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Canadian (TSX) Banks Industry Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies9
  • 7D-1.3%
  • 3M-0.9%
  • 1Y41.2%
  • YTD-1.3%

Over the last 7 days, the Banks industry has dropped 1.2%, driven by Toronto-Dominion Bank declining 2.1%. Over the past 12 months, the industry was up 41%. Earnings are forecast to grow by 3.0% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Mar 2026CA$971.7bCA$239.6bCA$72.1b15.4x13.5x4.1x
Fri, 20 Feb 2026CA$1.0tCA$231.5bCA$67.7b16.9x15x4.4x
Sun, 18 Jan 2026CA$1.0tCA$231.5bCA$67.7b16.3x14.8x4.3x
Tue, 16 Dec 2025CA$976.9bCA$231.5bCA$67.7b15.7x14.4x4.2x
Thu, 13 Nov 2025CA$907.6bCA$227.2bCA$66.1b15.2x13.7x4x
Sat, 11 Oct 2025CA$884.9bCA$227.2bCA$66.1b15.1x13.4x3.9x
Mon, 08 Sep 2025CA$855.1bCA$227.2bCA$66.1b15x12.9x3.8x
Wed, 06 Aug 2025CA$783.0bCA$219.5bCA$60.4b14.2x13x3.6x
Fri, 04 Jul 2025CA$780.6bCA$219.5bCA$60.4b14.2x12.9x3.6x
Sun, 01 Jun 2025CA$752.0bCA$219.5bCA$60.4b13.6x12.5x3.4x
Tue, 29 Apr 2025CA$693.0bCA$207.7bCA$51.1b12.9x13.6x3.3x
Thu, 27 Mar 2025CA$707.0bCA$207.7bCA$51.1b13.3x13.8x3.4x
Sat, 22 Feb 2025CA$717.2bCA$202.5bCA$49.4b14.2x14.5x3.5x
Mon, 20 Jan 2025CA$728.2bCA$203.6bCA$49.6b15.1x14.7x3.6x
Wed, 18 Dec 2024CA$729.0bCA$195.5bCA$50.2b13.2x14.5x3.7x
Fri, 15 Nov 2024CA$710.9bCA$206.4bCA$47.7b13.3x14.9x3.4x
Sun, 13 Oct 2024CA$695.3bCA$206.4bCA$47.7b12.7x14.6x3.4x
Tue, 10 Sep 2024CA$680.5bCA$206.4bCA$47.7b12.2x14.3x3.3x
Thu, 08 Aug 2024CA$614.8bCA$202.7bCA$49.6b11.5x12.4x3x
Sat, 06 Jul 2024CA$614.6bCA$202.7bCA$49.6b11.3x12.4x3x
Mon, 03 Jun 2024CA$623.3bCA$201.0bCA$49.5b10.7x12.6x3.1x
Wed, 01 May 2024CA$604.2bCA$199.0bCA$49.4b10.2x12.2x3x
Fri, 29 Mar 2024CA$628.2bCA$199.0bCA$49.4b11.1x12.7x3.2x
Sun, 25 Feb 2024CA$605.8bCA$195.5bCA$44.8b11.1x13.5x3.1x
Tue, 23 Jan 2024CA$600.7bCA$195.5bCA$44.8b10.7x13.4x3.1x
Thu, 21 Dec 2023CA$607.8bCA$195.5bCA$44.8b10.7x13.6x3.1x
Sat, 18 Nov 2023CA$559.9bCA$197.4bCA$51.6b9.7x10.8x2.8x
Mon, 16 Oct 2023CA$539.4bCA$197.4bCA$51.6b9.3x10.4x2.7x
Wed, 13 Sep 2023CA$565.6bCA$197.4bCA$51.6b10x11x2.9x
Fri, 11 Aug 2023CA$591.8bCA$192.8bCA$52.2b10.2x11.3x3.1x
Sun, 09 Jul 2023CA$575.4bCA$192.7bCA$52.1b10.3x11x3x
Tue, 06 Jun 2023CA$571.1bCA$192.7bCA$52.1b9.9x11x3x
Thu, 04 May 2023CA$583.7bCA$192.7bCA$57.6b9.5x10.1x3x
Sat, 01 Apr 2023CA$584.6bCA$192.7bCA$57.6b9.6x10.2x3x
Price to Earnings Ratio

