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Canadian (TSX) Market Analysis & Valuation

UpdatedJul 26, 2026
DataAggregated Company Financials
Companies2203
  • 7D0.6%
  • 3M4.2%
  • 1Y28.2%
  • YTD12.0%

In the last week, the market has stayed flat, however the Materials sector stood out, gaining 6.0%. Meanwhile, the market is actually up 28% 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
Sun, 26 Jul 2026CA$5.6tCA$2.3tCA$201.2b16.8x27.6x2.5x
Tue, 23 Jun 2026CA$5.5tCA$2.2tCA$244.8b16.1x22.4x2.4x
Thu, 21 May 2026CA$5.4tCA$2.2tCA$246.2b16.5x21.8x2.4x
Sat, 18 Apr 2026CA$5.4tCA$2.2tCA$241.0b16.9x22.3x2.5x
Mon, 16 Mar 2026CA$5.1tCA$2.1tCA$240.6b16.1x21.3x2.4x
Wed, 11 Feb 2026CA$5.2tCA$2.1tCA$226.5b17.5x22.9x2.4x
Fri, 09 Jan 2026CA$5.0tCA$2.1tCA$224.8b16.6x22.2x2.3x
Sun, 07 Dec 2025CA$4.9tCA$2.1tCA$225.3b16.1x21.6x2.3x
Tue, 04 Nov 2025CA$4.7tCA$2.1tCA$215.2b16.2x21.8x2.2x
Thu, 02 Oct 2025CA$4.6tCA$2.1tCA$202.9b16.4x22.9x2.2x
Sat, 30 Aug 2025CA$4.5tCA$2.1tCA$207.4b16x21.6x2.1x
Mon, 28 Jul 2025CA$4.4tCA$2.1tCA$191.1b16.4x22.9x2.1x
Wed, 25 Jun 2025CA$4.2tCA$2.1tCA$191.9b15.5x22.1x2x
Fri, 23 May 2025CA$4.1tCA$2.1tCA$183.1b14.6x22.3x1.9x
Sun, 20 Apr 2025CA$3.9tCA$2.1tCA$173.0b14.7x22.4x1.8x
Tue, 18 Mar 2025CA$3.9tCA$2.1tCA$174.3b15x22.4x1.8x
Thu, 13 Feb 2025CA$4.1tCA$2.1tCA$171.9b14.7x23.6x1.9x
Sat, 11 Jan 2025CA$3.9tCA$2.1tCA$171.1b14.5x22.8x1.8x
Mon, 09 Dec 2024CA$4.0tCA$2.1tCA$169.1b14.7x23.6x1.9x
Wed, 06 Nov 2024CA$3.9tCA$2.1tCA$168.1b15.1x23x1.8x
Fri, 04 Oct 2024CA$3.8tCA$2.1tCA$167.6b15.3x22.9x1.8x
Sun, 01 Sep 2024CA$3.7tCA$2.1tCA$167.6b15.4x22.3x1.8x
Tue, 30 Jul 2024CA$3.7tCA$2.1tCA$167.8b14.3x21.9x1.8x
Thu, 27 Jun 2024CA$3.5tCA$2.1tCA$166.5b14x21.1x1.7x
Sat, 25 May 2024CA$3.6tCA$2.0tCA$166.4b14.2x21.7x1.8x
Mon, 22 Apr 2024CA$3.5tCA$2.1tCA$174.7b13.8x20.1x1.7x
Wed, 20 Mar 2024CA$3.5tCA$2.1tCA$173.5b13.5x20.2x1.7x
Fri, 16 Feb 2024CA$3.4tCA$2.1tCA$181.6b13.1x18.5x1.6x
Sun, 14 Jan 2024CA$3.4tCA$2.1tCA$173.1b12.8x19.5x1.6x
Tue, 12 Dec 2023CA$3.3tCA$2.1tCA$172.5b12.1x18.9x1.6x
Thu, 09 Nov 2023CA$3.2tCA$2.1tCA$178.0b11.8x17.7x1.5x
Sat, 07 Oct 2023CA$3.1tCA$2.1tCA$185.3b11.2x16.9x1.5x
Mon, 04 Sep 2023CA$3.3tCA$2.1tCA$184.7b11.8x17.9x1.6x
Wed, 02 Aug 2023CA$3.3tCA$2.1tCA$190.8b12x17.4x1.6x
Price to Earnings Ratio

17.4x


Total Market Cap: CA$3.3tTotal Earnings: CA$190.8bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21.4x202420252026
Current Market PE
  • Investors are optimistic on the Canadian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 27.6x which is higher than its 3-year average PE of 21.4x.
Past Earnings Growth
  • The earnings for Canadian listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have grown 2.2% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Sector Trends

Which sectors have driven the changes within the Canadian Market?

