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Canadian (TSX) Banks Industry Analysis

UpdatedJun 10, 2026
DataAggregated Company Financials
Companies9
  • 7D2.8%
  • 3M19.9%
  • 1Y59.0%
  • YTD19.9%

All of the companies in the Banks industry have been up over the last week, with the industry up 3.8%. In the last 12 months, the industry was up 58%. Earnings are forecast to grow by 4.8% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 10 Jun 2026CA$1.2tCA$238.8bCA$68.3b17.9x17.1x4.9x
Fri, 08 May 2026CA$1.1tCA$239.6bCA$72.1b17.3x14.9x4.5x
Sun, 05 Apr 2026CA$993.8bCA$239.6bCA$72.1b15.5x13.8x4.1x
Tue, 03 Mar 2026CA$1.0tCA$239.2bCA$72.2b15.5x14x4.2x
Thu, 29 Jan 2026CA$987.9bCA$231.5bCA$67.7b15.9x14.6x4.3x
Sat, 27 Dec 2025CA$990.3bCA$231.5bCA$67.7b15.4x14.6x4.3x
Mon, 24 Nov 2025CA$912.3bCA$227.2bCA$66.1b14.7x13.8x4x
Wed, 22 Oct 2025CA$890.4bCA$227.2bCA$66.1b15.2x13.5x3.9x
Fri, 19 Sep 2025CA$873.9bCA$227.2bCA$66.1b15.1x13.2x3.8x
Sun, 17 Aug 2025CA$813.1bCA$219.5bCA$60.4b14.4x13.5x3.7x
Tue, 15 Jul 2025CA$787.7bCA$219.5bCA$60.4b14.3x13x3.6x
Thu, 12 Jun 2025CA$758.4bCA$219.5bCA$60.4b13.5x12.6x3.5x
Sat, 10 May 2025CA$714.1bCA$207.7bCA$51.1b13.3x14x3.4x
Mon, 07 Apr 2025CA$665.5bCA$207.7bCA$51.1b12.1x13x3.2x
Wed, 05 Mar 2025CA$721.1bCA$207.7bCA$51.1b13.4x14.1x3.5x
Fri, 31 Jan 2025CA$735.7bCA$203.6bCA$49.6b15.2x14.8x3.6x
Sun, 29 Dec 2024CA$720.7bCA$203.6bCA$49.6b13.1x14.5x3.5x
Tue, 26 Nov 2024CA$724.1bCA$206.4bCA$47.7b13.8x15.2x3.5x
Thu, 24 Oct 2024CA$704.2bCA$206.4bCA$47.7b12.7x14.8x3.4x
Sat, 21 Sep 2024CA$699.1bCA$206.4bCA$47.7b12.9x14.7x3.4x
Mon, 19 Aug 2024CA$640.7bCA$202.7bCA$49.6b12.1x12.9x3.2x
Wed, 17 Jul 2024CA$629.1bCA$202.7bCA$49.6b11.4x12.7x3.1x
Fri, 14 Jun 2024CA$605.7bCA$202.7bCA$49.6b11.1x12.2x3x
Sun, 12 May 2024CA$620.0bCA$199.0bCA$49.4b10.7x12.6x3.1x
Tue, 09 Apr 2024CA$627.7bCA$199.0bCA$49.4b10.9x12.7x3.2x
Thu, 07 Mar 2024CA$609.5bCA$199.0bCA$49.4b10.7x12.3x3.1x
Sat, 03 Feb 2024CA$596.1bCA$195.5bCA$44.8b10.9x13.3x3x
Mon, 01 Jan 2024CA$616.7bCA$195.5bCA$44.8b11x13.8x3.2x
Wed, 29 Nov 2023CA$554.2bCA$197.4bCA$51.6b9.2x10.7x2.8x
Fri, 27 Oct 2023CA$518.0bCA$197.4bCA$51.6b9x10x2.6x
Sun, 24 Sep 2023CA$563.9bCA$197.4bCA$51.6b9.9x10.9x2.9x
Tue, 22 Aug 2023CA$570.4bCA$192.8bCA$52.2b9.8x10.9x3x
Thu, 20 Jul 2023CA$603.3bCA$192.7bCA$52.1b10.5x11.6x3.1x
Sat, 17 Jun 2023CA$580.2bCA$192.7bCA$52.1b10.1x11.1x3x
Price to Earnings Ratio

