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Canadian (TSX) Market Analysis & Valuation

UpdatedApr 27, 2026
DataAggregated Company Financials
Companies2197
  • 7D-1.0%
  • 3M2.7%
  • 1Y36.4%
  • YTD7.7%

In the last week, the market has been flat, with a notable exception in the Materials sector dropping 5.2%. Meanwhile, the market is actually up 36% 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, 28 Apr 2026CA$5.3tCA$2.2tCA$241.2b16.9x22.2x2.5x
Thu, 26 Mar 2026CA$5.0tCA$2.2tCA$239.0b16x21x2.3x
Sat, 21 Feb 2026CA$5.3tCA$2.2tCA$230.1b17.2x22.9x2.4x
Mon, 19 Jan 2026CA$5.1tCA$2.1tCA$225.2b17.2x22.8x2.4x
Wed, 17 Dec 2025CA$4.9tCA$2.1tCA$224.7b16.3x21.8x2.3x
Fri, 14 Nov 2025CA$4.8tCA$2.1tCA$223.6b16.4x21.4x2.2x
Sun, 12 Oct 2025CA$4.7tCA$2.2tCA$209.4b16.4x22.3x2.2x
Tue, 09 Sep 2025CA$4.6tCA$2.1tCA$208.5b16.4x21.9x2.1x
Thu, 07 Aug 2025CA$4.4tCA$2.1tCA$194.1b16.1x22.5x2.1x
Sat, 05 Jul 2025CA$4.3tCA$2.1tCA$191.5b15.9x22.5x2x
Mon, 02 Jun 2025CA$4.2tCA$2.1tCA$192.1b14.9x21.6x2x
Wed, 30 Apr 2025CA$4.0tCA$2.1tCA$173.9b14.9x22.8x1.9x
Fri, 28 Mar 2025CA$4.0tCA$2.1tCA$174.0b15.2x23x1.9x
Sun, 23 Feb 2025CA$4.0tCA$2.1tCA$169.1b14.8x23.6x1.9x
Tue, 21 Jan 2025CA$3.9tCA$2.1tCA$171.1b14.3x22.8x1.8x
Thu, 19 Dec 2024CA$3.9tCA$2.1tCA$169.6b13.9x23x1.8x
Sat, 16 Nov 2024CA$3.9tCA$2.1tCA$167.8b14.5x23.3x1.8x
Mon, 14 Oct 2024CA$3.9tCA$2.1tCA$168.0b15.7x23.2x1.8x
Wed, 11 Sep 2024CA$3.7tCA$2.1tCA$167.4b15x22x1.8x
Fri, 09 Aug 2024CA$3.5tCA$2.1tCA$168.6b13.7x20.8x1.7x
Sun, 07 Jul 2024CA$3.5tCA$2.0tCA$166.7b13.9x21.3x1.7x
Tue, 04 Jun 2024CA$3.6tCA$2.0tCA$166.2b14.3x21.7x1.8x
Thu, 02 May 2024CA$3.5tCA$2.1tCA$173.4b13.8x20.2x1.7x
Sat, 30 Mar 2024CA$3.5tCA$2.0tCA$175.1b13.8x20.3x1.7x
Mon, 26 Feb 2024CA$3.4tCA$2.0tCA$171.2b14.1x20x1.7x
Wed, 24 Jan 2024CA$3.4tCA$2.1tCA$173.3b13.3x19.4x1.6x
Fri, 22 Dec 2023CA$3.3tCA$2.1tCA$172.8b13.1x19.2x1.6x
Sun, 19 Nov 2023CA$3.2tCA$2.1tCA$179.9b12x17.9x1.6x
Tue, 17 Oct 2023CA$3.2tCA$2.1tCA$185.1b11.5x17.2x1.5x
Thu, 14 Sep 2023CA$3.3tCA$2.1tCA$184.6b11.8x17.7x1.5x
Sat, 12 Aug 2023CA$3.3tCA$2.1tCA$187.6b11.7x17.7x1.6x
Mon, 10 Jul 2023CA$3.2tCA$2.1tCA$200.3b11.2x16x1.5x
Wed, 07 Jun 2023CA$3.2tCA$2.1tCA$199.9b11.1x16.2x1.5x
Fri, 05 May 2023CA$3.3tCA$2.1tCA$212.1b10.9x15.4x1.6x
Price to Earnings Ratio

