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Canadian (TSX) Diversified Banks Industry Analysis

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies7
  • 7D2.1%
  • 3M12.7%
  • 1Y39.9%
  • YTDn/a

In the last week, the Diversified Banks industry is up 1.2%, with all of the companies up. In the last 12 months, the industry was up 40%. Looking forward, earnings are forecast to grow by 3.7% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 25 Dec 2025CA$985.7bCA$230.3bCA$67.4b15.4x14.6x4.3x
Sat, 22 Nov 2025CA$898.9bCA$225.9bCA$65.7b14.7x13.7x4x
Mon, 20 Oct 2025CA$878.9bCA$225.9bCA$65.7b15.1x13.4x3.9x
Wed, 17 Sep 2025CA$862.8bCA$225.9bCA$65.7b15.1x13.1x3.8x
Fri, 15 Aug 2025CA$805.7bCA$218.2bCA$60.0b14.5x13.4x3.7x
Sun, 13 Jul 2025CA$783.3bCA$218.2bCA$60.0b14.3x13.1x3.6x
Tue, 10 Jun 2025CA$752.9bCA$218.2bCA$60.0b13.6x12.6x3.5x
Thu, 08 May 2025CA$702.6bCA$206.4bCA$50.7b13.2x13.9x3.4x
Sat, 05 Apr 2025CA$682.8bCA$206.4bCA$50.7b12.4x13.5x3.3x
Mon, 03 Mar 2025CA$721.9bCA$206.4bCA$50.7b13.9x14.2x3.5x
Wed, 29 Jan 2025CA$723.6bCA$201.3bCA$48.9b14x14.8x3.6x
Fri, 27 Dec 2024CA$709.9bCA$201.3bCA$48.9b13.8x14.5x3.5x
Sun, 24 Nov 2024CA$713.4bCA$204.1bCA$46.9b14.6x15.2x3.5x
Tue, 22 Oct 2024CA$696.2bCA$204.1bCA$46.9b13.9x14.8x3.4x
Thu, 19 Sep 2024CA$684.9bCA$204.1bCA$46.9b13.1x14.6x3.4x
Sat, 17 Aug 2024CA$626.2bCA$200.4bCA$48.8b12.6x12.8x3.1x
Mon, 15 Jul 2024CA$617.5bCA$200.4bCA$48.8b12.1x12.6x3.1x
Wed, 12 Jun 2024CA$608.0bCA$200.4bCA$48.8b12.1x12.4x3x
Fri, 10 May 2024CA$609.3bCA$196.7bCA$48.6b11.8x12.5x3.1x
Sun, 07 Apr 2024CA$621.2bCA$196.7bCA$48.6b11.8x12.8x3.2x
Tue, 05 Mar 2024CA$599.5bCA$196.7bCA$48.6b11.3x12.3x3x
Thu, 01 Feb 2024CA$597.3bCA$193.2bCA$44.0b12x13.6x3.1x
Sat, 30 Dec 2023CA$608.4bCA$193.2bCA$44.0b12.6x13.8x3.1x
Mon, 27 Nov 2023CA$551.1bCA$195.3bCA$50.9b10.7x10.8x2.8x
Wed, 25 Oct 2023CA$516.8bCA$195.3bCA$50.9b10x10.1x2.6x
Fri, 22 Sep 2023CA$560.7bCA$195.3bCA$50.9b10.5x11x2.9x
Sun, 20 Aug 2023CA$564.9bCA$190.7bCA$51.5b10.7x11x3x
Tue, 18 Jul 2023CA$585.8bCA$190.7bCA$51.5b10.8x11.4x3.1x
Thu, 15 Jun 2023CA$571.3bCA$190.7bCA$51.5b10.5x11.1x3x
Sat, 13 May 2023CA$581.5bCA$190.8bCA$57.0b10.1x10.2x3x
Mon, 10 Apr 2023CA$577.7bCA$190.8bCA$57.0b9.7x10.1x3x
Wed, 08 Mar 2023CA$614.8bCA$190.8bCA$57.0b10.7x10.8x3.2x
Fri, 03 Feb 2023CA$628.0bCA$190.7bCA$65.2b9.2x9.6x3.3x
Sun, 01 Jan 2023CA$586.8bCA$190.7bCA$65.2b8.2x9x3.1x
Price to Earnings Ratio

9x


Total Market Cap: CA$586.8bTotal Earnings: CA$65.2bTotal Revenue: CA$190.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Diversified Banks Industry Price to Earnings3Y Average 12.6x202320242025
Current Industry PE
  • Investors are optimistic on the Canadian Diversified Banks industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 14.6x which is higher than its 3-year average PE of 12.6x.
  • The 3-year average PS ratio of 3.3x is lower than the industry's current PS ratio of 4.3x.
Past Earnings Growth
  • The earnings for companies in the Diversified 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 Comparison

How does Canadian Diversified Banks compare with similar industries?

