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Canadian (TSX) Banks Industry Analysis

UpdatedMay 22, 2026
DataAggregated Company Financials
Companies9
  • 7D3.3%
  • 3M11.7%
  • 1Y56.8%
  • YTD15.8%

In the last week, the Banks industry is up 3.8%, with all of the companies up. In the last 12 months, the industry was up 56%. Looking forward, 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
Fri, 22 May 2026CA$1.1tCA$239.6bCA$72.1b18x15.7x4.7x
Sun, 19 Apr 2026CA$1.1tCA$239.6bCA$72.1b17x15x4.5x
Tue, 17 Mar 2026CA$967.1bCA$239.6bCA$72.1b15.2x13.4x4x
Thu, 12 Feb 2026CA$1.0tCA$231.5bCA$67.7b16.8x15.1x4.4x
Sat, 10 Jan 2026CA$997.0bCA$231.5bCA$67.7b15.9x14.7x4.3x
Mon, 08 Dec 2025CA$960.2bCA$231.5bCA$67.7b15.3x14.2x4.1x
Wed, 05 Nov 2025CA$903.3bCA$227.2bCA$66.1b14.9x13.7x4x
Fri, 03 Oct 2025CA$891.1bCA$227.2bCA$66.1b15.4x13.5x3.9x
Sun, 31 Aug 2025CA$842.5bCA$227.2bCA$66.1b14.3x12.8x3.7x
Tue, 29 Jul 2025CA$799.4bCA$219.5bCA$60.4b14.2x13.2x3.6x
Thu, 26 Jun 2025CA$766.4bCA$219.5bCA$60.4b13.5x12.7x3.5x
Sat, 24 May 2025CA$744.2bCA$216.5bCA$59.6b13.5x12.5x3.4x
Mon, 21 Apr 2025CA$677.5bCA$207.7bCA$51.1b12.6x13.3x3.3x
Wed, 19 Mar 2025CA$694.2bCA$207.7bCA$51.1b13.1x13.6x3.3x
Fri, 14 Feb 2025CA$720.2bCA$202.5bCA$49.4b14.3x14.6x3.6x
Sun, 12 Jan 2025CA$713.8bCA$203.6bCA$49.6b14.8x14.4x3.5x
Tue, 10 Dec 2024CA$731.2bCA$195.5bCA$50.2b13.4x14.6x3.7x
Thu, 07 Nov 2024CA$698.8bCA$206.4bCA$47.7b13x14.7x3.4x
Sat, 05 Oct 2024CA$692.6bCA$206.4bCA$47.7b12.6x14.5x3.4x
Mon, 02 Sep 2024CA$663.8bCA$206.4bCA$47.7b12x13.9x3.2x
Wed, 31 Jul 2024CA$637.4bCA$202.7bCA$49.6b11.8x12.8x3.1x
Fri, 28 Jun 2024CA$604.8bCA$202.7bCA$49.6b11.2x12.2x3x
Sun, 26 May 2024CA$623.5bCA$200.1bCA$48.7b10.6x12.8x3.1x
Tue, 23 Apr 2024CA$608.2bCA$199.0bCA$49.4b10.4x12.3x3.1x
Thu, 21 Mar 2024CA$615.7bCA$199.0bCA$49.4b10.9x12.5x3.1x
Sat, 17 Feb 2024CA$598.1bCA$195.5bCA$44.8b11x13.4x3.1x
Mon, 15 Jan 2024CA$596.9bCA$195.5bCA$44.8b10.8x13.3x3.1x
Wed, 13 Dec 2023CA$575.7bCA$195.3bCA$44.7b10.3x12.9x2.9x
Fri, 10 Nov 2023CA$540.7bCA$197.4bCA$51.6b9.4x10.5x2.7x
Sun, 08 Oct 2023CA$540.7bCA$197.4bCA$51.6b9.4x10.5x2.7x
Tue, 05 Sep 2023CA$575.5bCA$197.4bCA$51.6b10.2x11.1x2.9x
Thu, 03 Aug 2023CA$594.3bCA$192.8bCA$52.2b10.3x11.4x3.1x
Sat, 01 Jul 2023CA$583.0bCA$192.7bCA$52.1b10.1x11.2x3x
Mon, 29 May 2023CA$568.6bCA$192.5bCA$52.2b9.9x10.9x3x
Price to Earnings Ratio

10.9x


Total Market Cap: CA$568.6bTotal Earnings: CA$52.2bTotal Revenue: CA$192.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Banks Industry Price to Earnings3Y Average 13.2x202420252026
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 15.4x which is higher than its 3-year average PE of 13.2x.
  • The 3-year average PS ratio of 3.4x is lower than the industry's current PS ratio of 4.6x.
Past Earnings Growth
  • The earnings for companies in the Banks industry have grown 11% per year over the last three years.
  • Revenues for these companies have grown 7.6% 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-0.067%
Financials2.31%
Banks3.32%
Diversified Banks3.33%
Regional Banks2.21%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 11.2x.
    • Analysts are expecting annual earnings growth of 32.9%, which is higher than its past year's earnings decline of 25.6% 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 13.2x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 33% 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
RY Royal Bank of CanadaCA$260.593.2%
+CA$11.4b		48.6%PB2.8x
TD Toronto-Dominion BankCA$153.153.1%
+CA$7.6b		65.0%PB2.1x
BMO Bank of MontrealCA$220.064.8%
+CA$7.1b		53.1%PB1.8x
CM Canadian Imperial Bank of CommerceCA$158.273.0%
+CA$4.2b		70.5%PB2.3x
BNS Bank of Nova ScotiaCA$109.533.2%
+CA$4.1b		53.1%PB1.5x

Latest News

TD
CA$153.15
Toronto-Dominion Bank
7D
3.1%
1Y
65.0%
RY
CA$260.59
Royal Bank of Canada
7D
3.2%
1Y
48.6%
Narrative Update • May 19

RY: Future Returns Will Rely On Lower Volatility Earnings And Disciplined AI Use

Royal Bank of Canada's updated fair value estimate edges up from CA$245.07 to CA$250.25, as analysts lift price targets into the CA$244 to CA$265.50 range. They highlight the bank's diversified, lower volatility earnings profile that may offer steadier performance but, in their view, less relative upside than some peers in a stronger trading revenue setting.
CM
CA$158.27
Canadian Imperial Bank of Commerce
7D
3.0%
1Y
70.5%
BNS
CA$109.53
Bank of Nova Scotia
7D
3.2%
1Y
53.1%
EQB
CA$117.00
EQB
7D
2.3%
1Y
23.7%
BMO
CA$220.06
Bank of Montreal
7D
4.8%
1Y
53.1%
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.
VBNK
CA$24.40
VersaBank
7D
1.8%
1Y
52.5%
NA
CA$211.47
National Bank of Canada
7D
2.8%
1Y
64.8%
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.