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Canadian (TSX) Capital Markets Industry Analysis

UpdatedJun 03, 2026
DataAggregated Company Financials
Companies163
  • 7D-1.2%
  • 3M5.0%
  • 1Y4.7%
  • YTD-2.7%

Over the last 7 days, the Capital Markets industry has dropped 1.2%, driven by Brookfield Asset Management declining 2.6%. Meanwhile, Partners Value Investments actually outperformed within the industry, gaining 9.4% in the last week. This takes the industry's 12 month performance to a gain of 4.7%. 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?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 03 Jun 2026CA$316.8bCA$131.6bCA$9.3b9.8x34x2.4x
Fri, 01 May 2026CA$303.2bCA$126.1bCA$8.8b9x34.5x2.4x
Sun, 29 Mar 2026CA$282.0bCA$128.3bCA$8.5b9.2x33.3x2.2x
Tue, 24 Feb 2026CA$321.2bCA$127.1bCA$8.7b7.9x37.1x2.5x
Thu, 22 Jan 2026CA$321.9bCA$125.5bCA$7.7b9.7x41.9x2.6x
Sat, 20 Dec 2025CA$320.9bCA$125.3bCA$7.7b8.6x41.8x2.6x
Mon, 17 Nov 2025CA$320.1bCA$126.9bCA$7.6b9.2x42.1x2.5x
Wed, 15 Oct 2025CA$327.3bCA$128.9bCA$7.3b10.3x44.7x2.5x
Fri, 12 Sep 2025CA$329.5bCA$127.1bCA$7.2b9.4x45.6x2.6x
Sun, 10 Aug 2025CA$333.7bCA$126.3bCA$7.1b11x46.9x2.6x
Tue, 08 Jul 2025CA$317.5bCA$131.6bCA$6.4b11.8x49.9x2.4x
Thu, 05 Jun 2025CA$306.0bCA$131.7bCA$6.4b11.3x48.1x2.3x
Sat, 03 May 2025CA$295.9bCA$134.7bCA$4.4b11.2x67.3x2.2x
Mon, 31 Mar 2025CA$296.6bCA$139.3bCA$4.5b12.9x66.3x2.1x
Wed, 26 Feb 2025CA$327.9bCA$142.8bCA$4.9b12.2x67.1x2.3x
Fri, 24 Jan 2025CA$234.8bCA$150.1bCA$5.7b12x41.2x1.6x
Sun, 22 Dec 2024CA$224.4bCA$150.0bCA$5.7b12x39.4x1.5x
Tue, 19 Nov 2024CA$218.1bCA$147.4bCA$5.6b11.8x38.9x1.5x
Thu, 17 Oct 2024CA$203.6bCA$151.2bCA$5.5b11.7x37.1x1.3x
Sat, 14 Sep 2024CA$182.5bCA$149.6bCA$5.5b10.5x33.4x1.2x
Mon, 12 Aug 2024CA$171.1bCA$150.9bCA$5.4b9.9x31.6x1.1x
Wed, 10 Jul 2024CA$164.3bCA$150.0bCA$5.3b10.1x30.8x1.1x
Fri, 07 Jun 2024CA$166.1bCA$150.3bCA$5.3b10.8x31.5x1.1x
Sun, 05 May 2024CA$159.7bCA$156.1bCA$6.9b13.2x23x1x
Tue, 02 Apr 2024CA$159.0bCA$155.3bCA$7.3b10.9x21.9x1x
Thu, 29 Feb 2024CA$157.4bCA$156.8bCA$7.9b11.7x20x1x
Sat, 27 Jan 2024CA$154.2bCA$155.6bCA$6.5b9.8x23.6x1x
Mon, 25 Dec 2023CA$149.5bCA$153.7bCA$6.5b9.3x23.1x1x
Wed, 22 Nov 2023CA$132.8bCA$158.5bCA$6.4b8.4x20.6x0.8x
Fri, 20 Oct 2023CA$123.9bCA$153.6bCA$4.8b10.7x25.6x0.8x
Sun, 17 Sep 2023CA$139.3bCA$151.7bCA$4.8b11.2x29x0.9x
Tue, 15 Aug 2023CA$136.4bCA$153.4bCA$5.9b9.7x23.1x0.9x
Thu, 13 Jul 2023CA$131.7bCA$148.1bCA$5.7b9.5x23.1x0.9x
Sat, 10 Jun 2023CA$128.0bCA$150.1bCA$6.1b9.2x21.1x0.9x
Price to Earnings Ratio

