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Canadian (TSX) Market Analysis & Valuation

UpdatedJul 29, 2026
DataAggregated Company Financials
Companies2199
  • 7D0.7%
  • 3M6.0%
  • 1Y29.2%
  • YTD12.6%

In the last week, the market has stayed flat, however the Information Technology sector stood out, gaining 5.8%. As for the longer term, the market has risen 29% in the past 12 months. Looking forward, 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, 29 Jul 2026CA$5.6tCA$2.3tCA$243.7b16.7x22.9x2.5x
Fri, 26 Jun 2026CA$5.4tCA$2.3tCA$245.7b15.6x22.1x2.4x
Sun, 24 May 2026CA$5.5tCA$2.2tCA$247.2b16.5x22.1x2.5x
Tue, 21 Apr 2026CA$5.4tCA$2.2tCA$240.6b17x22.4x2.5x
Thu, 19 Mar 2026CA$5.2tCA$2.1tCA$239.5b16x21.6x2.4x
Sat, 14 Feb 2026CA$5.1tCA$2.1tCA$226.1b17.5x22.7x2.4x
Mon, 12 Jan 2026CA$5.1tCA$2.1tCA$225.1b16.8x22.5x2.4x
Wed, 10 Dec 2025CA$4.8tCA$2.1tCA$225.4b15.9x21.5x2.3x
Fri, 07 Nov 2025CA$4.7tCA$2.1tCA$222.3b16.3x21x2.2x
Sun, 05 Oct 2025CA$4.8tCA$2.2tCA$209.3b16.7x22.7x2.2x
Tue, 02 Sep 2025CA$4.5tCA$2.1tCA$207.8b16x21.7x2.1x
Thu, 31 Jul 2025CA$4.4tCA$2.1tCA$191.5b16.1x22.8x2.1x
Sat, 28 Jun 2025CA$4.3tCA$2.1tCA$191.7b15.7x22.2x2x
Mon, 26 May 2025CA$4.1tCA$2.1tCA$193.6b14.7x21.4x2x
Wed, 23 Apr 2025CA$3.8tCA$2.1tCA$173.0b14.7x22.2x1.8x
Fri, 21 Mar 2025CA$4.0tCA$2.1tCA$173.5b15x22.9x1.9x
Sun, 16 Feb 2025CA$4.0tCA$2.1tCA$168.6b15x23.9x1.9x
Tue, 14 Jan 2025CA$3.9tCA$2.1tCA$171.2b14.2x22.5x1.8x
Thu, 12 Dec 2024CA$4.0tCA$2.1tCA$169.1b14.8x23.5x1.9x
Sat, 09 Nov 2024CA$3.9tCA$2.1tCA$170.5b14.7x23.1x1.9x
Mon, 07 Oct 2024CA$3.8tCA$2.1tCA$167.4b15.4x23x1.8x
Wed, 04 Sep 2024CA$3.7tCA$2.1tCA$167.7b15x22.3x1.8x
Fri, 02 Aug 2024CA$3.7tCA$2.1tCA$166.6b14.1x22.3x1.8x
Sun, 30 Jun 2024CA$3.5tCA$2.1tCA$166.4b14.2x21.2x1.7x
Tue, 28 May 2024CA$3.6tCA$2.0tCA$166.3b14.3x21.8x1.8x
Thu, 25 Apr 2024CA$3.5tCA$2.1tCA$173.9b13.9x20.3x1.7x
Sat, 23 Mar 2024CA$3.5tCA$2.0tCA$173.6b13.6x20.2x1.7x
Mon, 19 Feb 2024CA$3.4tCA$2.1tCA$177.4b13.5x19.2x1.6x
Wed, 17 Jan 2024CA$3.4tCA$2.1tCA$173.3b12.8x19.6x1.6x
Fri, 15 Dec 2023CA$3.3tCA$2.1tCA$173.0b12.7x19.2x1.6x
Sun, 12 Nov 2023CA$3.2tCA$2.1tCA$177.6b11.9x17.8x1.5x
Tue, 10 Oct 2023CA$3.1tCA$2.1tCA$185.2b11.2x16.9x1.5x
Thu, 07 Sep 2023CA$3.3tCA$2.1tCA$184.8b11.4x17.7x1.5x
Sat, 05 Aug 2023CA$3.3tCA$2.1tCA$185.0b11.8x17.8x1.6x
Price to Earnings Ratio

