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Canadian (TSX) Capital Markets Industry Analysis

UpdatedJun 21, 2026
DataAggregated Company Financials
Companies161
  • 7D-0.4%
  • 3M12.5%
  • 1Y5.7%
  • YTD-3.0%

Over the last 7 days, the Capital Markets industry has remained flat, although notably TMX Group declined by 6.0%. The past year has been better, since the industry has gained 5.6% in that time. 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
Sun, 21 Jun 2026CA$315.6bCA$134.5bCA$9.6b10.2x33x2.3x
Tue, 19 May 2026CA$315.3bCA$130.8bCA$9.2b9.3x34.2x2.4x
Thu, 16 Apr 2026CA$314.3bCA$127.3bCA$8.9b9.1x35.5x2.5x
Sat, 14 Mar 2026CA$280.0bCA$127.4bCA$8.6b9.1x32.7x2.2x
Mon, 09 Feb 2026CA$313.8bCA$124.6bCA$7.4b8.8x42.4x2.5x
Wed, 07 Jan 2026CA$339.6bCA$125.3bCA$7.7b9.6x44.3x2.7x
Fri, 05 Dec 2025CA$330.2bCA$126.6bCA$7.7b8.8x42.6x2.6x
Sun, 02 Nov 2025CA$336.9bCA$128.8bCA$7.4b9.2x45.8x2.6x
Tue, 30 Sep 2025CA$341.0bCA$127.9bCA$7.3b10.3x46.9x2.7x
Thu, 28 Aug 2025CA$334.6bCA$126.8bCA$7.2b12.4x46.4x2.6x
Sat, 26 Jul 2025CA$340.6bCA$131.9bCA$6.4b12.4x53.4x2.6x
Mon, 23 Jun 2025CA$302.6bCA$132.2bCA$6.4b11.3x47.4x2.3x
Wed, 21 May 2025CA$317.4bCA$133.7bCA$6.6b11.4x48.4x2.4x
Fri, 18 Apr 2025CA$277.6bCA$134.9bCA$4.3b12.1x64.1x2.1x
Sun, 16 Mar 2025CA$280.0bCA$139.6bCA$5.0b11.2x55.6x2x
Tue, 11 Feb 2025CA$333.5bCA$149.8bCA$5.8b12.5x57.6x2.2x
Thu, 09 Jan 2025CA$226.1bCA$150.2bCA$5.7b12.3x39.7x1.5x
Sat, 07 Dec 2024CA$232.1bCA$148.0bCA$5.6b12.5x41.2x1.6x
Mon, 04 Nov 2024CA$208.2bCA$153.2bCA$5.5b13.3x38.2x1.4x
Wed, 02 Oct 2024CA$194.2bCA$148.6bCA$5.4b10.5x35.8x1.3x
Fri, 30 Aug 2024CA$181.8bCA$148.6bCA$5.4b10.7x33.5x1.2x
Sun, 28 Jul 2024CA$180.9bCA$151.9bCA$5.4b9.1x33.6x1.2x
Tue, 25 Jun 2024CA$159.4bCA$150.2bCA$5.3b9.8x30x1.1x
Thu, 23 May 2024CA$167.9bCA$150.5bCA$5.3b10.9x31.7x1.1x
Sat, 20 Apr 2024CA$150.3bCA$157.3bCA$7.3b11x20.5x1x
Mon, 18 Mar 2024CA$156.4bCA$156.5bCA$7.9b11.7x19.7x1x
Wed, 14 Feb 2024CA$150.7bCA$157.1bCA$8.0b8.6x18.8x1x
Fri, 12 Jan 2024CA$149.2bCA$155.1bCA$6.5b9x22.9x1x
Sun, 10 Dec 2023CA$137.3bCA$157.1bCA$6.6b8.7x20.9x0.9x
Tue, 07 Nov 2023CA$130.1bCA$153.8bCA$5.0b10.2x25.8x0.8x
Thu, 05 Oct 2023CA$123.2bCA$153.8bCA$4.9b10.6x25.4x0.8x
Sat, 02 Sep 2023CA$137.3bCA$152.4bCA$4.8b10.8x28.7x0.9x
Mon, 31 Jul 2023CA$137.8bCA$149.0bCA$5.8b9.5x23.8x0.9x
Wed, 28 Jun 2023CA$128.8bCA$148.1bCA$5.7b9.5x22.6x0.9x
Price to Earnings Ratio

