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Canadian (TSX) Market Analysis & Valuation

UpdatedSep 17, 2026
DataAggregated Company Financials
Companies2205
  • 7D-1.6%
  • 3M0.8%
  • 1Y21.9%
  • YTD12.0%

Over the last 7 days, the market has dropped 1.6%, driven by a decline of 6.4% in the Materials sector. As for the longer term, the market has actually risen by 22% in the last 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
Fri, 18 Sep 2026CA$5.5tCA$2.3tCA$256.8b16.5x21.5x2.4x
Sun, 16 Aug 2026CA$5.7tCA$2.3tCA$254.9b16.5x22.4x2.5x
Tue, 14 Jul 2026CA$5.5tCA$2.3tCA$245.5b16.3x22.5x2.5x
Thu, 11 Jun 2026CA$5.4tCA$2.2tCA$243.7b15.9x22.3x2.4x
Sat, 09 May 2026CA$5.4tCA$2.2tCA$244.2b16.4x22x2.4x
Mon, 06 Apr 2026CA$5.2tCA$2.2tCA$241.5b16.1x21.5x2.4x
Wed, 04 Mar 2026CA$5.4tCA$2.1tCA$238.8b17.1x22.8x2.5x
Fri, 30 Jan 2026CA$5.2tCA$2.1tCA$223.9b17.4x23.3x2.5x
Sun, 28 Dec 2025CA$5.0tCA$2.1tCA$224.3b16.5x22.1x2.3x
Tue, 25 Nov 2025CA$4.7tCA$2.1tCA$224.6b15.9x20.9x2.2x
Thu, 23 Oct 2025CA$4.7tCA$2.2tCA$209.4b16.6x22.2x2.2x
Sat, 20 Sep 2025CA$4.6tCA$2.1tCA$208.7b16.4x22.1x2.2x
Mon, 18 Aug 2025CA$4.4tCA$2.1tCA$201.7b15.8x21.8x2.1x
Wed, 16 Jul 2025CA$4.3tCA$2.1tCA$191.8b16.1x22.6x2x
Fri, 13 Jun 2025CA$4.3tCA$2.1tCA$191.7b15.5x22.2x2x
Sun, 11 May 2025CA$4.1tCA$2.1tCA$180.0b14.7x22.6x1.9x
Tue, 08 Apr 2025CA$3.7tCA$2.1tCA$173.9b13.8x21.4x1.8x
Thu, 06 Mar 2025CA$3.9tCA$2.1tCA$172.1b14.8x22.7x1.8x
Sat, 01 Feb 2025CA$4.0tCA$2.1tCA$170.8b14.6x23.3x1.9x
Mon, 30 Dec 2024CA$3.9tCA$2.1tCA$169.2b14.1x22.9x1.8x
Wed, 27 Nov 2024CA$4.0tCA$2.1tCA$166.4b14.6x23.7x1.9x
Fri, 25 Oct 2024CA$3.9tCA$2.1tCA$167.3b15.5x23.4x1.9x
Sun, 22 Sep 2024CA$3.8tCA$2.1tCA$167.5b15.2x22.7x1.8x
Tue, 20 Aug 2024CA$3.7tCA$2.1tCA$169.9b14.6x21.7x1.8x
Thu, 18 Jul 2024CA$3.7tCA$2.0tCA$167.6b14x22x1.8x
Sat, 15 Jun 2024CA$3.5tCA$2.1tCA$167.4b14x20.9x1.7x
Mon, 13 May 2024CA$3.6tCA$2.0tCA$168.8b14x21.4x1.8x
Wed, 10 Apr 2024CA$3.6tCA$2.0tCA$174.2b14.1x20.6x1.8x
Fri, 08 Mar 2024CA$3.5tCA$2.1tCA$173.1b14.1x20.2x1.7x
Sun, 04 Feb 2024CA$3.4tCA$2.1tCA$170.5b13x19.9x1.6x
Tue, 02 Jan 2024CA$3.4tCA$2.1tCA$172.8b13.3x19.5x1.6x
Thu, 30 Nov 2023CA$3.2tCA$2.1tCA$179.4b11.9x17.9x1.6x
Sat, 28 Oct 2023CA$3.1tCA$2.1tCA$184.8b11.3x16.6x1.5x
Mon, 25 Sep 2023CA$3.2tCA$2.1tCA$184.3b11.7x17.4x1.5x
Price to Earnings Ratio