10.2x


Total Market Cap: CA$584.6bTotal Earnings: CA$57.6bTotal Revenue: CA$192.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Banks Industry Price to Earnings3Y Average 12.9x202420252026
Current Industry PE
  • Investors are relatively neutral on the Canadian Banks industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 12.9x.
  • The 3-year average PS ratio of 3.4x is lower than the industry's current PS ratio of 4.0x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 7.8% per year over the last three years.
  • Revenues for these companies have grown 7.5% 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-2.66%
Financials-1.27%
Banks-1.25%
Regional Banks1.38%
Diversified Banks-1.26%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 10.6x.
    • Analysts are expecting annual earnings growth of 34.1%, which is higher than its past year's earnings decline of 25.6% per year.
  • Investors are most pessimistic about the Diversified Banks industry, which is trading close to its 3-year average of 13.0x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 34% over the next 5 years.
  • This is better than its past earnings decline of 26% per year.
  • In contrast, the Diversified Banks industry is expected to see its earnings grow by 2.9% 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
EQB EQBCA$110.391.5%
+CA$61.2m		12.9%PB1.3x
VBNK VersaBankCA$19.090.4%
+CA$2.2m		31.1%PB1.1x

Latest News

VBNK
CA$19.09
VersaBank
7D
0.4%
1Y
31.1%
BNS
CA$95.66
Bank of Nova Scotia
7D
-0.6%
1Y
37.3%
LB
CA$40.17
Laurentian Bank of Canada
7D
-0.07%
1Y
46.2%
BMO
CA$187.75
Bank of Montreal
7D
-2.0%
1Y
33.9%
TD
CA$128.70
Toronto-Dominion Bank
7D
-2.1%
1Y
47.8%

TD: Future Will Reflect Easing Mortgage Risks And Ongoing Share Repurchases

The analyst price target for Toronto-Dominion Bank has shifted slightly higher to CA$141.14 from CA$141.07, as analysts incorporate recent target increases across the Street, along with updated views on revenue trends, profitability, and future P/E assumptions. Analyst Commentary Recent Street research on Toronto-Dominion Bank points to a cluster of price target revisions that sit around the current consensus, with a mix of more optimistic and more cautious views on execution, valuation, and earnings durability.
NA
CA$179.48
National Bank of Canada
7D
-2.0%
1Y
49.5%
CM
CA$133.20
Canadian Imperial Bank of Commerce
7D
-0.5%
1Y
60.7%

CM: Future Earnings Balance Will Hinge On Credit Costs And Capital Markets Performance

The analyst price target for Canadian Imperial Bank of Commerce has moved slightly to CA$143.75 from CA$143.97, reflecting a series of recent Street target increases that cite stronger than expected Q1 results, improving profitability metrics, and updated longer term earnings estimates across the Canadian bank group. Analyst Commentary Recent Street research on Canadian Imperial Bank of Commerce has been active, with several firms updating targets and views around the latest Q1 print and longer term earnings estimates.
RY
CA$223.18
Royal Bank of Canada
7D
-0.8%
1Y
33.9%
EQB
CA$110.39
EQB
7D
1.5%
1Y
12.9%

EQB: Future Returns Will Depend On ROE Recovery And Capital Returns

The updated analyst price target for EQB moves to CA$123.50 from CA$117.17, reflecting recent Street target changes into the CA$122 to CA$132 range as analysts point to higher modeled profit margins and a lower future P/E multiple. Analyst Commentary Recent research updates on EQB cluster around higher price targets and refreshed views on earnings power, with most analysts staying constructive while a few turn slightly more cautious on how much upside is already reflected in the shares.