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Canadian (TSX) Banks Industry Analysis

UpdatedJun 22, 2026
DataAggregated Company Financials
Companies9
  • 7D2.7%
  • 3M27.5%
  • 1Y66.4%
  • YTD25.8%

Over the last 7 days, the Banks industry has risen 2.7%, and Toronto-Dominion Bank contributed the most with a gain of 3.2%. This takes the industry's 12 month performance to a gain of 66%. 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
Mon, 22 Jun 2026CA$1.2tCA$238.8bCA$68.3b19.2x18.1x5.2x
Wed, 20 May 2026CA$1.1tCA$239.6bCA$72.1b17.3x15.3x4.6x
Fri, 17 Apr 2026CA$1.1tCA$239.6bCA$72.1b16.8x14.8x4.5x
Sun, 15 Mar 2026CA$967.1bCA$239.6bCA$72.1b15.2x13.4x4x
Tue, 10 Feb 2026CA$1.0tCA$231.5bCA$67.7b16.9x14.9x4.4x
Thu, 08 Jan 2026CA$995.6bCA$231.5bCA$67.7b15.8x14.7x4.3x
Sat, 06 Dec 2025CA$954.8bCA$231.5bCA$68.3b15.3x14x4.1x
Mon, 03 Nov 2025CA$899.9bCA$227.2bCA$66.1b15x13.6x4x
Wed, 01 Oct 2025CA$886.6bCA$227.2bCA$66.1b15.4x13.4x3.9x
Fri, 29 Aug 2025CA$844.8bCA$226.0bCA$62.6b14.2x13.5x3.7x
Sun, 27 Jul 2025CA$799.4bCA$219.5bCA$60.4b14.3x13.2x3.6x
Tue, 24 Jun 2025CA$760.3bCA$219.5bCA$60.4b13.3x12.6x3.5x
Thu, 22 May 2025CA$743.6bCA$207.7bCA$51.1b13.8x14.6x3.6x
Sat, 19 Apr 2025CA$677.5bCA$207.7bCA$51.1b12.6x13.3x3.3x
Mon, 17 Mar 2025CA$688.4bCA$207.7bCA$51.1b13x13.5x3.3x
Wed, 12 Feb 2025CA$720.1bCA$202.5bCA$49.4b14.2x14.6x3.6x
Fri, 10 Jan 2025CA$722.1bCA$203.6bCA$49.6b14.9x14.5x3.5x
Sun, 08 Dec 2024CA$731.2bCA$195.5bCA$50.2b14.5x14.6x3.7x
Tue, 05 Nov 2024CA$696.2bCA$206.4bCA$47.7b12.9x14.6x3.4x
Thu, 03 Oct 2024CA$701.2bCA$206.4bCA$47.7b12.9x14.7x3.4x
Sat, 31 Aug 2024CA$657.0bCA$206.4bCA$47.7b12x13.8x3.2x
Mon, 29 Jul 2024CA$638.6bCA$202.7bCA$49.6b11.7x12.9x3.2x
Wed, 26 Jun 2024CA$606.9bCA$202.7bCA$49.6b11.2x12.2x3x
Fri, 24 May 2024CA$622.8bCA$199.0bCA$49.4b10.5x12.6x3.1x
Sun, 21 Apr 2024CA$608.2bCA$199.0bCA$49.4b10.4x12.3x3.1x
Tue, 19 Mar 2024CA$614.6bCA$199.0bCA$49.4b10.8x12.4x3.1x
Thu, 15 Feb 2024CA$583.7bCA$195.5bCA$44.8b10.9x13x3x
Sat, 13 Jan 2024CA$596.8bCA$195.5bCA$44.8b10.8x13.3x3.1x
Mon, 11 Dec 2023CA$574.4bCA$195.3bCA$44.7b10.3x12.9x2.9x
Wed, 08 Nov 2023CA$544.0bCA$197.4bCA$51.6b9.3x10.5x2.8x
Fri, 06 Oct 2023CA$540.5bCA$197.4bCA$51.6b9.4x10.5x2.7x
Sun, 03 Sep 2023CA$575.5bCA$197.4bCA$51.6b10.2x11.1x2.9x
Tue, 01 Aug 2023CA$605.1bCA$192.7bCA$52.1b10.8x11.6x3.1x
Thu, 29 Jun 2023CA$573.6bCA$192.7bCA$52.1b10x11x3x
Price to Earnings Ratio

