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Canadian (TSX) Financials Sector Analysis

UpdatedMay 17, 2026
DataAggregated Company Financials
Companies206
  • 7D-0.1%
  • 3M7.3%
  • 1Y31.1%
  • YTD6.8%

The Financials industry has been flat over the last week, but Manulife Financial has lost 5.5%. As for the the longer term, the industry is up 31% over the past 12 months. Earnings are forecast to grow by 4.1% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 17 May 2026CA$1.8tCA$616.8bCA$109.3b13.7x16.6x2.9x
Tue, 14 Apr 2026CA$1.7tCA$612.6bCA$109.3b13.7x15.7x2.8x
Thu, 12 Mar 2026CA$1.6tCA$610.7bCA$109.8b12.4x14.9x2.7x
Sat, 07 Feb 2026CA$1.7tCA$599.9bCA$103.6b13.5x16.2x2.8x
Mon, 05 Jan 2026CA$1.7tCA$600.4bCA$103.9b13.1x16.5x2.9x
Wed, 03 Dec 2025CA$1.6tCA$600.3bCA$102.9b13x15.9x2.7x
Fri, 31 Oct 2025CA$1.6tCA$600.6bCA$100.7b11.9x15.8x2.6x
Sun, 28 Sep 2025CA$1.6tCA$599.9bCA$100.6b13.4x15.7x2.6x
Tue, 26 Aug 2025CA$1.5tCA$591.3bCA$94.8b13.6x15.9x2.6x
Thu, 24 Jul 2025CA$1.5tCA$588.0bCA$91.9b12.7x16.1x2.5x
Sat, 21 Jun 2025CA$1.4tCA$589.8bCA$92.0b12.4x15.3x2.4x
Mon, 19 May 2025CA$1.4tCA$581.1bCA$84.9b12.7x16.5x2.4x
Wed, 16 Apr 2025CA$1.3tCA$579.8bCA$81.6b12.1x15.6x2.2x
Fri, 14 Mar 2025CA$1.3tCA$584.1bCA$82.7b12.3x15.6x2.2x
Sun, 09 Feb 2025CA$1.4tCA$589.4bCA$82.5b12.6x16.7x2.3x
Tue, 07 Jan 2025CA$1.3tCA$589.6bCA$82.4b12.7x15.5x2.2x
Thu, 05 Dec 2024CA$1.3tCA$588.9bCA$80.4b13.1x16x2.2x
Sat, 02 Nov 2024CA$1.2tCA$592.2bCA$78.1b12.8x15.5x2x
Mon, 30 Sep 2024CA$1.2tCA$583.5bCA$78.0b12.2x15.4x2.1x
Wed, 28 Aug 2024CA$1.1tCA$579.7bCA$76.8b12.1x14.6x1.9x
Fri, 26 Jul 2024CA$1.1tCA$577.2bCA$78.7b11.7x13.8x1.9x
Sun, 23 Jun 2024CA$1.0tCA$575.5bCA$78.6b11x13.1x1.8x
Tue, 21 May 2024CA$1.1tCA$570.5bCA$78.2b11.3x13.8x1.9x
Thu, 18 Apr 2024CA$1.0tCA$579.0bCA$80.1b11.2x12.7x1.8x
Sat, 16 Mar 2024CA$1.0tCA$596.9bCA$79.7b11.5x13.1x1.8x
Mon, 12 Feb 2024CA$1.0tCA$591.1bCA$81.6b10.5x12.4x1.7x
Wed, 10 Jan 2024CA$1.0tCA$584.6bCA$80.9b9.9x12.6x1.7x
Fri, 08 Dec 2023CA$962.4bCA$587.2bCA$80.9b9.6x11.9x1.6x
Sun, 05 Nov 2023CA$920.0bCA$584.1bCA$86.1b9.7x10.7x1.6x
Tue, 03 Oct 2023CA$923.6bCA$588.3bCA$84.5b9.6x10.9x1.6x
Thu, 31 Aug 2023CA$955.1bCA$603.6bCA$84.7b10.2x11.3x1.6x
Sat, 29 Jul 2023CA$991.8bCA$586.8bCA$82.2b10.8x12.1x1.7x
Mon, 26 Jun 2023CA$924.8bCA$586.4bCA$82.3b10.2x11.2x1.6x
Wed, 24 May 2023CA$956.2bCA$585.8bCA$87.7b10.5x10.9x1.6x
Price to Earnings Ratio

