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Canadian (TSX) Market Analysis & Valuation

UpdatedFeb 25, 2026
DataAggregated Company Financials
Companies2201
  • 7D3.0%
  • 3M10.7%
  • 1Y35.0%
  • YTD7.6%

The market is up 3.0% over the last week, with the Materials sector leading the way, up 11%. The market is up 35% over the last 12 months. Earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Canadian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Feb 2026CA$5.3tCA$2.1tCA$236.6b17.2x22.5x2.5x
Fri, 23 Jan 2026CA$5.1tCA$2.1tCA$224.8b17.4x22.9x2.4x
Sun, 21 Dec 2025CA$4.9tCA$2.1tCA$224.7b16.4x21.9x2.3x
Tue, 18 Nov 2025CA$4.7tCA$2.1tCA$224.4b15.9x21x2.2x
Thu, 16 Oct 2025CA$4.8tCA$2.2tCA$209.6b16.8x22.7x2.2x
Sat, 13 Sep 2025CA$4.6tCA$2.1tCA$208.5b16.3x22.2x2.2x
Mon, 11 Aug 2025CA$4.3tCA$2.1tCA$201.9b15.7x21.5x2x
Wed, 09 Jul 2025CA$4.3tCA$2.1tCA$191.6b16.1x22.4x2x
Fri, 06 Jun 2025CA$4.2tCA$2.1tCA$191.8b15.5x21.9x2x
Sun, 04 May 2025CA$4.0tCA$2.1tCA$175.8b14.8x22.7x1.9x
Tue, 01 Apr 2025CA$3.9tCA$2.1tCA$174.0b15.2x22.7x1.9x
Thu, 27 Feb 2025CA$4.0tCA$2.1tCA$169.9b14.9x23.5x1.9x
Sat, 25 Jan 2025CA$4.0tCA$2.1tCA$171.2b15x23.1x1.9x
Mon, 23 Dec 2024CA$3.8tCA$2.1tCA$169.2b13.8x22.7x1.8x
Wed, 20 Nov 2024CA$3.9tCA$2.1tCA$167.4b14.6x23.3x1.8x
Fri, 18 Oct 2024CA$3.9tCA$2.1tCA$168.1b15.7x23.3x1.9x
Sun, 15 Sep 2024CA$3.8tCA$2.1tCA$167.4b15.1x22.5x1.8x
Tue, 13 Aug 2024CA$3.6tCA$2.1tCA$170.3b14.4x21x1.7x
Thu, 11 Jul 2024CA$3.5tCA$2.0tCA$166.6b13.9x21.3x1.7x
Sat, 08 Jun 2024CA$3.6tCA$2.1tCA$166.9b14.3x21.5x1.8x
Mon, 06 May 2024CA$3.5tCA$2.0tCA$172.9b14x20.4x1.7x
Wed, 03 Apr 2024CA$3.5tCA$2.0tCA$173.3b13.9x20.5x1.7x
Fri, 01 Mar 2024CA$3.4tCA$2.1tCA$172.2b13.9x19.8x1.7x
Sun, 28 Jan 2024CA$3.4tCA$2.1tCA$173.9b12.8x19.6x1.6x
Tue, 26 Dec 2023CA$3.4tCA$2.1tCA$172.8b13.2x19.5x1.6x
Thu, 23 Nov 2023CA$3.2tCA$2.1tCA$179.5b11.7x18.1x1.6x
Sat, 21 Oct 2023CA$3.1tCA$2.1tCA$185.3b11.4x16.8x1.5x
Mon, 18 Sep 2023CA$3.3tCA$2.1tCA$184.5b11.9x18.1x1.6x
Wed, 16 Aug 2023CA$3.2tCA$2.1tCA$185.5b11.3x17.4x1.5x
Fri, 14 Jul 2023CA$3.3tCA$2.1tCA$199.8b11.4x16.3x1.5x
Sun, 11 Jun 2023CA$3.2tCA$2.1tCA$199.8b11.2x16.1x1.5x
Tue, 09 May 2023CA$3.3tCA$2.1tCA$209.9b11.2x15.8x1.6x
Thu, 06 Apr 2023CA$3.3tCA$2.1tCA$217.6b10.6x15.1x1.6x
Sat, 04 Mar 2023CA$3.4tCA$2.1tCA$222.4b11x15.2x1.6x
Price to Earnings Ratio