17.4x


Total Market Cap: CA$3.2tTotal Earnings: CA$184.3bTotal 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 3.7% 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 Market-1.61%
Financials0.69%
Industrials0.26%
Consumer Staples0.20%
Tech0.17%
Consumer Discretionary-1.35%
Healthcare-1.48%
Telecom-1.53%
Energy-2.03%
Real Estate-2.34%
Utilities-2.47%
Materials-6.40%
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 26.9%, 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 41% 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$170.372.4%
+CA$6.7b		57.5%PB2.3xFinancials
ENB EnbridgeCA$68.182.2%
+CA$3.6b		0.6%PE26.8xEnergy
TRI Thomson ReutersCA$141.645.7%
+CA$3.3b		-40.1%PE26.1xIndustrials
BNS Bank of Nova ScotiaCA$129.992.1%
+CA$3.3b		46.1%PB1.8xFinancials
MFC Manulife FinancialCA$61.223.2%
+CA$3.1b		43.3%PE16.3xFinancials
See more

Market Insights

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Latest News

BAM
CA$63.56
Brookfield Asset Management
7D
-2.8%
1Y
-23.0%
TD
CA$170.37
Toronto-Dominion Bank
7D
2.4%
1Y
57.5%
BN
CA$52.09
Brookfield
7D
-1.0%
1Y
-19.9%
FNV
CA$373.49
Franco-Nevada
7D
3.6%
1Y
33.7%
BCE
CA$31.20
BCE
7D
-2.9%
1Y
-2.2%
SU
CA$97.31
Suncor Energy
7D
2.1%
1Y
65.2%
Narrative Update • Sep 15

SU: Refining Leverage And Cash Returns Will Test Execution In Fairly Valued Shares

Analysts have raised the fair value estimate for Suncor Energy to CA$92 from CA$90, citing higher Street price targets clustered around CA$94 to CA$106 and a focus on the stock's refining exposure and projected free cash flow yield. Analyst Commentary Recent Street research on Suncor Energy points to a mix of optimism on refining exposure and free cash flow yield, alongside more cautious signals that highlight execution and valuation risks.
BNS
CA$131.66
Bank of Nova Scotia
7D
2.5%
1Y
47.6%
ENB
CA$68.18
Enbridge
7D
2.2%
1Y
0.6%
GRGD
CA$50.61
Groupe Dynamite
7D
-14.4%
1Y
-13.4%
Narrative Update • Sep 11

GRGD: Raised Guidance And Store Expansion Will Support Future Upside

Groupe Dynamite's analyst fair value estimate has shifted to CA$75 from CA$70, reflecting recent price target revisions across the Street, where analysts cite a strong recent quarter, resilient same store and new store performance, and expectations for solid growth with flexibility in future cash flow use. Analyst Commentary Recent Street research on Groupe Dynamite shows a mixed but generally constructive stance, with several firms adjusting price targets while keeping positive ratings in place.
TRI
CA$139.21
Thomson Reuters
7D
5.0%
1Y
-38.2%
MFC
CA$61.73
Manulife Financial
7D
2.6%
1Y
42.6%
GWO
CA$93.61
Great-West Lifeco
7D
2.7%
1Y
76.0%
Narrative Update • Sep 09

GWO: Higher P/E Expectations Will Restrain Future Returns Despite Earnings And Dividend Support

Great-West Lifeco's fair value estimate has been updated from CA$68.26 to CA$73.77 as analysts lift price targets across the board, citing refined assumptions on discount rates, revenue growth, profit margins and future P/E multiples. Analyst Commentary Recent Street research on Great-West Lifeco points to a cluster of higher price targets, with several firms revising their numbers into the C$87 to C$106 range.
IVN
CA$12.01
Ivanhoe Mines
7D
-6.0%
1Y
-5.5%
Narrative Update • Sep 09

IVN: Copper And Zinc Delivery Should Support A Patiently Balanced Re Rating

Ivanhoe Mines' updated fair value estimate shifts to CA$12.78 from CA$12.31. This reflects analysts' recent adjustments to price targets in the CA$12 to CA$13.20 range as they balance expectations for long term copper growth potential with near term margin pressure from lower gold prices and higher diesel costs.
QSP.UN
CA$103.46
Restaurant Brands International Limited Partnership
7D
-6.0%
1Y
17.8%
CCO
CA$129.82
Cameco
7D
-3.7%
1Y
13.9%
LUN
CA$33.22
Lundin Mining
7D
-3.7%
1Y
100.7%
Narrative Update • Sep 03

LUN: Future Returns Will Reflect Caserones Recovery And Vicuña Project Progress

The updated analyst price target for Lundin Mining edges lower to CA$41.45 from CA$42.43, reflecting slightly more cautious revenue assumptions and a higher discount rate, partly offset by firm profit margin expectations and mixed Street targets that range from CA$39 to CA$47. Analyst Commentary Recent Street research on Lundin Mining shows a wide range of views on both upside potential and execution risk.