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Canadian (TSX) Industrials Sector Analysis

UpdatedFeb 13, 2026
DataAggregated Company Financials
Companies107
  • 7D-0.5%
  • 3M-2.3%
  • 1Y-7.3%
  • YTD-2.1%

Last week, the Industrials industry hasn't moved much but Canadian National Railway is up 6.4% in that time. As for the longer term, the industry has declined 7.3% in the last year. Looking forward, earnings are forecast to grow by 12% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 13 Feb 2026CA$467.3bCA$205.5bCA$18.1b24.7x25.8x2.3x
Sun, 11 Jan 2026CA$470.1bCA$208.5bCA$18.3b21.4x25.6x2.3x
Tue, 09 Dec 2025CA$460.7bCA$208.4bCA$18.3b20.4x25.1x2.2x
Thu, 06 Nov 2025CA$473.0bCA$206.6bCA$19.7b23.3x24x2.3x
Sat, 04 Oct 2025CA$483.6bCA$205.8bCA$19.3b23.2x25x2.3x
Mon, 01 Sep 2025CA$495.9bCA$204.5bCA$19.3b23.5x25.7x2.4x
Wed, 30 Jul 2025CA$510.4bCA$202.2bCA$16.4b23.3x31.1x2.5x
Fri, 27 Jun 2025CA$507.0bCA$201.9bCA$16.6b19.9x30.5x2.5x
Sun, 25 May 2025CA$505.8bCA$202.2bCA$16.7b20.2x30.2x2.5x
Tue, 22 Apr 2025CA$468.0bCA$199.2bCA$15.7b18.9x29.9x2.3x
Thu, 20 Mar 2025CA$475.1bCA$200.7bCA$15.9b18.8x30x2.4x
Sat, 15 Feb 2025CA$496.8bCA$198.1bCA$16.1b22.2x30.9x2.5x
Mon, 13 Jan 2025CA$479.9bCA$199.2bCA$17.6b21.5x27.2x2.4x
Wed, 11 Dec 2024CA$500.8bCA$198.4bCA$17.6b22.1x28.5x2.5x
Fri, 08 Nov 2024CA$496.2bCA$196.6bCA$17.7b23.4x28x2.5x
Sun, 06 Oct 2024CA$481.5bCA$194.5bCA$17.2b22.3x28x2.5x
Tue, 03 Sep 2024CA$481.4bCA$194.3bCA$17.1b22.5x28.1x2.5x
Thu, 01 Aug 2024CA$480.5bCA$169.1bCA$16.3b22.5x29.5x2.8x
Sat, 29 Jun 2024CA$473.6bCA$167.4bCA$16.8b21.5x28.1x2.8x
Mon, 27 May 2024CA$477.6bCA$167.6bCA$17.4b20.6x27.4x2.8x
Wed, 24 Apr 2024CA$481.2bCA$165.0bCA$17.9b20.5x26.9x2.9x
Fri, 22 Mar 2024CA$489.8bCA$164.7bCA$17.8b20.5x27.5x3x
Sun, 18 Feb 2024CA$479.1bCA$163.3bCA$17.2b20.1x27.9x2.9x
Tue, 16 Jan 2024CA$454.0bCA$164.9bCA$16.1b20.3x28.1x2.8x
Thu, 14 Dec 2023CA$437.5bCA$165.1bCA$16.1b18.6x27.1x2.7x
Sat, 11 Nov 2023CA$412.7bCA$163.2bCA$15.7b17.7x26.2x2.5x
Mon, 09 Oct 2023CA$410.6bCA$161.0bCA$15.8b17.5x26x2.6x
Wed, 06 Sep 2023CA$429.8bCA$161.0bCA$15.8b17.3x27.2x2.7x
Fri, 04 Aug 2023CA$428.5bCA$157.8bCA$15.6b17.8x27.4x2.7x
Sun, 02 Jul 2023CA$426.6bCA$157.1bCA$13.8b19x31x2.7x
Tue, 30 May 2023CA$420.7bCA$157.6bCA$13.7b19.5x30.7x2.7x
Thu, 27 Apr 2023CA$422.8bCA$154.8bCA$14.2b19.7x29.9x2.7x
Sat, 25 Mar 2023CA$415.3bCA$154.3bCA$14.0b19.9x29.8x2.7x
Mon, 20 Feb 2023CA$417.5bCA$151.5bCA$14.5b17.8x28.8x2.8x
Price to Earnings Ratio

28.8x


Total Market Cap: CA$417.5bTotal Earnings: CA$14.5bTotal Revenue: CA$151.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 28.1x202420252026
Current Industry PE
  • Investors are relatively neutral on the Canadian Industrials industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 28.1x.
  • The 3-year average PS ratio of 2.6x is higher than the industry's current PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 7.7% per year over the last three years.
  • Revenues for these companies have grown 11% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

