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Canadian (TSX) Market Analysis & Valuation

UpdatedApr 26, 2026
DataAggregated Company Financials
Companies2198
  • 7D-1.0%
  • 3M2.7%
  • 1Y36.7%
  • YTD7.7%

Over the last 7 days, the market has dropped 1.0%, driven by a pullback of 6.0% in the Materials sector. As for the longer term, the market has actually risen by 37% in the last year. Looking forward, 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
Sun, 26 Apr 2026CA$5.3tCA$2.2tCA$241.2b16.9x22.2x2.5x
Tue, 24 Mar 2026CA$4.9tCA$2.1tCA$239.0b15.7x20.6x2.3x
Thu, 19 Feb 2026CA$5.2tCA$2.1tCA$229.3b17.5x22.6x2.4x
Sat, 17 Jan 2026CA$5.1tCA$2.1tCA$225.1b17.2x22.8x2.4x
Mon, 15 Dec 2025CA$4.9tCA$2.1tCA$224.8b16.2x21.8x2.3x
Wed, 12 Nov 2025CA$4.7tCA$2.1tCA$221.9b16.5x21.2x2.2x
Fri, 10 Oct 2025CA$4.8tCA$2.2tCA$209.3b16.6x22.8x2.2x
Sun, 07 Sep 2025CA$4.5tCA$2.1tCA$208.6b16.3x21.8x2.1x
Tue, 05 Aug 2025CA$4.3tCA$2.1tCA$195.2b15.9x22x2x
Thu, 03 Jul 2025CA$4.3tCA$2.1tCA$191.4b15.8x22.3x2x
Sat, 31 May 2025CA$4.2tCA$2.1tCA$192.2b14.9x21.7x2x
Mon, 28 Apr 2025CA$3.9tCA$2.1tCA$174.0b14.9x22.7x1.9x
Wed, 26 Mar 2025CA$4.0tCA$2.1tCA$173.7b15.4x23.1x1.9x
Fri, 21 Feb 2025CA$4.0tCA$2.1tCA$169.6b15.1x23.8x1.9x
Sun, 19 Jan 2025CA$3.9tCA$2.1tCA$171.3b14.3x22.8x1.8x
Tue, 17 Dec 2024CA$3.9tCA$2.1tCA$169.4b14.3x23.3x1.9x
Thu, 14 Nov 2024CA$3.9tCA$2.1tCA$167.6b14.6x23.3x1.8x
Sat, 12 Oct 2024CA$3.9tCA$2.1tCA$167.9b15.7x23x1.8x
Mon, 09 Sep 2024CA$3.6tCA$2.1tCA$167.4b14.8x21.8x1.7x
Wed, 07 Aug 2024CA$3.6tCA$2.1tCA$167.1b13.7x21.4x1.7x
Fri, 05 Jul 2024CA$3.6tCA$2.0tCA$166.4b14.1x21.5x1.7x
Sun, 02 Jun 2024CA$3.6tCA$2.0tCA$166.2b14.4x21.7x1.8x
Tue, 30 Apr 2024CA$3.5tCA$2.1tCA$173.1b13.9x20.4x1.7x
Thu, 28 Mar 2024CA$3.5tCA$2.0tCA$175.5b13.9x20.2x1.7x
Sat, 24 Feb 2024CA$3.4tCA$2.1tCA$173.5b14.1x19.8x1.7x
Mon, 22 Jan 2024CA$3.4tCA$2.1tCA$173.2b12.9x19.4x1.6x
Wed, 20 Dec 2023CA$3.3tCA$2.1tCA$173.0b12.8x19.1x1.6x
Fri, 17 Nov 2023CA$3.2tCA$2.1tCA$179.9b11.9x17.9x1.6x
Sun, 15 Oct 2023CA$3.2tCA$2.1tCA$185.2b11.6x17.1x1.5x
Tue, 12 Sep 2023CA$3.3tCA$2.1tCA$184.8b11.8x17.7x1.5x
Thu, 10 Aug 2023CA$3.3tCA$2.1tCA$184.3b11.7x17.9x1.6x
Sat, 08 Jul 2023CA$3.1tCA$2.1tCA$192.2b11.2x16.3x1.5x
Mon, 05 Jun 2023CA$3.2tCA$2.1tCA$200.0b11.1x16.2x1.5x
Wed, 03 May 2023CA$3.3tCA$2.1tCA$214.4b11.1x15.5x1.6x
Price to Earnings Ratio

15.5x


Total Market Cap: CA$3.3tTotal Earnings: CA$214.4bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.8x202420252026
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 20.8x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 4.0% 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-1.00%
Healthcare4.35%
Energy2.96%
Industrials1.61%
Telecom1.00%
Consumer Staples0.47%
Utilities-0.10%
Consumer Discretionary-0.85%
Financials-0.92%
Real Estate-2.19%
Tech-2.61%
Materials-5.99%
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 21.8%, which is higher than its past year's earnings growth of 3.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 46% over the next 5 years.
  • This is better than its past earnings growth rate of 26% 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
CP Canadian Pacific Kansas CityCA$118.726.3%
+CA$6.3b		18.2%PE25.7xIndustrials
SU Suncor EnergyCA$87.564.6%
+CA$4.6b		77.5%PE17.6xEnergy
CVE Cenovus EnergyCA$35.957.2%
+CA$4.5b		114.8%PE17.3xEnergy
CNQ Canadian Natural ResourcesCA$60.693.2%
+CA$3.9b		49.2%PE11.7xEnergy
CNR Canadian National RailwayCA$156.713.7%
+CA$3.4b		16.4%PE20.3xIndustrials
See more

