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Canadian (TSX) Financials Sector Analysis

UpdatedMay 14, 2026
DataAggregated Company Financials
Companies206
  • 7D-0.9%
  • 3M7.2%
  • 1Y31.9%
  • YTD5.7%

In the last week, the Financials industry is up 1.4%, with Royal Bank of Canada up 2.8%. This means that the industry has gained 33% 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
Thu, 14 May 2026CA$1.9tCA$613.4bCA$109.0b13.4x17.1x3x
Sat, 11 Apr 2026CA$1.7tCA$613.0bCA$109.1b13.7x15.7x2.8x
Mon, 09 Mar 2026CA$1.6tCA$611.0bCA$109.7b12.5x14.9x2.7x
Wed, 04 Feb 2026CA$1.7tCA$599.2bCA$103.8b14.1x16.3x2.8x
Fri, 02 Jan 2026CA$1.7tCA$600.3bCA$103.8b12.8x16.4x2.8x
Sun, 30 Nov 2025CA$1.6tCA$598.8bCA$102.3b13x16.1x2.7x
Tue, 28 Oct 2025CA$1.6tCA$600.6bCA$100.6b12.5x15.8x2.7x
Thu, 25 Sep 2025CA$1.6tCA$599.5bCA$100.5b13.4x15.8x2.7x
Sat, 23 Aug 2025CA$1.5tCA$590.8bCA$94.8b13.6x15.7x2.5x
Mon, 21 Jul 2025CA$1.5tCA$589.6bCA$92.0b12.5x16.1x2.5x
Wed, 18 Jun 2025CA$1.4tCA$588.6bCA$91.9b12.4x15.3x2.4x
Fri, 16 May 2025CA$1.4tCA$580.6bCA$82.4b12.5x17x2.4x
Sun, 13 Apr 2025CA$1.2tCA$578.8bCA$81.6b12.1x15.3x2.2x
Tue, 11 Mar 2025CA$1.3tCA$584.3bCA$82.7b12.7x16x2.3x
Thu, 06 Feb 2025CA$1.3tCA$588.5bCA$82.1b12.5x15.4x2.1x
Sat, 04 Jan 2025CA$1.3tCA$591.1bCA$82.4b12.7x15.4x2.1x
Mon, 02 Dec 2024CA$1.3tCA$588.0bCA$80.1b13.1x16.1x2.2x
Wed, 30 Oct 2024CA$1.2tCA$589.0bCA$78.3b12.8x15.7x2.1x
Fri, 27 Sep 2024CA$1.2tCA$582.9bCA$77.9b12.3x15.3x2x
Sun, 25 Aug 2024CA$1.1tCA$580.6bCA$76.9b12x14.6x1.9x
Tue, 23 Jul 2024CA$1.1tCA$576.3bCA$78.6b11.6x13.8x1.9x
Thu, 20 Jun 2024CA$1.0tCA$575.6bCA$78.6b11x13.1x1.8x
Sat, 18 May 2024CA$1.1tCA$570.5bCA$78.2b11.3x13.7x1.9x
Mon, 15 Apr 2024CA$1.0tCA$579.1bCA$80.1b11x12.9x1.8x
Wed, 13 Mar 2024CA$1.1tCA$596.2bCA$79.7b11.5x13.2x1.8x
Fri, 09 Feb 2024CA$1.0tCA$598.1bCA$81.8b10.5x12.3x1.7x
Sun, 07 Jan 2024CA$1.0tCA$584.1bCA$80.9b9.9x12.6x1.7x
Tue, 05 Dec 2023CA$959.2bCA$584.1bCA$80.5b9.7x11.9x1.6x
Thu, 02 Nov 2023CA$865.4bCA$588.4bCA$84.2b9.5x10.3x1.5x
Sat, 30 Sep 2023CA$928.9bCA$587.1bCA$84.5b9.7x11x1.6x
Mon, 28 Aug 2023CA$933.9bCA$603.1bCA$85.1b10.3x11x1.5x
Wed, 26 Jul 2023CA$991.3bCA$586.0bCA$82.1b10.8x12.1x1.7x
Fri, 23 Jun 2023CA$943.4bCA$585.8bCA$82.3b10.3x11.5x1.6x
Sun, 21 May 2023CA$957.5bCA$591.4bCA$87.7b10.5x10.9x1.6x
Price to Earnings Ratio