11.1x


Total Market Cap: CA$580.2bTotal Earnings: CA$52.1bTotal Revenue: CA$192.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Banks Industry Price to Earnings3Y Average 13.3x202420252026
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 17.0x which is higher than its 3-year average PE of 13.3x.
  • The 3-year average PS ratio of 3.5x is lower than the industry's current PS ratio of 4.9x.
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-2.46%
Financials2.27%
Banks2.78%
Regional Banks5.35%
Diversified Banks2.77%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 11.4x.
    • Analysts are expecting annual earnings growth of 42.2%, 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 13.3x.
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 4.7% 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$276.014.3%
+CA$15.9b		57.3%PB3x
TD Toronto-Dominion BankCA$159.932.1%
+CA$5.4b		65.3%PB2.2x
CM Canadian Imperial Bank of CommerceCA$154.532.9%
+CA$4.0b		64.9%PB2.2x
BNS Bank of Nova ScotiaCA$113.872.0%
+CA$2.7b		53.9%PB1.6x
NA National Bank of CanadaCA$207.273.0%
+CA$2.3b		54.1%PB2.5x

Latest News

VBNK
CA$27.54
VersaBank
7D
9.8%
1Y
80.0%
BNS
CA$113.87
Bank of Nova Scotia
7D
2.0%
1Y
53.9%
RY
CA$276.01
Royal Bank of Canada
7D
4.3%
1Y
57.3%
Narrative Update • Jun 07

RY: Future Returns Will Rely On Fee Income Strength And Disciplined AI Use

Analysts have lifted the Royal Bank of Canada fair value estimate from CA$250.25 to about CA$265.46. They point to a series of higher Street price targets clustered around CA$260 to CA$279 and cite fee income strength, a slightly lower discount rate, and a modestly higher profit margin assumption, even as expected revenue growth and future P/E are set at somewhat more restrained levels.
EQB
CA$120.48
EQB
7D
4.5%
1Y
29.5%
Narrative Update • Jun 07

EQB: Future Returns Will Reflect Acquisition Execution And Credit Risk Discipline

Narrative Update on EQB The analyst price target for EQB has been nudged higher to CA$122.89 from CA$122.33, as analysts factor in updated fair value estimates, modest adjustments to discount rate and growth assumptions, and ongoing expense management efforts alongside the pending PC Financial acquisition highlighted in recent research. Analyst Commentary Recent research around EQB offers a mixed but constructive tone, with several firms adjusting price targets and highlighting both execution upside and key risks tied to credit quality and the pending PC Financial acquisition.
TD
CA$159.93
Toronto-Dominion Bank
7D
2.1%
1Y
65.3%
BMO
CA$230.67
Bank of Montreal
7D
0.8%
1Y
56.3%
Narrative Update • Jun 05

BMO: Future Returns Will Balance U.S. ROE Plans And Credit Costs

The analyst price target for Bank of Montreal is updated to CA$225.11 from CA$206.79, reflecting researchers' focus on U.S. lending volume potential, improving return on equity trends, and evidence of positive operating leverage in recent results. Analyst Commentary Recent Street research on Bank of Montreal centers on the implications of its fiscal Q2 report, updated credit loss guidance, and the potential for U.S. growth, particularly in California.
NA
CA$207.27
National Bank of Canada
7D
3.0%
1Y
54.1%
Narrative Update • Jun 03

NA: Future Returns Will Reflect Dividend Strength And Balanced Execution Risks

Analysts have raised the fair value estimate for National Bank of Canada to CA$202.77 from CA$188.15, reflecting recent increases in Street price targets, including moves up to CA$221, CA$217, CA$214, CA$206.50 and CA$188 following fiscal Q2 results and updated estimates across the major Canadian banks. Analyst Commentary Recent Street commentary on National Bank of Canada centers on a series of price target revisions across multiple firms following fiscal Q2 results and refreshed estimates for the large Canadian banks.
CM
CA$154.53
Canadian Imperial Bank of Commerce
7D
2.9%
1Y
64.9%