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Canadian (TSX) Financials Sector Analysis

UpdatedDec 08, 2025
DataAggregated Company Financials
Companies211
  • 7D1.1%
  • 3M8.9%
  • 1Y21.2%
  • YTD24.5%

Over the last 7 days, the Financials industry has risen 1.1%, driven by gains from Royal Bank of Canada of 5.0%. This means that the industry has gained 21% over the past year. Earnings are forecast to grow by 4.2% annually.

Sector Valuation and Performance

Has the Canadian Financials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 08 Dec 2025CA$1.7tCA$601.5bCA$104.0b13.6x16x2.8x
Wed, 05 Nov 2025CA$1.6tCA$601.9bCA$100.7b12.6x15.9x2.7x
Fri, 03 Oct 2025CA$1.6tCA$600.2bCA$100.6b13.4x15.7x2.6x
Sun, 31 Aug 2025CA$1.5tCA$597.4bCA$100.4b13.5x15.2x2.6x
Tue, 29 Jul 2025CA$1.5tCA$589.8bCA$92.0b13x16.2x2.5x
Thu, 26 Jun 2025CA$1.4tCA$589.6bCA$92.0b12.3x15.6x2.4x
Sat, 24 May 2025CA$1.4tCA$586.7bCA$93.4b12.9x14.9x2.4x
Mon, 21 Apr 2025CA$1.3tCA$578.2bCA$81.5b12.1x15.7x2.2x
Wed, 19 Mar 2025CA$1.3tCA$582.5bCA$82.0b12.8x16x2.2x
Fri, 14 Feb 2025CA$1.4tCA$583.0bCA$82.1b13.2x16.8x2.4x
Sun, 12 Jan 2025CA$1.2tCA$590.8bCA$82.4b12.4x15.2x2.1x
Tue, 10 Dec 2024CA$1.3tCA$579.4bCA$82.8b12.9x15.7x2.2x
Thu, 07 Nov 2024CA$1.2tCA$593.5bCA$78.9b12.9x15.6x2.1x
Sat, 05 Oct 2024CA$1.2tCA$584.2bCA$78.0b11.8x15.3x2x
Mon, 02 Sep 2024CA$1.1tCA$582.9bCA$77.9b12x14.7x2x
Wed, 31 Jul 2024CA$1.1tCA$577.6bCA$78.7b11.8x14x1.9x
Fri, 28 Jun 2024CA$1.0tCA$575.4bCA$78.5b11.2x13.2x1.8x
Sun, 26 May 2024CA$1.1tCA$572.3bCA$77.5b11.4x13.9x1.9x
Tue, 23 Apr 2024CA$1.0tCA$578.7bCA$80.0b11.1x12.8x1.8x
Thu, 21 Mar 2024CA$1.0tCA$596.0bCA$79.8b11.6x13.2x1.8x
Sat, 17 Feb 2024CA$1.0tCA$603.9bCA$76.1b11x13.5x1.7x
Mon, 15 Jan 2024CA$1.0tCA$584.7bCA$80.9b9.8x12.4x1.7x
Wed, 13 Dec 2023CA$973.1bCA$587.2bCA$80.9b9.6x12x1.7x
Fri, 10 Nov 2023CA$914.5bCA$591.1bCA$84.8b10x10.8x1.5x
Sun, 08 Oct 2023CA$908.0bCA$588.2bCA$84.5b9.6x10.7x1.5x
Tue, 05 Sep 2023CA$960.4bCA$604.2bCA$84.5b10.3x11.4x1.6x
Thu, 03 Aug 2023CA$979.6bCA$588.4bCA$82.3b10.5x11.9x1.7x
Sat, 01 Jul 2023CA$963.6bCA$586.9bCA$82.1b10.5x11.7x1.6x
Mon, 29 May 2023CA$945.0bCA$586.2bCA$82.6b10.5x11.4x1.6x
Wed, 26 Apr 2023CA$957.8bCA$555.3bCA$87.0b10.6x11x1.7x
Fri, 24 Mar 2023CA$921.3bCA$555.0bCA$86.3b10.4x10.7x1.7x
Sun, 19 Feb 2023CA$1.0tCA$554.8bCA$94.5b10.6x10.8x1.8x
Tue, 17 Jan 2023CA$980.2bCA$560.0bCA$95.4b10.6x10.3x1.8x
Thu, 15 Dec 2022CA$936.3bCA$557.1bCA$92.8b10.1x10.1x1.7x
Price to Earnings Ratio

10.1x


Total Market Cap: CA$936.3bTotal Earnings: CA$92.8bTotal Revenue: CA$557.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Financials Sector Price to Earnings3Y Average 13.5x202320242025
Current Industry PE
  • Investors are optimistic on the Canadian Financials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 16.0x which is higher than its 3-year average PE of 13.5x.
  • The 3-year average PS ratio of 2.0x is lower than the industry's current PS ratio of 2.8x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 3.9% per year over the last three years.
  • Revenues for these companies have grown 2.6% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Canadian Financials sector?

