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Canadian (TSX) Industrials Sector Analysis

UpdatedJun 06, 2026
DataAggregated Company Financials
Companies106
  • 7D0.2%
  • 3M2.9%
  • 1Y-3.2%
  • YTD4.6%

Over the last 7 days, the Industrials industry has remained flat, although notably WSP Global declined by 4.3%. As for the longer term, the industry has declined 3.2% in the last year. As for the next few years, earnings are expected to grow by 14% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 06 Jun 2026CA$492.5bCA$243.8bCA$19.4b26x25.4x2x
Mon, 04 May 2026CA$482.9bCA$239.3bCA$19.1b26.8x25.3x2x
Wed, 01 Apr 2026CA$439.4bCA$203.3bCA$19.3b25.1x22.8x2.2x
Fri, 27 Feb 2026CA$473.1bCA$203.9bCA$18.9b26.6x25x2.3x
Sun, 25 Jan 2026CA$470.7bCA$207.9bCA$18.4b22.2x25.6x2.3x
Tue, 23 Dec 2025CA$461.3bCA$208.0bCA$18.3b21.9x25.2x2.2x
Thu, 20 Nov 2025CA$449.7bCA$209.0bCA$18.4b21.1x24.5x2.2x
Sat, 18 Oct 2025CA$489.2bCA$206.0bCA$19.4b23.8x25.3x2.4x
Mon, 15 Sep 2025CA$491.5bCA$204.8bCA$19.3b23.2x25.4x2.4x
Wed, 13 Aug 2025CA$489.3bCA$204.4bCA$19.3b23.7x25.4x2.4x
Fri, 11 Jul 2025CA$523.1bCA$202.0bCA$16.6b22.9x31.5x2.6x
Sun, 08 Jun 2025CA$511.5bCA$202.0bCA$16.6b20x30.8x2.5x
Tue, 06 May 2025CA$476.9bCA$200.2bCA$15.7b19.7x30.3x2.4x
Thu, 03 Apr 2025CA$472.4bCA$200.4bCA$15.9b19.6x29.8x2.4x
Sat, 01 Mar 2025CA$490.1bCA$200.4bCA$16.0b20.6x30.7x2.4x
Mon, 27 Jan 2025CA$501.8bCA$198.9bCA$17.6b22.1x28.6x2.5x
Wed, 25 Dec 2024CA$491.7bCA$199.0bCA$17.6b21.2x27.9x2.5x
Fri, 22 Nov 2024CA$482.6bCA$197.8bCA$17.5b22.4x27.6x2.4x
Sun, 20 Oct 2024CA$494.4bCA$195.2bCA$17.2b23.2x28.7x2.5x
Tue, 17 Sep 2024CA$489.2bCA$194.5bCA$17.2b22.1x28.5x2.5x
Thu, 15 Aug 2024CA$464.2bCA$192.5bCA$17.2b22.4x27x2.4x
Sat, 13 Jul 2024CA$475.3bCA$167.1bCA$16.9b22x28.2x2.8x
Mon, 10 Jun 2024CA$474.2bCA$167.6bCA$16.9b21.1x28.1x2.8x
Wed, 08 May 2024CA$478.1bCA$166.6bCA$17.4b20x27.5x2.9x
Fri, 05 Apr 2024CA$481.1bCA$164.8bCA$17.9b20.7x26.9x2.9x
Sun, 03 Mar 2024CA$483.9bCA$164.5bCA$17.7b20.1x27.3x2.9x
Tue, 30 Jan 2024CA$458.4bCA$164.8bCA$16.8b20.1x27.2x2.8x
Thu, 28 Dec 2023CA$450.3bCA$164.3bCA$16.1b19.1x28x2.7x
Sat, 25 Nov 2023CA$420.9bCA$163.5bCA$15.7b17.9x26.7x2.6x
Mon, 23 Oct 2023CA$398.8bCA$161.1bCA$15.8b16.8x25.2x2.5x
Wed, 20 Sep 2023CA$423.9bCA$160.5bCA$15.8b17.7x26.9x2.6x
Fri, 18 Aug 2023CA$426.8bCA$160.7bCA$15.8b14.6x27x2.7x
Sun, 16 Jul 2023CA$421.9bCA$156.9bCA$13.8b19x30.7x2.7x
Tue, 13 Jun 2023CA$413.4bCA$157.3bCA$13.8b18.7x30x2.6x
Price to Earnings Ratio

