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Canadian (TSX) Market Analysis & Valuation

UpdatedJun 23, 2026
DataAggregated Company Financials
Companies2203
  • 7D-0.9%
  • 3M9.7%
  • 1Y31.2%
  • YTD11.1%

The market has been flat in the last week, however the Information Technology sector is down 5.7%. More promisingly, the market is up 31% 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
Wed, 24 Jun 2026CA$5.5tCA$2.2tCA$244.8b16.1x22.4x2.4x
Fri, 22 May 2026CA$5.4tCA$2.2tCA$246.4b16.4x22x2.4x
Sun, 19 Apr 2026CA$5.4tCA$2.2tCA$241.0b16.9x22.4x2.5x
Tue, 17 Mar 2026CA$5.1tCA$2.1tCA$240.6b16.1x21.3x2.4x
Thu, 12 Feb 2026CA$5.2tCA$2.1tCA$226.9b17.6x23x2.4x
Sat, 10 Jan 2026CA$5.0tCA$2.1tCA$225.0b16.8x22.3x2.3x
Mon, 08 Dec 2025CA$4.9tCA$2.1tCA$225.3b16.1x21.6x2.3x
Wed, 05 Nov 2025CA$4.7tCA$2.1tCA$215.5b16.1x21.7x2.2x
Fri, 03 Oct 2025CA$4.7tCA$2.2tCA$209.3b16.6x22.5x2.2x
Sun, 31 Aug 2025CA$4.5tCA$2.1tCA$207.8b16x21.7x2.1x
Tue, 29 Jul 2025CA$4.4tCA$2.1tCA$191.2b16.4x22.9x2.1x
Thu, 26 Jun 2025CA$4.2tCA$2.1tCA$191.8b15.4x22.1x2x
Sat, 24 May 2025CA$4.1tCA$2.1tCA$190.5b14.8x21.4x1.9x
Mon, 21 Apr 2025CA$3.9tCA$2.1tCA$173.0b14.7x22.4x1.8x
Wed, 19 Mar 2025CA$3.9tCA$2.1tCA$174.3b14.8x22.6x1.8x
Fri, 14 Feb 2025CA$4.0tCA$2.1tCA$172.3b14.9x23.5x1.9x
Sun, 12 Jan 2025CA$3.9tCA$2.1tCA$171.3b14.5x22.5x1.8x
Tue, 10 Dec 2024CA$4.0tCA$2.1tCA$169.2b14.8x23.6x1.9x
Thu, 07 Nov 2024CA$3.9tCA$2.1tCA$169.4b15x22.9x1.8x
Sat, 05 Oct 2024CA$3.8tCA$2.1tCA$167.4b15.4x22.8x1.8x
Mon, 02 Sep 2024CA$3.7tCA$2.1tCA$167.6b15.4x22.3x1.8x
Wed, 31 Jul 2024CA$3.7tCA$2.1tCA$168.0b14.2x21.8x1.8x
Fri, 28 Jun 2024CA$3.5tCA$2.1tCA$166.5b14.1x21.1x1.7x
Sun, 26 May 2024CA$3.6tCA$2.0tCA$166.4b14.2x21.8x1.8x
Tue, 23 Apr 2024CA$3.5tCA$2.1tCA$174.7b13.8x20.1x1.7x
Thu, 21 Mar 2024CA$3.5tCA$2.1tCA$173.4b13.5x20.2x1.7x
Sat, 17 Feb 2024CA$3.4tCA$2.1tCA$175.2b13.1x19.4x1.6x
Mon, 15 Jan 2024CA$3.4tCA$2.1tCA$173.1b12.9x19.5x1.6x
Wed, 13 Dec 2023CA$3.2tCA$2.1tCA$172.5b12.1x18.8x1.6x
Fri, 10 Nov 2023CA$3.1tCA$2.1tCA$178.5b11.8x17.6x1.5x
Sun, 08 Oct 2023CA$3.1tCA$2.1tCA$185.3b11.2x16.9x1.5x
Tue, 05 Sep 2023CA$3.3tCA$2.1tCA$184.7b11.8x17.9x1.6x
Thu, 03 Aug 2023CA$3.3tCA$2.1tCA$192.0b12x17x1.6x
Sat, 01 Jul 2023CA$3.2tCA$2.1tCA$200.0b11x16.2x1.5x
Price to Earnings Ratio

16.2x


Total Market Cap: CA$3.2tTotal Earnings: CA$200.0bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21.2x202420252026
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 21.2x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 7.0% 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 Market-0.94%
Financials1.97%
Healthcare0.57%
Utilities0.28%
Industrials-0.89%
Real Estate-1.72%
Consumer Staples-2.11%
Energy-2.21%
Materials-3.28%
Consumer Discretionary-4.13%
Telecom-4.30%
Tech-5.66%
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 22.7%, which is higher than its past year's earnings growth of 3.1% 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 5.4% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 8.3% 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
RY Royal Bank of CanadaCA$288.412.5%
+CA$9.6b		63.7%PB3.1xFinancials
ATD Alimentation Couche-TardCA$91.8710.1%
+CA$7.7b		29.7%PE21.8xConsumer Staples
TD Toronto-Dominion BankCA$169.842.6%
+CA$7.2b		72.3%PB2.3xFinancials
BMO Bank of MontrealCA$246.163.8%
+CA$6.3b		68.0%PB2.1xFinancials
NA National Bank of CanadaCA$224.324.8%
+CA$4.0b		63.4%PB2.7xFinancials
See more