CA Market-0.19%
Financials1.10%
Banks3.20%
Mortgage Finance0%0
Diversified Financial-0.036%
Capital Markets-1.08%
Insurance-2.14%
Consumer Finance-6.86%
Industry PE
  • Investors are most optimistic about the Diversified Financial industry even though it's trading below its 3-year average PE ratio of 95.8x.
    • Analysts are expecting annual earnings growth of 37.6%, which is higher than its past year's earnings decline of 11.6% per year.
  • Investors are most pessimistic about the Consumer Finance industry, which is trading below its 3-year average of 12.8x.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Financial industry, expecting annual earnings growth of 38% over the next 5 years.
  • This is better than its past earnings decline of 12% per year.
  • In contrast, the Banks industry is expected to see its earnings grow by 2.4% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
RY Royal Bank of CanadaCA$224.725.0%
+CA$13.9b		25.8%PB2.5x
TD Toronto-Dominion BankCA$122.204.5%
+CA$6.0b		63.8%PB1.7x
CM Canadian Imperial Bank of CommerceCA$126.155.7%
+CA$5.9b		34.4%PB1.9x
BNS Bank of Nova ScotiaCA$99.263.4%
+CA$3.5b		25.4%PB1.4x
BMO Bank of MontrealCA$178.242.5%
+CA$3.1b		24.7%PB1.5x

Latest News

CM
CA$126.15
Canadian Imperial Bank of Commerce
7D
5.7%
1Y
34.4%
TD
CA$122.20
Toronto-Dominion Bank
7D
4.5%
1Y
63.8%
EQB
CA$96.71
EQB
7D
12.2%
1Y
-5.6%
BMO
CA$178.24
Bank of Montreal
7D
2.5%
1Y
24.7%
FFH
CA$2,321.37
Fairfax Financial Holdings
7D
-3.2%
1Y
15.4%
RY
CA$224.72
Royal Bank of Canada
7D
5.0%
1Y
25.8%
GSY
CA$123.28
goeasy
7D
-10.1%
1Y
-26.0%

GSY: Credit Performance Resilience Will Support Renewed Upward Momentum

Analysts have modestly trimmed their price target on goeasy, reflecting a fair value reduction of about C$5.50 per share. This change factors in slightly higher discount rates and a marginally lower future price to earnings multiple, while growth and profitability expectations remain largely intact.
IFC
CA$274.00
Intact Financial
7D
-2.3%
1Y
0.7%

IFC: Future Earnings Strength Will Support Premium Multiple Despite Sector Headwinds

Analysts have nudged their average price target for Intact Financial slightly higher to about C$320, reflecting ongoing optimism after the Q3 earnings beat and reaffirmed Outperform and Overweight ratings, despite some mixed target revisions around the C$318 to C$358 range. Analyst Commentary Recent Street research on Intact Financial underscores a broadly constructive stance, with most updates reflecting greater confidence in the company’s earnings power and capital deployment, even as some analysts trim back their assumptions to reflect a more normalized operating environment.
NA
CA$170.76
National Bank of Canada
7D
1.6%
1Y
26.2%

NA: Shares Will Likely Be Supported By Rising Dividend And Earnings Visibility

National Bank of Canada’s fair value estimate has been raised from approximately C$155 to about C$168, as analysts cite a series of upward price target revisions and improving longer term earnings visibility, despite slightly more conservative assumptions for growth and margins. Analyst Commentary Recent Street research reflects a broadly constructive stance on National Bank of Canada, with several bullish analysts lifting their price targets into the mid to high C$160s and one firm moving to a more positive recommendation.
BNS
CA$99.26
Bank of Nova Scotia
7D
3.4%
1Y
25.4%
POW
CA$70.51
Power Corporation of Canada
7D
-1.0%
1Y
50.0%
BAM
CA$73.68
Brookfield Asset Management
7D
1.4%
1Y
-9.5%
MFC
CA$48.83
Manulife Financial
7D
-0.8%
1Y
7.8%

MFC: Core Insurance Performance And Asia Sales Will Drive Resilient Future Outlook

Analysts have raised their price targets for Manulife Financial, with increases ranging from C$1 to C$5 per share. They cite strong insurance earnings reports and continued sales growth in Asia as key factors for the improved outlook.
GWO
CA$63.35
Great-West Lifeco
7D
-1.8%
1Y
32.1%
BN
CA$64.54
Brookfield
7D
-0.5%
1Y
15.5%
PVF.UN
CA$17.00
Partners Value Investments
7D
-5.0%
1Y
4.6%