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Canadian (TSX) Market Analysis & Valuation

UpdatedSep 22, 2026
DataAggregated Company Financials
Companies2202
  • 7D0.5%
  • 3M2.3%
  • 1Y21.0%
  • YTD13.3%

In the last week, the market has been flat, with a notable exception in the Communication Services sector dropping 3.8%. Meanwhile, the market is actually up 21% 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
Tue, 22 Sep 2026CA$5.6tCA$2.3tCA$257.0b16.8x21.7x2.4x
Thu, 20 Aug 2026CA$5.7tCA$2.3tCA$254.5b17.1x22.2x2.4x
Sat, 18 Jul 2026CA$5.5tCA$2.2tCA$242.8b16.4x22.8x2.5x
Mon, 15 Jun 2026CA$5.5tCA$2.2tCA$243.9b16x22.6x2.5x
Wed, 13 May 2026CA$5.4tCA$2.2tCA$245.9b16.8x22.1x2.5x
Fri, 10 Apr 2026CA$5.3tCA$2.2tCA$241.0b16.4x21.9x2.4x
Sun, 08 Mar 2026CA$5.2tCA$2.1tCA$239.6b16.8x21.7x2.4x
Tue, 03 Feb 2026CA$5.0tCA$2.1tCA$224.3b16.9x22.4x2.4x
Thu, 01 Jan 2026CA$5.0tCA$2.1tCA$224.4b16.4x22.1x2.3x
Sat, 29 Nov 2025CA$4.8tCA$2.1tCA$224.2b16.3x21.6x2.3x
Mon, 27 Oct 2025CA$4.7tCA$2.2tCA$215.4b16.8x21.9x2.2x
Wed, 24 Sep 2025CA$4.7tCA$2.1tCA$208.8b16.4x22.4x2.2x
Fri, 22 Aug 2025CA$4.4tCA$2.1tCA$201.9b16x21.7x2x
Sun, 20 Jul 2025CA$4.3tCA$2.1tCA$191.2b16.1x22.7x2x
Tue, 17 Jun 2025CA$4.3tCA$2.1tCA$191.5b15.5x22.3x2x
Thu, 15 May 2025CA$3.9tCA$2.1tCA$178.0b14.4x21.9x1.9x
Sat, 12 Apr 2025CA$3.7tCA$2.1tCA$173.2b14.4x21.2x1.7x
Mon, 10 Mar 2025CA$3.9tCA$2.1tCA$173.5b14.9x22.7x1.8x
Wed, 05 Feb 2025CA$3.9tCA$2.1tCA$170.6b14.4x22.8x1.8x
Fri, 03 Jan 2025CA$3.9tCA$2.1tCA$169.2b14.2x22.9x1.8x
Sun, 01 Dec 2024CA$4.0tCA$2.1tCA$166.3b14.8x24x1.9x
Tue, 29 Oct 2024CA$3.9tCA$2.1tCA$167.7b15.3x23.2x1.8x
Thu, 26 Sep 2024CA$3.8tCA$2.1tCA$167.5b15.3x22.8x1.8x
Sat, 24 Aug 2024CA$3.7tCA$2.1tCA$166.6b15x22.1x1.8x
Mon, 22 Jul 2024CA$3.6tCA$2.1tCA$167.7b14x21.7x1.8x
Wed, 19 Jun 2024CA$3.5tCA$2.1tCA$167.4b14.1x20.8x1.7x
Fri, 17 May 2024CA$3.6tCA$2.0tCA$167.7b14.2x21.6x1.8x
Sun, 14 Apr 2024CA$3.6tCA$2.1tCA$174.6b14.1x20.4x1.7x
Tue, 12 Mar 2024CA$3.5tCA$2.1tCA$173.2b13.7x20.1x1.7x
Thu, 08 Feb 2024CA$3.4tCA$2.1tCA$172.9b13x19.4x1.6x
Sat, 06 Jan 2024CA$3.4tCA$2.1tCA$173.1b13x19.5x1.6x
Mon, 04 Dec 2023CA$3.3tCA$2.1tCA$171.9b12.4x19.1x1.6x
Wed, 01 Nov 2023CA$3.1tCA$2.1tCA$184.3b11.6x16.6x1.5x
Fri, 29 Sep 2023CA$3.2tCA$2.1tCA$184.4b11.5x17.3x1.5x
Price to Earnings Ratio

17.3x


Total Market Cap: CA$3.2tTotal Earnings: CA$184.4bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21.6x202420252026
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 21.6x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 12% per year over the last three years.
  • Revenues for these companies have grown 4.0% 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 Market0.51%
Financials2.08%
Materials1.74%
Utilities1.19%
Tech-0.27%
Consumer Discretionary-0.58%
Real Estate-1.12%
Consumer Staples-1.32%
Industrials-1.35%
Energy-1.66%
Healthcare-1.71%
Telecom-3.85%
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 25.2%, which is higher than its past year's earnings growth of 22.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 40% over the next 5 years.
  • This is better than its past earnings growth rate of 1.3% per year.
  • In contrast, the Utilities sector is expected to see its earnings grow by 5.1% 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
TD Toronto-Dominion BankCA$174.103.5%
+CA$9.6b		58.9%PB2.3xFinancials
RY Royal Bank of CanadaCA$289.641.6%
+CA$6.2b		40.9%PB3xFinancials
CLS CelesticaCA$483.099.9%
+CA$5.0b		37.1%PE35.5xTech
BNS Bank of Nova ScotiaCA$133.873.0%
+CA$4.8b		50.3%PB1.8xFinancials
BMO Bank of MontrealCA$248.842.7%
+CA$4.5b		38.9%PB2xFinancials
See more

Market Insights

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Latest News

CM
CA$163.26
Canadian Imperial Bank of Commerce
7D
2.8%
1Y
45.3%
DOL
CA$178.70
Dollarama
7D
6.1%
1Y
-4.2%
CP
CA$122.01
Canadian Pacific Kansas City
7D
-2.4%
1Y
18.3%
CVE
CA$44.35
Cenovus Energy
7D
-4.1%
1Y
87.8%
Narrative Update • Sep 18

CVE: Oil Sands Scale And Refining Margins Will Drive 2026 Re Rating

Analysts have lifted the fair value estimate for Cenovus Energy to CA$59.21 from CA$56.99, reflecting higher price targets across the Street. These targets point to what they see as supportive crude oil and refining margins, alongside an asset base they view as well placed within the sector.
CNR
CA$165.03
Canadian National Railway
7D
-2.8%
1Y
29.8%
TD
CA$174.10
Toronto-Dominion Bank
7D
3.5%
1Y
58.9%
BNS
CA$133.87
Bank of Nova Scotia
7D
3.0%
1Y
50.3%
RY
CA$289.64
Royal Bank of Canada
7D
1.6%
1Y
40.9%
CLS
CA$483.09
Celestica
7D
9.9%
1Y
37.1%
BMO
CA$248.84
Bank of Montreal
7D
2.7%
1Y
38.9%
TRI
CA$134.01
Thomson Reuters
7D
-8.8%
1Y
-41.5%
CSU
CA$2,786.97
Constellation Software
7D
-5.8%
1Y
-33.6%
MFC
CA$62.64
Manulife Financial
7D
3.4%
1Y
42.8%
IMO
CA$177.58
Imperial Oil
7D
-3.1%
1Y
38.6%
QSP.UN
CA$103.46
Restaurant Brands International Limited Partnership
7D
-6.0%
1Y
17.8%
CNQ
CA$67.82
Canadian Natural Resources
7D
-3.0%
1Y
52.7%