Canadian (TSX) Banks Industry Analysis

Industry Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 07 Jul 2026	CA$1.2t	CA$238.8b	CA$68.3b	19.6x	18.3x	5.2x
Thu, 04 Jun 2026	CA$1.1t	CA$238.8b	CA$68.3b	17.3x	16.8x	4.8x
Sat, 02 May 2026	CA$1.1t	CA$239.6b	CA$72.1b	17x	15.1x	4.5x
Mon, 30 Mar 2026	CA$957.4b	CA$239.6b	CA$72.1b	15x	13.3x	4x
Wed, 25 Feb 2026	CA$1.0t	CA$231.8b	CA$68.8b	16.5x	14.8x	4.4x
Fri, 23 Jan 2026	CA$990.8b	CA$231.5b	CA$67.7b	16.4x	14.6x	4.3x
Sun, 21 Dec 2025	CA$987.0b	CA$231.5b	CA$67.7b	15.4x	14.6x	4.3x
Tue, 18 Nov 2025	CA$907.7b	CA$227.2b	CA$66.1b	14.7x	13.7x	4x
Thu, 16 Oct 2025	CA$888.1b	CA$227.2b	CA$66.1b	15.5x	13.4x	3.9x
Sat, 13 Sep 2025	CA$865.9b	CA$227.2b	CA$66.1b	15x	13.1x	3.8x
Mon, 11 Aug 2025	CA$795.4b	CA$219.5b	CA$60.4b	14.3x	13.2x	3.6x
Wed, 09 Jul 2025	CA$785.4b	CA$219.5b	CA$60.4b	14.2x	13x	3.6x
Fri, 06 Jun 2025	CA$752.6b	CA$219.5b	CA$60.4b	13.6x	12.5x	3.4x
Sun, 04 May 2025	CA$711.9b	CA$207.7b	CA$51.1b	13.2x	13.9x	3.4x
Tue, 01 Apr 2025	CA$690.1b	CA$207.7b	CA$51.1b	13x	13.5x	3.3x
Thu, 27 Feb 2025	CA$725.4b	CA$203.5b	CA$49.2b	14.2x	14.7x	3.6x
Sat, 25 Jan 2025	CA$731.5b	CA$203.6b	CA$49.6b	15.3x	14.7x	3.6x
Mon, 23 Dec 2024	CA$717.2b	CA$203.6b	CA$49.6b	13x	14.4x	3.5x
Wed, 20 Nov 2024	CA$714.0b	CA$206.4b	CA$47.7b	13.8x	15x	3.5x
Fri, 18 Oct 2024	CA$703.5b	CA$206.4b	CA$47.7b	13x	14.8x	3.4x
Sun, 15 Sep 2024	CA$690.5b	CA$206.4b	CA$47.7b	12.4x	14.5x	3.3x
Tue, 13 Aug 2024	CA$623.2b	CA$202.7b	CA$49.6b	11.8x	12.6x	3.1x
Thu, 11 Jul 2024	CA$615.1b	CA$202.7b	CA$49.6b	11.7x	12.4x	3x
Sat, 08 Jun 2024	CA$616.1b	CA$201.6b	CA$49.2b	10.8x	12.5x	3.1x
Mon, 06 May 2024	CA$604.3b	CA$199.0b	CA$49.4b	10.4x	12.2x	3x
Wed, 03 Apr 2024	CA$627.1b	CA$199.0b	CA$49.4b	10.8x	12.7x	3.2x
Fri, 01 Mar 2024	CA$598.5b	CA$197.8b	CA$46.9b	11x	12.8x	3x
Sun, 28 Jan 2024	CA$603.3b	CA$195.5b	CA$44.8b	10.8x	13.5x	3.1x
Tue, 26 Dec 2023	CA$613.2b	CA$195.5b	CA$44.8b	10.8x	13.7x	3.1x
Thu, 23 Nov 2023	CA$565.1b	CA$197.4b	CA$51.6b	9.6x	10.9x	2.9x
Sat, 21 Oct 2023	CA$522.2b	CA$197.4b	CA$51.6b	9x	10.1x	2.6x
Mon, 18 Sep 2023	CA$581.8b	CA$197.4b	CA$51.6b	10.2x	11.3x	2.9x
Wed, 16 Aug 2023	CA$577.8b	CA$192.8b	CA$52.2b	10x	11.1x	3x
Fri, 14 Jul 2023	CA$587.8b	CA$192.7b	CA$52.1b	10.4x	11.3x	3.1x

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 18.3x which is higher than its 3-year average PE of 13.4x.

The 3-year average PS ratio of 3.5x is lower than the industry's current PS ratio of 5.2x.

Past Earnings Growth

The earnings for companies in the Banks industry have grown 9.4% per year over the last three years.
Revenues for these companies have grown 7.4% 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 industry?


