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Canadian (TSX) Industrials Sector Analysis

UpdatedApr 08, 2026
DataAggregated Company Financials
Companies106
  • 7D1.5%
  • 3M-1.4%
  • 1Y5.9%
  • YTD-2.0%

The Industrials industry is up 1.5% in the last week, with Canadian National Railway up 2.8%. This means that the industry has gained 5.9% over the past year. 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, 09 Apr 2026CA$462.4bCA$240.9bCA$19.2b24.8x24.1x1.9x
Sat, 07 Mar 2026CA$478.5bCA$201.9bCA$19.0b24.4x25.2x2.4x
Mon, 02 Feb 2026CA$455.1bCA$207.8bCA$18.3b22.7x24.8x2.2x
Wed, 31 Dec 2025CA$463.5bCA$207.8bCA$18.3b21.7x25.3x2.2x
Fri, 28 Nov 2025CA$458.9bCA$208.9bCA$18.4b21.3x24.9x2.2x
Sun, 26 Oct 2025CA$495.4bCA$206.0bCA$19.4b24.1x25.6x2.4x
Tue, 23 Sep 2025CA$486.8bCA$205.5bCA$19.3b23.1x25.2x2.4x
Thu, 21 Aug 2025CA$493.9bCA$204.9bCA$19.3b23.2x25.6x2.4x
Sat, 19 Jul 2025CA$528.1bCA$202.2bCA$16.6b23.5x31.8x2.6x
Mon, 16 Jun 2025CA$506.7bCA$201.6bCA$16.6b20x30.5x2.5x
Wed, 14 May 2025CA$493.9bCA$202.1bCA$15.8b20.6x31.2x2.4x
Fri, 11 Apr 2025CA$463.6bCA$199.5bCA$15.7b18.6x29.5x2.3x
Sun, 09 Mar 2025CA$489.6bCA$200.3bCA$15.9b19.7x30.8x2.4x
Tue, 04 Feb 2025CA$500.9bCA$199.5bCA$16.9b21.8x29.7x2.5x
Thu, 02 Jan 2025CA$486.8bCA$199.0bCA$17.6b20.9x27.6x2.4x
Sat, 30 Nov 2024CA$496.3bCA$197.9bCA$17.5b22.2x28.3x2.5x
Mon, 28 Oct 2024CA$484.4bCA$196.2bCA$17.3b23x28x2.5x
Wed, 25 Sep 2024CA$486.7bCA$194.1bCA$17.1b22.2x28.4x2.5x
Fri, 23 Aug 2024CA$473.9bCA$192.1bCA$17.1b22.5x27.7x2.5x
Sun, 21 Jul 2024CA$480.2bCA$167.4bCA$16.9b22.4x28.4x2.9x
Tue, 18 Jun 2024CA$469.6bCA$167.5bCA$16.8b21.1x27.9x2.8x
Thu, 16 May 2024CA$477.1bCA$166.8bCA$17.4b21x27.5x2.9x
Sat, 13 Apr 2024CA$483.9bCA$165.3bCA$17.9b20.1x27x2.9x
Mon, 11 Mar 2024CA$484.9bCA$164.4bCA$17.8b19.8x27.3x2.9x
Wed, 07 Feb 2024CA$467.1bCA$163.0bCA$16.7b19.7x28x2.9x
Fri, 05 Jan 2024CA$450.9bCA$164.7bCA$16.1b19.6x28x2.7x
Sun, 03 Dec 2023CA$436.1bCA$165.1bCA$16.1b18.7x27x2.6x
Tue, 31 Oct 2023CA$396.6bCA$161.4bCA$15.3b16.9x25.8x2.5x
Thu, 28 Sep 2023CA$408.4bCA$160.7bCA$15.8b17.1x25.9x2.5x
Sat, 26 Aug 2023CA$423.8bCA$160.9bCA$15.8b17.1x26.8x2.6x
Mon, 24 Jul 2023CA$425.3bCA$156.9bCA$13.7b19.1x30.9x2.7x
Wed, 21 Jun 2023CA$418.6bCA$157.0bCA$13.8b19x30.4x2.7x
Fri, 19 May 2023CA$431.0bCA$157.3bCA$13.7b19.9x31.4x2.7x
Sun, 16 Apr 2023CA$423.9bCA$153.4bCA$13.8b20.2x30.7x2.8x
Price to Earnings Ratio

