Has the Canadian Healthcare Sector valuation changed over the past few years?

Investors are optimistic on the Canadian Healthcare industry, and appear confident in long term growth rates. The 3-year average PS ratio of 1.7x is lower than the industry's current PS ratio of 2.0x.

Which industries have driven the changes within the Canadian Healthcare sector?

Investors are most optimistic about the Healthcare Services industry which is trading above its 3-year average PE ratio of 19.4x. Analysts are expecting annual earnings growth of 66.0%, which is higher than its past year's earnings growth of 45.8% per year.

Canadian (TSX) Healthcare Sector Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Fri, 11 Sep 2026	CA$40.9b	CA$20.4b	-CA$1,098,270,579.58	19.2x	-37.2x	2x
Sun, 09 Aug 2026	CA$33.3b	CA$17.6b	-CA$1,634,390,314.04	19x	-20.4x	1.9x
Tue, 07 Jul 2026	CA$35.2b	CA$17.3b	-CA$1,962,796,085.80	23.7x	-17.9x	2x
Thu, 04 Jun 2026	CA$36.0b	CA$18.8b	-CA$2,115,719,229.75	17.7x	-17x	1.9x
Sat, 02 May 2026	CA$36.8b	CA$17.4b	-CA$1,901,372,897.36	27.5x	-19.4x	2.1x
Mon, 30 Mar 2026	CA$29.9b	CA$17.6b	-CA$1,937,818,440.81	18.8x	-15.4x	1.7x
Wed, 25 Feb 2026	CA$33.0b	CA$17.6b	-CA$2,142,610,295.71	20.6x	-15.4x	1.9x
Fri, 23 Jan 2026	CA$33.7b	CA$17.6b	-CA$2,193,722,812.18	22.2x	-15.4x	1.9x
Sun, 21 Dec 2025	CA$36.3b	CA$19.2b	-CA$2,218,049,355.91	18.3x	-16.4x	1.9x
Tue, 18 Nov 2025	CA$31.3b	CA$19.3b	-CA$2,176,202,702.67	18.4x	-14.4x	1.6x
Thu, 16 Oct 2025	CA$38.0b	CA$19.5b	-CA$2,324,329,502.13	37.4x	-16.3x	1.9x
Sat, 13 Sep 2025	CA$33.8b	CA$19.4b	-CA$2,306,722,728.71	41.2x	-14.7x	1.7x
Mon, 11 Aug 2025	CA$31.8b	CA$19.7b	-CA$2,660,658,007.15	28.9x	-11.9x	1.6x
Wed, 09 Jul 2025	CA$27.7b	CA$19.5b	-CA$2,785,963,237.19	23.9x	-9.9x	1.4x
Fri, 06 Jun 2025	CA$27.1b	CA$19.5b	-CA$2,814,636,543.66	21.6x	-9.6x	1.4x
Sun, 04 May 2025	CA$28.0b	CA$19.5b	-CA$2,751,222,867.36	26x	-10.2x	1.4x
Tue, 01 Apr 2025	CA$26.3b	CA$20.0b	-CA$2,835,593,642.49	19.7x	-9.3x	1.3x
Thu, 27 Feb 2025	CA$27.5b	CA$19.8b	-CA$2,505,781,271.94	25.2x	-11x	1.4x
Sat, 25 Jan 2025	CA$28.1b	CA$19.8b	-CA$2,714,950,965.95	33.5x	-10.3x	1.4x
Mon, 23 Dec 2024	CA$28.7b	CA$19.8b	-CA$2,739,148,503.86	25x	-10.5x	1.4x
Wed, 20 Nov 2024	CA$30.5b	CA$19.9b	-CA$2,937,934,130.10	17.1x	-10.4x	1.5x
Fri, 18 Oct 2024	CA$33.6b	CA$19.4b	-CA$2,972,501,588.73	20.7x	-11.3x	1.7x
Sun, 15 Sep 2024	CA$32.6b	CA$19.3b	-CA$2,982,041,003.58	21.4x	-10.9x	1.7x
Tue, 13 Aug 2024	CA$32.8b	CA$19.2b	-CA$3,220,642,606.86	23.3x	-10.2x	1.7x
Thu, 11 Jul 2024	CA$32.0b	CA$19.1b	-CA$3,649,180,597.31	19.5x	-8.8x	1.7x
Sat, 08 Jun 2024	CA$33.3b	CA$19.4b	-CA$3,301,335,100.22	17.7x	-10.1x	1.7x
Mon, 06 May 2024	CA$36.8b	CA$19.3b	-CA$3,996,138,129.73	16.9x	-9.2x	1.9x
Wed, 03 Apr 2024	CA$32.6b	CA$18.0b	-CA$4,075,278,994.69	12.4x	-8x	1.8x
Fri, 01 Mar 2024	CA$33.6b	CA$19.4b	-CA$5,103,180,127.39	15.4x	-6.6x	1.7x
Sun, 28 Jan 2024	CA$37.7b	CA$20.1b	-CA$7,670,250,299.00	11.3x	-4.9x	1.9x
Tue, 26 Dec 2023	CA$32.2b	CA$19.9b	-CA$7,643,051,814.00	13.5x	-4.2x	1.6x
Thu, 23 Nov 2023	CA$33.0b	CA$20.2b	-CA$7,874,900,043.00	15.6x	-4.2x	1.6x
Sat, 21 Oct 2023	CA$32.0b	CA$20.0b	-CA$8,402,140,233.00	17.8x	-3.8x	1.6x
Mon, 18 Sep 2023	CA$38.8b	CA$20.5b	-CA$8,941,584,799.00	17.5x	-4.3x	1.9x


