026
DataAggregated Company Financials
Companies2191
  • 7D0.2%
  • 3M4.9%
  • 1Y35.6%
  • YTD7.8%

In the last week, the market has stayed flat, however the Energy sector stood out, gaining 4.2%. More promisingly, the market is up 36% over the past year. 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
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
Sun, 16 Jul 2023CA$3.3tCA$2.1tCA$199.8b11.4x16.3x1.5x
Tue, 13 Jun 2023CA$3.2tCA$2.1tCA$199.8b11.1x16.1x1.5x
Thu, 11 May 2023CA$3.3tCA$2.1tCA$209.8b11x15.8x1.6x
Price to Earnings Ratio

15.8x


Total Market Cap: CA$3.3tTotal Earnings: CA$209.8bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.9x202420252026
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 20.9x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 4.7% 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 Market0.22%
Energy4.24%
Consumer Staples2.71%
Consumer Discretionary1.70%
Healthcare1.51%
Telecom0.98%
Financials0.98%
Utilities0.16%
Industrials0.10%
Tech-0.31%
Real Estate-1.45%
Materials-5.39%
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 21.8%, which is higher than its past year's earnings growth of 2.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 45% 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
ENB EnbridgeCA$74.584.2%
+CA$6.6b		15.9%PE23.1xEnergy
TRP TC EnergyCA$90.637.3%
+CA$6.5b		28.9%PE26.1xEnergy
CVE Cenovus EnergyCA$39.828.9%
+CA$6.1b		147.2%PE19.1xEnergy
CNQ Canadian Natural ResourcesCA$63.884.0%
+CA$5.1b		65.2%PE12.3xEnergy
RY Royal Bank of CanadaCA$244.201.4%
+CA$4.8b		46.2%PB2.7xFinancials
See more

Market Insights

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We’re starting to see the second-order impact of Strait of Hormuz’s extended closure on other industries and in Q1 2026 reports - and it’s far more than just fuel and gas.
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Latest News

ABX
CA$52.75
Barrick Mining
7D
-4.9%
1Y
104.8%
FM
CA$32.34
First Quantum Minerals
7D
-10.0%
1Y
74.2%
K
CA$40.22
Kinross Gold
7D
-8.2%
1Y
100.7%
TRP
CA$90.63
TC Energy
7D
7.3%
1Y
28.9%
CNR
CA$152.19
Canadian National Railway
7D
-2.9%
1Y
11.7%

CNR: Shareholder Returns And Resource Corridors Will Support Future Earnings Compounding

Narrative Update Analysts have adjusted the fair value estimate for Canadian National Railway to CA$160.20 from CA$154.75, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations. Analyst Commentary Recent Street research on freight and natural resources exposed stocks points to a mix of optimism and caution that investors can apply when thinking about Canadian National Railway, especially around how commodity related volumes and pricing might feed into earnings and valuation.
BBD.B
CA$285.83
Bombardier
7D
19.3%
1Y
247.6%
FFH
CA$2,170.28
Fairfax Financial Holdings
7D
-8.1%
1Y
-0.9%
CP
CA$117.16
Canadian Pacific Kansas City
7D
-1.6%
1Y
14.7%
CVE
CA$39.82
Cenovus Energy
7D
8.9%
1Y
147.2%
ENB
CA$74.58
Enbridge
7D
4.2%
1Y
15.9%

ENB: Future Returns Will Reflect Rich Pricing And Regulated Utility Expansion

Analysts have slightly increased their fair value estimate for Enbridge, reflecting a somewhat higher CA$ price target supported by expectations for stronger revenue growth, a modestly lower future P/E and a stable but fractionally softer profit margin profile. Analyst Commentary Recent research on Enbridge has been active, with several price target revisions and a mix of more optimistic and more cautious views.
WPM
CA$170.85
Wheaton Precious Metals
7D
-8.2%
1Y
48.3%

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.
ATD
CA$81.09
Alimentation Couche-Tard
7D
6.8%
1Y
14.1%

ATD: Share Buybacks And New Bullish Coverage Will Support Future Upside Potential

Analyst price targets for Alimentation Couche-Tard have been adjusted slightly, with a modest reduction of CA$2 in the consensus view as analysts factor in updated fair value, discount rate and P/E assumptions, while also highlighting a mix of recent target hikes and trims across the Street. Analyst Commentary Recent Street research on Alimentation Couche-Tard reflects a mix of optimism and caution, with several firms adjusting price targets and two new initiations that lean constructive on the story.
SU
CA$91.83
Suncor Energy
7D
4.5%
1Y
90.5%

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.
RY
CA$244.20
Royal Bank of Canada
7D
1.4%
1Y
46.2%
FNV
CA$307.53
Franco-Nevada
7D
-6.4%
1Y
32.5%
CNQ
CA$63.88
Canadian Natural Resources
7D
4.0%
1Y
65.2%

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.