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Canadian (TSX) Capital Markets Industry Analysis

UpdatedJun 11, 2026
DataAggregated Company Financials
Companies159
  • 7D1.5%
  • 3M12.0%
  • 1Y3.1%
  • YTD-4.7%

Over the last 7 days, the Capital Markets industry has risen 1.5%, driven by gains from Brookfield of 2.2%. Meanwhile, Sprott actually underperformed within the industry, shrinking 12% in the last week. This means that the industry has gained 3.1% over the past year. Looking forward, earnings are forecast to grow by 11% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 11 Jun 2026CA$317.1bCA$132.5bCA$9.4b9.7x33.6x2.4x
Sat, 09 May 2026CA$321.1bCA$127.6bCA$9.1b9.1x35.2x2.5x
Mon, 06 Apr 2026CA$293.1bCA$128.8bCA$8.7b8.2x33.8x2.3x
Wed, 04 Mar 2026CA$308.6bCA$126.9bCA$8.7b8.1x35.6x2.4x
Fri, 30 Jan 2026CA$325.4bCA$122.7bCA$7.6b9x43.1x2.7x
Sun, 28 Dec 2025CA$327.4bCA$124.2bCA$7.6b8.7x42.9x2.6x
Tue, 25 Nov 2025CA$319.4bCA$127.6bCA$7.6b8.7x41.9x2.5x
Thu, 23 Oct 2025CA$334.3bCA$128.4bCA$7.3b8.7x45.8x2.6x
Sat, 20 Sep 2025CA$346.9bCA$126.8bCA$7.2b9.6x48.1x2.7x
Mon, 18 Aug 2025CA$337.5bCA$126.9bCA$7.2b11.7x47.1x2.7x
Wed, 16 Jul 2025CA$319.6bCA$132.1bCA$6.4b12.3x50.1x2.4x
Fri, 13 Jun 2025CA$304.6bCA$131.1bCA$6.3b11.4x48x2.3x
Sun, 11 May 2025CA$324.8bCA$129.3bCA$4.7b10.8x69.5x2.5x
Tue, 08 Apr 2025CA$267.5bCA$138.5bCA$4.3b12.1x61.8x1.9x
Thu, 06 Mar 2025CA$302.8bCA$139.5bCA$4.9b12.1x61.2x2.2x
Sat, 01 Feb 2025CA$244.9bCA$151.7bCA$5.8b12.3x42.5x1.6x
Mon, 30 Dec 2024CA$228.1bCA$150.5bCA$5.7b12.4x40x1.5x
Wed, 27 Nov 2024CA$221.1bCA$147.2bCA$5.5b11.4x40x1.5x
Fri, 25 Oct 2024CA$205.3bCA$152.3bCA$5.5b11.4x37.1x1.3x
Sun, 22 Sep 2024CA$192.8bCA$149.3bCA$5.5b10.5x35.4x1.3x
Tue, 20 Aug 2024CA$176.3bCA$150.0bCA$5.4b10.6x32.5x1.2x
Thu, 18 Jul 2024CA$179.8bCA$150.5bCA$5.3b9.7x33.7x1.2x
Sat, 15 Jun 2024CA$160.4bCA$150.9bCA$5.3b10.3x30.1x1.1x
Mon, 13 May 2024CA$166.6bCA$150.4bCA$5.3b10.9x31.3x1.1x
Wed, 10 Apr 2024CA$155.9bCA$155.3bCA$7.3b10.6x21.5x1x
Fri, 08 Mar 2024CA$159.7bCA$155.6bCA$7.9b12.2x20.3x1x
Sun, 04 Feb 2024CA$150.9bCA$155.7bCA$6.5b9.1x23.1x1x
Tue, 02 Jan 2024CA$149.4bCA$153.6bCA$6.5b9.3x23.1x1x
Thu, 30 Nov 2023CA$138.8bCA$158.7bCA$7.8b7.3x17.7x0.9x
Sat, 28 Oct 2023CA$120.2bCA$155.1bCA$4.9b10x24.7x0.8x
Mon, 25 Sep 2023CA$129.9bCA$151.2bCA$4.8b10.6x27.1x0.9x
Wed, 23 Aug 2023CA$129.0bCA$154.5bCA$5.8b10.2x22.2x0.8x
Fri, 21 Jul 2023CA$138.7bCA$148.0bCA$5.8b9.6x24.1x0.9x
Sun, 18 Jun 2023CA$132.2bCA$148.6bCA$6.0b9.4x22.1x0.9x
Price to Earnings Ratio