CA Market	-2.55%
Healthcare	-1.30%
Pharma	0.29%
Biotech	-1.60%
Life Sciences	-2.43%
Healthcare Services	-2.92%
Healthtech	-6.99%
Medical Equipment	-7.87%

Company	Last Price	7D	1Y	Valuation
CURA Curaleaf Holdings	CA$13.62	3.3% +CA$116.5m	29.0%	PS2x
VREO Vireo Growth	CA$16.69	11.6% +CA$84.5m	-13.1%	PS1.2x
APTX Apotex Health	CA$33.35	1.0% +CA$75.4m	n/a	PS2.4x
EPRX Eupraxia Pharmaceuticals	CA$11.08	6.9% +CA$47.5m	46.4%	PB5.2x
IAN iAnthus Capital Holdings	CA$0.01	100.0% +CA$34.9m	0%	PS0.4x

Announcement • 17h

WELL Health Technologies Corp Announces change of Chief Financial Officer

WELL Health Technologies Corp. announced a planned transition in its finance leadership including the appointment of Evelyn Sutherland as Chief Financial Officer, effective September 21, 2026. Ms. Sutherland has served on the Board of WELL’s subsidiary WELLSTAR Technologies Corp. (“WELLSTAR”) over the past year, helping guide WELLSTAR through its go-public process, and brings direct knowledge of WELL’s strategy, governance and culture to the role. Eva Fong, who helped lead WELL’s evolution from an early-stage start-up into one of Canada’s leading healthcare technology companies, will transition from the CFO role and assume a strategic Executive Advisor position with the Company. Ms. Sutherland brings more than 20 years of senior financial leadership experience across public and private organizations. Throughout her career, Ms. Sutherland has overseen private and public company financial reporting, financing initiatives, investor engagement, treasury management, enterprise risk management and strategic capital allocation, and has completed more than 50 acquisitions and divestitures. Her breadth of experience leading finance organizations at scale will support WELL’s continued growth as a leading healthcare technology company. Ms. Sutherland has worked across multiple industries, including retail, consumer services, utilities and real estate, bringing a broad operating and commercial perspective. Most recently, she served as Chief Financial Officer of Staples Canada, and previously, she held Chief Financial Officer positions at Enercare Inc., KEYreit and United Purchasing Group of Canada (Yum! Brands). She also served on the Board of Directors of Andlauer Healthcare Group until its acquisition by UPS in 2025, where she chaired the Corporate Governance & Nominating Committee and served on the Audit Committee. In addition, she served for eight years on the Board of the Canadian Mental Health Association, York Region and South Simcoe, including as Treasurer and Chair of the Audit Committee. Ms. Sutherland is a Fellow Chartered Professional Accountant (FCPA, FCA) with extensive experience in capital markets, treasury, investor relations, corporate finance and mergers and acquisitions. During Ms. Fong’s tenure, WELL established a strong financial and accounting foundation while executing an ambitious growth strategy. She played a key role in executing the Company’s capital allocation program which featured a significant number of acquisitions. Under her leadership, the Company strengthened its financial reporting, internal controls, treasury functions, financial discipline and strategic M&A expertise, positioning WELL to continue executing its long-term strategy from a position of financial strength. Ms. Fong also built a collaborative, high-performing culture at WELL from the ground up, developing the finance team, processes and capabilities required to support WELL’s rapid growth and increasing organizational complexity.