22.6x


Total Market Cap: CA$128.8bTotal Earnings: CA$5.7bTotal Revenue: CA$148.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Capital Markets Industry Price to Earnings3Y Average 36.8x202420252026
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 33.3x which is lower than its 3-year average PE of 36.8x.
  • 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 19% per year over the last three years.
  • Meanwhile revenues for these companies have declined 3.2% 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-0.36%
Financials2.19%
Capital Markets-0.38%
Investment Banking and Brokerage2.28%
Asset Management-0.13%
Financial Exchanges and Data-6.02%
Industry PE
  • Investors are most optimistic about the Asset Management industry even though it's trading below its 3-year average PE ratio of 36.7x.
    • 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?

CompanyLast Price7D1YValuation
BAM Brookfield Asset ManagementCA$66.430.7%
+CA$782.4m		-11.1%PE29.7x
AGF.B AGF ManagementCA$20.248.2%
+CA$98.5m		60.3%PE11.3x
CF Canaccord Genuity GroupCA$14.782.5%
+CA$36.2m		49.6%PS0.7x
AD.UN Alaris Equity Partners Income TrustCA$24.162.9%
+CA$31.0m		28.2%PE10.2x
DEFI DeFi TechnologiesCA$0.819.5%
+CA$27.2m		-77.4%PE5.9x

Latest News

AGF.B
CA$20.24
AGF Management
7D
8.2%
1Y
60.3%
SEC
CA$398.00
Senvest Capital
7D
2.1%
1Y
24.4%
BN
CA$62.91
Brookfield
7D
-0.5%
1Y
16.4%
AD.UN
CA$24.16
Alaris Equity Partners Income Trust
7D
2.9%
1Y
28.2%
CF
CA$14.78
Canaccord Genuity Group
7D
2.5%
1Y
49.6%
STCK
CA$22.67
Stack Capital Group
7D
-8.9%
1Y
77.8%
IGM
CA$80.53
IGM Financial
7D
0.02%
1Y
87.0%
X
CA$47.44
TMX Group
7D
-6.0%
1Y
-16.3%
Narrative Update • Jun 14

X: Index Acquisition And Record IPO Will Support Higher Future P/E Multiples

TMX Group's analyst price target has inched higher, reflecting mixed but generally supportive research updates from several firms that highlight modestly stronger revenue growth expectations, slightly lower discount rates, and relatively steady P/E assumptions despite some differences in individual targets, including a CA$1 trim from Barclays and increases ranging from CA$1 to CA$4 at other banks. Analyst Commentary Bullish Takeaways Bullish analysts are lifting price targets by CA$1 to CA$4, which signals increased confidence that recent revenue trends and cost control can support current valuation assumptions.
DEFI
CA$0.81
DeFi Technologies
7D
9.5%
1Y
-77.4%
BAM
CA$66.43
Brookfield Asset Management
7D
0.7%
1Y
-11.1%
ONEX
CA$109.41
Onex
7D
-1.1%
1Y
2.3%
QRC
CA$13.60
Queen's Road Capital Investment
7D
-1.8%
1Y
101.5%
WED
CA$22.31
Westaim
7D
-4.2%
1Y
-28.7%
FIH.U
US$17.04
Fairfax India Holdings
7D
-5.3%
1Y
-5.6%
MATE
CA$0.06
Blockmate Ventures
7D
71.4%
1Y
-40.0%
PVF.UN
CA$17.18
Partners Value Investments
7D
-2.7%
1Y
22.7%