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Canadian (TSX) Banks Industry Analysis

UpdatedJun 27, 2026
DataAggregated Company Financials
Companies9
  • 7D0.9%
  • 3M30.9%
  • 1Y65.0%
  • YTD26.9%

Over the last 7 days, the Banks industry has remained flat. The past year has been better, since the industry has gained 65% in that time. 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
Sat, 27 Jun 2026CA$1.2tCA$238.8bCA$68.3b19.2x18.3x5.2x
Mon, 25 May 2026CA$1.2tCA$239.6bCA$72.1b18.2x16x4.8x
Wed, 22 Apr 2026CA$1.1tCA$239.6bCA$72.1b17x15.1x4.5x
Fri, 20 Mar 2026CA$978.0bCA$239.6bCA$72.1b15.4x13.6x4.1x
Sun, 15 Feb 2026CA$1.0tCA$231.5bCA$67.7b16.5x14.8x4.3x
Tue, 13 Jan 2026CA$996.7bCA$231.5bCA$67.7b16x14.7x4.3x
Thu, 11 Dec 2025CA$963.1bCA$231.5bCA$67.7b15.4x14.2x4.2x
Sat, 08 Nov 2025CA$899.3bCA$227.2bCA$66.1b14.9x13.6x4x
Mon, 06 Oct 2025CA$894.8bCA$227.2bCA$66.1b15.4x13.5x3.9x
Wed, 03 Sep 2025CA$842.5bCA$227.2bCA$66.1b14.5x12.8x3.7x
Fri, 01 Aug 2025CA$790.8bCA$219.5bCA$60.4b14.1x13.1x3.6x
Sun, 29 Jun 2025CA$773.4bCA$219.5bCA$60.4b13.8x12.8x3.5x
Tue, 27 May 2025CA$745.8bCA$216.5bCA$59.6b13.5x12.5x3.4x
Thu, 24 Apr 2025CA$686.4bCA$207.7bCA$51.1b12.8x13.4x3.3x
Sat, 22 Mar 2025CA$696.0bCA$207.7bCA$51.1b13.1x13.6x3.4x
Mon, 17 Feb 2025CA$718.9bCA$202.5bCA$49.4b14.2x14.6x3.5x
Wed, 15 Jan 2025CA$712.0bCA$203.6bCA$49.6b14.8x14.3x3.5x
Fri, 13 Dec 2024CA$733.0bCA$195.5bCA$50.2b14.9x14.6x3.7x
Sun, 10 Nov 2024CA$710.2bCA$206.4bCA$47.7b13.2x14.9x3.4x
Tue, 08 Oct 2024CA$697.8bCA$206.4bCA$47.7b12.6x14.6x3.4x
Thu, 05 Sep 2024CA$663.5bCA$206.4bCA$47.7b12.1x13.9x3.2x
Sat, 03 Aug 2024CA$633.4bCA$202.7bCA$49.6b11.6x12.8x3.1x
Mon, 01 Jul 2024CA$605.6bCA$202.7bCA$49.6b11.1x12.2x3x
Wed, 29 May 2024CA$623.7bCA$200.1bCA$48.7b10.5x12.8x3.1x
Fri, 26 Apr 2024CA$606.9bCA$199.0bCA$49.4b10.2x12.3x3.1x
Sun, 24 Mar 2024CA$623.5bCA$199.0bCA$49.4b10.9x12.6x3.1x
Tue, 20 Feb 2024CA$599.4bCA$195.5bCA$44.8b11x13.4x3.1x
Thu, 18 Jan 2024CA$592.7bCA$195.5bCA$44.8b10.6x13.2x3x
Sat, 16 Dec 2023CA$599.4bCA$195.3bCA$44.7b10.6x13.4x3.1x
Mon, 13 Nov 2023CA$544.7bCA$197.4bCA$51.6b9.3x10.6x2.8x
Wed, 11 Oct 2023CA$544.5bCA$197.4bCA$51.6b9.4x10.5x2.8x
Fri, 08 Sep 2023CA$561.6bCA$197.4bCA$51.6b9.9x10.9x2.8x
Sun, 06 Aug 2023CA$594.6bCA$192.8bCA$52.2b10.2x11.4x3.1x
Tue, 04 Jul 2023CA$583.0bCA$192.7bCA$52.1b10.1x11.2x3x
Price to Earnings Ratio