CA Market2.21%
Financials2.19%
Banks2.12%
Diversified Banks2.11%
Regional Banks5.24%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
RY Royal Bank of CanadaCA$233.852.6%
+CA$8.4b		34.8%PB2.6x
TD Toronto-Dominion BankCA$129.162.7%
+CA$5.7b		69.5%PB1.7x
BNS Bank of Nova ScotiaCA$101.312.8%
+CA$3.5b		31.5%PB1.4x
NA National Bank of CanadaCA$176.102.2%
+CA$1.5b		32.7%PB2.1x
BMO Bank of MontrealCA$178.400.8%
+CA$976.0m		28.2%PB1.5x

Latest News

NA
CA$176.10
National Bank of Canada
7D
2.2%
1Y
32.7%

National Bank of Canada (TSE:NA) Is Increasing Its Dividend To CA$1.24

Dec 25
National Bank of Canada (TSE:NA) Is Increasing Its Dividend To CA$1.24
RY
CA$233.85
Royal Bank of Canada
7D
2.6%
1Y
34.8%

RY: Future Returns Will Depend On Diversified Mix Amid Measured Upgrade Momentum

The analyst price target for Royal Bank of Canada has been modestly increased from about C$229 to roughly C$233, as analysts factor in stronger expected revenue growth, slightly higher profit margins, and the bank’s resilient positioning relative to peers. Analyst Commentary Bullish analysts highlight that the recent uptick in the consensus price target reflects growing confidence in Royal Bank of Canada’s earnings trajectory and its ability to outgrow peers on a risk adjusted basis.
BNS
CA$101.31
Bank of Nova Scotia
7D
2.8%
1Y
31.5%

BNS: New Leadership And Improving ROE Will Drive A Gradual Re Rating

The analyst price target for Bank of Nova Scotia has been modestly increased to around C$106 from approximately C$94, as analysts point to improving return on equity under new management and room for valuation multiple expansion relative to peers. Analyst Commentary Bullish analysts highlight that the recent price target increases reflect growing confidence in Bank of Nova Scotia's strategic reset and earnings trajectory, with upside tied to both execution on its new plan and normalization of valuation versus peers.
CM
CA$126.61
Canadian Imperial Bank of Commerce
7D
0.3%
1Y
36.8%

CM: Net Interest Margins And Credit Costs Will Continue To Shape Earnings Outlook

The analyst price target for Canadian Imperial Bank of Commerce has been modestly raised to C$124.88 from C$122.57 as analysts factor in stronger revenue growth, slightly higher profit margins, and improving expectations around net interest margin sustainability and credit trends. Analyst Commentary Recent Street research reflects a generally constructive stance on Canadian Imperial Bank of Commerce, with a series of incremental price target increases and a mix of positive and more cautious views on the bank's earnings trajectory.
TD
CA$129.16
Toronto-Dominion Bank
7D
2.7%
1Y
69.5%
LB
CA$40.30
Laurentian Bank of Canada
7D
0.8%
1Y
39.6%

LB: Acquisition Offer And Modest Improvements Will Temper Ongoing Margin And Scale Headwinds

Analysts have lifted their fair value estimate for Laurentian Bank of Canada to about C$40.38 from roughly C$32.88. This reflects slightly lower perceived risk, modestly stronger expected revenue growth and profit margins, and a higher assumed future earnings multiple that aligns with recent upward revisions to price targets on the Street.
BMO
CA$178.40
Bank of Montreal
7D
0.8%
1Y
28.2%

BMO: Future Returns Will Reflect U.S. Branch Sales And Credit Recovery

The analyst price target for Bank of Montreal has been nudged higher by about C$5 to C$181. Analysts are factoring in modestly stronger revenue growth and profitability expectations, while still reflecting a higher perceived risk profile in their discount rates.