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Canadian (TSX) Industrials Sector Analysis

UpdatedMar 18, 2026
DataAggregated Company Financials
Companies104
  • 7D-2.5%
  • 3M-0.6%
  • 1Y-2.8%
  • YTD-1.6%

Over the last 7 days, the Industrials industry has dropped 3.8%, driven by Thomson Reuters declining 7.0%. However, the industry is down 3.3% over the past year. Looking forward, earnings are forecast to grow by 13% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 18 Mar 2026CA$456.9bCA$202.4bCA$19.2b25.3x23.8x2.3x
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
Price to Earnings Ratio

29.8x


Total Market Cap: CA$415.3bTotal Earnings: CA$14.0bTotal Revenue: CA$154.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 27.9x202420252026
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 23.6x which is lower than its 3-year average PE of 27.9x.
  • The 3-year average PS ratio of 2.6x is higher than the industry's current PS ratio of 2.2x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 11% per year over the last three years.
  • Revenues for these companies have grown 9.5% 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-1.22%
Industrials-2.48%
Electrical6.18%
Machinery5.73%
Infrastructure5.51%
Industrials4.55%
Airlines1.92%
Marine and Shipping1.52%
Trade Distributors0.31%
Construction-0.25%
Commercial Services-1.29%
Aerospace & Defense-1.48%
Logistics-1.63%
Transportation-3.52%
Building-4.32%
Professional Services-6.97%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 109x.
    • Analysts are expecting annual earnings growth of 27.5%, which is higher than its past year's earnings growth of 5.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Machinery industry, expecting annual earnings growth of 57% over the next 5 years.
  • This is better than its past earnings decline of 15% per year.
  • In contrast, the Infrastructure industry is expected to see its earnings decline by 4.8% 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
BBD.B BombardierCA$253.803.1%
+CA$744.4m		206.8%PE19.4x
NFI NFI GroupCA$18.8719.3%
+CA$363.3m		47.5%PS0.5x
MDA MDA SpaceCA$43.63-1.9%
CA$326.2m		58.3%PE54.8x
BLDP Ballard Power SystemsCA$3.6736.4%
+CA$295.4m		93.2%PS8.1x
BDT Bird ConstructionCA$36.2313.5%
+CA$238.1m		64.5%PE42.3x

Latest News

EFN
CA$30.85
Element Fleet Management
7D
-2.3%
1Y
11.3%
EIF
CA$102.79
Exchange Income
7D
2.0%
1Y
105.7%
TRI
CA$130.92
Thomson Reuters
7D
-7.0%
1Y
-46.9%
ATS
CA$42.00
ATS
7D
3.3%
1Y
5.9%
BLDP
CA$3.67
Ballard Power Systems
7D
36.4%
1Y
93.2%
BDT
CA$36.23
Bird Construction
7D
13.5%
1Y
64.5%
CP
CA$110.44
Canadian Pacific Kansas City
7D
-3.1%
1Y
3.9%
NFI
CA$18.87
NFI Group
7D
19.3%
1Y
47.5%
WSP
CA$225.32
WSP Global
7D
-1.4%
1Y
-8.4%
MDA
CA$43.63
MDA Space
7D
-1.9%
1Y
58.3%
BBD.B
CA$253.80
Bombardier
7D
3.1%
1Y
206.8%

BBD.B: Future Returns Will Depend On Execution As Ratings Stay More Cautious

Analysts have nudged their Bombardier price targets higher, with TD Securities lifting its view to CA$280 alongside target increases from UBS and BMO Capital, even as several firms have recently shifted to more neutral ratings. Analyst Commentary Recent research on Bombardier shows a split view, with some price targets moving higher while several firms adopt more neutral or cautious ratings.
TIH
CA$199.80
Toromont Industries
7D
-0.9%
1Y
73.7%

TIH: Higher Multiple Assumptions And Dividend Increase Will Guide A Balanced Outlook

Analysts have lifted their average price targets on Toromont Industries into a CA$200 to CA$228 range, reflecting updated assumptions on discount rates, revenue growth, profit margins and future P/E multiples. Analyst Commentary Recent research has focused on how Toromont Industries is priced against its execution and growth potential, with several firms revising their targets within the CA$200 to CA$228 range.
GFL
CA$58.18
GFL Environmental
7D
-1.6%
1Y
-12.9%

GFL: Share Repurchases And Dividend Aristocrat Status Will Support Upside Potential

Analysts have trimmed their fair value estimate for GFL Environmental from CA$89.00 to CA$87.00 as they balance a higher discount rate and lower profit margin assumptions against stronger projected revenue growth and a higher future P/E multiple. What's in the News GFL Environmental announced a normal course issuer bid to repurchase up to 34,657,586 subordinate voting shares, equal to 10% of its 346,575,862 issued and outstanding subordinate voting shares, with the bid set to expire on March 2, 2027 (Key Developments).
FTT
CA$91.10
Finning International
7D
1.4%
1Y
124.9%

FTT: Future Returns Will Reflect Higher Rating Convergence And Ongoing Share Repurchases

Analysts have lifted their average price targets on Finning International into roughly the CA$100 to CA$105 range, citing refined discount rate assumptions and updated P/E expectations that are broadly in line with recent target increases from several Canadian banks. Analyst Commentary Recent research updates cluster around the CA$100 to CA$105 range, with several firms adjusting their targets and reaffirming positive ratings.
TFII
CA$138.20
TFI International
7D
-8.1%
1Y
16.1%

TFII: Freight Cycle Recovery And LTL Margin Gains Will Drive Upside

Our fair value estimate for TFI International has shifted higher to CA$195.63 from CA$170.17 as analysts lift price targets following a Q4 beat, ongoing discussions with management, and growing confidence in freight cycle recovery potential and less than truckload margin improvement, partially balanced by some more cautious views on near term guidance. Analyst Commentary Recent research updates around TFI International show a generally constructive tone, with several bullish analysts lifting price targets and highlighting potential upside tied to execution in less than truckload operations, freight cycle exposure, and cash generation.
CNR
CA$139.75
Canadian National Railway
7D
-3.3%
1Y
0.2%