15.4x


Total Market Cap: CA$3.3tTotal Earnings: CA$212.1bTotal 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 4.2% 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-0.99%
Healthcare2.67%
Energy2.59%
Telecom1.44%
Industrials1.23%
Utilities0.39%
Consumer Staples0.092%
Consumer Discretionary-1.12%
Financials-1.14%
Real Estate-1.19%
Tech-2.75%
Materials-5.15%
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 21.5%, 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 8.6% 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$119.096.8%
+CA$6.8b		20.0%PE25.8xIndustrials
CNQ Canadian Natural ResourcesCA$61.434.1%
+CA$5.0b		50.2%PE11.8xEnergy
CVE Cenovus EnergyCA$36.557.4%
+CA$4.8b		117.3%PE17.5xEnergy
SU Suncor EnergyCA$87.914.5%
+CA$4.5b		78.1%PE17.6xEnergy
ARX ARC ResourcesCA$31.2224.3%
+CA$3.5b		16.4%PE13.9xEnergy
See more

Market Insights

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Latest News

SU
CA$87.56
Suncor Energy
7D
4.1%
1Y
77.4%

SU: Buybacks And Shifting Street Views Will Shape Future Margin Expectations

Analysts' fair value estimate for Suncor Energy has shifted to CA$97.05 from CA$92.79 as they factor in updated expectations for revenue growth, profit margins, and future P/E, in line with a series of recent price target revisions across the Street. Analyst Commentary Recent Street research around Suncor Energy has been active, with a cluster of price target revisions from large global banks and local firms.
RCI.B
CA$49.26
Rogers Communications
7D
8.2%
1Y
39.8%
RY
CA$239.83
Royal Bank of Canada
7D
-2.4%
1Y
46.3%
TRI
CA$122.65
Thomson Reuters
7D
-5.4%
1Y
-51.3%

TRI: Expanded AI Partnerships And Larger Buybacks Will Support Future Upside

Analysts trimmed their Thomson Reuters price target by about CA$7 to reflect a slightly higher discount rate and a modestly lower assumed future P/E multiple, while keeping revenue growth and profit margin expectations broadly unchanged. What's in the News Supio expanded its collaboration with Thomson Reuters, giving Supio users direct access to Westlaw Advantage within CoCounsel Legal to link case building with legal research in a single workflow, with further AI driven capabilities planned for plaintiff focused litigation teams.
TRP
CA$84.79
TC Energy
7D
2.1%
1Y
22.2%

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.
FNV
CA$331.11
Franco-Nevada
7D
-5.9%
1Y
40.3%
CNQ
CA$60.69
Canadian Natural Resources
7D
2.8%
1Y
48.4%

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
5.7%
1Y
113.7%

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
-4.4%
1Y
110.6%

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
-6.5%
1Y
67.9%
CSU
CA$2,410.80
Constellation Software
7D
-9.5%
1Y
-51.1%
ENB
CA$72.86
Enbridge
7D
2.2%
1Y
13.0%

ENB: Future Returns Will Hinge On Rich Pricing And Utility Execution

The updated analyst price target for Enbridge reflects a modest fair value shift to CA$75.99, with recent CA$1 to CA$5 target increases from firms such as Argus, Citi, BMO Capital, RBC Capital, CIBC and Scotiabank, partly balanced by valuation driven downgrades from TD Securities and Jefferies, as analysts factor in the company’s diversified pipelines and its growing utility exposure. Analyst Commentary Recent research on Enbridge shows a mix of optimism and caution, with several firms lifting price targets while others are more restrained given the share price move and valuation.
BN
CA$62.19
Brookfield
7D
-2.4%
1Y
26.5%
CNR
CA$156.71
Canadian National Railway
7D
3.2%
1Y
17.6%

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.
LUG
CA$101.60
Lundin Gold
7D
-11.8%
1Y
81.6%

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
6.4%
1Y
19.6%