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Canadian (TSX) Market Analysis & Valuation

UpdatedJul 22, 2026
DataAggregated Company Financials
Companies2194
  • 7D0.2%
  • 3M3.9%
  • 1Y27.9%
  • YTD11.8%

The market has stayed flat over the 7 days. More promisingly, the market is up 28% over the past year. 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
Thu, 23 Jul 2026CA$5.5tCA$2.2tCA$243.4b16.6x22.5x2.4x
Sat, 20 Jun 2026CA$5.5tCA$2.2tCA$244.9b16.1x22.5x2.5x
Mon, 18 May 2026CA$5.4tCA$2.2tCA$245.9b16.8x21.9x2.4x
Wed, 15 Apr 2026CA$5.3tCA$2.2tCA$241.2b17x22.2x2.4x
Fri, 13 Mar 2026CA$5.2tCA$2.1tCA$239.6b16.3x21.7x2.4x
Sun, 08 Feb 2026CA$5.1tCA$2.1tCA$226.8b17.4x22.6x2.4x
Tue, 06 Jan 2026CA$5.0tCA$2.1tCA$224.5b16.4x22.3x2.3x
Thu, 04 Dec 2025CA$4.8tCA$2.1tCA$224.6b16.2x21.5x2.3x
Sat, 01 Nov 2025CA$4.7tCA$2.2tCA$216.1b16.3x21.7x2.2x
Mon, 29 Sep 2025CA$4.7tCA$2.2tCA$209.3b16.3x22.3x2.2x
Wed, 27 Aug 2025CA$4.4tCA$2.1tCA$202.9b16.1x21.9x2.1x
Fri, 25 Jul 2025CA$4.4tCA$2.1tCA$190.6b16.3x22.9x2.1x
Sun, 22 Jun 2025CA$4.3tCA$2.1tCA$191.8b15.3x22.3x2x
Tue, 20 May 2025CA$4.1tCA$2.1tCA$183.5b14.4x22.2x1.9x
Thu, 17 Apr 2025CA$3.8tCA$2.1tCA$173.1b15.2x22.2x1.8x
Sat, 15 Mar 2025CA$3.9tCA$2.1tCA$174.3b14.9x22.1x1.8x
Mon, 10 Feb 2025CA$4.0tCA$2.1tCA$168.6b14.6x24x1.9x
Wed, 08 Jan 2025CA$3.9tCA$2.1tCA$171.0b14.5x22.7x1.8x
Fri, 06 Dec 2024CA$4.0tCA$2.1tCA$169.1b14.6x23.6x1.9x
Sun, 03 Nov 2024CA$3.9tCA$2.1tCA$168.8b14.9x22.8x1.8x
Tue, 01 Oct 2024CA$3.8tCA$2.1tCA$167.7b15.4x22.8x1.8x
Thu, 29 Aug 2024CA$3.7tCA$2.1tCA$166.5b14.9x22.4x1.8x
Sat, 27 Jul 2024CA$3.6tCA$2.1tCA$167.8b14.2x21.7x1.8x
Mon, 24 Jun 2024CA$3.5tCA$2.1tCA$166.9b14.1x20.8x1.7x
Wed, 22 May 2024CA$3.6tCA$2.0tCA$167.0b14.2x21.8x1.8x
Fri, 19 Apr 2024CA$3.5tCA$2.1tCA$174.7b13.9x20x1.7x
Sun, 17 Mar 2024CA$3.5tCA$2.1tCA$173.4b13.5x20.2x1.7x
Tue, 13 Feb 2024CA$3.4tCA$2.1tCA$176.8b13.3x19x1.6x
Thu, 11 Jan 2024CA$3.4tCA$2.1tCA$173.3b13x19.5x1.6x
Sat, 09 Dec 2023CA$3.3tCA$2.1tCA$172.3b12.2x18.9x1.6x
Mon, 06 Nov 2023CA$3.2tCA$2.1tCA$180.7b12.1x17.7x1.5x
Wed, 04 Oct 2023CA$3.1tCA$2.1tCA$185.4b11.3x16.8x1.5x
Fri, 01 Sep 2023CA$3.3tCA$2.1tCA$184.6b11.8x17.7x1.5x
Sun, 30 Jul 2023CA$3.3tCA$2.1tCA$191.2b11.9x17.2x1.6x
Price to Earnings Ratio

17.2x


Total Market Cap: CA$3.3tTotal Earnings: CA$191.2bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21.3x202420252026
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 21.3x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 8.4% per year over the last three years.
  • Revenues for these companies have grown 2.2% 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 Market0.17%
Consumer Discretionary2.03%
Energy1.94%
Industrials1.04%
Telecom1.03%
Real Estate0.70%
Consumer Staples0.65%
Utilities0.21%
Materials-0.17%
Financials-0.82%
Healthcare-1.19%
Tech-1.97%
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 21.4%, 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 41% over the next 5 years.
  • This is better than its past earnings decline of 6.5% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 4.8% 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
CNQ Canadian Natural ResourcesCA$64.457.2%
+CA$9.0b		51.0%PE13.8xEnergy
SU Suncor EnergyCA$91.227.0%
+CA$7.1b		69.1%PE17xEnergy
CVE Cenovus EnergyCA$40.866.2%
+CA$4.5b		105.2%PE16.5xEnergy
ABX Barrick MiningCA$52.784.6%
+CA$3.9b		79.5%PE10.3xMaterials
IMO Imperial OilCA$177.054.8%
+CA$3.9b		55.2%PE29.3xEnergy
See more

