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Canadian (TSX) Capital Markets Industry Analysis

UpdatedJan 16, 2026
DataAggregated Company Financials
Companies173
  • 7D-0.3%
  • 3M1.7%
  • 1Y7.7%
  • YTD1.5%

The Capital Markets is pretty flat in the last 7 days, but IGM Financial has stood out, gaining 4.1%. The past year has been better, since the industry has gained 7.7% in that time. As for the next few years, earnings are expected to grow by 14% per annum.

Industry Valuation and Performance

Has the Canadian Capital Markets Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 16 Jan 2026CA$331.9bCA$126.1bCA$7.7b9.6x43.1x2.6x
Sun, 14 Dec 2025CA$325.8bCA$125.0bCA$7.7b8.8x42.5x2.6x
Tue, 11 Nov 2025CA$332.2bCA$128.6bCA$7.6b9.4x43.8x2.6x
Thu, 09 Oct 2025CA$340.6bCA$128.2bCA$7.3b10.3x46.8x2.7x
Sat, 06 Sep 2025CA$336.0bCA$127.3bCA$7.2b10.3x46.4x2.6x
Mon, 04 Aug 2025CA$330.6bCA$132.8bCA$6.3b12.5x52.1x2.5x
Wed, 02 Jul 2025CA$309.9bCA$131.2bCA$6.3b11.7x48.9x2.4x
Fri, 30 May 2025CA$401.1bCA$132.8bCA$6.4b11.2x62.5x3x
Sun, 27 Apr 2025CA$302.5bCA$135.1bCA$4.3b10.6x69.8x2.2x
Tue, 25 Mar 2025CA$304.5bCA$139.2bCA$5.0b12x60.6x2.2x
Thu, 20 Feb 2025CA$339.6bCA$142.2bCA$5.4b12.6x63x2.4x
Sat, 18 Jan 2025CA$228.3bCA$151.0bCA$5.7b12x39.9x1.5x
Mon, 16 Dec 2024CA$226.4bCA$148.8bCA$5.7b12.5x40x1.5x
Wed, 13 Nov 2024CA$226.6bCA$152.0bCA$5.7b13.2x39.9x1.5x
Fri, 11 Oct 2024CA$199.2bCA$151.1bCA$5.5b10.8x36.3x1.3x
Sun, 08 Sep 2024CA$173.1bCA$149.3bCA$5.5b10x31.7x1.2x
Tue, 06 Aug 2024CA$173.7bCA$151.9bCA$5.3b8.8x32.6x1.1x
Thu, 04 Jul 2024CA$164.0bCA$149.9bCA$5.3b10.1x30.8x1.1x
Sat, 01 Jun 2024CA$163.6bCA$149.9bCA$5.3b10.8x31.1x1.1x
Mon, 29 Apr 2024CA$155.0bCA$156.3bCA$7.3b10.7x21.2x1x
Wed, 27 Mar 2024CA$155.6bCA$157.0bCA$8.7b10.5x17.9x1x
Fri, 23 Feb 2024CA$153.4bCA$156.0bCA$8.0b9.5x19.3x1x
Sun, 21 Jan 2024CA$147.7bCA$155.9bCA$6.5b9.5x22.6x0.9x
Tue, 19 Dec 2023CA$144.9bCA$155.1bCA$6.5b9x22.3x0.9x
Thu, 16 Nov 2023CA$132.9bCA$158.2bCA$6.5b8.3x20.4x0.8x
Sat, 14 Oct 2023CA$127.4bCA$153.0bCA$4.8b10.3x26.4x0.8x
Mon, 11 Sep 2023CA$134.6bCA$152.8bCA$4.8b10.6x27.8x0.9x
Wed, 09 Aug 2023CA$135.2bCA$151.6bCA$6.4b8.1x21.2x0.9x
Fri, 07 Jul 2023CA$129.4bCA$150.0bCA$5.8b9.4x22.5x0.9x
Sun, 04 Jun 2023CA$126.8bCA$150.9bCA$6.1b9.3x20.9x0.8x
Tue, 02 May 2023CA$131.6bCA$150.0bCA$8.2b8.8x16x0.9x
Thu, 30 Mar 2023CA$128.1bCA$148.9bCA$6.9b8.2x18.6x0.9x
Sat, 25 Feb 2023CA$135.1bCA$149.3bCA$7.4b11.4x18.4x0.9x
Mon, 23 Jan 2023CA$137.8bCA$143.4bCA$9.3b8.7x14.9x1x
Price to Earnings Ratio