CA Market	1.09%
Financials	2.04%
Banks	0.96%
Regional Banks	5.51%
Diversified Banks	0.94%

Industry PE

Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 11.8x.

Analysts are expecting annual earnings growth of 41.4%, which is higher than its past year's earnings decline of 26.6% 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 13.5x.

Forecasted Growth

Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 41% over the next 5 years.
This is better than its past earnings decline of 27% per year.

In contrast, the Diversified Banks industry is expected to see its earnings grow by 4.5% per year over the next few years.

Top Stock Gainers and Losers

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

Company	Last Price	7D	1Y	Valuation
RY Royal Bank of Canada	CA$295.29	1.5% +CA$6.1b	63.9%	PB3.2x
NA National Bank of Canada	CA$226.75	2.7% +CA$2.3b	60.8%	PB2.7x
CM Canadian Imperial Bank of Commerce	CA$163.77	1.5% +CA$2.2b	66.2%	PB2.3x
BNS Bank of Nova Scotia	CA$123.49	0.4% +CA$662.1m	64.6%	PB1.7x
TD Toronto-Dominion Bank	CA$171.32	0.2% +CA$512.1m	69.2%	PB2.3x

EQB Inc. (TSX:EQB) completed the acquisition of President's Choice Bank from Loblaw Companies Limited (TSX:L).

EQB Inc. (TSX:EQB) entered into a definitive agreement to acquire President's Choice Bank from Loblaw Companies Limited (TSX:L) for estimated CAD 800 million on December 3, 2025. The consideration will be satisfied by the issuance to one or more subsidiaries of Loblaw of 7.2 million common shares of EQB, representing approximately 16% of EQB’s issued and outstanding common shares as at the date hereof on a pro-forma basis, and the remainder in cash. In addition, prior to the closing of the transaction and subject to regulatory approval, Loblaw will release and receive approximately CAD 500 million of excess capital and other value from PC Bank, for estimated total value of CAD 1.3 billion to Loblaw. EQB intends to finance the cash consideration with its current balance sheet resources. In case of termination of transaction, EQB Inc. will pay a termination fee of CAD 40 million. President's Choice Bank reported CAD 5.8 billion in total assets and CAD 1.1 billion in revenue as of September 2025 on a trailing 12-month basis. The transaction is subject to certain conditions set forth in the Transaction Agreement, including, among others, receipt of approval from the Minister of Finance, clearance under the Competition Act (Canada) and execution and delivery of the Program Participation Agreement and an investor rights agreement. As of March 6, 2026, it was announced that the transaction has received clearance from Competition Bureau and still requires approval by the Office of the Superintendent of Financial Institutions and the Minister of Finance. As of May 5, 2026, it was announced that the transaction has received final approval from the Federal Minister of Finance and National Revenue. EQB expects the Acquisition to close in the summer of 2026, subject to customary closing conditions. RBC Capital Markets Inc. acted as financial advisor for EQB Inc. Cheryl Satin of Blake, Cassels & Graydon LLP acted as legal advisor for EQB Inc. CIBC World Markets, Inc. acted as financial advisor for Loblaw Companies Limited. Adrienne DiPaolo, Cameron Koziskie, Ebad Rahman, Blair Keefe, Eli Monas, Jill McCutcheon, Melissa Prado, Dany Assaf, Molly Reynolds, Jennifer Lennon, Stephanie Kalinowski, Darryl Hiscocks, Corrado Cardarelli, Benjamin Mann and Jim Hong of Torys LLP acted as legal advisor for Loblaw Companies Limited. Gowling WLG International Limited acted as legal advisor to President's Choice Bank. On May 27, 2026, it was announced that the transaction is expected to close by July 1, 2026. On June 16, 2026, EQB Inc. announced a comprehensive set of executive appointments and elevations as the company prepares to close the transaction on July 1, 2026. EQB Inc. (TSX:EQB) completed the acquisition of President's Choice Bank from Loblaw Companies Limited (TSX:L) on July 1, 2026.

Canadian (TSX) Banks Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

TD Bank Names Jill Gateman to Lead Unified U.S. Commercial Banking Operations

Upcoming dividend of CA$0.025 per share

CIBC Announces Proposed Settlement in Class Action Over NSF Fees on Debit Transactions

EQB Inc. (TSX:EQB) completed the acquisition of President's Choice Bank from Loblaw Companies Limited (TSX:L).

National Bank of Canada Expands Commercial Banking With Canadian Western Bank Acquisition

Bank of Montreal to Acquire Euroz Hartleys’ Australia Capital Markets Unit in 2026

Upcoming dividend of CA$1.14 per share

President exercised options and sold CA$30m worth of stock

Upcoming dividend of CA$0.47 per share