Market Insights

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A strong brand today doesn't guarantee a strong brand forever. Even the most established names can see their pricing power fade over time. In an industry landscape being reshaped by new entrants, shifting tastes and disruptive technology, it's worth understanding how to tell a temporary dip from a permanent decline.
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Latest News

CM
CA$165.99
Canadian Imperial Bank of Commerce
7D
-2.1%
1Y
64.4%
SU
CA$91.22
Suncor Energy
7D
7.0%
1Y
69.1%
BBD.B
CA$352.73
Bombardier
7D
9.7%
1Y
118.1%
RY
CA$297.95
Royal Bank of Canada
7D
-2.5%
1Y
63.3%
BAM
CA$65.36
Brookfield Asset Management
7D
-5.0%
1Y
-23.0%
FNV
CA$301.70
Franco-Nevada
7D
6.0%
1Y
36.8%
Narrative Update • Jul 21

FNV: Cobre Panama Restart And Mixed Commodity Outlook Will Shape Outlook

Franco-Nevada's analyst price target has been trimmed to about CA$271 from roughly CA$280 as analysts factor in lower gold price assumptions, mixed near term sector conditions, and updated commodity forecasts, while still seeing relatively strong margins for many gold producers. Analyst Commentary Recent research on Franco-Nevada points to a more cautious tone, with several firms cutting price targets as they refresh gold and silver price assumptions and factor in tougher operating conditions for miners.
CNQ
CA$64.45
Canadian Natural Resources
7D
7.2%
1Y
51.0%
Narrative Update • Jul 21

CNQ: Future Cash Returns Look Supported By Record Output And Carbon Capture

Analysts have raised their fair value estimate for Canadian Natural Resources from CA$75.00 to about CA$83.23, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple, along with recent shifts in Street price targets in the CA$71 to CA$74 range. Analyst Commentary Recent research on Canadian Natural Resources shows a range of views on valuation, but several bullish analysts are highlighting upside potential tied to execution and capital allocation.
BN
CA$58.92
Brookfield
7D
-5.7%
1Y
-4.1%
BNS
CA$123.36
Bank of Nova Scotia
7D
-2.8%
1Y
59.6%
TD
CA$170.72
Toronto-Dominion Bank
7D
-2.6%
1Y
66.7%
IMO
CA$177.05
Imperial Oil
7D
4.8%
1Y
55.2%
TRI
CA$122.99
Thomson Reuters
7D
-8.1%
1Y
-56.2%
Narrative Update • Jul 16

TRI: Fair Value View Will Weigh AI Refocus And Print Stake Sale

Analysts have trimmed their fair value estimate for Thomson Reuters to CA$133.16 from CA$191.52, reflecting updated assumptions for the discount rate, revenue growth, profit margin and future P/E. What’s in the News for Thomson Reuters Thomson Reuters agreed to sell a 51% stake in its Global Print business to KKR for about US$500 million, forming a joint venture in which Thomson Reuters keeps a 49% interest, intellectual property rights, and full editorial control, while aiming to focus more on software and AI driven products (source: recent news reports).
BMO
CA$252.26
Bank of Montreal
7D
-2.1%
1Y
61.6%
CVE
CA$40.86
Cenovus Energy
7D
6.2%
1Y
105.2%
Narrative Update • Jul 09

CVE: Fair Value View Balances Offshore Project Execution And Overvaluation Risk

The fair value estimate for Cenovus Energy has been raised from CA$25.00 to CA$40.00 as analysts point to higher targeted price levels around CA$47.00 and expectations for a shift to positive revenue growth despite more moderate margin and P/E assumptions. Analyst Commentary Recent Street research on Cenovus Energy centers on higher stated price targets and a focus on execution around key growth projects.
ABX
CA$52.78
Barrick Mining
7D
4.6%
1Y
79.5%
Narrative Update • Jul 08

ABX: Rich Multiple And Execution Risks Will Pressure Future Share Returns

The analyst price target for Barrick Mining has shifted from CA$33.69 to CA$32.46 as analysts update their assumptions around fair value, discount rates, revenue growth, profit margins and future P/E expectations. Analyst Commentary With the recent adjustment in the analyst price target for Barrick Mining to CA$32.46, recent commentary has focused on how valuation assumptions, execution risks and growth expectations line up with this updated view of fair value.
CNR
CA$180.22
Canadian National Railway
7D
3.4%
1Y
37.6%
Narrative Update • Jul 08

CNR: Resource Corridors Recycling Projects And Buybacks Will Support Future Earnings

Analysts have modestly raised their fair value estimate for Canadian National Railway, lifting the implied price target from about CA$162.11 to roughly CA$167.37. They attribute this change to a slightly lower discount rate, a marginally higher profit margin assumption, and an updated future P/E outlook.