CA Market0.56%
Materials5.95%
Energy3.67%
Utilities1.82%
Industrials-1.40%
Real Estate-1.58%
Healthcare-1.75%
Financials-1.82%
Consumer Staples-1.83%
Consumer Discretionary-1.96%
Telecom-2.21%
Tech-2.25%
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 21.7%, 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 2.3% 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
CNQ Canadian Natural ResourcesCA$65.486.6%
+CA$8.4b		52.2%PE14xEnergy
SU Suncor EnergyCA$92.856.1%
+CA$6.3b		72.4%PE17.3xEnergy
ABX Barrick MiningCA$52.347.0%
+CA$5.7b		75.4%PE10.2xMaterials
WPM Wheaton Precious MetalsCA$157.277.7%
+CA$5.1b		22.1%PE28.1xMaterials
IMO Imperial OilCA$181.295.5%
+CA$4.5b		58.0%PE30xEnergy
See more

Market Insights

Header cover image
Healthcare just hit its lowest market weight since 1994. But dig deeper into the sector, and the collapse starts to look like a costume in some ways.
Continue reading
A brand’s strength doesn’t always last

Latest News

TRI
CA$127.04
Thomson Reuters
7D
-5.7%
1Y
-55.1%
RY
CA$295.01
Royal Bank of Canada
7D
-2.4%
1Y
63.0%
TECK.B
CA$85.01
Teck Resources
7D
10.1%
1Y
88.0%
BN
CA$58.77
Brookfield
7D
-3.9%
1Y
-4.9%
BAM
CA$65.33
Brookfield Asset Management
7D
-3.5%
1Y
-24.4%
Narrative Update • Jul 24

BAM: Expanded AI Infrastructure Partnerships Will Drive Future Fee Resilience

Analysts have adjusted their fair value estimate for Brookfield Asset Management to CA$80.24 from CA$79.02, reflecting updated assumptions on discount rates and growth, alongside mixed Street price target revisions that incorporate both cautious EPS tweaks and renewed confidence in Brookfield's expanding AI and infrastructure partnerships. Analyst Commentary Street research on Brookfield Asset Management points to a split view, with bullish analysts highlighting the AI and infrastructure opportunity set, while more cautious voices focus on valuation discipline, fundraising execution and earnings visibility.
CVE
CA$41.30
Cenovus Energy
7D
5.4%
1Y
108.1%
Narrative Update • Jul 23

CVE: Future Project Execution And MEG Synergies Will Drive Re Rating

Cenovus Energy's updated analyst price target moves from CA$41.93 to CA$54.47, reflecting analysts' use of higher revenue growth and profit margin assumptions, a slightly higher discount rate, and a lower future P/E multiple supported by recent target increases from several research firms. Analyst Commentary Recent research on Cenovus Energy points to generally constructive sentiment, with a cluster of higher price targets and continued positive ratings setting the tone for the stock.
SU
CA$92.85
Suncor Energy
7D
6.1%
1Y
72.4%
Narrative Update • Jul 23

SU: Fair Outlook Balances Capital Returns With Commodity And Execution Risks

Analysts have lifted the fair value estimate for Suncor Energy to CA$90 from CA$72, reflecting updated sector pricing assumptions, a modestly higher discount rate, and revised expectations for revenue declines, profit margins, and future P/E multiples. Analyst Commentary Street research on Suncor Energy has been active, with several firms revisiting their price targets and ratings as they update sector assumptions and commodity price inputs.
TD
CA$169.00
Toronto-Dominion Bank
7D
-2.5%
1Y
64.6%
BMO
CA$250.77
Bank of Montreal
7D
-1.7%
1Y
59.9%
ABX
CA$52.34
Barrick Mining
7D
7.0%
1Y
75.4%
Narrative Update • Jul 22

ABX: Buyback And North American Spin Off Plan Will Drive Future Upside

Barrick Mining's analyst price target has been revised to CA$68 from CA$72. Analysts point to moderated revenue growth expectations, a slightly higher discount rate, and a lower future P/E assumption, partly offset by a small improvement in projected profit margins.
CM
CA$165.68
Canadian Imperial Bank of Commerce
7D
-2.5%
1Y
63.3%
FNV
CA$303.12
Franco-Nevada
7D
7.8%
1Y
35.8%
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$65.48
Canadian Natural Resources
7D
6.6%
1Y
52.2%
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.
WPM
CA$157.27
Wheaton Precious Metals
7D
7.7%
1Y
22.1%
IMO
CA$181.29
Imperial Oil
7D
5.5%
1Y
58.0%
BNS
CA$122.73
Bank of Nova Scotia
7D
-2.0%
1Y
58.1%