30.7x


Total Market Cap: CA$423.9bTotal Earnings: CA$13.8bTotal Revenue: CA$153.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 27.8x202420252026
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 24.1x which is lower than its 3-year average PE of 27.8x.
  • The 3-year average PS ratio of 2.6x is higher than the industry's current PS ratio of 1.9x.
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 Market1.35%
Industrials1.48%
Aerospace & Defense5.62%
Electrical4.77%
Industrials4.66%
Marine and Shipping3.93%
Infrastructure3.93%
Commercial Services3.27%
Transportation2.43%
Logistics1.66%
Trade Distributors0.87%
Machinery0.069%
Construction-0.38%
Airlines-0.99%
Professional Services-1.97%
Building-3.96%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 112x.
    • Analysts are expecting annual earnings growth of 24.8%, 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
CP Canadian Pacific Kansas CityCA$112.964.2%
+CA$4.1b		9.4%PE24.5x
CNR Canadian National RailwayCA$149.043.9%
+CA$3.5b		7.4%PE19.3x
TFII TFI InternationalCA$166.868.6%
+CA$1.1b		43.3%PE31.9x
TIH Toromont IndustriesCA$209.656.0%
+CA$971.9m		80.9%PE34.4x
MDA MDA SpaceCA$40.7313.1%
+CA$654.5m		54.8%PE52.1x

Latest News

AC
CA$18.53
Air Canada
7D
-1.6%
1Y
31.0%
GFL
CA$61.36
GFL Environmental
7D
1.5%
1Y
-8.7%
TIH
CA$209.65
Toromont Industries
7D
6.0%
1Y
80.9%

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.
EIF
CA$105.00
Exchange Income
7D
-1.5%
1Y
110.2%
WSP
CA$219.88
WSP Global
7D
-1.0%
1Y
-7.8%

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.
HPS.A
CA$202.00
Hammond Power Solutions
7D
12.3%
1Y
147.9%
TFII
CA$166.86
TFI International
7D
8.6%
1Y
43.3%

TFII: Freight Cycle Recovery And U.S. LTL Margin Progress Will Drive Upside

Analysts have trimmed the TFI International fair value estimate slightly to CA$194.26 from CA$195.63, reflecting updated assumptions for discount rate, modestly higher revenue growth and margins, and a lower future P/E. Recent Street research highlights a mix of higher price targets and one reduced target following Q4 results and outlook commentary.
TRI
CA$119.22
Thomson Reuters
7D
-2.6%
1Y
-50.3%
BBUC
CA$46.02
Brookfield Business
7D
-0.7%
1Y
52.5%
FLT
CA$0.70
Volatus Aerospace
7D
-7.9%
1Y
351.6%
ATRL
CA$89.99
AtkinsRéalis Group
7D
-2.3%
1Y
32.4%
EFN
CA$31.54
Element Fleet Management
7D
3.4%
1Y
8.2%
MDA
CA$40.73
MDA Space
7D
13.1%
1Y
54.8%

MDA: Defence And Government Contracts Will Support Upside As Gateway Pause Impact Stays Limited

The analyst price target for MDA Space has shifted from CA$41.94 to CA$53.63 as analysts factor in recent target increases across several firms and view the impact of NASA's Gateway pause as limited for the company. Analyst Commentary Recent research on MDA Space centers on updated price targets and the impact of NASA's Gateway pause, with most commentary focusing on how current contracts and future execution could influence the company’s valuation.
CP
CA$112.96
Canadian Pacific Kansas City
7D
4.2%
1Y
9.4%
CNR
CA$149.04
Canadian National Railway
7D
3.9%
1Y
7.4%
FTT
CA$86.83
Finning International
7D
-1.9%
1Y
124.9%

FTT: Future Returns Will Reflect Refined Rating Convergence And Continued Share Repurchases

Analysts have lifted their average price targets on Finning International by a mid single digit CA$ amount, with recent moves such as TD Securities to CA$104, Scotiabank to CA$105 and other firms raising their targets. These changes are supported by updated views on discount rates, revenue growth, profit margins and future P/E assumptions.