10.9x


Total Market Cap: CA$956.2bTotal Earnings: CA$87.7bTotal Revenue: CA$585.8bTotal 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 2.9x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 7.6% 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 Market-0.39%
Financials-0.10%
Banks0.82%
Mortgage Finance0%0
Insurance-0.54%
Diversified Financial-2.60%
Capital Markets-2.62%
Consumer Finance-8.32%
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 14.7%, 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 58% 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
RY Royal Bank of CanadaCA$252.501.5%
+CA$5.2b		43.6%PB2.7x
CM Canadian Imperial Bank of CommerceCA$153.341.8%
+CA$2.5b		65.4%PB2.2x
TD Toronto-Dominion BankCA$148.300.9%
+CA$2.3b		65.1%PB2x
SLF Sun Life FinancialCA$99.033.3%
+CA$1.8b		12.6%PE18.2x
IFC Intact FinancialCA$263.023.1%
+CA$1.4b		-12.1%PE13.9x

Latest News

BN
CA$62.68
Brookfield
7D
-2.6%
1Y
12.6%
MFC
CA$51.72
Manulife Financial
7D
-5.5%
1Y
15.5%
ONEX
CA$108.75
Onex
7D
-6.0%
1Y
3.9%
SLF
CA$99.03
Sun Life Financial
7D
3.3%
1Y
12.6%
BAM
CA$65.98
Brookfield Asset Management
7D
-3.0%
1Y
-21.0%
CM
CA$153.34
Canadian Imperial Bank of Commerce
7D
1.8%
1Y
65.4%
FFH
CA$2,170.90
Fairfax Financial Holdings
7D
-3.4%
1Y
-3.7%
BMO
CA$209.94
Bank of Montreal
7D
0.3%
1Y
46.0%
Narrative Update • May 14

BMO: Future Returns Will Reflect ROE Expansion Plans And Tech Risk Management

Analysts have nudged the Bank of Montreal fair value estimate higher, with a modest move in the price target supported by a series of recent CA$1 to CA$13 target hikes across the Street, as firms refresh their models around earnings, return on equity plans, and U.S. loan growth assumptions. Analyst Commentary Recent research updates sketch out a mixed backdrop for Bank of Montreal, with most firms lifting price targets while one firm has turned more cautious on the stock.
X
CA$53.70
TMX Group
7D
-3.0%
1Y
-1.2%
SII
CA$177.27
Sprott
7D
-8.1%
1Y
128.0%
TD
CA$148.30
Toronto-Dominion Bank
7D
0.9%
1Y
65.1%
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$170.97
iA Financial
7D
2.9%
1Y
20.4%
GWO
CA$77.75
Great-West Lifeco
7D
1.9%
1Y
51.6%
IFC
CA$263.02
Intact Financial
7D
3.1%
1Y
-12.1%
RY
CA$252.50
Royal Bank of Canada
7D
1.5%
1Y
43.6%
NA
CA$204.62
National Bank of Canada
7D
-1.5%
1Y
59.1%
Narrative Update • Apr 27

NA: Future Returns Will Reflect Buybacks And Easing Mortgage Renewal Concerns

Analysts have nudged the fair value anchor higher for National Bank of Canada as Street price targets cluster in the CA$179 to CA$202 range, citing Q1 results modestly above consensus, refreshed FY26 and FY27 estimates for Canadian banks, and reduced concern around mortgage renewals. Analyst Commentary Street research on National Bank of Canada has tilted more constructive, with a series of higher price targets clustering in the CA$179 to CA$202 band.