Market Insights

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Latest News

RY
CA$286.80
Royal Bank of Canada
7D
3.0%
1Y
64.2%
GWO
CA$89.23
Great-West Lifeco
7D
4.6%
1Y
75.8%
NA
CA$223.10
National Bank of Canada
7D
5.7%
1Y
63.2%
CNQ
CA$59.14
Canadian Natural Resources
7D
-4.1%
1Y
34.0%
Narrative Update • Jun 22

CNQ: Future Buybacks And West Coast Pipeline Progress Will Drive Returns

Analysts have nudged their fair value estimate for Canadian Natural Resources slightly higher to CA$71.20, reflecting a series of recent price target increases, including moves to CA$74 and higher Outperform ratings following the stock's selloff. Analyst Commentary Recent Street research on Canadian Natural Resources has tilted positive, with several firms adjusting price targets higher and reaffirming favorable views after the stock's selloff.
CM
CA$161.45
Canadian Imperial Bank of Commerce
7D
1.4%
1Y
68.8%
BN
CA$62.52
Brookfield
7D
-2.3%
1Y
14.6%
CP
CA$121.27
Canadian Pacific Kansas City
7D
-2.9%
1Y
10.6%
TIH
CA$237.46
Toromont Industries
7D
12.1%
1Y
97.9%
BNS
CA$123.02
Bank of Nova Scotia
7D
3.9%
1Y
65.4%
Analysis Article • Jun 18

Bank of Nova Scotia (TSX:BNS) Stock Could Be 25% Below Fair Value After AI Rollout

Bank of Nova Scotia (TSX:BNS) is rolling out expanded Scotia Intelligence AI tools across its operations, drawing fresh investor attention to how this large Canadian bank is applying data driven technology to its core business. See our latest analysis for Bank of Nova Scotia. Against this backdrop of wider AI adoption, Bank of Nova Scotia’s share price has climbed to CA$121.84, with a 30 day share price return of 14.77% and a 1 year total shareholder return of 72.09%, suggesting momentum has...
TD
CA$169.25
Toronto-Dominion Bank
7D
3.0%
1Y
73.1%
Narrative Update • Jun 18

TD: Future Will Reflect Cost Controls AI Push And Mixed Execution

Toronto-Dominion Bank's analyst price target has moved higher, with the fair value estimate rising by CA$3.93 to CA$159.57. Analysts highlight recent target increases across the Street, supported by views of slightly stronger revenue growth, a modestly higher future P/E and firmer profit margins.
BMO
CA$245.30
Bank of Montreal
7D
4.2%
1Y
69.5%
Analysis Article • Jun 17

Bank of Montreal (TSX:BMO) Stock Could Be 5.4% Overvalued After Its Recent Run

Recent share price moves in Bank of Montreal (TSX:BMO) have drawn attention, with the stock rising over the past week, month, and past three months. This has prompted investors to reassess its current valuation and fundamentals. See our latest analysis for Bank of Montreal. Looking beyond this recent strength, Bank of Montreal’s share price has a year to date share price return of 30.59%, while its 1 year total shareholder return of 69.79% reflects performance supported by dividends and...
CLS
CA$533.43
Celestica
7D
-5.4%
1Y
184.8%
SU
CA$79.47
Suncor Energy
7D
-4.7%
1Y
48.5%
Analysis Article • Jun 16

Suncor Energy (TSX:SU) Stock Could Be 15.9% Undervalued After Universal Shelf Filing

Why Suncor Energy Filed a Universal Shelf Registration Suncor Energy (TSX:SU) has filed an omnibus universal shelf registration that covers potential offerings of debt securities, common shares, preferred stock, warrants, units, share purchase contracts, and share purchase units. This filing does not commit Suncor Energy to an immediate capital raise. However, it gives the company flexibility to issue a variety of securities if it chooses to access markets in the future. See our latest...
CSU
CA$2,702.00
Constellation Software
7D
-7.0%
1Y
-44.7%
IMO
CA$161.61
Imperial Oil
7D
-4.0%
1Y
48.9%
Narrative Update • Jun 05

IMO: Future Cash Returns Will Depend On Alberta Pipeline Execution

Imperial Oil's updated fair value estimate edges higher to CA$204.82 from CA$204.58. This reflects modest tweaks to revenue growth, profit margin and future P/E assumptions as analysts recalibrate their price targets, including a slight trim from CA$157 to CA$156 and several recent upward revisions from other firms.
FM
CA$41.94
First Quantum Minerals
7D
-8.2%
1Y
92.0%