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Canadian (TSX) Healthcare Sector Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies126
  • 7D-11.3%
  • 3M5.9%
  • 1Y16.0%
  • YTD11.8%

Over the last 7 days, the Healthcare industry has dropped 11%, driven by a pullback from Curaleaf Holdings of 38%. On the other hand NervGen Pharma is actually up 19%. Over the past 12 months, the industry was up 16%. Looking forward, earnings are forecast to grow by 67% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025CA$35.6bCA$19.2b-CA$2,205,036,198.4618.9x-16.1x1.9x
Fri, 21 Nov 2025CA$30.6bCA$19.4b-CA$2,183,084,997.8418.6x-14x1.6x
Sun, 19 Oct 2025CA$37.1bCA$19.5b-CA$2,329,064,864.3341.2x-15.9x1.9x
Tue, 16 Sep 2025CA$33.9bCA$19.3b-CA$2,300,400,136.9140.6x-14.7x1.8x
Thu, 14 Aug 2025CA$34.4bCA$19.7b-CA$2,692,924,486.9829.2x-12.8x1.7x
Sat, 12 Jul 2025CA$28.8bCA$19.5b-CA$2,784,539,802.2024.2x-10.3x1.5x
Mon, 09 Jun 2025CA$27.3bCA$19.5b-CA$2,819,021,856.8322.8x-9.7x1.4x
Wed, 07 May 2025CA$27.7bCA$19.4b-CA$2,705,265,183.4523.2x-10.2x1.4x
Fri, 04 Apr 2025CA$25.9bCA$19.8b-CA$2,811,803,653.6719.3x-9.2x1.3x
Sun, 02 Mar 2025CA$27.7bCA$20.0b-CA$2,669,391,965.2822.7x-10.4x1.4x
Tue, 28 Jan 2025CA$28.5bCA$19.8b-CA$2,717,359,670.3329.4x-10.5x1.4x
Thu, 26 Dec 2024CA$28.6bCA$19.8b-CA$2,726,031,884.1125x-10.5x1.4x
Sat, 23 Nov 2024CA$29.8bCA$19.7b-CA$2,821,378,940.8418.4x-10.6x1.5x
Mon, 21 Oct 2024CA$34.7bCA$19.4b-CA$2,973,499,232.9020.6x-11.7x1.8x
Wed, 18 Sep 2024CA$32.9bCA$19.3b-CA$2,970,119,231.9821.4x-11.1x1.7x
Fri, 16 Aug 2024CA$33.2bCA$19.3b-CA$3,022,615,282.9421.6x-11x1.7x
Sun, 14 Jul 2024CA$33.3bCA$19.1b-CA$3,642,464,971.4719.5x-9.1x1.7x
Tue, 11 Jun 2024CA$33.9bCA$19.4b-CA$3,322,565,579.3418.8x-10.2x1.7x
Thu, 09 May 2024CA$35.4bCA$19.3b-CA$4,001,093,823.2516.8x-8.9x1.8x
Sat, 06 Apr 2024CA$36.3bCA$19.4b-CA$4,016,092,787.6812x-9x1.9x
Mon, 04 Mar 2024CA$33.7bCA$19.3b-CA$4,757,998,809.4313.2x-7.1x1.7x
Wed, 31 Jan 2024CA$38.0bCA$20.1b-CA$7,639,268,358.0014x-5x1.9x
Fri, 29 Dec 2023CA$32.9bCA$19.9b-CA$7,635,190,650.0013.8x-4.3x1.7x
Sun, 26 Nov 2023CA$32.9bCA$20.2b-CA$7,856,496,393.0015.8x-4.2x1.6x
Tue, 24 Oct 2023CA$31.5bCA$20.0b-CA$8,397,610,125.0017.3x-3.7x1.6x
Thu, 21 Sep 2023CA$36.0bCA$20.5b-CA$8,926,679,944.0017.8x-4x1.8x
Sat, 19 Aug 2023CA$29.3bCA$20.6b-CA$9,107,160,066.0018.8x-3.2x1.4x
Mon, 17 Jul 2023CA$31.8bCA$20.5b-CA$10,797,599,060.0021.6x-2.9x1.5x
Wed, 14 Jun 2023CA$30.2bCA$20.6b-CA$11,495,936,333.0015.8x-2.6x1.5x
Fri, 12 May 2023CA$30.8bCA$20.6b-CA$11,341,002,378.0019.6x-2.7x1.5x
Sun, 09 Apr 2023CA$29.7bCA$21.6b-CA$11,329,273,668.0015.6x-2.6x1.4x
Tue, 07 Mar 2023CA$35.0bCA$21.9b-CA$11,724,190,675.0020x-3x1.6x
Thu, 02 Feb 2023CA$36.0bCA$21.8b-CA$11,535,061,361.0019.7x-3.1x1.7x
Sat, 31 Dec 2022CA$34.2bCA$21.9b-CA$11,567,811,643.0020x-3x1.6x
Price to Earnings Ratio

-3x


Total Market Cap: CA$34.2bTotal Earnings: -CA$11,567,811,643.00Total Revenue: CA$21.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Healthcare Sector Price to Earnings3Y Average -8.1x202320242025
Current Industry PE
  • Investors are optimistic on the Canadian Healthcare industry, and appear confident in long term growth rates.
  • The 3-year average PS ratio of 1.6x is lower than the industry's current PS ratio of 1.9x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have improved over the last three years.
  • Meanwhile revenues for these companies have declined 4.4% per year.
  • This means that less sales are being generated overall, but since the cost of doing business is lower, losses have been shrinking.

