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Canadian (TSX) Market Analysis & Valuation

UpdatedApr 02, 2026
DataAggregated Company Financials
Companies2204
  • 7D1.6%
  • 3M5.0%
  • 1Y29.6%
  • YTD4.2%

The market is up 1.6% over the last week, with the Materials sector leading the way, up 7.8%. The market is up 30% over the last 12 months. As for the next few years, earnings are expected to grow by 10% 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
Fri, 03 Apr 2026CA$5.2tCA$2.2tCA$240.6b16.1x21.5x2.4x
Sun, 01 Mar 2026CA$5.4tCA$2.1tCA$238.8b17.6x22.6x2.5x
Tue, 27 Jan 2026CA$5.2tCA$2.1tCA$224.5b17.4x23.2x2.4x
Thu, 25 Dec 2025CA$5.0tCA$2.1tCA$224.3b16.5x22.1x2.3x
Sat, 22 Nov 2025CA$4.7tCA$2.1tCA$224.5b16x20.7x2.2x
Mon, 20 Oct 2025CA$4.7tCA$2.2tCA$209.5b16.6x22.5x2.2x
Wed, 17 Sep 2025CA$4.6tCA$2.1tCA$208.6b16.4x22.2x2.2x
Fri, 15 Aug 2025CA$4.4tCA$2.1tCA$201.1b15.7x21.8x2.1x
Sun, 13 Jul 2025CA$4.3tCA$2.1tCA$191.7b16.1x22.4x2x
Tue, 10 Jun 2025CA$4.3tCA$2.1tCA$191.8b15.4x22.2x2x
Thu, 08 May 2025CA$4.0tCA$2.1tCA$176.5b15x22.6x1.9x
Sat, 05 Apr 2025CA$3.9tCA$2.1tCA$173.9b14x22.4x1.8x
Mon, 03 Mar 2025CA$4.0tCA$2.1tCA$172.6b15x23.3x1.9x
Wed, 29 Jan 2025CA$3.9tCA$2.1tCA$171.3b15x22.9x1.8x
Fri, 27 Dec 2024CA$3.9tCA$2.1tCA$169.2b14x22.9x1.8x
Sun, 24 Nov 2024CA$4.0tCA$2.1tCA$166.9b14.5x23.8x1.9x
Tue, 22 Oct 2024CA$4.0tCA$2.1tCA$168.2b15.4x23.5x1.9x
Thu, 19 Sep 2024CA$3.8tCA$2.1tCA$167.5b15.1x22.6x1.8x
Sat, 17 Aug 2024CA$3.7tCA$2.1tCA$170.2b14.6x21.6x1.8x
Mon, 15 Jul 2024CA$3.6tCA$2.0tCA$166.7b14x21.9x1.8x
Wed, 12 Jun 2024CA$3.6tCA$2.1tCA$167.4b14.4x21.3x1.7x
Fri, 10 May 2024CA$3.6tCA$2.1tCA$171.1b14.2x21x1.8x
Sun, 07 Apr 2024CA$3.6tCA$2.0tCA$174.3b14.1x20.5x1.7x
Tue, 05 Mar 2024CA$3.4tCA$2.1tCA$176.7b13.7x19.5x1.7x
Thu, 01 Feb 2024CA$3.4tCA$2.1tCA$173.8b12.9x19.7x1.6x
Sat, 30 Dec 2023CA$3.4tCA$2.1tCA$172.8b13.3x19.5x1.6x
Mon, 27 Nov 2023CA$3.2tCA$2.1tCA$179.1b11.8x18x1.5x
Wed, 25 Oct 2023CA$3.1tCA$2.1tCA$185.2b11x16.7x1.5x
Fri, 22 Sep 2023CA$3.2tCA$2.1tCA$184.4b11.8x17.4x1.5x
Sun, 20 Aug 2023CA$3.2tCA$2.1tCA$185.8b11.5x17.3x1.5x
Tue, 18 Jul 2023CA$3.3tCA$2.1tCA$199.8b11.3x16.3x1.5x
Thu, 15 Jun 2023CA$3.2tCA$2.1tCA$199.8b11.1x16.2x1.5x
Sat, 13 May 2023CA$3.3tCA$2.1tCA$207.0b11.1x15.9x1.5x
Mon, 10 Apr 2023CA$3.3tCA$2.1tCA$217.9b10.6x15.2x1.6x
Price to Earnings Ratio

15.2x


Total Market Cap: CA$3.3tTotal Earnings: CA$217.9bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.7x202420252026
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 20.7x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 3.6% 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 Market3.76%
Materials11.93%
Healthcare6.38%
Tech4.08%
Real Estate3.12%
Utilities2.83%
Financials2.48%
Consumer Staples2.29%
Industrials1.62%
Consumer Discretionary1.56%
Energy0.58%
Telecom-3.64%
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 17.6% 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 29% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 8.8% 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$188.8514.5%
+CA$10.9b		70.7%PE41.9xMaterials
ABX Barrick MiningCA$58.0411.8%
+CA$10.3b		112.6%PE14xMaterials
FNV Franco-NevadaCA$359.0213.8%
+CA$8.4b		60.5%PE44.7xMaterials
RY Royal Bank of CanadaCA$227.342.4%
+CA$7.5b		40.2%PB2.5xFinancials
TD Toronto-Dominion BankCA$132.513.0%
+CA$6.4b		60.3%PB1.8xFinancials
See more

