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Canadian (TSX) Industrials Sector Analysis

UpdatedDec 28, 2025
DataAggregated Company Financials
Companies105
  • 7D0.5%
  • 3M-2.7%
  • 1Y-3.3%
  • YTD-3.1%

The Industrials industry has stayed flat over the last week. As for the longer term, the industry has declined 3.3% in the last year. Looking forward, earnings are forecast to grow by 10% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 28 Dec 2025CA$464.5bCA$207.8bCA$18.3b22.4x25.4x2.2x
Tue, 25 Nov 2025CA$451.7bCA$209.1bCA$18.4b21x24.6x2.2x
Thu, 23 Oct 2025CA$493.9bCA$205.9bCA$19.4b24.3x25.5x2.4x
Sat, 20 Sep 2025CA$483.8bCA$205.4bCA$19.3b23x25x2.4x
Mon, 18 Aug 2025CA$487.5bCA$204.7bCA$19.3b23.3x25.2x2.4x
Wed, 16 Jul 2025CA$532.7bCA$202.2bCA$16.6b22.7x32x2.6x
Fri, 13 Jun 2025CA$510.3bCA$201.7bCA$16.6b20.1x30.8x2.5x
Sun, 11 May 2025CA$484.3bCA$202.0bCA$15.8b20.1x30.6x2.4x
Tue, 08 Apr 2025CA$452.2bCA$200.3bCA$15.8b18.3x28.7x2.3x
Thu, 06 Mar 2025CA$481.0bCA$200.1bCA$15.9b20.8x30.3x2.4x
Sat, 01 Feb 2025CA$505.6bCA$199.4bCA$16.8b21.8x30x2.5x
Mon, 30 Dec 2024CA$489.8bCA$199.1bCA$17.6b21.2x27.8x2.5x
Wed, 27 Nov 2024CA$497.2bCA$198.1bCA$17.5b22.4x28.3x2.5x
Fri, 25 Oct 2024CA$489.3bCA$196.0bCA$17.3b23x28.3x2.5x
Sun, 22 Sep 2024CA$487.1bCA$194.5bCA$17.2b22.1x28.4x2.5x
Tue, 20 Aug 2024CA$471.1bCA$192.2bCA$17.1b22.4x27.5x2.5x
Thu, 18 Jul 2024CA$486.6bCA$167.3bCA$16.9b22.4x28.8x2.9x
Sat, 15 Jun 2024CA$470.0bCA$167.5bCA$16.9b21.4x27.9x2.8x
Mon, 13 May 2024CA$481.2bCA$166.8bCA$17.4b21x27.7x2.9x
Wed, 10 Apr 2024CA$485.7bCA$164.8bCA$17.9b20.2x27.1x2.9x
Fri, 08 Mar 2024CA$485.1bCA$164.3bCA$17.8b19.8x27.3x3x
Sun, 04 Feb 2024CA$469.9bCA$166.2bCA$16.6b20.2x28.3x2.8x
Tue, 02 Jan 2024CA$451.5bCA$164.4bCA$16.1b19.4x28.1x2.7x
Thu, 30 Nov 2023CA$414.0bCA$163.4bCA$15.7b18.5x26.3x2.5x
Sat, 28 Oct 2023CA$390.4bCA$161.5bCA$15.4b16.7x25.4x2.4x
Mon, 25 Sep 2023CA$416.5bCA$160.6bCA$15.8b17.6x26.4x2.6x
Wed, 23 Aug 2023CA$421.8bCA$160.8bCA$15.8b14.4x26.7x2.6x
Fri, 21 Jul 2023CA$422.6bCA$156.8bCA$13.7b18.8x30.7x2.7x
Sun, 18 Jun 2023CA$421.4bCA$157.0bCA$13.8b19.3x30.6x2.7x
Tue, 16 May 2023CA$429.3bCA$157.1bCA$13.8b19x31.2x2.7x
Thu, 13 Apr 2023CA$423.0bCA$153.6bCA$13.8b20.2x30.6x2.8x
Sat, 11 Mar 2023CA$415.1bCA$154.0bCA$14.0b19.5x29.7x2.7x
Mon, 06 Feb 2023CA$417.9bCA$150.1bCA$13.7b17.3x30.6x2.8x
Wed, 04 Jan 2023CA$402.2bCA$149.6bCA$12.7b16.8x31.6x2.7x
Price to Earnings Ratio

31.6x


Total Market Cap: CA$402.2bTotal Earnings: CA$12.7bTotal Revenue: CA$149.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 28.3x20242025
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 25.4x which is lower than its 3-year average PE of 28.3x.
  • 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 13% per year over the last three years.
  • Revenues for these companies have grown 12% 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 Market0.90%
Industrials0.47%
Aerospace & Defense3.64%
Machinery2.19%
Logistics1.92%
Construction1.86%
Trade Distributors1.68%
Electrical1.59%
Infrastructure1.06%
Commercial Services0.50%
Building0.053%
Airlines0.04%
Professional Services-0.14%
Transportation-0.36%
Industrials-0.98%
Marine and Shipping-1.06%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 95.1x.
    • Analysts are expecting annual earnings decline of 3.3%, which is lower than the prior year's growth of 12.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Building industry, expecting annual earnings growth of 125% over the next 5 years.
  • In contrast, the Logistics industry is expected to see its earnings decline by 6.6% 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
WSP WSP GlobalCA$250.002.0%
+CA$1.7b		-2.1%PE38.5x
BBD.B BombardierCA$239.144.1%
+CA$941.9m		143.8%PE41.7x
ATRL AtkinsRéalis GroupCA$90.453.2%
+CA$466.3m		20.2%PE5.8x
CAE CAECA$42.993.4%
+CA$459.8m		17.7%PE31.7x
TIH Toromont IndustriesCA$166.653.1%
+CA$409.6m		45.6%PE27.4x

