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Canadian (TSX) Industrials Sector Analysis

UpdatedApr 16, 2026
DataAggregated Company Financials
Companies105
  • 7D1.3%
  • 3M-1.2%
  • 1Y3.0%
  • YTD0.9%

The Industrials industry is up 3.0% in the last week, with Canadian National Railway up 4.7%. Meanwhile, GFL Environmental actually underperformed within the industry, shrinking 14% in the last week. Overall in the last year, the industry is flat. 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
Thu, 16 Apr 2026CA$476.8bCA$240.0bCA$19.2b25.9x24.9x2x
Sat, 14 Mar 2026CA$453.3bCA$202.5bCA$19.2b25.4x23.6x2.2x
Mon, 09 Feb 2026CA$460.4bCA$208.2bCA$18.0b23.9x25.6x2.2x
Wed, 07 Jan 2026CA$465.0bCA$208.2bCA$18.3b21.5x25.4x2.2x
Fri, 05 Dec 2025CA$464.4bCA$208.7bCA$18.4b20.4x25.3x2.2x
Sun, 02 Nov 2025CA$481.8bCA$206.2bCA$19.4b23.3x24.8x2.3x
Tue, 30 Sep 2025CA$478.9bCA$205.7bCA$19.4b22.9x24.7x2.3x
Thu, 28 Aug 2025CA$497.2bCA$204.6bCA$19.3b23.3x25.8x2.4x
Sat, 26 Jul 2025CA$511.6bCA$202.2bCA$16.7b23.9x30.7x2.5x
Mon, 23 Jun 2025CA$507.5bCA$202.2bCA$16.6b19.6x30.5x2.5x
Wed, 21 May 2025CA$515.1bCA$202.9bCA$16.8b20.7x30.6x2.5x
Fri, 18 Apr 2025CA$465.3bCA$199.2bCA$15.7b19x29.7x2.3x
Sun, 16 Mar 2025CA$477.4bCA$200.8bCA$15.9b19.7x30x2.4x
Tue, 11 Feb 2025CA$495.6bCA$199.0bCA$16.7b21.6x29.6x2.5x
Thu, 09 Jan 2025CA$491.5bCA$199.0bCA$17.6b21x27.9x2.5x
Sat, 07 Dec 2024CA$502.5bCA$198.4bCA$17.6b22.1x28.6x2.5x
Mon, 04 Nov 2024CA$485.1bCA$196.1bCA$18.0b22.7x26.9x2.5x
Wed, 02 Oct 2024CA$488.5bCA$194.3bCA$17.1b21.3x28.5x2.5x
Fri, 30 Aug 2024CA$478.8bCA$194.3bCA$17.1b22.3x28x2.5x
Sun, 28 Jul 2024CA$476.7bCA$168.3bCA$16.7b22.6x28.5x2.8x
Tue, 25 Jun 2024CA$465.0bCA$167.3bCA$16.8b21x27.6x2.8x
Thu, 23 May 2024CA$477.9bCA$167.7bCA$17.4b21.3x27.4x2.9x
Sat, 20 Apr 2024CA$473.4bCA$165.3bCA$17.9b20.2x26.4x2.9x
Mon, 18 Mar 2024CA$485.7bCA$164.6bCA$17.9b20.2x27.2x3x
Wed, 14 Feb 2024CA$464.8bCA$163.3bCA$17.3b19.8x26.9x2.8x
Fri, 12 Jan 2024CA$451.4bCA$164.8bCA$16.1b20x28x2.7x
Sun, 10 Dec 2023CA$434.7bCA$165.3bCA$16.2b18.4x26.9x2.6x
Tue, 07 Nov 2023CA$411.7bCA$161.2bCA$15.7b18.1x26.2x2.6x
Thu, 05 Oct 2023CA$406.4bCA$161.1bCA$15.8b16.4x25.7x2.5x
Sat, 02 Sep 2023CA$432.5bCA$160.9bCA$15.8b16.9x27.4x2.7x
Mon, 31 Jul 2023CA$430.7bCA$158.0bCA$14.4b18x29.9x2.7x
Wed, 28 Jun 2023CA$421.8bCA$156.9bCA$13.8b19x30.6x2.7x
Fri, 26 May 2023CA$415.7bCA$157.6bCA$13.7b18.5x30.3x2.6x
Sun, 23 Apr 2023CA$437.0bCA$153.8bCA$13.8b21x31.6x2.8x
Price to Earnings Ratio

31.6x


Total Market Cap: CA$437.0bTotal Earnings: CA$13.8bTotal Revenue: CA$153.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 27.7x202420252026
Current Industry PE
  • Investors are pessimistic on the Canadian Industrials 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 24.6x which is lower than its 3-year average PE of 27.7x.
  • The 3-year average PS ratio of 2.5x is higher than the industry's current PS ratio of 2.0x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 12% per year over the last three years.
  • Revenues for these companies have grown 16% 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 Market1.73%
Industrials1.28%
Electrical11.92%
Aerospace & Defense6.48%
Professional Services6.45%
Construction3.80%
Industrials3.70%
Airlines2.38%
Marine and Shipping1.49%
Machinery0.80%
Infrastructure0.34%
Trade Distributors0.15%
Building-0.03%
Transportation-0.059%
Logistics-2.15%
Commercial Services-5.17%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 113x.
    • Analysts are expecting annual earnings growth of 25.6%, which is higher than its past year's earnings growth of 2.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Machinery industry, expecting annual earnings growth of 58% 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
TRI Thomson ReutersCA$126.916.5%
+CA$3.4b		-49.2%PE27.7x
CNR Canadian National RailwayCA$150.971.3%
+CA$1.2b		10.5%PE19.5x
WSP WSP GlobalCA$228.303.8%
+CA$1.1b		-8.4%PE31.9x
BBD.B BombardierCA$269.003.7%
+CA$951.3m		217.8%PE20.5x
MDA MDA SpaceCA$47.5716.8%
+CA$948.4m		87.7%PE60.8x

