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Canadian (TSX) Market Analysis & Valuation

UpdatedSep 20, 2026
DataAggregated Company Financials
Companies2206
  • 7D0.2%
  • 3M1.7%
  • 1Y21.5%
  • YTD13.0%

In the last week, the market has been flat. Meanwhile, the market is actually up 21% over the past year. 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, 21 Sep 2026CA$5.6tCA$2.3tCA$256.8b16.6x21.7x2.4x
Wed, 19 Aug 2026CA$5.7tCA$2.3tCA$254.9b16.4x22.4x2.5x
Fri, 17 Jul 2026CA$5.6tCA$2.2tCA$243.4b16.2x22.8x2.5x
Sun, 14 Jun 2026CA$5.5tCA$2.2tCA$243.9b16x22.6x2.5x
Tue, 12 May 2026CA$5.4tCA$2.2tCA$244.1b16.8x22.1x2.4x
Thu, 09 Apr 2026CA$5.2tCA$2.2tCA$241.0b16.3x21.7x2.4x
Sat, 07 Mar 2026CA$5.3tCA$2.1tCA$239.5b16.8x22x2.5x
Mon, 02 Feb 2026CA$5.0tCA$2.1tCA$224.1b16.8x22.4x2.4x
Wed, 31 Dec 2025CA$5.0tCA$2.1tCA$224.3b16.4x22.1x2.3x
Fri, 28 Nov 2025CA$4.8tCA$2.1tCA$224.4b16.5x21.5x2.3x
Sun, 26 Oct 2025CA$4.7tCA$2.2tCA$215.4b16.8x21.9x2.2x
Tue, 23 Sep 2025CA$4.7tCA$2.1tCA$208.8b16.4x22.3x2.2x
Thu, 21 Aug 2025CA$4.4tCA$2.1tCA$201.9b15.8x21.7x2x
Sat, 19 Jul 2025CA$4.4tCA$2.1tCA$191.2b16.1x22.8x2x
Mon, 16 Jun 2025CA$4.3tCA$2.1tCA$191.5b15.4x22.3x2x
Wed, 14 May 2025CA$4.0tCA$2.1tCA$176.8b14.4x22.7x1.9x
Fri, 11 Apr 2025CA$3.8tCA$2.1tCA$173.3b14.1x21.8x1.8x
Sun, 09 Mar 2025CA$3.9tCA$2.1tCA$173.5b14.9x22.7x1.8x
Tue, 04 Feb 2025CA$3.9tCA$2.1tCA$170.9b14.4x23.1x1.8x
Thu, 02 Jan 2025CA$3.9tCA$2.1tCA$169.1b14.2x22.9x1.8x
Sat, 30 Nov 2024CA$4.0tCA$2.1tCA$166.3b14.9x23.9x1.9x
Mon, 28 Oct 2024CA$3.9tCA$2.1tCA$167.7b15.3x23.3x1.8x
Wed, 25 Sep 2024CA$3.8tCA$2.1tCA$167.5b15.3x22.7x1.8x
Fri, 23 Aug 2024CA$3.7tCA$2.1tCA$169.8b14.7x21.8x1.8x
Sun, 21 Jul 2024CA$3.6tCA$2.1tCA$167.7b14x21.7x1.8x
Tue, 18 Jun 2024CA$3.5tCA$2.1tCA$167.4b14.1x20.8x1.7x
Thu, 16 May 2024CA$3.6tCA$2.0tCA$167.9b14.2x21.5x1.8x
Sat, 13 Apr 2024CA$3.6tCA$2.1tCA$174.6b14.1x20.4x1.7x
Mon, 11 Mar 2024CA$3.5tCA$2.1tCA$173.3b13.7x20.1x1.7x
Wed, 07 Feb 2024CA$3.4tCA$2.1tCA$172.8b13.1x19.5x1.6x
Fri, 05 Jan 2024CA$3.4tCA$2.1tCA$173.1b13x19.5x1.6x
Sun, 03 Dec 2023CA$3.3tCA$2.1tCA$173.3b12.3x18.9x1.6x
Tue, 31 Oct 2023CA$3.1tCA$2.1tCA$184.5b11.6x16.6x1.5x
Thu, 28 Sep 2023CA$3.2tCA$2.1tCA$184.3b11.4x17.2x1.5x
Price to Earnings Ratio