Announcement • Aug 22

Vireo Growth Inc. (CNSX:VREO) completed the acquisition of C21 Investments Inc. (CNSX:CXXI).

Vireo Growth Inc. (CNSX:VREO) entered into a definitive agreement to acquire C21 Investments Inc. (CNSX:CXXI) for $35.7 million on June 14, 2026. Vireo agreed to acquire all of the issued and outstanding common shares (collectively, the “C21 Shares”) after exchange of all subordinate voting shares of C21 into C21 Shares. Under the Arrangement, each issued and outstanding subordinate voting share of C21 (other than any C21 Share held by a dissenting shareholder) will be exchanged for 0.000001 common shares of C21. Following such exchange, each C21 common share outstanding will be transferred to Vireo in exchange for 0.023052 subordinate voting shares of Vireo. Subject to the satisfaction of all conditions to closing, upon completion of the Transaction, it is expected that the C21 Shares will be delisted from the Canadian Securities Exchange and the OTCQX Market and that C21 will apply to cease to be a reporting issuer under applicable Canadian and U.S. securities laws. In case of termination of transaction, seller will pay a termination fee of $3 million. The transaction is subject to subject to court approval, approval by regulatory board, approval of merger agreement by target board, approval of offer by acquirer board and approval of offer by target shareholders. The Board of Directors of C21 Investments Inc. formed a special committee for the transaction. The deal has been unanimously approved by the board. The special meeting for the shareholders of C21 Investments will be held to approve the transaction on August 7, 2026. The transaction is expected to close in the third quarter of 2026. On August 7, 2026, shareholders of C21 approved the transaction. C21 plans to apply for a final order of the Supreme Court of British Columbia for approval of the Arrangement on August 13, 2026. Assuming the satisfaction or waiver of other customary closing conditions and subject to the receipt of all relevant regulatory and court approvals, the transaction is expected to close on or about August 21, 2026. Needham & Company, LLC is acting as financial advisor to the C21 Board and provided the Independent Fairness Opinion to the C21 Board. Mikhail Ilinets and Amy Laverdure of Koffman Kalef LLP and Dorsey & Whitney LLP acted as legal advisor for C21 Investments Inc. Derek Bell, Russel Drew and Jamie Mandell of DLA Piper LLP acted as legal advisor for Vireo Growth Inc. Matthew Block and Craig Alcorn of Eversheds Sutherland LLP acted as legal advisor for Vireo Growth Inc. Computershare Investor Services Inc. acted as transfer agent for C21 Investments Inc. Davidson & Company LLP acted as accountant for C21 Investments Inc. Vireo Growth Inc. (CNSX:VREO) completed the acquisition of C21 Investments Inc. (CNSX:CXXI) on August 21, 2026.

Canadian (TSX) Healthcare Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

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