Latest News

TIH
CA$166.65
Toromont Industries
7D
3.1%
1Y
45.6%

Returns At Toromont Industries (TSE:TIH) Appear To Be Weighed Down

Dec 26
Returns At Toromont Industries (TSE:TIH) Appear To Be Weighed Down
BBD.B
CA$239.14
Bombardier
7D
4.1%
1Y
143.8%

BBD.B: Future Returns Will Rely On Execution Amid Stable Fair Value

Analysts have modestly raised their price targets on Bombardier, citing slightly higher fair value estimates around C$220 and confidence in stable revenue growth and profit margins. As a result, Street targets have moved up into the low C$200s range.
CAE
CA$42.99
CAE
7D
3.4%
1Y
17.7%

CAE's (TSE:CAE) Returns Have Hit A Wall

Dec 25
CAE's (TSE:CAE) Returns Have Hit A Wall
WSP
CA$250.00
WSP Global
7D
2.0%
1Y
-2.1%
ATRL
CA$90.45
AtkinsRéalis Group
7D
3.2%
1Y
20.2%
RCH
CA$39.86
Richelieu Hardware
7D
-1.5%
1Y
3.0%

RCH: Share Buyback And Adjusted Assumptions Will Support Fair Value Ahead

Analysts have modestly raised their price target on Richelieu Hardware to $38.75, citing a slightly lower discount rate and a higher forward earnings multiple that more than offset trimmed assumptions for revenue growth and profit margins. What's in the News Completed a share repurchase of 104,015 shares, representing 0.19% of outstanding equity, for a total consideration of CAD 3.76 million under the buyback program announced on January 8, 2025 (Key Developments) Buyback activity was executed between June 1, 2025 and August 31, 2025, indicating continued deployment of capital toward shareholder returns (Key Developments) Valuation Changes Fair Value: Unchanged at CA$38.75 per share, indicating that the net impact of model revisions is neutral.
MDA
CA$27.00
MDA Space
7D
4.6%
1Y
-7.7%

MDA: Future Mega-Constellation Demand Will Drive Upside Despite Recent Target Trims

Analysts have nudged our fair value estimate for MDA Space higher to C$40.19 from C$38.79, reflecting a slightly richer long term profit outlook and premium future earnings multiple, despite recent modest price target cuts from the Street. Analyst Commentary Street research remains broadly constructive on MDA Space, with recent notes balancing solid long term growth expectations against near term execution and valuation risks.
GDI
CA$36.25
GDI Integrated Facility Services
7D
23.1%
1Y
-5.7%
CP
CA$101.94
Canadian Pacific Kansas City
7D
-0.5%
1Y
-2.5%
EFN
CA$36.59
Element Fleet Management
7D
1.4%
1Y
25.4%
HPS.A
CA$160.50
Hammond Power Solutions
7D
-2.2%
1Y
23.6%

HPS.A: Future Grid Modernization Demand Will Drive Margin Durability

Analysts have modestly lifted their price target on Hammond Power Solutions to C$215.25 from C$215.25. This reflects slightly lower discount rate assumptions and confidence in sustained high single digit revenue growth and stable profit margins.
ANRG
CA$2.30
Anaergia
7D
-8.4%
1Y
155.6%

ANRG: New Waste-To-Energy Contracts Will Drive Stronger Future Cash Flows

Analysts have maintained their price target for Anaergia at approximately $5.08 per share, citing only marginal adjustments to the discount rate, revenue growth, profit margin, and future valuation multiples that did not materially alter their outlook. What's in the News Anaergia Technologies, LLC signed a contract with PepsiCo Mexico Foods subsidiary Sabritas to deliver an integrated renewable energy solution that will convert about 50,000 tons of organic residuals per year into carbon negative biomethane, with operations targeted before the end of 2026 (Key Developments).
TRI
CA$181.76
Thomson Reuters
7D
-0.1%
1Y
-22.2%
ZDC
CA$5.67
Zedcor
7D
-2.7%
1Y
65.3%

ZDC Raised Fair Value Suggests Stronger Revenue Pipeline Will Drive Upside

The analyst fair value target for Zedcor has been raised from approximately C$7.00 to C$9.00. This reflects analysts' increased confidence, driven by a series of upward price target revisions and stronger projected revenue growth, despite some compression in expected profit margins and a higher future P E multiple.
CNR
CA$134.95
Canadian National Railway
7D
-0.4%
1Y
-8.2%
GFL
CA$59.18
GFL Environmental
7D
-0.6%
1Y
-7.9%