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Canadian (TSX) Industrials Sector Analysis

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies107
  • 7D2.7%
  • 3M4.5%
  • 1Y-2.1%
  • YTD3.6%

Over the last 7 days, the Industrials industry has risen 2.7%, driven by gains from Thomson Reuters of 18%. During this same period, the Element Fleet Management underperformed, falling 5.3%. Overall in the last year, the industry is flat. 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
Mon, 02 Mar 2026CA$478.6bCA$203.8bCA$18.9b26.7x25.3x2.3x
Wed, 28 Jan 2026CA$469.5bCA$207.6bCA$18.3b22.9x25.6x2.3x
Fri, 26 Dec 2025CA$464.5bCA$207.8bCA$18.3b22.4x25.4x2.2x
Sun, 23 Nov 2025CA$451.0bCA$209.1bCA$18.4b21.1x24.5x2.2x
Tue, 21 Oct 2025CA$495.0bCA$206.1bCA$19.4b23.9x25.6x2.4x
Thu, 18 Sep 2025CA$490.9bCA$204.6bCA$19.3b23.2x25.4x2.4x
Sat, 16 Aug 2025CA$485.0bCA$204.7bCA$19.3b23.3x25.1x2.4x
Mon, 14 Jul 2025CA$522.6bCA$202.1bCA$16.6b22.9x31.4x2.6x
Wed, 11 Jun 2025CA$509.8bCA$201.9bCA$16.6b20.3x30.7x2.5x
Fri, 09 May 2025CA$479.3bCA$201.3bCA$15.8b19.8x30.3x2.4x
Sun, 06 Apr 2025CA$452.1bCA$200.2bCA$15.8b18.8x28.6x2.3x
Tue, 04 Mar 2025CA$497.8bCA$200.5bCA$15.9b20.7x31.3x2.5x
Thu, 30 Jan 2025CA$501.2bCA$199.1bCA$17.6b21.7x28.4x2.5x
Sat, 28 Dec 2024CA$491.7bCA$199.1bCA$17.6b21.2x27.9x2.5x
Mon, 25 Nov 2024CA$494.4bCA$197.8bCA$17.5b22.5x28.3x2.5x
Wed, 23 Oct 2024CA$491.7bCA$195.6bCA$17.2b23.1x28.5x2.5x
Fri, 20 Sep 2024CA$486.0bCA$194.5bCA$17.2b22.5x28.3x2.5x
Sun, 18 Aug 2024CA$471.1bCA$192.3bCA$17.1b22.4x27.5x2.4x
Tue, 16 Jul 2024CA$477.2bCA$167.2bCA$16.9b22.3x28.3x2.9x
Thu, 13 Jun 2024CA$472.2bCA$167.5bCA$16.8b21.8x28x2.8x
Sat, 11 May 2024CA$480.7bCA$166.8bCA$17.4b21.1x27.7x2.9x
Mon, 08 Apr 2024CA$482.5bCA$164.9bCA$17.9b20.4x27x2.9x
Wed, 06 Mar 2024CA$483.3bCA$164.6bCA$17.7b20.1x27.3x2.9x
Fri, 02 Feb 2024CA$467.8bCA$166.0bCA$16.6b20.8x28.2x2.8x
Sun, 31 Dec 2023CA$451.5bCA$164.4bCA$16.1b19.4x28.1x2.7x
Tue, 28 Nov 2023CA$420.5bCA$163.4bCA$15.7b18.5x26.7x2.6x
Thu, 26 Oct 2023CA$395.6bCA$160.3bCA$15.3b16.7x25.8x2.5x
Sat, 23 Sep 2023CA$416.5bCA$160.6bCA$15.8b17.6x26.4x2.6x
Mon, 21 Aug 2023CA$424.3bCA$160.8bCA$15.8b14.4x26.9x2.6x
Wed, 19 Jul 2023CA$421.3bCA$156.8bCA$13.7b18.8x30.6x2.7x
Fri, 16 Jun 2023CA$419.6bCA$157.0bCA$13.8b19.1x30.5x2.7x
Sun, 14 May 2023CA$428.7bCA$157.4bCA$13.8b18.9x31.2x2.7x
Tue, 11 Apr 2023CA$419.5bCA$153.7bCA$13.8b19.2x30.4x2.7x
Thu, 09 Mar 2023CA$423.9bCA$153.2bCA$14.1b17.1x30x2.8x
Price to Earnings Ratio

