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Canadian (TSX) Capital Markets Industry Analysis

UpdatedJun 24, 2026
DataAggregated Company Financials
Companies163
  • 7D-2.8%
  • 3M10.5%
  • 1Y2.3%
  • YTD-3.5%

Over the last 7 days, the Capital Markets industry has dropped 2.8%, driven by a pullback from Brookfield of 2.4%. Over the last year, the industry has been flat overall. 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, 24 Jun 2026CA$314.9bCA$134.8bCA$9.6b9.8x32.9x2.3x
Fri, 22 May 2026CA$315.3bCA$130.9bCA$9.2b9.2x34.1x2.4x
Sun, 19 Apr 2026CA$322.1bCA$127.0bCA$8.8b9.7x36.4x2.5x
Tue, 17 Mar 2026CA$280.6bCA$127.4bCA$8.6b8.7x32.7x2.2x
Thu, 12 Feb 2026CA$327.6bCA$123.9bCA$7.4b9x44.4x2.6x
Sat, 10 Jan 2026CA$334.3bCA$126.2bCA$7.7b9.1x43.4x2.6x
Mon, 08 Dec 2025CA$328.0bCA$125.5bCA$7.7b8.8x42.6x2.6x
Wed, 05 Nov 2025CA$337.9bCA$129.4bCA$7.4b9.6x45.7x2.6x
Fri, 03 Oct 2025CA$335.1bCA$128.2bCA$7.3b10.3x46x2.6x
Sun, 31 Aug 2025CA$335.1bCA$126.3bCA$7.2b10.3x46.6x2.7x
Tue, 29 Jul 2025CA$341.7bCA$132.2bCA$6.4b12.5x53.5x2.6x
Thu, 26 Jun 2025CA$310.9bCA$132.1bCA$6.4b11x48.7x2.4x
Sat, 24 May 2025CA$305.0bCA$132.1bCA$6.5b11.1x46.9x2.3x
Mon, 21 Apr 2025CA$280.0bCA$135.0bCA$4.3b10.7x64.6x2.1x
Wed, 19 Mar 2025CA$284.3bCA$139.0bCA$5.0b11.7x56.6x2x
Fri, 14 Feb 2025CA$325.1bCA$144.1bCA$5.8b13x56.5x2.3x
Sun, 12 Jan 2025CA$219.8bCA$150.6bCA$5.7b12.1x38.5x1.5x
Tue, 10 Dec 2024CA$234.0bCA$148.1bCA$5.6b12.6x41.5x1.6x
Thu, 07 Nov 2024CA$212.5bCA$151.3bCA$5.4b12.8x39x1.4x
Sat, 05 Oct 2024CA$193.7bCA$149.5bCA$5.4b10.5x35.5x1.3x
Mon, 02 Sep 2024CA$182.8bCA$148.5bCA$5.4b10.6x33.7x1.2x
Wed, 31 Jul 2024CA$181.4bCA$152.2bCA$5.4b9.1x33.7x1.2x
Fri, 28 Jun 2024CA$160.1bCA$150.5bCA$5.3b9.9x30.2x1.1x
Sun, 26 May 2024CA$168.7bCA$150.3bCA$5.3b11.1x32x1.1x
Tue, 23 Apr 2024CA$150.8bCA$157.1bCA$7.3b10.8x20.6x1x
Thu, 21 Mar 2024CA$153.8bCA$155.9bCA$7.9b11.3x19.5x1x
Sat, 17 Feb 2024CA$155.0bCA$155.7bCA$7.9b8.7x19.6x1x
Mon, 15 Jan 2024CA$147.9bCA$155.2bCA$6.5b9x22.7x1x
Wed, 13 Dec 2023CA$139.9bCA$157.1bCA$6.6b8.6x21.3x0.9x
Fri, 10 Nov 2023CA$127.8bCA$154.9bCA$5.1b10.2x25.2x0.8x
Sun, 08 Oct 2023CA$124.3bCA$153.1bCA$4.8b11x25.7x0.8x
Tue, 05 Sep 2023CA$137.2bCA$152.4bCA$4.8b10.7x28.5x0.9x
Thu, 03 Aug 2023CA$134.1bCA$150.1bCA$5.8b9.7x23x0.9x
Sat, 01 Jul 2023CA$133.3bCA$148.8bCA$5.7b9.5x23.3x0.9x
Price to Earnings Ratio

23.3x


Total Market Cap: CA$133.3bTotal Earnings: CA$5.7bTotal Revenue: CA$148.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Capital Markets Industry Price to Earnings3Y Average 36.9x202420252026
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 32.9x which is lower than its 3-year average PE of 36.9x.
  • 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-1.50%
Financials1.38%
Capital Markets-2.81%
Asset Management-2.61%
Investment Banking and Brokerage-2.62%
Financial Exchanges and Data-7.13%
Industry PE
  • Investors are most optimistic about the Asset Management industry even though it's trading below its 3-year average PE ratio of 36.8x.
    • 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
AGF.B AGF ManagementCA$19.572.4%
+CA$29.6m		46.7%PE10.9x
AD.UN Alaris Equity Partners Income TrustCA$24.091.6%
+CA$16.9m		23.2%PE10.1x
SEC Senvest CapitalCA$398.251.3%
+CA$12.7m		19.3%PE2.2x
CKI ClarkeCA$22.601.8%
+CA$6.0m		-2.8%PE11.8x
WI Western Investment Company of CanadaCA$0.982.6%
+CA$4.0m		75.0%PE12.1x

Latest News

GOGO
CA$0.18
GoGo AI Network
7D
15.6%
1Y
164.3%
IGM
CA$78.68
IGM Financial
7D
-3.8%
1Y
81.5%
Narrative Update • Jun 23

IGM: Higher Price Expectations And AI Restructuring May Support Steady Returns

Analyst price targets for IGM Financial have been revised higher by up to CA$10. Recent research cites updated valuation work and refreshed assumptions on discount rates and future P/E multiples as key drivers of the change.
AGF.B
CA$19.57
AGF Management
7D
2.4%
1Y
46.7%
SEC
CA$398.25
Senvest Capital
7D
1.3%
1Y
19.3%
BN
CA$62.44
Brookfield
7D
-2.4%
1Y
11.2%
AD.UN
CA$24.09
Alaris Equity Partners Income Trust
7D
1.6%
1Y
23.2%
NUCA
CA$0.38
Americas Uranium
7D
15.2%
1Y
n/a
SII
CA$161.37
Sprott
7D
-11.9%
1Y
82.2%
X
CA$48.05
TMX Group
7D
-7.1%
1Y
-14.3%
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.
BAM
CA$66.68
Brookfield Asset Management
7D
-2.0%
1Y
-12.8%
ONEX
CA$105.40
Onex
7D
-4.9%
1Y
-4.8%
CKI
CA$22.60
Clarke
7D
1.8%
1Y
-2.8%
WI
CA$0.98
Western Investment Company of Canada
7D
2.6%
1Y
75.0%
FIH.U
US$17.20
Fairfax India Holdings
7D
-5.0%
1Y
-5.2%
PVF.UN
CA$17.00
Partners Value Investments
7D
-4.0%
1Y
21.4%
LBI
CA$0.32
Lions Bay Capital
7D
28.0%
1Y
220.0%