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Canadian (TSX) Market Analysis & Valuation

UpdatedJul 15, 2026
DataAggregated Company Financials
Companies2192
  • 7D0.3%
  • 3M3.1%
  • 1Y29.2%
  • YTD11.6%

The market has been flat over the last week. Meanwhile, the market is actually up 29% 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
Wed, 15 Jul 2026CA$5.5tCA$2.2tCA$245.0b16.3x22.5x2.5x
Fri, 12 Jun 2026CA$5.4tCA$2.2tCA$243.8b15.8x22.1x2.4x
Sun, 10 May 2026CA$5.4tCA$2.2tCA$244.2b16.4x22x2.4x
Tue, 07 Apr 2026CA$5.2tCA$2.2tCA$241.3b16.1x21.6x2.4x
Thu, 05 Mar 2026CA$5.3tCA$2.1tCA$238.8b17.3x22.2x2.5x
Sat, 31 Jan 2026CA$5.2tCA$2.1tCA$224.3b16.8x23.1x2.4x
Mon, 29 Dec 2025CA$5.0tCA$2.1tCA$224.3b16.5x22.1x2.3x
Wed, 26 Nov 2025CA$4.8tCA$2.1tCA$224.6b16.1x21.3x2.2x
Fri, 24 Oct 2025CA$4.7tCA$2.2tCA$210.2b16.7x22.2x2.2x
Sun, 21 Sep 2025CA$4.7tCA$2.1tCA$208.7b16.4x22.3x2.2x
Tue, 19 Aug 2025CA$4.4tCA$2.1tCA$201.6b15.7x21.7x2x
Thu, 17 Jul 2025CA$4.3tCA$2.1tCA$191.8b15.9x22.5x2x
Sat, 14 Jun 2025CA$4.3tCA$2.1tCA$191.5b15.4x22.4x2x
Mon, 12 May 2025CA$4.1tCA$2.1tCA$180.0b14.7x22.6x1.9x
Wed, 09 Apr 2025CA$3.7tCA$2.1tCA$173.9b13.7x21x1.7x
Fri, 07 Mar 2025CA$3.9tCA$2.1tCA$173.2b14.8x22.8x1.8x
Sun, 02 Feb 2025CA$3.9tCA$2.1tCA$170.8b14.6x23.1x1.8x
Tue, 31 Dec 2024CA$3.9tCA$2.1tCA$169.1b14x22.9x1.8x
Thu, 28 Nov 2024CA$4.0tCA$2.1tCA$166.3b14.8x23.8x1.9x
Sat, 26 Oct 2024CA$3.9tCA$2.1tCA$168.1b15.3x23.3x1.8x
Mon, 23 Sep 2024CA$3.8tCA$2.1tCA$167.5b15.2x22.7x1.8x
Wed, 21 Aug 2024CA$3.7tCA$2.1tCA$169.9b14.6x21.8x1.8x
Fri, 19 Jul 2024CA$3.7tCA$2.1tCA$167.6b14x21.9x1.8x
Sun, 16 Jun 2024CA$3.5tCA$2.1tCA$167.4b14x20.8x1.7x
Tue, 14 May 2024CA$3.6tCA$2.0tCA$167.9b14.1x21.5x1.8x
Thu, 11 Apr 2024CA$3.6tCA$2.1tCA$174.4b13.9x20.6x1.8x
Sat, 09 Mar 2024CA$3.5tCA$2.1tCA$173.0b14x20.1x1.7x
Mon, 05 Feb 2024CA$3.4tCA$2.1tCA$170.5b13x19.9x1.6x
Wed, 03 Jan 2024CA$3.4tCA$2.1tCA$173.0b13x19.5x1.6x
Fri, 01 Dec 2023CA$3.2tCA$2.1tCA$176.5b12.3x18.3x1.6x
Sun, 29 Oct 2023CA$3.1tCA$2.1tCA$184.9b11.3x16.6x1.5x
Tue, 26 Sep 2023CA$3.2tCA$2.1tCA$184.3b11.7x17.5x1.5x
Thu, 24 Aug 2023CA$3.2tCA$2.1tCA$185.2b11.4x17.4x1.5x
Sat, 22 Jul 2023CA$3.3tCA$2.1tCA$200.2b11.7x16.5x1.6x
Price to Earnings Ratio

16.5x


Total Market Cap: CA$3.3tTotal Earnings: CA$200.2bTotal 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 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 Market0.27%
Energy2.60%
Consumer Staples0.45%
Financials0.38%
Utilities0.15%
Healthcare0.043%
Industrials-0.19%
Consumer Discretionary-0.83%
Materials-0.95%
Telecom-0.96%
Real Estate-1.77%
Tech-2.54%
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 22.4%, 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 6.9% 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
SU Suncor EnergyCA$85.906.7%
+CA$6.4b		58.8%PE16xEnergy
RY Royal Bank of CanadaCA$300.951.4%
+CA$5.7b		67.8%PB3.2xFinancials
CVE Cenovus EnergyCA$38.758.2%
+CA$5.5b		98.7%PE15.7xEnergy
CNQ Canadian Natural ResourcesCA$60.003.9%
+CA$4.7b		39.6%PE12.9xEnergy
BNS Bank of Nova ScotiaCA$125.252.4%
+CA$3.6b		67.4%PB1.8xFinancials
See more

Market Insights

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Latest News

BBD.B
CA$320.85
Bombardier
7D
-7.5%
1Y
96.7%
BN
CA$61.44
Brookfield
7D
-1.3%
1Y
6.1%
RY
CA$300.95
Royal Bank of Canada
7D
1.4%
1Y
67.8%
FFH
CA$2,320.94
Fairfax Financial Holdings
7D
-3.8%
1Y
-5.2%
Narrative Update • Jul 13