30x


Total Market Cap: CA$423.9bTotal Earnings: CA$14.1bTotal Revenue: CA$153.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 28x202420252026
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 28.0x.
  • The industry is trading close to its 3-year average PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 10% per year over the last three years.
  • Revenues for these companies have grown 10.0% 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 Market1.82%
Industrials2.71%
Professional Services15.19%
Building13.04%
Marine and Shipping11.72%
Airlines3.15%
Infrastructure2.79%
Trade Distributors2.23%
Industrials2.11%
Transportation1.79%
Construction0.46%
Commercial Services0.17%
Aerospace & Defense-0.43%
Logistics-2.36%
Machinery-3.87%
Electrical-4.50%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 107x.
    • Analysts are expecting annual earnings growth of 28.9%, which is higher than its past year's earnings growth of 5.1% 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 growth to stay flat 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$131.3318.5%
+CA$9.1b		-49.2%PE29x
CP Canadian Pacific Kansas CityCA$119.442.8%
+CA$3.0b		8.6%PE25.9x
WSP WSP GlobalCA$231.076.9%
+CA$2.0b		-10.3%PE32.3x
BBD.B BombardierCA$281.896.9%
+CA$1.8b		261.4%PE21.6x
CNR Canadian National RailwayCA$153.071.5%
+CA$1.4b		7.4%PE19.8x

Latest News

TRI
CA$131.33
Thomson Reuters
7D
18.5%
1Y
-49.2%
EFN
CA$32.49
Element Fleet Management
7D
-5.3%
1Y
14.8%
CP
CA$119.44
Canadian Pacific Kansas City
7D
2.8%
1Y
8.6%
AFN
CA$27.82
Ag Growth International
7D
-3.4%
1Y
-19.3%
STN
CA$126.30
Stantec
7D
4.6%
1Y
4.0%
TIH
CA$211.70
Toromont Industries
7D
4.6%
1Y
75.7%
HPS.A
CA$196.31
Hammond Power Solutions
7D
-3.4%
1Y
144.6%
BLM
CA$1.22
BluMetric Environmental
7D
-14.1%
1Y
22.0%
WSP
CA$231.07
WSP Global
7D
6.9%
1Y
-10.3%
ATS
CA$43.55
ATS
7D
-1.2%
1Y
6.2%

ATS: Future P/E Will Reflect Execution, Buybacks And Leadership Transition

Narrative Update on ATS The analyst price target for ATS has recently fluctuated by about CA$2, as analysts adjusted their outlook based on refined discount rate and P/E assumptions while considering mixed target changes from Scotiabank, TD Securities, and JPMorgan. Analyst Commentary Recent research on ATS reflects a split view, with some analysts adjusting targets higher and others trimming them by about CA$2.
ADEN
CA$37.71
ADENTRA
7D
-3.7%
1Y
16.6%
SIS
CA$25.25
Savaria
7D
-1.9%
1Y
44.6%
BBD.B
CA$281.89
Bombardier
7D
6.9%
1Y
261.4%

BBD.B: Future Returns Will Hinge On Execution As Ratings Turn More Cautious

Analysts have lifted their Bombardier price target by CA$21.75 to CA$271.85, citing a mix of higher projected P/E multiples, along with more measured assumptions for growth, margins and discount rates following recent target revisions and rating changes across the Street. Analyst Commentary Recent Street research on Bombardier reflects a split view, with several firms lifting their price targets while others have shifted to more cautious ratings.
GFL
CA$60.28
GFL Environmental
7D
4.2%
1Y
-10.7%

GFL: Dividend Aristocrat Status And Buybacks Will Support Future Upside

Analysts have trimmed their price target on GFL Environmental to CA$71.73 from CA$75.30, citing updated assumptions around revenue growth, profit margins, and a lower future P/E multiple. What's in the News GFL Environmental issued earnings guidance for 2026, with revenue estimated at approximately $7,000m, or $7,140m on a constant currency basis, and the guidance description references an 8% change (Corporate guidance).
NFI
CA$17.05
NFI Group
7D
-5.9%
1Y
52.4%
CNR
CA$153.07
Canadian National Railway
7D
1.5%
1Y
7.4%