21.1x


Total Market Cap: CA$128.0bTotal Earnings: CA$6.1bTotal Revenue: CA$150.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Capital Markets Industry Price to Earnings3Y Average 36.7x202420252026
Current Industry PE
  • Investors are relatively neutral on the Canadian Capital Markets industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 36.7x.
  • The 3-year average PS ratio of 1.7x is lower than the industry's current PS ratio of 2.4x.
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 4.3% 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 Market1.07%
Financials-0.42%
Capital Markets-1.15%
Investment Banking and Brokerage1.21%
Asset Management-0.77%
Financial Exchanges and Data-8.90%
Industry PE
  • Investors are most optimistic about the Asset Management industry, which is trading close to its 3-year average PE ratio of 36.5x.
    • Analysts are expecting annual earnings growth of 11.6%, 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 12% 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?

CompanyLast Price7D1YValuation
PVF.UN Partners Value InvestmentsCA$17.509.4%
+CA$1.0b		21.5%PE134.2x
ONEX OnexCA$110.283.7%
+CA$300.9m		5.4%PE10.5x
IGM IGM FinancialCA$80.171.6%
+CA$295.2m		80.6%PE16.2x
SII SprottCA$184.433.9%
+CA$177.9m		123.9%PE40.6x
FIH.U Fairfax India HoldingsUS$18.101.4%
+US$33.6m		0.9%PE9.7x

Latest News

IGM
CA$80.17
IGM Financial
7D
1.6%
1Y
80.6%
VST
CA$0.79
Victory Square Technologies
7D
12.9%
1Y
267.4%
ONEX
CA$110.28
Onex
7D
3.7%
1Y
5.4%
SII
CA$184.43
Sprott
7D
3.9%
1Y
123.9%
X
CA$47.80
TMX Group
7D
-8.9%
1Y
-14.4%
Narrative Update • May 31

X: Modest Earnings Assumption Tweaks Will Support Higher Future P/E Multiples

Analysts have made a modest net upward adjustment to TMX Group's average price target, with several firms raising their CA$ expectations by CA$1 to CA$4, while one trimmed its target by CA$1, reflecting updated views on earnings potential and valuation. Analyst Commentary Recent research updates cluster around modest revisions to TMX Group's price targets.
BAM
CA$66.12
Brookfield Asset Management
7D
-2.6%
1Y
-14.6%
BN
CA$63.12
Brookfield
7D
-0.8%
1Y
18.6%
STCK
CA$31.10
Stack Capital Group
7D
-13.1%
1Y
149.8%
QRC
CA$14.20
Queen's Road Capital Investment
7D
-4.4%
1Y
120.2%
OLY
CA$100.61
Olympia Financial Group
7D
-11.7%
1Y
-10.2%
CF
CA$13.25
Canaccord Genuity Group
7D
1.3%
1Y
45.3%
DEFI
CA$0.81
DeFi Technologies
7D
-14.7%
1Y
-82.7%
FIH.U
US$18.10
Fairfax India Holdings
7D
1.4%
1Y
0.9%
CKI
CA$26.00
Clarke
7D
-7.3%
1Y
16.1%
SEC
CA$401.15
Senvest Capital
7D
1.6%
1Y
23.4%
PVF.UN
CA$17.50
Partners Value Investments
7D
9.4%
1Y
21.5%