Narrative Update • May 31
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Canadian (TSX) Capital Markets Industry Analysis
UpdatedJun 05, 2026
DataAggregated Company Financials
Companies161
- 7D-1.6%
- 3M7.7%
- 1Y4.5%
- YTD-3.4%
Over the last 7 days, the Capital Markets industry has dropped 1.6%, driven by a pullback from Brookfield Asset Management of 4.0%. Meanwhile, Partners Value Investments actually outperformed within the industry, gaining 11% in the last week. This takes the industry's 12 month performance to a gain of 4.5%. As for the next few years, earnings are expected to grow by 11% per annum.
Industry Valuation and Performance
Has the Canadian Capital Markets Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Fri, 05 Jun 2026 | CA$305.1b | CA$132.2b | CA$9.4b | 9.7x | 32.3x | 2.3x |
| Sun, 03 May 2026 | CA$313.8b | CA$126.1b | CA$8.8b | 9x | 35.7x | 2.5x |
| Tue, 31 Mar 2026 | CA$282.0b | CA$128.7b | CA$8.5b | 9.2x | 33.2x | 2.2x |
| Thu, 26 Feb 2026 | CA$314.6b | CA$126.9b | CA$8.7b | 8x | 36.3x | 2.5x |
| Sat, 24 Jan 2026 | CA$328.5b | CA$124.4b | CA$7.6b | 9.8x | 43.1x | 2.6x |
| Mon, 22 Dec 2025 | CA$322.2b | CA$125.3b | CA$7.7b | 8.6x | 41.9x | 2.6x |
| Wed, 19 Nov 2025 | CA$310.7b | CA$126.5b | CA$7.6b | 9.3x | 40.9x | 2.5x |
| Fri, 17 Oct 2025 | CA$330.9b | CA$129.0b | CA$7.3b | 10.3x | 45.2x | 2.6x |
| Sun, 14 Sep 2025 | CA$334.9b | CA$127.2b | CA$7.2b | 10.3x | 46.3x | 2.6x |
| Tue, 12 Aug 2025 | CA$333.7b | CA$126.6b | CA$7.1b | 11.4x | 46.8x | 2.6x |
| Thu, 10 Jul 2025 | CA$311.9b | CA$131.8b | CA$6.4b | 12.1x | 49x | 2.4x |
| Sat, 07 Jun 2025 | CA$304.9b | CA$131.9b | CA$6.4b | 11.4x | 47.8x | 2.3x |
| Mon, 05 May 2025 | CA$297.2b | CA$134.7b | CA$4.4b | 10.9x | 67.6x | 2.2x |
| Wed, 02 Apr 2025 | CA$298.3b | CA$139.1b | CA$4.3b | 12.9x | 68.8x | 2.1x |
| Fri, 28 Feb 2025 | CA$326.5b | CA$143.9b | CA$4.9b | 12.6x | 66.8x | 2.3x |
| Sun, 26 Jan 2025 | CA$233.7b | CA$149.9b | CA$5.7b | 12x | 41x | 1.6x |
| Tue, 24 Dec 2024 | CA$224.4b | CA$150.0b | CA$5.7b | 12.3x | 39.4x | 1.5x |
| Thu, 21 Nov 2024 | CA$219.0b | CA$146.4b | CA$5.6b | 11.6x | 39.3x | 1.5x |
| Sat, 19 Oct 2024 | CA$208.2b | CA$151.8b | CA$5.5b | 11.8x | 37.8x | 1.4x |
| Mon, 16 Sep 2024 | CA$183.8b | CA$149.6b | CA$5.5b | 10.5x | 33.7x | 1.2x |
| Wed, 14 Aug 2024 | CA$166.8b | CA$150.7b | CA$5.4b | 10.4x | 30.9x | 1.1x |
| Fri, 12 Jul 2024 | CA$168.1b | CA$150.0b | CA$5.3b | 10x | 31.5x | 1.1x |
| Sun, 09 Jun 2024 | CA$161.7b | CA$151.2b | CA$5.3b | 10.8x | 30.5x | 1.1x |
| Tue, 07 May 2024 | CA$162.3b | CA$156.0b | CA$6.9b | 13.4x | 23.4x | 1x |
| Thu, 04 Apr 2024 | CA$154.8b | CA$154.9b | CA$7.2b | 10.6x | 21.4x | 1x |
| Sat, 02 Mar 2024 | CA$158.2b | CA$156.7b | CA$7.9b | 11.7x | 20x | 1x |
| Mon, 29 Jan 2024 | CA$154.3b | CA$155.6b | CA$6.5b | 9.8x | 23.6x | 1x |
| Wed, 27 Dec 2023 | CA$149.5b | CA$153.6b | CA$6.5b | 9.3x | 23.1x | 1x |
| Fri, 24 Nov 2023 | CA$133.4b | CA$158.2b | CA$6.4b | 8.3x | 20.8x | 0.8x |
| Sun, 22 Oct 2023 | CA$122.3b | CA$153.5b | CA$4.8b | 10.7x | 25.3x | 0.8x |
| Tue, 19 Sep 2023 | CA$138.4b | CA$151.3b | CA$4.8b | 11.1x | 28.8x | 0.9x |
| Thu, 17 Aug 2023 | CA$133.5b | CA$154.2b | CA$5.8b | 10.4x | 23x | 0.9x |
| Sat, 15 Jul 2023 | CA$136.3b | CA$148.6b | CA$5.6b | 9.5x | 24.1x | 0.9x |
| Mon, 12 Jun 2023 | CA$128.0b | CA$150.1b | CA$6.0b | 9.2x | 21.2x | 0.9x |
Price to Earnings Ratio
21.2x
Current Industry PE
- Investors are pessimistic on the Canadian Capital Markets industry, indicating that they anticipate long term growth rates will be lower than they have historically.
- The industry is trading at a PE ratio of 32.3x which is lower than its 3-year average PE of 36.7x.
- The 3-year average PS ratio of 1.7x is lower than the industry's current PS ratio of 2.3x.
Past Earnings Growth
- The earnings for companies in the Capital Markets industry have grown 16% per year over the last three years.
- Meanwhile revenues for these companies have declined 4.2% per year.
- This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.
Industry Trends
Which industries have driven the changes within the Canadian Financials industry?
| CA Market | 1.83% | |
| Financials | 1.48% | |
| Capital Markets | -1.61% | |
| Investment Banking and Brokerage | 2.40% | |
| Asset Management | -1.42% | |
| Financial Exchanges and Data | -5.95% | |
Industry PE
- Investors are most optimistic about the Asset Management industry even though it's trading below its 3-year average PE ratio of 36.6x.
- Analysts are expecting annual earnings growth of 11.5%, which is lower than the prior year's growth of 23.7% per year.
Forecasted Growth
- Analysts are most optimistic on the Asset Management industry, expecting annual earnings growth of 11% over the next 5 years.
- However this is lower than its past earnings growth rate of 24% per year.
- In contrast, the Financial Exchanges and Data industry is expected to see its earnings grow by 10% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| PVF.UN Partners Value Investments | CA$17.75 | 10.7% +CA$1.2b | 25.9% | PE135.6x | |
| IGM IGM Financial | CA$81.01 | 4.4% +CA$792.7m | 83.9% | PE16.4x | |
| SII Sprott | CA$180.28 | 2.1% +CA$96.9m | 112.7% | PE39.5x | |
| ONEX Onex | CA$110.05 | 1.2% +CA$96.0m | 4.8% | PE10.4x | |
| FIH.U Fairfax India Holdings | US$18.00 | 1.4% +US$33.6m | -0.06% | PE9.6x |