FFH: Share Repurchases Will Support Future Upside In Softer Insurance Cycle

Analysts have lifted their fair value estimate for Fairfax Financial Holdings from about CA$3,301.88 to roughly CA$3,446.01. This reflects updated views on revenue growth, margins and future P/E in light of recent Neutral-rated Street research that sees the stock as fairly valued in a softer commercial insurance and reinsurance cycle.
CP
CA$128.54
Canadian Pacific Kansas City
7D
1.9%
1Y
15.5%
Narrative Update • Jul 10

CP: Record Grain Flows And Merger Synergies Will Shape Balanced Rail Outlook

Analysts have revised their fair value estimate for Canadian Pacific Kansas City to CA$131.37 from CA$127.84, citing updated assumptions for revenue growth, profit margins, the discount rate, and future P/E expectations. What's in the News for Canadian Pacific Kansas City Canadian Pacific Kansas City reported record grain transportation volumes in June 2026, moving 2.8 million metric tonnes of Canadian grain and grain products and 2.5 million metric tonnes in the U.S., with these figures contributing to record second quarter 2026 tonnage and carloads across its North American network.
CSU
CA$2,725.87
Constellation Software
7D
-4.3%
1Y
-44.5%
Narrative Update • Jul 10

CSU: Raised Outlook And Acquisitions Will Support Long-Term Earnings Power

Analysts have trimmed their consolidated price target for Constellation Software to about CA$4,008 from roughly CA$4,211. The change reflects updated models that factor in higher expense levels and hardware cost pressures, despite mixed target moves across firms.
FM
CA$38.94
First Quantum Minerals
7D
6.3%
1Y
67.5%
Narrative Update • Jul 10

FM: Fair Value View Balances Cobre Panama Clarity And Margin Resilience

Analysts have lifted the fair value estimate for First Quantum Minerals to CA$40.73, reflecting a higher assumed future P/E of 20.0x and slightly stronger profit margins. Recent Street price targets, ranging roughly from CA$41 to CA$55, highlight differing views on the potential impact of Cobre Panama and updated risk assumptions.
CVE
CA$38.75
Cenovus Energy
7D
8.2%
1Y
98.7%
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.
SU
CA$85.90
Suncor Energy
7D
6.7%
1Y
58.8%
Narrative Update • Jul 09

SU: Operational Turnaround And Capital Returns Will Drive Future Upside Potential

The analyst price target for Suncor Energy has been reset from CA$109.42 to CA$118.00, reflecting updated views on oil prices, refreshed earnings estimates, and mixed but constructive Street commentary that includes both recent target trims and new Outperform ratings. Analyst Commentary Recent Street commentary on Suncor Energy offers a mixed but constructive picture, with valuation views and oil price assumptions pulling in different directions.
ABX
CA$51.26
Barrick Mining
7D
-2.0%
1Y
77.8%
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.
IMO
CA$172.10
Imperial Oil
7D
4.0%
1Y
52.7%
Narrative Update • Jul 08

IMO: Future Returns Will Hinge On Buybacks And Oil Price Sensitivity

Imperial Oil's analyst price target has been revised higher from CA$132.81 to CA$153.19, as analysts factor in updated oil price assumptions, modestly revised growth and margin expectations, and recent sector level targets in the CA$138 to CA$156 range. Analyst Commentary Recent Street research on Imperial Oil highlights a mix of optimism around upside potential and caution around execution and commodity risk, which helps explain the current cluster of price targets in the CA$138 to CA$156 range.
FNV
CA$285.28
Franco-Nevada
7D
-4.0%
1Y
32.4%
Narrative Update • Jul 07

FNV: Record Quarter And Cobre Panama Restart Expectations Will Shape Outlook

Franco-Nevada's analyst price target has been revised to CA$280 from CA$266. Analysts cited mixed commodity price pressures, updated Q1 modeling, and expectations around the Cobre Panama restart as key drivers behind the change.
CCO
CA$128.87
Cameco
7D
-4.1%
1Y
23.9%
Narrative Update • Jul 07

CCO: Future Uranium Demand And Cigar Lake Exposure Will Shape Returns

Cameco's analyst price target has been revised from about CA$121.43 to about CA$152.06. Analysts point to updated assumptions around revenue growth, profit margins, the discount rate, and the expected future P/E multiple as key drivers of this change.
CNQ
CA$60.00
Canadian Natural Resources
7D
3.9%
1Y
39.6%
Narrative Update • Jul 06

CNQ: Future Oilsands Expansion And Pipeline Timing Will Shape Balanced Outlook

Analysts have lifted their fair value estimate for Canadian Natural Resources from CA$43.00 to about CA$57.47, citing updated price targets from firms covering the stock and revised assumptions for revenue trends, margins and future P/E expectations. Analyst Commentary Recent Street research on Canadian Natural Resources reflects a mix of optimism on the company and pockets of caution around execution risks, future growth assumptions and how current trading levels line up with updated fair value views.
WPM
CA$152.69
Wheaton Precious Metals
7D
-3.8%
1Y
22.8%
Narrative Update • Jul 01

WPM: Long Term Production Guidance And Streaming Pipeline Will Support Future Upside

Analysts have modestly adjusted the fair value estimate for Wheaton Precious Metals to CA$227.90 from CA$221.95, reflecting updated models after recent quarterly results and a mix of higher and lower Street price targets. Analyst Commentary Recent Street research on Wheaton Precious Metals shows a mixed backdrop, with some analysts fine tuning their models after earnings and others marking down fair value estimates.
BNS
CA$125.25
Bank of Nova Scotia
7D
2.4%
1Y
67.4%