11.2x


Total Market Cap: CA$583.0bTotal 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 18.3x 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-0.37%
Financials0.21%
Banks0.87%
Regional Banks1.71%
Diversified Banks0.87%
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 41.9%, 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$288.011.4%
+CA$5.5b		62.1%PB3.1x
BMO Bank of MontrealCA$248.662.6%
+CA$4.4b		66.3%PB2.1x
TD Toronto-Dominion BankCA$170.030.4%
+CA$1.2b		71.0%PB2.3x
CM Canadian Imperial Bank of CommerceCA$161.250.6%
+CA$859.9m		68.7%PB2.3x
NA National Bank of CanadaCA$222.030.2%
+CA$134.8m		59.0%PB2.7x

Latest News

BMO
CA$248.66
Bank of Montreal
7D
2.6%
1Y
66.3%
RY
CA$288.01
Royal Bank of Canada
7D
1.4%
1Y
62.1%
Narrative Update • Jun 25

RY: Future Returns Will Rely On Fee Income And Capital Return Discipline

Royal Bank of Canada’s analyst fair value estimate has been nudged higher to CA$271.89 from CA$265.46 as analysts reflect a series of increased price targets across the Street, citing stronger fee income, recent revenue growth and confidence in the bank’s medium term return goals. Analyst Commentary Recent Street research on Royal Bank of Canada clusters around higher price targets and generally positive views on execution, with a few more cautious voices highlighting potential limits to upside.
LB
CA$40.57
Laurentian Bank of Canada
7D
0.6%
1Y
30.0%
BNS
CA$122.44
Bank of Nova Scotia
7D
-0.8%
1Y
62.9%
Narrative Update • Jun 23

BNS: Dividend Strength And AI Execution Will Support Fairly Valued Shares

Bank of Nova Scotia’s analyst price target is updated to CA$115 from CA$112, reflecting analysts’ revised assumptions around slightly higher revenue growth, improved profit margins, a modestly lower discount rate, and a broadly steady forward P/E outlook following recent Q2 research updates. Analyst Commentary Recent Street research on Bank of Nova Scotia highlights a cluster of target price increases around the latest Q2 results.
EQB
CA$128.35
EQB
7D
1.7%
1Y
23.8%
Narrative Update • Jun 23

EQB: Future Returns Will Reflect PC Financial Integration And Credit Risk Discipline

Analysts have nudged their average price target on EQB slightly higher to CA$125, reflecting updated assumptions that include modestly adjusted revenue growth and discount rate inputs, alongside mixed views from recent research, with one firm raising its target to CA$125, another to CA$122, and a third revising to CA$123. Analyst Commentary Recent research on EQB highlights a mix of optimism around execution and upcoming corporate changes, alongside caution about credit costs and how those changes could affect the company’s risk profile.
NA
CA$222.03
National Bank of Canada
7D
0.2%
1Y
59.0%
CM
CA$161.25
Canadian Imperial Bank of Commerce
7D
0.6%
1Y
68.7%
TD
CA$170.03
Toronto-Dominion Bank
7D
0.4%
1Y
71.0%
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.
VBNK
CA$27.29
VersaBank
7D
1.7%
1Y
75.2%
Narrative Update • Jun 18

VBNK: Digital Asset Projects And Loan Program Changes Will Shape Share Outlook

Analysts have lifted their fair value estimate for VersaBank to CA$29 from CA$26, citing recent price target increases, solid Q2 results with stronger loan growth, an improved structured receivable program outlook, and emerging digital asset projects with turnkey solutions. Analyst Commentary Recent research on VersaBank highlights both enthusiasm around the bank's growth initiatives and some caution on how those plans translate into risk and valuation over time.