CA Market1.74%
Industrials-0.46%
Electrical5.45%
Transportation4.84%
Marine and Shipping3.94%
Trade Distributors3.90%
Logistics2.51%
Infrastructure1.92%
Industrials1.67%
Aerospace & Defense1.28%
Machinery1.24%
Building-1.18%
Airlines-3.35%
Commercial Services-3.41%
Professional Services-3.46%
Construction-11.79%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 104x.
    • Analysts are expecting annual earnings growth of 18.7%, which is higher than its past year's earnings growth of 12.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Machinery industry, expecting annual earnings growth of 61% over the next 5 years.
  • This is better than its past earnings decline of 15% per year.
  • In contrast, the Logistics industry is expected to see its earnings decline by 7.8% 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
CNR Canadian National RailwayCA$145.916.4%
+CA$5.4b		0.3%PE18.9x
CP Canadian Pacific Kansas CityCA$113.845.1%
+CA$5.0b		2.6%PE24.7x
TIH Toromont IndustriesCA$197.338.9%
+CA$1.3b		60.5%PE32.4x
BBD.B BombardierCA$243.713.3%
+CA$764.1m		197.4%PE42.6x
CAE CAECA$42.652.8%
+CA$369.8m		27.8%PE31.5x

Latest News

CP
CA$113.84
Canadian Pacific Kansas City
7D
5.1%
1Y
2.6%
AC
CA$19.52
Air Canada
7D
-6.3%
1Y
7.1%
TIH
CA$197.33
Toromont Industries
7D
8.9%
1Y
60.5%
TFII
CA$157.10
TFI International
7D
-4.8%
1Y
-14.5%
GFL
CA$56.26
GFL Environmental
7D
-2.7%
1Y
-12.4%
BBD.B
CA$243.71
Bombardier
7D
3.3%
1Y
197.4%
EFN
CA$33.49
Element Fleet Management
7D
-5.5%
1Y
16.7%

Is Now The Time To Put Element Fleet Management (TSE:EFN) On Your Watchlist?

Feb 12
Is Now The Time To Put Element Fleet Management (TSE:EFN) On Your Watchlist?
TRI
CA$116.76
Thomson Reuters
7D
-3.5%
1Y
-54.0%
FTT
CA$87.20
Finning International
7D
1.0%
1Y
98.7%
CAE
CA$42.65
CAE
7D
2.8%
1Y
27.8%

CAE: Mixed Execution And Training Contracts Will Shape Measured Long-Term Returns

We are nudging our CAE fair value estimate slightly higher to $47.15 from $46.85, reflecting analysts' updated price targets and rationales that balance more conservative revenue growth assumptions with higher profit margin expectations and a modestly lower future P/E. Analyst Commentary Recent Street research on CAE reflects a mix of optimism on the company’s long term positioning and some caution around execution and valuation, which together inform our updated fair value estimate.
ATS
CA$41.94
ATS
7D
4.5%
1Y
-0.2%

ATS: Future P/E Rerating Will Reflect Execution On Order Backlog

The analyst price target for ATS has shifted slightly, with our fair value estimate moving by about $0.21 to reflect updated views on the discount rate, revenue growth, profit margins, and a modestly higher future P/E multiple, in line with recent mixed price target revisions from banks such as Scotiabank, TD Securities, and JPMorgan. Analyst Commentary Recent price target changes around ATS send a mixed but useful signal if you are trying to frame risk and reward.
STN
CA$118.79
Stantec
7D
-12.5%
1Y
7.6%

STN: Global Energy Contracts And 2025 Guidance Will Support Long Term Earnings

Analysts have made a small adjustment to their price target for Stantec to roughly CA$171. This reflects updated views on fair value, discount rate, revenue growth, profit margin, and future P/E assumptions.
HPS.A
CA$201.14
Hammond Power Solutions
7D
8.2%
1Y
116.7%

HPS.A: Stable Assumptions Will Support Long Term Margins And Fair Pricing

Analysts have left their price target for Hammond Power Solutions unchanged at $215.25, citing stable assumptions around revenue growth, profit margins, discount rate and forward P/E. Valuation Changes Fair Value: Modelled fair value remains unchanged at CA$215.25, indicating no adjustment to the central valuation estimate.
CNR
CA$145.91
Canadian National Railway
7D
6.4%
1Y
0.3%
WSP
CA$221.48
WSP Global
7D
-14.8%
1Y
-14.2%

WSP: Future Cash Flows Will Support Confidence In Higher Earnings Multiple

Analysts have lifted their price target on WSP Global by C$2, reflecting updated assumptions around discount rates, revenue growth, profit margins, and future P/E multiples that align with recent Street research. Analyst Commentary Bullish Takeaways Bullish analysts frame the C$2 price target lift as consistent with refreshed assumptions on discount rates and P/E multiples, which they see as better aligned with current Street thinking on the stock.
ATRL
CA$92.15
AtkinsRéalis Group
7D
-8.3%
1Y
29.1%

ATRL: Defence And Nuclear Infrastructure Wins Will Support Long Term Earnings Momentum

Analysts have nudged their fair value estimate for AtkinsRéalis Group to about $118.53 from roughly $117.36, reflecting refreshed models around revenue growth, profit margins, and a modestly higher future P/E multiple following recent price target moves across several firms. Analyst Commentary Recent Street research on AtkinsRéalis Group has centered on refreshed price targets and a new initiation, which together frame how analysts are thinking about the risk and reward profile at current levels.