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Latest News

RY
CA$239.83
Royal Bank of Canada
7D
-1.8%
1Y
46.9%
RCI.B
CA$49.26
Rogers Communications
7D
8.1%
1Y
41.2%
CLS
CA$561.01
Celestica
7D
3.3%
1Y
354.4%

CLS: AI Collaboration And 2026 Outlook Will Shape A Balanced Opportunity

Analysts have nudged their fair value estimate for Celestica higher to CA$577.12 from CA$570.53. This reflects updated assumptions for slightly higher revenue growth, a modestly higher discount rate, a marginally lower profit margin outlook and a somewhat richer future P/E multiple.
TRP
CA$84.79
TC Energy
7D
2.3%
1Y
23.1%

TRP: Backlog Visibility And Dividend Policy Will Shape Future Risk Reward Balance

TC Energy's analyst price target has been revised higher by CA$0.87 to CA$88.52 as analysts factor in Q4 results, updated models, and continued interest in the company's natural gas and power growth pipeline. Analyst Commentary Recent research updates show a cluster of higher price targets for TC Energy alongside a few rating downgrades, giving you a mixed but useful picture of how the Street views valuation, execution risk, and growth plans after the latest results.
SU
CA$87.56
Suncor Energy
7D
4.6%
1Y
77.5%
FNV
CA$331.11
Franco-Nevada
7D
-7.9%
1Y
40.5%
CNQ
CA$60.69
Canadian Natural Resources
7D
3.2%
1Y
49.2%

CNQ: Higher Dividend And Buybacks Will Shape Future Shareholder Returns

Analysts have lifted the fair value estimate for Canadian Natural Resources to CA$69.68 from CA$61.47, citing updated price targets across several firms, along with expectations for slightly positive revenue growth, a higher profit margin, and a modestly lower future P/E multiple. Analyst Commentary Recent Street research on Canadian Natural Resources shows a mix of optimism and caution, with several firms adjusting price targets and a few shifting ratings.
CVE
CA$35.95
Cenovus Energy
7D
7.2%
1Y
114.8%

CVE: Future Cash Returns And Buybacks Will Drive Risk Reward Balance

The analyst price target for Cenovus Energy has been raised by CA$4.50 to CA$41.56, with analysts pointing to updated views on revenue trends, margins, and future P/E assumptions as they respond to a series of recent target increases across the Street. Analyst Commentary Recent research on Cenovus Energy has been active, with several firms adjusting targets and views as they reassess valuation, cash flow potential, and the impact of recent corporate moves.
ABX
CA$56.14
Barrick Mining
7D
-5.4%
1Y
112.6%

ABX: Reko Diq Review And Project Delays Will Shape Future Upside

Analysts have raised their CA$ fair value estimate for Barrick Mining from about CA$65.36 to about CA$71.61, citing updated assumptions around discount rates, revenue growth, margins, and a slightly lower future P/E multiple that together support the higher price target. Analyst Commentary Analysts are updating their views on Barrick Mining in the context of broader sector research that has recently featured valuation resets and rating changes for peers.
WPM
CA$190.47
Wheaton Precious Metals
7D
-8.7%
1Y
68.3%
CSU
CA$2,410.80
Constellation Software
7D
-8.2%
1Y
-50.6%
K
CA$44.79
Kinross Gold
7D
-6.5%
1Y
123.1%

K: Future Buybacks And Steady Output Will Likely Drive Stronger Cash Returns

Analysts have trimmed their fair value estimate for Kinross Gold to CA$53.46 from CA$54.39, reflecting updated assumptions around revenue growth, profit margins, the discount rate, and future P/E levels. What's in the News The Board of Directors authorized a new share buyback plan on March 19, 2026, signaling continued use of repurchases as a capital management tool (Key Developments).
CNR
CA$156.71
Canadian National Railway
7D
3.7%
1Y
16.4%

CNR: Shareholder Returns And Infrastructure Stability Will Support Future Earnings Compounding

Analysts have inched their price target on Canadian National Railway lower by about CA$0.30 to CA$154.75, citing slightly more conservative assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Bullish Takeaways Bullish analysts focus on Canadian National Railway's ability to support their fair value work with detailed assumptions on revenue, margin profile, and P/E.
BAM
CA$64.97
Brookfield Asset Management
7D
-3.8%
1Y
-11.5%
LUG
CA$101.60
Lundin Gold
7D
-13.5%
1Y
74.8%

LUG: Future Upside Will Depend On Higher Margins And Share Repurchases

Analysts have made a modest upward adjustment to the CA$-denominated price target for Lundin Gold, reflecting slightly higher fair value estimates supported by recent mixed target revisions from BMO Capital, Canaccord, Scotiabank and Veritas. Analyst Commentary Recent Street research shows a mix of revisions, but the common thread is that most price targets cluster in a relatively tight CA$115 to CA$125 range.
CP
CA$118.72
Canadian Pacific Kansas City
7D
6.3%
1Y
18.2%