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Canadian (TSX) Banks Industry Analysis

UpdatedJul 02, 2026
DataAggregated Company Financials
Companies9
  • 7D1.1%
  • 3M27.9%
  • 1Y64.8%
  • YTD28.7%

Over the last 7 days, the Banks industry has risen 1.1%, driven by gains from Royal Bank of Canada of 1.6%. This takes the industry's 12 month performance to a gain of 65%. Looking forward, earnings are forecast to grow by 4.6% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 02 Jul 2026CA$1.3tCA$238.8bCA$68.3b19.4x18.5x5.3x
Sat, 30 May 2026CA$1.1tCA$238.8bCA$68.3b17.4x16.6x4.8x
Mon, 27 Apr 2026CA$1.1tCA$239.6bCA$72.1b17x14.9x4.5x
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
Price to Earnings Ratio

11x


Total Market Cap: CA$575.4bTotal Earnings: CA$52.1bTotal Revenue: CA$192.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Banks Industry Price to Earnings3Y Average 13.4x202420252026
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 18.5x 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 5.3x.
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 Market0.037%
Financials1.00%
Banks1.05%
Regional Banks6.93%
Diversified Banks1.03%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 11.7x.
    • Analysts are expecting annual earnings growth of 41.8%, 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 13.4x.
Forecasted Growth
  • Analysts are most optimistic on the Regional Banks industry, expecting annual earnings growth of 42% 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?

CompanyLast Price7D1YValuation
RY Royal Bank of CanadaCA$293.681.6%
+CA$6.3b		63.6%PB3.1x
TD Toronto-Dominion BankCA$172.440.9%
+CA$2.5b		69.7%PB2.3x
BMO Bank of MontrealCA$250.671.1%
+CA$2.0b		62.7%PB2.1x
CM Canadian Imperial Bank of CommerceCA$163.320.7%
+CA$1.0b		67.1%PB2.3x
BNS Bank of Nova ScotiaCA$123.270.6%
+CA$858.3m		64.4%PB1.7x

Latest News

VBNK
CA$33.00
VersaBank
7D
22.1%
1Y
108.9%
EQB
CA$133.00
EQB
7D
4.0%
1Y
32.5%
NA
CA$223.91
National Bank of Canada
7D
0.04%
1Y
58.2%
CM
CA$163.32
Canadian Imperial Bank of Commerce
7D
0.7%
1Y
67.1%
BMO
CA$250.67
Bank of Montreal
7D
1.1%
1Y
62.7%
BNS
CA$123.27
Bank of Nova Scotia
7D
0.6%
1Y
64.4%
RY
CA$293.68
Royal Bank of Canada
7D
1.6%
1Y
63.6%
LB
CA$40.16
Laurentian Bank of Canada
7D
-0.9%
1Y
30.0%
TD
CA$172.44
Toronto-Dominion Bank
7D
0.9%
1Y
69.7%
Narrative Update • Jun 18

TD: Future Will Reflect Cost Controls AI Push And Mixed Execution

Toronto-Dominion Bank's analyst price target has moved higher, with the fair value estimate rising by CA$3.93 to CA$159.57. Analysts highlight recent target increases across the Street, supported by views of slightly stronger revenue growth, a modestly higher future P/E and firmer profit margins.