10.9x


Total Market Cap: CA$957.5bTotal Earnings: CA$87.7bTotal Revenue: CA$591.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Financials Sector Price to Earnings3Y Average 14.3x202420252026
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 16.6x which is higher than its 3-year average PE of 14.3x.
  • The 3-year average PS ratio of 2.1x is lower than the industry's current PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 7.5% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

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

CA Market0.64%
Financials-0.90%
Insurance1.05%
Mortgage Finance0%0
Banks-1.29%
Capital Markets-2.09%
Diversified Financial-3.67%
Consumer Finance-7.42%
Industry PE
  • Investors are most optimistic about the Diversified Financial industry even though it's trading below its 3-year average PE ratio of 102x.
    • Analysts are expecting annual earnings growth of 15.3%, which is higher than its past year's earnings growth of 0.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Finance industry, expecting annual earnings growth of 57% over the next 5 years.
  • This is better than its past earnings growth rate of 4.7% per year.
  • In contrast, the Banks industry is expected to see its earnings grow by 3.0% 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
POW Power Corporation of CanadaCA$79.181.8%
+CA$46.4b		61.0%PE35.2x
GWO Great-West LifecoCA$76.414.9%
+CA$3.2b		52.5%PE16x
IAG iA FinancialCA$167.125.0%
+CA$708.0m		20.0%PE14.9x
IFC Intact FinancialCA$251.040.8%
+CA$360.6m		-13.5%PE13.3x
MFC Manulife FinancialCA$54.620.3%
+CA$233.6m		23.1%PE17.4x

Latest News

POW
CA$79.18
Power Corporation of Canada
7D
1.8%
1Y
61.0%
BAM
CA$65.56
Brookfield Asset Management
7D
-1.2%
1Y
-20.4%
SLF
CA$97.01
Sun Life Financial
7D
-2.5%
1Y
10.2%
Narrative Update • May 12

SLF: U.S. Turnaround And Buybacks Will Drive Balanced 2026 Outcome

Analysts have nudged the Sun Life Financial fair value estimate higher to CA$99.43 from CA$96.57, reflecting recent CA$3 to CA$7 price target increases across several firms and updated views on revenue growth, margins, and future P/E assumptions. Analyst Commentary Recent Street research on Sun Life Financial has been active, with several firms adjusting price targets in both directions and updating views on execution and valuation.
BN
CA$61.94
Brookfield
7D
-2.3%
1Y
11.8%
HODL
CA$2.90
Sol Strategies
7D
28.9%
1Y
-90.7%
TD
CA$146.16
Toronto-Dominion Bank
7D
-1.3%
1Y
62.8%
Narrative Update • May 11

TD: Future Will Reflect Cost Controls Easing Mortgage Risks And Mixed Execution

Analysts have nudged the Toronto-Dominion Bank fair value estimate higher to about CA$141.64 from roughly CA$140.43, reflecting updated price targets that highlight cost reduction potential and generally stronger than expected recent results across several business segments. Analyst Commentary Recent research points to a mixed but generally constructive view on Toronto-Dominion Bank, with several firms adjusting price targets and ratings as they factor in cost initiatives, earnings quality and updated forecasts.
IAG
CA$167.12
iA Financial
7D
5.0%
1Y
20.0%
BNS
CA$104.82
Bank of Nova Scotia
7D
-2.0%
1Y
46.9%
Narrative Update • May 11

BNS: Future P/E Discount Will Reflect Modest ROE And Execution Balance

Analysts have nudged the Bank of Nova Scotia price target slightly higher to about CA$107 from CA$107. This reflects modest adjustments to fair value assumptions, the discount rate and the expected P/E, while balancing recent target cuts and rating downgrades with earlier target increases after Q1 results.
DFY
CA$65.11
Definity Financial
7D
1.1%
1Y
1.1%
GWO
CA$76.41
Great-West Lifeco
7D
4.9%
1Y
52.5%
IFC
CA$251.04
Intact Financial
7D
0.8%
1Y
-13.5%
CM
CA$150.86
Canadian Imperial Bank of Commerce
7D
-1.4%
1Y
64.8%
MFC
CA$54.62
Manulife Financial
7D
0.3%
1Y
23.1%
BMO
CA$206.00
Bank of Montreal
7D
-2.6%
1Y
43.9%
RY
CA$246.83
Royal Bank of Canada
7D
-0.4%
1Y
44.1%
STCK
CA$29.24
Stack Capital Group
7D
5.1%
1Y
159.9%