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Latest News

K
CA$43.87
Kinross Gold
7D
13.5%
1Y
145.6%
BCE
CA$34.06
BCE
7D
-3.4%
1Y
6.7%
IVN
CA$10.44
Ivanhoe Mines
7D
-5.0%
1Y
-10.5%
TD
CA$132.51
Toronto-Dominion Bank
7D
3.0%
1Y
60.3%
CCO
CA$156.50
Cameco
7D
7.9%
1Y
171.5%
PPL
CA$62.07
Pembina Pipeline
7D
-2.0%
1Y
9.0%

PPL: Stable Margins And Higher P/E Assumptions Will Support Fair Value

Analysts have adjusted their fair value estimate for Pembina Pipeline to CA$62.00 to reflect updated assumptions, including slightly lower revenue growth, a marginally higher long-term P/E multiple, and a stable discount rate. What's in the News Pembina Pipeline reported that from October 1, 2025 to December 31, 2025, it repurchased 0 shares for CAD 0 million under its ongoing buyback program.
FFH
CA$2,363.41
Fairfax Financial Holdings
7D
1.2%
1Y
14.1%

FFH: Buybacks And Balance Sheet Discipline Will Support Future Upside Potential

Analysts recently adjusted their CA$ price targets on Fairfax Financial Holdings, including a CA$100 increase from one firm and a downgrade from another. These changes reflect differing views on the company’s risk and return profile that feed into the updated valuation inputs used here.
WPM
CA$188.85
Wheaton Precious Metals
7D
14.5%
1Y
70.7%

WPM: Higher P/E Assumptions And Robust Pipeline Will Drive Future Upside

The analyst price target for Wheaton Precious Metals has been revised from CA$180.53 to CA$235.28, with analysts attributing the change to a higher assumed future P/E multiple and updated Street research that reflects recent price target increases and an "extremely robust" opportunity pipeline. Analyst Commentary Recent Street research around Wheaton Precious Metals spans a range of views, from higher price targets tied to an "extremely robust" opportunities pipeline and updated metal price forecasts, to more cautious adjustments that flag potential risks around valuation, execution and long term growth expectations.
FNV
CA$359.02
Franco-Nevada
7D
13.8%
1Y
60.5%
CNQ
CA$66.15
Canadian Natural Resources
7D
-2.0%
1Y
57.3%
TOU
CA$64.32
Tourmaline Oil
7D
-4.2%
1Y
-5.8%

TOU: Asset Sale And Balance Sheet Moves Will Shape Multi Year Outlook

Tourmaline Oil's fair value estimate has inched higher from CA$70.34 to CA$70.64 as analysts adjust price targets in a tight CA$67 to CA$74 range, reflecting updated views on revenue growth, margins, and future P/E assumptions. Analyst Commentary Recent Street Research on Tourmaline Oil points to a relatively tight cluster of price targets between CA$67 and CA$74, with several firms updating their views in quick succession.
ARX
CA$27.66
ARC Resources
7D
-4.5%
1Y
-1.6%

ARX: Future Cash Returns Will Rely On Steady Execution And Balanced Capital Returns

ARC Resources' updated fair value estimate has shifted to CA$29.71 from CA$28.68, as analysts factor in recent price target cuts and downgrades while maintaining broadly similar assumptions for the discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Recent Street research on ARC Resources has leaned more cautious, with several firms adjusting price targets and ratings.
RY
CA$227.34
Royal Bank of Canada
7D
2.4%
1Y
40.2%

RY: Future Returns Will Rely On Stable Credit And Measured AI Enabled Execution

Narrative Update The analyst price target for Royal Bank of Canada has edged higher by CA$0.07 to CA$245.07, as analysts factor in updated earnings assumptions, modest tweaks to P/E expectations, and recent Street research that has generally nudged targets upward within the CA$245 to CA$259 range. Analyst Commentary Recent research on Royal Bank of Canada points to a cluster of target prices in the mid C$240s to high C$250s, with ratings in the Outperform, Buy and Overweight range.
MG
CA$76.73
Magna International
7D
-0.07%
1Y
64.4%
RCI.B
CA$48.76
Rogers Communications
7D
-9.5%
1Y
32.8%
ABX
CA$58.04
Barrick Mining
7D
11.8%
1Y
112.6%

ABX: Future Asset Split And Buybacks Will Drive Rerating Potential

Analysts have trimmed their fair value estimate for Barrick Mining to CA$96.06 from CA$100.75, citing updated assumptions for discount rate, revenue growth, profit margin and future P/E in a move similar in tone to recent valuation driven rating changes seen elsewhere on the Street. Analyst Commentary Recent trims to fair value for Barrick Mining come against a backdrop where valuation discipline is front and center across the market.