Industry Trends

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

CA Market2.23%
Healthcare-11.30%
Medical Equipment3.96%
Healthtech3.28%
Biotech1.01%
Healthcare Services0.63%
Life Sciences-0.93%
Pharma-22.55%
Industry PE
  • Investors are most optimistic about the Healthcare Services industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 76.4%, which is higher than its past year's earnings growth of 42.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare Services industry, expecting annual earnings growth of 76% over the next 5 years.
  • This is better than its past earnings growth rate of 42% per year.
  • In contrast, the Biotech industry is expected to see its earnings decline by 5.1% 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
NGEN NervGen PharmaCA$6.9019.0%
+CA$86.9m		121.9%PE-21.3x
EPRX Eupraxia PharmaceuticalsCA$10.0016.7%
+CA$72.4m		122.7%PB6.3x
SIA Sienna Senior LivingCA$20.923.7%
+CA$71.3m		33.5%PE50.4x
KSI kneat.comCA$4.8212.9%
+CA$52.5m		-19.8%PS7.7x
CSH.UN Chartwell Retirement ResidencesCA$20.370.6%
+CA$39.5m		33.9%PE240.8x

Latest News

CURA
CA$3.85
Curaleaf Holdings
7D
-38.2%
1Y
71.9%

CURA: Regulatory Momentum Will Likely Drive A Bullish Re-Rating Ahead

Analysts have raised their price target on Curaleaf Holdings from C$2.65 to C$4.40, citing improving growth and profitability expectations, along with a more favorable regulatory backdrop that could drive a broader sector re rating. Analyst Commentary While the latest forecast revisions highlight improving fundamentals for Curaleaf Holdings, recent Street research also underscores a more nuanced outlook, with some market participants emphasizing residual risks around execution and the regulatory timeline.
WEED
CA$1.93
Canopy Growth
7D
-23.7%
1Y
-52.3%

WEED: Medical Expansion Will Drive Future Upside For Shares

Analysts have nudged their price target on Canopy Growth higher to reflect an improved fair value estimate, rising from approximately $3.30 to $3.76. This revision is supported by slightly stronger projected revenue growth, a notable uplift in expected profit margins, and a lower anticipated future price to earnings multiple.
TRUL
CA$10.65
Trulieve Cannabis
7D
-30.4%
1Y
54.6%

Trulieve Cannabis Corp.'s (CSE:TRUL) Shares Climb 55% But Its Business Is Yet to Catch Up

Dec 22
Trulieve Cannabis Corp.'s (CSE:TRUL) Shares Climb 55% But Its Business Is Yet to Catch Up
CL
CA$1.65
Cresco Labs
7D
-39.3%
1Y
32.0%
CWEB
CA$0.39
Charlotte's Web Holdings
7D
85.7%
1Y
178.6%
SIA
CA$20.92
Sienna Senior Living
7D
3.7%
1Y
33.5%
GTII
CA$10.60
Green Thumb Industries
7D
-18.5%
1Y
-4.6%
CRON
CA$3.75
Cronos Group
7D
-14.4%
1Y
31.1%
CSH.UN
CA$20.37
Chartwell Retirement Residences
7D
0.6%
1Y
33.9%
KSI
CA$4.82
kneat.com
7D
12.9%
1Y
-19.8%

KSI: Expanding Global Validation Agreements Will Drive Future Outperformance

We lower our Kneat.com price target to C$5.50 from C$7.50, reflecting analysts' reduced near term expectations for valuation multiples, despite largely unchanged long term growth and margin assumptions. Analyst Commentary Recent Street research reflects a more tempered near term outlook for Kneat.com, with price targets revised lower but positive ratings maintained, signaling continued confidence in the company’s underlying growth trajectory.
TSND
CA$1.05
TerrAscend
7D
-31.8%
1Y
15.4%

TSND: Licensing Expansion Into Mid Atlantic Markets Will Drive Stronger Profitability

Analysts have raised their price target on TerrAscend by approximately $2.25 to about $1.98 per share. They cited expectations for stronger profit margins and a more reasonable future earnings multiple, even as they moderate revenue growth assumptions and apply a slightly higher discount rate.
EPRX
CA$10.00
Eupraxia Pharmaceuticals
7D
16.7%
1Y
122.7%
VRNO
CA$1.69
Verano Holdings
7D
-29.3%
1Y
-9.1%

VRNO: Expanded Licenses And Retail Footprint Will Drive Stronger Market Position

Analysts have reduced their average price target on Verano Holdings from approximately 184.62 to about 56.93 per share. This reflects updated expectations for stronger revenue growth and improving profit margins, but at a more conservative future earnings multiple.
CPH
CA$15.00
Cipher Pharmaceuticals
7D
7.5%
1Y
1.8%

CPH: Share Buybacks Will Support Earnings And Maintain A Balanced Outlook

Analysts have nudged their price target on Cipher Pharmaceuticals higher, from 14.00 dollars to 14.50 dollars, citing stronger expected revenue growth, improved profit margins, and a more attractive forward earnings multiple despite a slightly higher discount rate. What's in the News Cipher Pharmaceuticals repurchased 141,700 shares between July 1 and September 30, 2025, totaling CAD 2.18 million and representing 0.56% of outstanding shares (company buyback update).
HBP
CA$2.40
Helix BioPharma
7D
16.5%
1Y
147.4%
NGEN
CA$6.90
NervGen Pharma
7D
19.0%
1Y
121.9%