Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Canadian (TSX) Banks Industry Analysis

UpdatedDec 08, 2025
DataAggregated Company Financials
Companies9
  • 7D3.2%
  • 3M12.9%
  • 1Y33.2%
  • YTD36.0%

All of the companies in the Banks industry have been up over the last week, with the industry up 3.2%. In the last 12 months, the industry was up 33%. As for the next few years, earnings are expected to grow by 2.4% per annum.

Industry Valuation and Performance

Has the Canadian Banks Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 09 Dec 2025CA$960.2bCA$231.5bCA$67.7b15.3x14.2x4.1x
Thu, 06 Nov 2025CA$897.6bCA$227.2bCA$66.1b14.9x13.6x4x
Sat, 04 Oct 2025CA$889.7bCA$227.2bCA$66.1b15.4x13.5x3.9x
Mon, 01 Sep 2025CA$842.5bCA$227.2bCA$66.1b14.3x12.8x3.7x
Wed, 30 Jul 2025CA$794.3bCA$219.5bCA$60.4b14.2x13.2x3.6x
Fri, 27 Jun 2025CA$766.1bCA$219.5bCA$60.4b13.7x12.7x3.5x
Sun, 25 May 2025CA$745.8bCA$216.5bCA$59.6b13.5x12.5x3.4x
Tue, 22 Apr 2025CA$677.5bCA$207.7bCA$51.1b12.5x13.3x3.3x
Thu, 20 Mar 2025CA$692.1bCA$207.7bCA$51.1b13.2x13.5x3.3x
Sat, 15 Feb 2025CA$720.4bCA$202.5bCA$49.4b14.2x14.6x3.6x
Mon, 13 Jan 2025CA$713.8bCA$203.6bCA$49.6b14.8x14.4x3.5x
Wed, 11 Dec 2024CA$733.1bCA$195.5bCA$50.2b14.7x14.6x3.7x
Fri, 08 Nov 2024CA$706.9bCA$206.4bCA$47.7b13.1x14.8x3.4x
Sun, 06 Oct 2024CA$697.8bCA$206.4bCA$47.7b12.6x14.6x3.4x
Tue, 03 Sep 2024CA$663.8bCA$206.4bCA$47.7b12x13.9x3.2x
Thu, 01 Aug 2024CA$641.3bCA$202.7bCA$49.6b11.9x12.9x3.2x
Sat, 29 Jun 2024CA$605.6bCA$202.7bCA$49.6b11.1x12.2x3x
Mon, 27 May 2024CA$623.5bCA$200.1bCA$48.7b10.6x12.8x3.1x
Wed, 24 Apr 2024CA$614.1bCA$199.0bCA$49.4b10.4x12.4x3.1x
Fri, 22 Mar 2024CA$621.4bCA$199.0bCA$49.4b10.9x12.6x3.1x
Sun, 18 Feb 2024CA$599.4bCA$195.5bCA$44.8b11x13.4x3.1x
Tue, 16 Jan 2024CA$599.8bCA$195.5bCA$44.8b10.8x13.4x3.1x
Thu, 14 Dec 2023CA$575.7bCA$195.3bCA$44.7b10.5x12.9x2.9x
Sat, 11 Nov 2023CA$542.8bCA$197.4bCA$51.6b9.3x10.5x2.7x
Mon, 09 Oct 2023CA$540.7bCA$197.4bCA$51.6b9.4x10.5x2.7x
Wed, 06 Sep 2023CA$571.3bCA$197.4bCA$51.6b10.1x11.1x2.9x
Fri, 04 Aug 2023CA$591.6bCA$192.8bCA$52.2b10.1x11.3x3.1x
Sun, 02 Jul 2023CA$583.0bCA$192.7bCA$52.1b10.1x11.2x3x
Tue, 30 May 2023CA$571.9bCA$192.7bCA$52.2b10.1x11x3x
Thu, 27 Apr 2023CA$587.3bCA$192.7bCA$57.6b9.5x10.2x3x
Sat, 25 Mar 2023CA$567.2bCA$192.7bCA$57.6b9.3x9.9x2.9x
Mon, 20 Feb 2023CA$637.8bCA$191.8bCA$65.6b9.4x9.7x3.3x
Wed, 18 Jan 2023CA$616.9bCA$191.8bCA$65.6b8.8x9.4x3.2x
Fri, 16 Dec 2022CA$580.9bCA$191.8bCA$65.6b8.3x8.9x3x
Price to Earnings Ratio

8.9x


Total Market Cap: CA$580.9bTotal Earnings: CA$65.6bTotal Revenue: CA$191.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Banks Industry Price to Earnings3Y Average 12.5x202320242025
Current Industry PE
  • Investors are optimistic on the Canadian Banks industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 14.2x which is higher than its 3-year average PE of 12.5x.
  • The 3-year average PS ratio of 3.3x is lower than the industry's current PS ratio of 4.1x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 6.5% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Industry Trends

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

CA Market-0.19%
Financials1.10%
Banks3.20%
Regional Banks10.28%
Diversified Banks3.17%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 9.8x.
    • Analysts are expecting annual earnings growth of 31.2%, which is higher than its past year's earnings decline of 35.9% per year.
  • Investors are most pessimistic about the Diversified Banks industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 12.5x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 31% over the next 5 years.
  • This is better than its past earnings decline of 36% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 2.2% 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$226.455.8%
+CA$16.3b		26.8%PB2.5x
TD Toronto-Dominion BankCA$122.144.4%
+CA$5.9b		63.7%PB1.7x
CM Canadian Imperial Bank of CommerceCA$125.034.8%
+CA$4.8b		33.2%PB1.9x
BNS Bank of Nova ScotiaCA$99.373.5%
+CA$3.6b		25.5%PB1.4x
NA National Bank of CanadaCA$171.702.1%
+CA$1.4b		26.9%PB2.2x

Latest News

CM
CA$125.03
Canadian Imperial Bank of Commerce
7D
4.8%
1Y
33.2%
TD
CA$122.14
Toronto-Dominion Bank
7D
4.4%
1Y
63.7%
LB
CA$39.81
Laurentian Bank of Canada
7D
17.9%
1Y
33.2%
EQB
CA$96.36
EQB
7D
11.8%
1Y
-6.0%
BMO
CA$175.47
Bank of Montreal
7D
0.9%
1Y
22.8%
RY
CA$226.45
Royal Bank of Canada
7D
5.8%
1Y
26.8%
NA
CA$171.70
National Bank of Canada
7D
2.1%
1Y
26.9%

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$99.37
Bank of Nova Scotia
7D
3.5%
1Y
25.5%