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Canadian (TSX) Industrials Sector Analysis

UpdatedMar 28, 2026
DataAggregated Company Financials
Companies105
  • 7D0.2%
  • 3M-5.2%
  • 1Y-3.9%
  • YTD-4.8%

Over the last 7 days, the Industrials industry has remained flat, although notably Canadian National Railway gained 4.0%. As for the longer term, the industry has declined 4.5% in the last year. As for the next few years, earnings are expected to grow by 12% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 28 Mar 2026CA$443.5bCA$203.1bCA$19.3b25.8x23x2.2x
Mon, 23 Feb 2026CA$465.7bCA$203.2bCA$19.1b24.5x24.4x2.3x
Wed, 21 Jan 2026CA$475.2bCA$208.3bCA$18.4b22x25.8x2.3x
Fri, 19 Dec 2025CA$456.9bCA$208.1bCA$18.3b22.7x24.9x2.2x
Sun, 16 Nov 2025CA$462.3bCA$208.8bCA$18.3b21.6x25.2x2.2x
Tue, 14 Oct 2025CA$482.1bCA$206.0bCA$19.4b23.2x24.9x2.3x
Thu, 11 Sep 2025CA$489.8bCA$204.8bCA$19.3b23x25.3x2.4x
Sat, 09 Aug 2025CA$492.8bCA$204.3bCA$19.3b23.3x25.6x2.4x
Mon, 07 Jul 2025CA$520.3bCA$201.9bCA$16.6b20.5x31.4x2.6x
Wed, 04 Jun 2025CA$511.4bCA$202.0bCA$16.6b20.3x30.7x2.5x
Fri, 02 May 2025CA$467.6bCA$200.1bCA$15.7b19.3x29.8x2.3x
Sun, 30 Mar 2025CA$466.2bCA$200.7bCA$15.9b19.3x29.4x2.3x
Tue, 25 Feb 2025CA$490.6bCA$198.3bCA$16.0b20.7x30.7x2.5x
Thu, 23 Jan 2025CA$492.5bCA$199.0bCA$17.6b21.8x28x2.5x
Sat, 21 Dec 2024CA$483.0bCA$199.0bCA$17.6b21x27.4x2.4x
Mon, 18 Nov 2024CA$486.3bCA$198.1bCA$17.5b22.1x27.8x2.5x
Wed, 16 Oct 2024CA$494.6bCA$195.1bCA$17.2b22.6x28.7x2.5x
Fri, 13 Sep 2024CA$484.4bCA$194.5bCA$17.2b22.1x28.2x2.5x
Sun, 11 Aug 2024CA$462.6bCA$192.4bCA$17.3b22.1x26.7x2.4x
Tue, 09 Jul 2024CA$471.9bCA$167.0bCA$17.0b21.5x27.7x2.8x
Thu, 06 Jun 2024CA$471.6bCA$167.4bCA$16.8b21.1x28x2.8x
Sat, 04 May 2024CA$467.7bCA$166.3bCA$17.4b19.8x26.8x2.8x
Mon, 01 Apr 2024CA$487.9bCA$164.8bCA$17.9b20.6x27.3x3x
Wed, 28 Feb 2024CA$482.5bCA$163.4bCA$17.4b20.2x27.8x3x
Fri, 26 Jan 2024CA$457.6bCA$164.9bCA$16.8b19x27.2x2.8x
Sun, 24 Dec 2023CA$447.5bCA$164.5bCA$16.1b19x27.8x2.7x
Tue, 21 Nov 2023CA$421.9bCA$163.7bCA$15.8b18.6x26.8x2.6x
Thu, 19 Oct 2023CA$401.6bCA$161.1bCA$15.8b17.2x25.4x2.5x
Sat, 16 Sep 2023CA$424.5bCA$160.7bCA$15.8b16.9x26.9x2.6x
Mon, 14 Aug 2023CA$433.7bCA$160.2bCA$16.0b16.5x27.1x2.7x
Wed, 12 Jul 2023CA$414.5bCA$157.0bCA$13.8b18.7x30.1x2.6x
Fri, 09 Jun 2023CA$416.2bCA$157.3bCA$13.8b18.9x30.2x2.6x
Sun, 07 May 2023CA$421.1bCA$155.0bCA$13.7b19x30.7x2.7x
Tue, 04 Apr 2023CA$423.2bCA$153.5bCA$13.9b20.2x30.5x2.8x
Price to Earnings Ratio

30.5x


Total Market Cap: CA$423.2bTotal Earnings: CA$13.9bTotal Revenue: CA$153.5bTotal 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 23.3x 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 9.8% 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 Market2.21%
Industrials0.19%
Infrastructure3.11%
Industrials3.07%
Airlines2.75%
Transportation2.63%
Trade Distributors1.77%
Marine and Shipping1.68%
Construction-0.85%
Logistics-1.64%
Machinery-1.83%
Professional Services-2.96%
Commercial Services-3.02%
Electrical-3.88%
Building-4.75%
Aerospace & Defense-6.70%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 110x.
    • 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 Infrastructure 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
CNR Canadian National RailwayCA$140.824.0%
+CA$3.2b		0.9%PE18.2x
CP Canadian Pacific Kansas CityCA$108.641.0%
+CA$862.7m		9.3%PE23.5x
TFII TFI InternationalCA$145.467.1%
+CA$797.0m		32.0%PE27.7x
FTT Finning InternationalCA$85.355.8%
+CA$614.8m		112.6%PE20.7x
BBD.B BombardierCA$237.372.1%
+CA$477.1m		195.4%PE17.9x

Latest News

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1Y
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GFL
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GFL Environmental
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1Y
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CNR
CA$140.82
Canadian National Railway
7D
4.0%
1Y
0.9%
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MDA
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MDA Space
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1Y
27.1%
BYD
CA$175.78
Boyd Group Services
7D
-8.5%
1Y
-15.2%
TRI
CA$124.26
Thomson Reuters
7D
-3.0%
1Y
-49.2%

TRI: Larger Buybacks And Higher Dividend Will Support Future Upside

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BBD.B
CA$237.37
Bombardier
7D
2.1%
1Y
195.4%

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Analysts have lifted their fair value estimate for Bombardier from CA$193.28 to CA$222.11, echoing recent price target increases at several firms while still balancing more cautious views reflected in recent downgrades. Analyst Commentary Recent research on Bombardier reflects a mixed backdrop, with several price target increases sitting alongside a cluster of downgrades and more cautious opinions.
FTT
CA$85.35
Finning International
7D
5.8%
1Y
112.6%

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TFII
CA$145.46
TFI International
7D
7.1%
1Y
32.0%

TFII: Freight Recovery Uncertainty And Soft Volumes Will Limit Near Term Upside

Analysts have adjusted their fair value estimate for TFI International to CA$119.05 from CA$122.72, as higher price targets are balanced against updated assumptions for discount rate, revenue growth, profit margins, and future P/E, informed by recent research pointing to cautious Q1 guidance but potential benefits from freight cycle recovery and less than truckload improvements. Analyst Commentary Recent research on TFI International points to a mixed tone.
BDT
CA$39.44
Bird Construction
7D
12.2%
1Y
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EIF
CA$102.26
Exchange Income
7D
3.7%
1Y
103.8%
CP
CA$108.64
Canadian Pacific Kansas City
7D
1.0%
1Y
9.3%
AC
CA$17.91
Air Canada
7D
3.3%
1Y
26.8%

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ATS
CA$38.91
ATS
7D
-6.1%
1Y
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