17.2x


Total Market Cap: CA$3.2tTotal Earnings: CA$184.3bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21.6x202420252026
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 21.6x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 12% per year over the last three years.
  • Revenues for these companies have grown 3.7% 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 Market0.19%
Utilities1.30%
Financials0.76%
Healthcare0.51%
Energy0.43%
Consumer Staples0.12%
Materials0.082%
Industrials-0.71%
Tech-0.98%
Consumer Discretionary-1.49%
Real Estate-1.82%
Telecom-2.78%
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 25.2%, which is higher than its past year's earnings growth of 22.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 40% 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 5.2% 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
TD Toronto-Dominion BankCA$171.482.2%
+CA$6.2b		58.2%PB2.3xFinancials
ENB EnbridgeCA$68.142.9%
+CA$4.6b		-0.3%PE26.8xEnergy
MFC Manulife FinancialCA$62.063.0%
+CA$3.0b		42.4%PE16.5xFinancials
BNS Bank of Nova ScotiaCA$131.631.5%
+CA$2.4b		46.9%PB1.8xFinancials
SU Suncor EnergyCA$97.091.9%
+CA$2.1b		69.5%PE12.7xEnergy
See more

Market Insights

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Latest News

BAM
CA$64.47
Brookfield Asset Management
7D
-1.5%
1Y
-22.0%
Narrative Update • Sep 19

BAM: AI Infrastructure Mandates Will Drive Durable Fee Streams

Analysts have adjusted their average price targets for Brookfield Asset Management to a range of CA$50 to CA$59, with updates citing changes in peer multiples, expectations for higher fee-related earnings, and ongoing growth in AI and digital infrastructure partnerships, including the expanded Bloom Energy collaboration and data center financing initiatives. Analyst Commentary Recent research highlights a mix of cautious and supportive views on Brookfield Asset Management, with several bullish analysts pointing to fee related earnings potential, AI and digital infrastructure exposure, and expanding partnerships as key areas of focus.
ENB
CA$68.14
Enbridge
7D
2.9%
1Y
-0.3%
CNR
CA$166.68
Canadian National Railway
7D
-1.7%
1Y
29.6%
SLF
CA$113.79
Sun Life Financial
7D
2.9%
1Y
37.1%
Narrative Update • Sep 17

SLF: Future M&A And Infrastructure Investments Will Support Shareholder Returns

Sun Life Financial's updated fair value estimate has shifted to CA$125 from CA$141, reflecting analysts' tempered revenue growth and future P/E assumptions, along with continued support from higher Street price targets that cite ongoing M&A activity, a strong balance sheet, and an emphasis on shareholder returns. Analyst Commentary Recent Street research on Sun Life Financial shows a cluster of higher price targets in both Canadian dollars and US dollars.
TD
CA$171.48
Toronto-Dominion Bank
7D
2.2%
1Y
58.2%
BCE
CA$30.90
BCE
7D
-4.6%
1Y
-3.4%
SU
CA$97.09
Suncor Energy
7D
1.9%
1Y
69.5%
Narrative Update • Sep 15

SU: Refining Leverage And Cash Returns Will Test Execution In Fairly Valued Shares

Analysts have raised the fair value estimate for Suncor Energy to CA$92 from CA$90, citing higher Street price targets clustered around CA$94 to CA$106 and a focus on the stock's refining exposure and projected free cash flow yield. Analyst Commentary Recent Street research on Suncor Energy points to a mix of optimism on refining exposure and free cash flow yield, alongside more cautious signals that highlight execution and valuation risks.
K
CA$39.25
Kinross Gold
7D
-2.8%
1Y
21.6%
BNS
CA$131.63
Bank of Nova Scotia
7D
1.5%
1Y
46.9%
CLS
CA$465.13
Celestica
7D
-3.1%
1Y
33.0%
CM
CA$161.03
Canadian Imperial Bank of Commerce
7D
1.3%
1Y
43.1%
MFC
CA$62.06
Manulife Financial
7D
3.0%
1Y
42.4%
TRP
CA$86.01
TC Energy
7D
2.0%
1Y
18.7%
QSP.UN
CA$103.46
Restaurant Brands International Limited Partnership
7D
-6.0%
1Y
17.8%
CCO
CA$128.10
Cameco
7D
-4.4%
1Y
7.3%
ATD
CA$79.02
Alimentation Couche-Tard
7D
-1.8%
1Y
7.3%