11x


Total Market Cap: CA$573.6bTotal 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 18.1x 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 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-1.03%
Financials1.65%
Banks2.71%
Regional Banks3.01%
Diversified Banks2.71%
Industry PE
  • Investors are most optimistic about the Regional Banks industry which is trading above its 3-year average PE ratio of 11.6x.
    • 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
TD Toronto-Dominion BankCA$169.333.2%
+CA$8.8b		73.9%PB2.3x
BNS Bank of Nova ScotiaCA$123.485.2%
+CA$7.4b		65.8%PB1.7x
RY Royal Bank of CanadaCA$284.081.8%
+CA$7.2b		62.5%PB3x
BMO Bank of MontrealCA$242.433.1%
+CA$5.0b		67.6%PB2x
NA National Bank of CanadaCA$221.685.7%
+CA$4.6b		63.7%PB2.7x

Latest News

CM
CA$160.31
Canadian Imperial Bank of Commerce
7D
1.0%
1Y
69.3%
EQB
CA$126.19
EQB
7D
5.4%
1Y
33.0%
NA
CA$221.68
National Bank of Canada
7D
5.7%
1Y
63.7%
Narrative Update • Jun 19

NA: Future Returns Will Reflect Dividend Strength And Evolving Capital And Earnings Profile

The analyst price target for National Bank of Canada has been raised from CA$202.77 to CA$206.54. Analysts point to updated sector research, modestly above consensus fiscal Q2 results, and refreshed assumptions for revenue growth, profit margin and future P/E as key supports for the higher valuation range, which now spans roughly CA$188 to CA$222 across firms.
BNS
CA$123.48
Bank of Nova Scotia
7D
5.2%
1Y
65.8%
Analysis Article • Jun 18

Bank of Nova Scotia (TSX:BNS) Stock Could Be 25% Below Fair Value After AI Rollout

Bank of Nova Scotia (TSX:BNS) is rolling out expanded Scotia Intelligence AI tools across its operations, drawing fresh investor attention to how this large Canadian bank is applying data driven technology to its core business. See our latest analysis for Bank of Nova Scotia. Against this backdrop of wider AI adoption, Bank of Nova Scotia’s share price has climbed to CA$121.84, with a 30 day share price return of 14.77% and a 1 year total shareholder return of 72.09%, suggesting momentum has...
TD
CA$169.33
Toronto-Dominion Bank
7D
3.2%
1Y
73.9%
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$26.84
VersaBank
7D
-1.6%
1Y
72.9%
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.
BMO
CA$242.43
Bank of Montreal
7D
3.1%
1Y
67.6%
Analysis Article • Jun 17

Bank of Montreal (TSX:BMO) Stock Could Be 5.4% Overvalued After Its Recent Run

Recent share price moves in Bank of Montreal (TSX:BMO) have drawn attention, with the stock rising over the past week, month, and past three months. This has prompted investors to reassess its current valuation and fundamentals. See our latest analysis for Bank of Montreal. Looking beyond this recent strength, Bank of Montreal’s share price has a year to date share price return of 30.59%, while its 1 year total shareholder return of 69.79% reflects performance supported by dividends and...
LB
CA$40.34
Laurentian Bank of Canada
7D
-0.02%
1Y
32.5%
RY
CA$284.08
Royal Bank of Canada
7D
1.8%
1Y
62.5%