Latest News

MDA
CA$47.57
MDA Space
7D
16.8%
1Y
87.7%
GFL
CA$53.48
GFL Environmental
7D
-12.8%
1Y
-20.6%
CNR
CA$150.97
Canadian National Railway
7D
1.3%
1Y
10.5%

CNR: Shareholder Returns And Infrastructure Stability Will Support Future Earnings Compounding

Analysts have inched their price target on Canadian National Railway lower by about CA$0.30 to CA$154.75, citing slightly more conservative assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Bullish Takeaways Bullish analysts focus on Canadian National Railway's ability to support their fair value work with detailed assumptions on revenue, margin profile, and P/E.
RCH
CA$38.69
Richelieu Hardware
7D
-4.5%
1Y
18.9%
STN
CA$125.07
Stantec
7D
2.9%
1Y
3.8%
EFN
CA$32.55
Element Fleet Management
7D
3.2%
1Y
9.2%
MTL
CA$17.64
Mullen Group
7D
-1.7%
1Y
42.3%

MTL: Margin Execution And Buybacks Will Support Future Cash Flow Confidence

Analysts have increased their price target on Mullen Group by CA$0.75, citing higher assumed profit margins and a lower future P/E estimate as key elements in the latest research updates. Analyst Commentary Bullish Takeaways Bullish analysts see the higher assumed profit margins as support for a higher justified valuation, which feeds directly into the CA$0.75 and CA$2.50 target moves.
ATRL
CA$94.03
AtkinsRéalis Group
7D
4.5%
1Y
35.3%

ATRL: Nuclear And AI Infrastructure Pipeline Will Support Long Term Rerating

Analysts have trimmed their average price target for AtkinsRéalis Group by about CA$1. This reflects slightly higher discount rates and a modestly lower fair value estimate, while keeping revenue growth, profit margin, and future P/E assumptions broadly unchanged.
TRI
CA$126.91
Thomson Reuters
7D
6.5%
1Y
-49.2%

TRI: Larger Buybacks And Higher Dividend Will Support Future Upside

Analysts have made a modest upward adjustment to their CA$ price target for Thomson Reuters, reflecting slightly higher fair value estimates alongside small tweaks to discount rate and forward P/E assumptions. What's in the News Thomson Reuters announced a partnership with Smokeball to link Smokeball's practice management tools and AI matter assistant with CoCounsel Legal, aiming to create an integrated legal tech workflow for joint U.S. customers, including a real-time data connector for bulk document syncing across platforms (Client Announcements).
BBD.B
CA$269.00
Bombardier
7D
3.7%
1Y
217.8%

BBD.B: Future Earnings Profile Will Depend On Execution And Cash Generation

Analysts have lifted the Bombardier price target from about CA$201 to roughly CA$309, citing updated assumptions around fair value, a lower discount rate, and a higher future P/E multiple despite slightly softer revenue growth and profit margin inputs. Analyst Commentary Recent Street research on Bombardier has been active, with several firms adjusting their price targets and ratings over a short period.
TIH
CA$207.70
Toromont Industries
7D
-0.9%
1Y
83.2%

TIH: Index Inclusion And Dividend Increase Will Shape A Measured Forward Outlook

Analysts have lifted their price expectations for Toromont Industries, with Street targets now ranging from CA$181 to CA$228. These updated views on the company align closely with a refreshed fair value estimate of about CA$207.89 per share.
WSP
CA$228.30
WSP Global
7D
3.8%
1Y
-8.4%

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

Analyst price targets for WSP Global have moved within a CA$284 to CA$343 range, as recent updates reflect mixed revisions supported by ongoing reassessments of the company's valuation framework and a slightly higher discount rate applied in current models. Analyst Commentary Recent research reports point to a mixed but generally constructive stance on WSP Global, with several analysts adjusting their models and price targets within a relatively tight CA$284 to CA$343 band.
CJT
CA$82.00
Cargojet
7D
-2.1%
1Y
6.6%
CP
CA$111.38
Canadian Pacific Kansas City
7D
-1.4%
1Y
10.1%
RUS
CA$49.20
Russel Metals
7D
-1.3%
1Y
28.2%

RUS: Future Upside Will Rely On Higher P E And Share Buybacks

Russel Metals’ analyst price target range has moved higher into the CA$54 to CA$57 band, reflecting updated models from several firms, while small tweaks to the discount rate and forward P/E assumptions leave the intrinsic value estimate essentially unchanged. Analyst Commentary Recent research shows a wide range of views on Russel Metals, with several bullish analysts lifting price targets into the mid CA$50s while a couple of firms have turned more cautious.
TBL
CA$3.58
Taiga Building Products
7D
-5.3%
1Y
-7.5%