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Canadian (TSX) Capital Markets Industry Analysis

UpdatedJul 14, 2026
DataAggregated Company Financials
Companies162
  • 7D-1.2%
  • 3M-0.2%
  • 1Y-1.0%
  • YTD-4.0%

The Capital Markets industry has stayed flat over the last week. In line with that, the industry has also been flat over the past 12 months. 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
Tue, 14 Jul 2026CA$314.4bCA$134.4bCA$9.6b9.7x32.7x2.3x
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
Price to Earnings Ratio

24.1x


Total Market Cap: CA$138.7bTotal Earnings: CA$5.8bTotal Revenue: CA$148.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Capital Markets Industry Price to Earnings3Y Average 37.1x202420252026
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 32.7x which is lower than its 3-year average PE of 37.1x.
  • 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 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-0.069%
Financials-0.068%
Capital Markets-1.19%
Financial Exchanges and Data2.07%
Asset Management-1.33%
Investment Banking and Brokerage-2.44%
Industry PE
  • Investors are most optimistic about the Asset Management industry even though it's trading below its 3-year average PE ratio of 37.0x.
    • Analysts are expecting annual earnings growth of 14.0%, which is lower than the prior year's growth of 28.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Asset Management industry, expecting annual earnings growth of 14% over the next 5 years.
  • However this is lower than its past earnings growth rate of 29% 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
IGM IGM FinancialCA$82.862.3%
+CA$438.5m		93.7%PE16.7x
X TMX GroupCA$48.572.1%
+CA$273.0m		-12.9%PE25.1x
AGF.B AGF ManagementCA$21.754.1%
+CA$55.1m		71.4%PE10.1x
QRC Queen's Road Capital InvestmentCA$13.455.1%
+CA$34.6m		90.2%PE1.5x
AD.UN Alaris Equity Partners Income TrustCA$24.661.9%
+CA$21.4m		30.5%PE10.4x

Latest News

BN
CA$61.40
Brookfield
7D
-1.7%
1Y
5.2%
X
CA$48.57
TMX Group
7D
2.1%
1Y
-12.9%
IGM
CA$82.86
IGM Financial
7D
2.3%
1Y
93.7%
Narrative Update • Jul 10

IGM: Record Asset Flows And AI Fund Commitment May Support Steady Returns

The analyst price target for IGM Financial has been raised by CA$2.25 to CA$79.38. This change reflects updated analyst expectations that incorporate revised fair value assumptions and refreshed views on revenue growth, profitability, and future P/E levels following a series of recent price target increases across the Street.
BAM
CA$66.01
Brookfield Asset Management
7D
-1.1%
1Y
-15.5%
Narrative Update • Jul 10

BAM: AI Infrastructure Partnerships Will Drive Long Duration Fee Opportunities

Analysts have nudged the fair value estimate for Brookfield Asset Management higher to about CA$98.00 from roughly CA$95.10, reflecting updated assumptions on discount rate, growth, margins and P/E. This comes alongside Street research that highlights both expanded partnerships and mixed adjustments to individual price targets, including Piper Sandler's lift to CA$50 and TD Securities' revision to CA$69.
CKI
CA$23.47
Clarke
7D
4.5%
1Y
-16.4%
AGF.B
CA$21.75
AGF Management
7D
4.1%
1Y
71.4%
Narrative Update • Jul 09

AGF.B: Future Performance Will Hinge On AUM Momentum And Margin Execution

AGF Management’s fair value estimate has been lifted from CA$16.50 to CA$20.00, as analysts point to higher Street price targets, including the recent CA$23 and CA$21 moves, along with updated assumptions for revenue growth, profit margins, and a lower future P/E. Analyst Commentary Recent Street commentary on AGF Management highlights a mix of optimism and caution, with some firms lifting price targets while others trim expectations and flag execution and valuation risks.
DEFI
CA$0.64
DeFi Technologies
7D
-14.7%
1Y
-85.8%
Narrative Update • Jul 08

DEFI: Building Through Crypto Downturn Will Drive Future Rebound Potential

DeFi Technologies' average analyst price target has been revised lower, with recent moves including cuts from CA$1.00 to CA$0.90 and from CA$3.00 to CA$2.00, as analysts factor in more conservative revenue growth, slimmer expected profit margins, and a higher future P/E assumption, while still citing the company's focus on building capabilities during weaker crypto conditions. Analyst Commentary Recent Street research on DeFi Technologies points to a more cautious tone, with multiple price target cuts framing how analysts see the balance between the company’s growth ambitions and the risks around execution, profitability, and valuation.
AD.UN
CA$24.66
Alaris Equity Partners Income Trust
7D
1.9%
1Y
30.5%
ONEX
CA$106.22
Onex
7D
-5.5%
1Y
-7.2%
HODL
CA$1.81
Sol Strategies
7D
-17.4%
1Y
-88.7%
CF
CA$14.40
Canaccord Genuity Group
7D
-2.4%
1Y
30.3%
SEC
CA$405.00
Senvest Capital
7D
1.3%
1Y
20.1%
SII
CA$147.45
Sprott
7D
-12.6%
1Y
49.1%
QRC
CA$13.45
Queen's Road Capital Investment
7D
5.1%
1Y
90.2%
WI
CA$1.06
Western Investment Company of Canada
7D
3.9%
1Y
65.6%
FIH.U
US$18.30
Fairfax India Holdings
7D
-1.0%
1Y
-5.9%