15.2x


Total Market Cap: CA$3.4tTotal Earnings: CA$222.4bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.5x202420252026
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 20.5x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 2.1% 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 Market2.97%
Materials10.67%
Energy3.26%
Tech2.76%
Industrials2.31%
Consumer Discretionary0.96%
Healthcare0.78%
Telecom0.77%
Utilities0.65%
Real Estate0.62%
Consumer Staples-0.32%
Financials-0.54%
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 24.8%, which is higher than its past year's earnings growth of 17.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 49% over the next 5 years.
  • This is better than its past earnings growth rate of 13% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 9.1% 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$215.6611.2%
+CA$9.8b		118.6%PE71.3xMaterials
LUN Lundin MiningCA$44.4130.7%
+CA$8.9b		278.3%PE26.4xMaterials
ABX Barrick MiningCA$68.157.1%
+CA$7.6b		163.4%PE16.7xMaterials
FNV Franco-NevadaCA$374.4710.0%
+CA$6.6b		88.2%PE57.3xMaterials
CNQ Canadian Natural ResourcesCA$58.355.4%
+CA$6.2b		41.4%PE18.3xEnergy
See more

Market Insights

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LUN
CA$44.41
Lundin Mining
7D
30.7%
1Y
278.3%
ABX
CA$68.15
Barrick Mining
7D
7.1%
1Y
163.4%
PAAS
CA$89.56
Pan American Silver
7D
17.1%
1Y
156.5%
BAM
CA$66.41
Brookfield Asset Management
7D
-6.6%
1Y
-18.4%
CNQ
CA$58.35
Canadian Natural Resources
7D
5.4%
1Y
41.4%
L
CA$67.52
Loblaw Companies
7D
-1.4%
1Y
45.0%

L: Rising Execution And Cost Pressures Will Likely Restrain Future Share Upside

Loblaw's analyst price targets have moved higher into the CA$68 to CA$75 range, as analysts update their models to reflect revised fair value, discount rate, revenue growth and profit margin inputs, supported by recent target increases from multiple firms. Analyst Commentary Across recent research updates, price targets for Loblaw Companies have been revised into a tighter CA$68 to CA$75 band, with several firms updating their models to reflect new assumptions for valuation, revenue and margins.
SLF
CA$88.96
Sun Life Financial
7D
-3.8%
1Y
12.4%

SLF: Capital Strength And Buybacks Will Balance 2026 Margin Headwinds

Analysts have lifted our Sun Life Financial fair value estimate to CA$95.57 from CA$92.79, reflecting a series of upward price target revisions across the Street that are supported by updated assumptions on the discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Recent research updates show a cluster of higher price targets for Sun Life Financial around the mid to high C$90s, with a few outliers on both the bullish and cautious sides.
AG
CA$40.44
First Majestic Silver
7D
37.7%
1Y
416.5%
IVN
CA$15.11
Ivanhoe Mines
7D
-6.0%
1Y
2.2%

IVN: Rising Metals Assumptions Will Support Long Term Copper Output Expansion

Ivanhoe Mines' updated analyst price target edges higher to CA$23.99 from CA$23.80. This reflects analysts' mixed adjustments to revenue growth, margins, future P/E assumptions and recent research that includes both higher cost expectations and refreshed price targets across the Street.
FNV
CA$374.47
Franco-Nevada
7D
10.0%
1Y
88.2%
IAG
CA$155.86
iA Financial
7D
-8.4%
1Y
20.2%
FFH
CA$2,322.87
Fairfax Financial Holdings
7D
-1.8%
1Y
12.5%
WPM
CA$215.66
Wheaton Precious Metals
7D
11.2%
1Y
118.6%

WPM: Fair Value Case Balances Higher Metal Assumptions And Execution Risks

The analyst price target for Wheaton Precious Metals has been raised by CA$19.86. Analysts cite refreshed valuation work that incorporates updated revenue growth, profit margin and P/E assumptions reflected in recent target increases from firms such as Stifel, CIBC, UBS, Scotiabank, Canaccord and BofA.
MFC
CA$49.04
Manulife Financial
7D
-3.3%
1Y
11.5%

MFC: Core Execution And Capital Returns Will Support Measured Multiple Expansion

Analysts have raised their fair value estimate for Manulife Financial by CA$1.00 to CA$54.67. This reflects updated assumptions for revenue growth, profit margins, and a slightly lower future P/E that align with a series of recent target increases from Scotiabank, RBC Capital, CIBC, and Barclays, partly offset by a modest trim from TD Securities.
CCO
CA$165.91
Cameco
7D
7.7%
1Y
166.1%
BN
CA$61.66
Brookfield
7D
-5.3%
1Y
12.2%