22.1x


Total Market Cap: CA$132.2bTotal Earnings: CA$6.0bTotal Revenue: CA$148.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Capital Markets Industry Price to Earnings3Y Average 36.7x202420252026
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 33.6x 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 2.4x.
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 3.8% 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-2.24%
Financials2.72%
Capital Markets1.54%
Financial Exchanges and Data6.21%
Investment Banking and Brokerage4.73%
Asset Management1.33%
Industry PE
  • Investors are most optimistic about the Asset Management industry, which is trading close to 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 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 10.0% 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
BN BrookfieldCA$62.272.2%
+CA$3.0b		15.5%PE85.6x
BAM Brookfield Asset ManagementCA$63.811.5%
+CA$1.5b		-16.4%PE29x
X TMX GroupCA$50.336.2%
+CA$811.9m		-7.9%PE26x
IGM IGM FinancialCA$79.440.6%
+CA$111.6m		83.7%PE16x
CF Canaccord Genuity GroupCA$13.504.9%
+CA$63.3m		45.2%PS0.6x

Latest News

ONEX
CA$107.59
Onex
7D
0.2%
1Y
1.0%
AGF.B
CA$17.70
AGF Management
7D
2.4%
1Y
46.2%
PALI
CA$2.64
Palisades Goldcorp
7D
-14.0%
1Y
149.1%
BN
CA$62.27
Brookfield
7D
2.2%
1Y
15.5%
CF
CA$13.50
Canaccord Genuity Group
7D
4.9%
1Y
45.2%
QRC
CA$13.70
Queen's Road Capital Investment
7D
-2.6%
1Y
110.8%
DEFI
CA$0.72
DeFi Technologies
7D
-12.2%
1Y
-82.5%
Narrative Update • Jun 06

DEFI: Capability Building Through Crypto Downturn Will Drive Future Upside Repricing

Narrative Update on DeFi Technologies Analysts have trimmed their collective price targets on DeFi Technologies, with recent revisions such as CA$3 to CA$2, CA$1 to CA$0.90 and other cuts reflecting a reset in fair value assumptions. They point to the company focusing on building capabilities during a weaker crypto market rather than chasing speculative trading profits.
IGM
CA$79.44
IGM Financial
7D
0.6%
1Y
83.7%
Narrative Update • Jun 06

IGM: Index Inclusion And Stable Fundamentals May Support Steady Forward Returns

IGM Financial's analyst price target has been raised by multiple firms, with recent increases of CA$3 to CA$10 reflecting analysts' updated views on the stock's risk profile and earnings potential. Analyst Commentary Recent research activity around IGM Financial has centered on price target revisions in the range of C$3 to C$10, which reflects how analysts are recalibrating their views on valuation, earnings power and execution risk.
CKI
CA$22.69
Clarke
7D
-12.5%
1Y
1.1%
BAM
CA$63.81
Brookfield Asset Management
7D
1.5%
1Y
-16.4%
VST
CA$0.57
Victory Square Technologies
7D
-25.0%
1Y
159.1%
AD.UN
CA$23.06
Alaris Equity Partners Income Trust
7D
-1.5%
1Y
23.0%
Narrative Update • Jun 01

AD.UN: Higher Payout And Buyback Will Support Future Cash Flow Stability

Analysts have nudged their price target on Alaris Equity Partners Income Trust higher, with recent CA$0.50 and CA$3 increases cited, alongside updated assumptions around discount rates, revenue growth, profit margins and forward P/E that support a revised fair value of CA$27.22. Analyst Commentary Bullish Takeaways Bullish analysts see recent price target moves, including CA$0.50 and CA$3 upward revisions, as support for a higher fair value framework around CA$27.22.
SII
CA$157.54
Sprott
7D
-11.6%
1Y
84.2%
X
CA$50.33
TMX Group
7D
6.2%
1Y
-7.9%
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.
STCK
CA$26.81
Stack Capital Group
7D
-8.7%
1Y
119.4%
FIH.U
US$18.00
Fairfax India Holdings
7D
0.6%
1Y
-0.3%