17.8x


Total Market Cap: CA$3.3tTotal Earnings: CA$185.0bTotal 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 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 21.4x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 9.6% per year over the last three years.
  • Revenues for these companies have grown 2.5% 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 Market0.66%
Tech5.82%
Consumer Staples2.15%
Telecom1.68%
Industrials1.47%
Financials1.42%
Consumer Discretionary0.49%
Real Estate0.47%
Utilities0.11%
Materials-0.64%
Energy-1.16%
Healthcare-1.67%
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 22.2%, 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 39% 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 2.8% 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
TRI Thomson ReutersCA$145.5513.8%
+CA$7.7b		-48.0%PE29.4xIndustrials
CSU Constellation SoftwareCA$3.02k13.6%
+CA$7.7b		-37.9%PE61xTech
MFC Manulife FinancialCA$62.954.2%
+CA$4.2b		45.2%PE17.8xFinancials
FFH Fairfax Financial HoldingsCA$2.45k7.0%
+CA$3.6b		-2.4%PE8.5xFinancials
BAM Brookfield Asset ManagementCA$67.833.3%
+CA$3.4b		-21.6%PE30.4xFinancials
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

BAM
CA$67.83
Brookfield Asset Management
7D
3.3%
1Y
-21.6%
LUN
CA$34.72
Lundin Mining
7D
-4.1%
1Y
149.8%
TRI
CA$145.55
Thomson Reuters
7D
13.8%
1Y
-48.0%
SLF
CA$118.69
Sun Life Financial
7D
3.9%
1Y
38.8%
Narrative Update • Jul 26

SLF: Fair Value Case Will Rely On Ongoing U.S. Acquisition Execution

The analyst price target for Sun Life Financial has been raised from about CA$101.79 to about CA$110.14. Analysts point to higher assessed profitability, a slightly stronger future P/E assumption, and a series of refreshed Street targets around CA$111 that factor in mixed fundamentals and valuation after the stock's recent rally.
FFH
CA$2,448.73
Fairfax Financial Holdings
7D
7.0%
1Y
-2.4%
CSU
CA$3,020.30
Constellation Software
7D
13.6%
1Y
-37.9%
New Narrative • Jul 24

Constellation Software: A Proven Serial Acquirer at a Discount

Thesis Constellation Software is a permanent holding company that has spent decades acquiring small, highly specialized vertical market software businesses, letting them run with full operational autonomy, and recycling the cash flow into new acquisitions. The real value driver isn't organic growth but the combination of sticky, stable underlying businesses and disciplined capital reinvestment at high returns.
FTT
CA$96.61
Finning International
7D
-8.9%
1Y
58.6%
FM
CA$37.51
First Quantum Minerals
7D
-5.2%
1Y
59.9%
Narrative Update • Jul 24

FM: Cobre Panama Progress Is Expected To Drive Future Re Rating

Analyst price targets for First Quantum Minerals have moved higher to CA$55 from CA$46, with the shift supported by expectations of improved financial conditions, potential progress around Cobre Panama and a stronger copper backdrop highlighted across recent research updates. Analyst Commentary Recent research updates on First Quantum Minerals show a cluster of bullish analysts lifting price targets into the mid C$40s and low to mid C$50s, with several upgrades to more positive ratings.
MFC
CA$62.95
Manulife Financial
7D
4.2%
1Y
45.2%
CVE
CA$39.06
Cenovus Energy
7D
-3.8%
1Y
86.9%
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.
TRP
CA$95.45
TC Energy
7D
-1.4%
1Y
47.4%
CM
CA$169.04
Canadian Imperial Bank of Commerce
7D
2.0%
1Y
69.1%
TIH
CA$209.23
Toromont Industries
7D
-9.1%
1Y
57.6%
Narrative Update • Jul 21

TIH: Power Systems Backlog And Capacity Plans Will Support Measured Repricing

Toromont Industries' updated analyst price target has shifted from CA$239.78 to about CA$246.33, reflecting modest model adjustments as analysts point to higher assumed revenue growth and recent target increases from several Canadian banks. Analyst Commentary Recent research updates on Toromont Industries show a cluster of higher price targets and one rating upgrade, giving you a clearer picture of how professionals currently frame the stock's valuation and execution risks.
CNQ
CA$62.43
Canadian Natural Resources
7D
-1.4%
1Y
40.6%
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.
AII
CA$17.22
Almonty Industries
7D
-18.6%
1Y
266.4%
IFC
CA$305.00
Intact Financial
7D
4.8%
1Y
-0.07%
Narrative Update • Jul 14

IFC: Catastrophe Headwinds And Higher P E Multiple Will Shape Forward Returns

Intact Financial's analyst price target has been revised higher by CA$6.62 to CA$320.54, as analysts factor in recent target increases from CIBC and Barclays while balancing earlier trims from RBC Capital and TD Securities. Analyst Commentary Recent research updates around Intact Financial give a mixed but useful read on how the stock is being framed in terms of valuation, execution and growth potential.