14.9x


Total Market Cap: CA$137.8bTotal Earnings: CA$9.3bTotal Revenue: CA$143.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Capital Markets Industry Price to Earnings3Y Average 34.2x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Capital Markets industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 43.1x which is higher than its 3-year average PE of 34.2x.
  • The 3-year average PS ratio of 1.5x is lower than the industry's current PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Capital Markets industry have declined 6.0% per year over the last three years,
  • Revenues have also declined 4.2% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the Canadian Financials industry?

CA Market2.30%
Financials0.09%
Capital Markets-0.35%
Investment Banking and Brokerage4.28%
Financial Exchanges and Data1.13%
Asset Management-0.43%
Industry PE
  • Investors are most optimistic about the Asset Management industry which is trading above its 3-year average PE ratio of 34.2x.
    • Analysts are expecting annual earnings growth of 13.4%, which is higher than its past year's earnings growth of 1.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Financial Exchanges and Data industry, expecting annual earnings growth of 15% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Asset Management industry is expected to see its earnings grow by 13% 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
IGM IGM FinancialCA$66.354.1%
+CA$585.2m		47.5%PE15.1x
BN BrookfieldCA$65.730.4%
+CA$561.1m		19.0%PE127.7x
SII SprottCA$159.9011.7%
+CA$432.2m		164.9%PE59x
X TMX GroupCA$51.071.1%
+CA$158.6m		14.9%PE30.9x
PVF.UN Partners Value InvestmentsCA$18.150.9%
+CA$119.9m		21.0%PE194.8x

Latest News

DEFI
CA$1.56
DeFi Technologies
7D
13.0%
1Y
-64.8%
BN
CA$65.73
Brookfield
7D
0.4%
1Y
19.0%
IGM
CA$66.35
IGM Financial
7D
4.1%
1Y
47.5%

IGM: Higher Price Assumptions And Buybacks Will Support A Balanced Return Profile

Analysts have lifted their blended price targets on IGM Financial into a C$54 to C$67 range, a C$3 move at the low and high ends. They cite updated assessments of fair value, discount rate and forward P/E assumptions.
BAM
CA$72.38
Brookfield Asset Management
7D
-2.8%
1Y
-8.7%
X
CA$51.07
TMX Group
7D
1.1%
1Y
14.9%

X: Earnings Momentum And Data Partnerships Will Support Future Outperformance

Analysts have made a modest adjustment to their outlook on TMX Group, with recent price targets ranging from C$59 to C$67 as they factor in updated views on the company’s earnings power and valuation multiples. Analyst Commentary Bullish and cautious voices are both active around TMX Group, and the recent price target range of C$59 to C$67 reflects that split view on valuation and execution risk.
ONEX
CA$117.51
Onex
7D
0.8%
1Y
6.4%
GCG.A
CA$67.20
Guardian Capital Group
7D
-0.3%
1Y
55.8%
PTEC
CA$0.55
Principal Technologies
7D
-6.8%
1Y
n/a
PVF.UN
CA$18.15
Partners Value Investments
7D
0.9%
1Y
21.0%
DELX
CA$0.04
DelphX Capital Markets
7D
-20.0%
1Y
-68.0%
PALI
CA$2.19
Palisades Goldcorp
7D
-11.7%
1Y
40.4%
NFD.A
CA$5.20
Northfield Capital
7D
-1.4%
1Y
30.0%
VST
CA$0.72
Victory Square Technologies
7D
-10.0%
1Y
105.7%
SII
CA$159.90
Sprott
7D
11.7%
1Y
164.9%

Here's Why Sprott (TSE:SII) Has Caught The Eye Of Investors

Nov 30
Here's Why Sprott (TSE:SII) Has Caught The Eye Of Investors
MATE
CA$0.07
Blockmate Ventures
7D
-12.5%
1Y
-78.8%
FIH.U
US$18.10
Fairfax India Holdings
7D
2.2%
1Y
12.2%

Shareholders Should Be Pleased With Fairfax India Holdings Corporation's (TSE:FIH.U) Price

Nov 03
Shareholders Should Be Pleased With Fairfax India Holdings Corporation's (TSE:FIH.U) Price