30x


Total Market Cap: CA$413.4bTotal Earnings: CA$13.8bTotal Revenue: CA$157.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 27.5x202420252026
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 27.5x.
  • 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 Market-1.18%
Industrials0.19%
Building4.09%
Transportation2.52%
Industrials1.31%
Commercial Services1.24%
Professional Services0.45%
Marine and Shipping-0.68%
Infrastructure-0.73%
Trade Distributors-1.58%
Airlines-1.77%
Construction-2.47%
Logistics-5.48%
Aerospace & Defense-5.79%
Machinery-5.80%
Electrical-11.77%
Industry PE
  • Investors are most optimistic about the Aerospace & Defense industry which is trading above its 3-year average PE ratio of 11.7x.
    • Analysts are expecting annual earnings growth of 18.6%, which is higher than its past year's earnings growth of 6.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Machinery industry, expecting annual earnings growth of 52% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Infrastructure industry is expected to see its earnings grow by 5.9% 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$167.942.9%
+CA$2.8b		16.8%PE21.7x
CP Canadian Pacific Kansas CityCA$125.391.9%
+CA$2.0b		11.8%PE27.3x
GFL GFL EnvironmentalCA$49.517.0%
+CA$1.2b		-27.3%PE84.9x
TFII TFI InternationalCA$222.374.6%
+CA$796.4m		85.2%PE44x
TRI Thomson ReutersCA$120.120.5%
+CA$253.2m		-55.7%PE24.6x

Latest News

HPS.A
CA$300.82
Hammond Power Solutions
7D
-7.1%
1Y
172.4%
GFL
CA$49.51
GFL Environmental
7D
7.0%
1Y
-27.3%
BDT
CA$60.40
Bird Construction
7D
4.5%
1Y
119.9%
BBD.B
CA$305.04
Bombardier
7D
-1.9%
1Y
203.1%
TRI
CA$120.12
Thomson Reuters
7D
0.5%
1Y
-55.7%
MDA
CA$53.51
MDA Space
7D
-13.0%
1Y
80.8%
TIH
CA$222.79
Toromont Industries
7D
-2.0%
1Y
86.1%
Narrative Update • Jun 05

TIH: Index Inclusion And Remanufacturing Investment Will Support A Measured Repricing Path

Toromont Industries' analyst fair value estimate has nudged up by about CA$2 to roughly CA$228, as analysts factor in refreshed price targets from several Canadian banks and modest tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts have raised price targets in a tight window, which aligns with the recent uplift in fair value estimates and suggests growing confidence in Toromont Industries' ability to support higher valuation assumptions.
ATS
CA$37.51
ATS
7D
-12.0%
1Y
-9.0%
Narrative Update • Jun 05

ATS: Future P/E Will Hinge On Backlog Execution And M&A Integration

Analysts have made a modest upward adjustment to their CA$ price targets for ATS, reflecting a slightly higher fair value estimate supported by mixed recent research. Scotiabank raised its target by CA$3, while Goldman Sachs lowered its target by CA$1.
ATRL
CA$80.02
AtkinsRéalis Group
7D
-3.3%
1Y
-14.4%
Narrative Update • Jun 05

ATRL: Nuclear And AI Projects Will Drive Future Repricing Potential

Analysts have trimmed the blended fair value estimate for AtkinsRéalis Group to about CA$114.53 from CA$116.47, reflecting a series of recent target tweaks including Stifel's cut to CA$99, TD Securities' move to CA$117, and CIBC's lift to CA$125 as they factor in a slightly higher discount rate, modestly lower revenue growth and profit margin assumptions, and a higher future P/E multiple. Analyst Commentary Recent research shows a mix of optimism and caution on AtkinsRéalis Group, with several firms adjusting their price targets while generally maintaining positive ratings on the stock.
BLDP
CA$6.85
Ballard Power Systems
7D
-21.1%
1Y
229.3%
CNR
CA$167.94
Canadian National Railway
7D
2.9%
1Y
16.8%
Narrative Update • Jun 04

CNR: Resource Corridors And Capital Discipline Will Support Future Earnings Compounding

Analysts have nudged the fair value estimate for Canadian National Railway slightly higher to CA$160.21, reflecting modest adjustments to discount rate assumptions, profitability expectations and the future P/E used in their updated price target work. Analyst Commentary Recent commentary around the CA$160.21 fair value estimate for Canadian National Railway has focused on how the stock balances long term earnings potential with execution demands and valuation discipline.
TFII
CA$222.37
TFI International
7D
4.6%
1Y
85.2%
CP
CA$125.39
Canadian Pacific Kansas City
7D
1.9%
1Y
11.8%
BBUC
CA$45.90
Brookfield Business
7D
1.3%
1Y
33.5%
MTL
CA$22.66
Mullen Group
7D
3.9%
1Y
62.7%
WSP
CA$186.86
WSP Global
7D
-4.3%
1Y
-32.7%