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Canadian (TSX) Industrials Sector Analysis

UpdatedMar 10, 2026
DataAggregated Company Financials
Companies105
  • 7D-3.0%
  • 3M3.3%
  • 1Y0.2%
  • YTD2.2%

Over the last 7 days, the Industrials industry has dropped 1.8%, driven by a pullback from Canadian Pacific Kansas City of 7.8%. Meanwhile, Thomson Reuters actually outperformed within the industry, gaining 11% in the last week. As for the longer term, the industry's performance has been flat for the past year. 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
Tue, 10 Mar 2026CA$469.3bCA$201.9bCA$18.9b25.5x24.8x2.3x
Thu, 05 Feb 2026CA$453.0bCA$208.1bCA$18.4b23.7x24.7x2.2x
Sat, 03 Jan 2026CA$461.6bCA$207.9bCA$18.3b22.4x25.2x2.2x
Mon, 01 Dec 2025CA$460.6bCA$208.7bCA$18.4b21.2x25.1x2.2x
Wed, 29 Oct 2025CA$493.0bCA$205.9bCA$19.3b24.1x25.5x2.4x
Fri, 26 Sep 2025CA$479.9bCA$205.8bCA$19.4b22.9x24.8x2.3x
Sun, 24 Aug 2025CA$498.5bCA$204.7bCA$19.3b23.8x25.8x2.4x
Tue, 22 Jul 2025CA$522.3bCA$202.1bCA$16.6b23.7x31.4x2.6x
Thu, 19 Jun 2025CA$506.6bCA$202.1bCA$16.6b19.8x30.5x2.5x
Sat, 17 May 2025CA$512.1bCA$203.1bCA$16.8b20.8x30.4x2.5x
Mon, 14 Apr 2025CA$460.3bCA$199.3bCA$15.7b18.7x29.4x2.3x
Wed, 12 Mar 2025CA$479.7bCA$200.4bCA$15.9b19.3x30.2x2.4x
Fri, 07 Feb 2025CA$492.5bCA$199.0bCA$16.7b21.9x29.4x2.5x
Sun, 05 Jan 2025CA$492.2bCA$199.2bCA$17.6b21.4x27.9x2.5x
Tue, 03 Dec 2024CA$499.6bCA$198.1bCA$17.5b22.2x28.5x2.5x
Thu, 31 Oct 2024CA$488.6bCA$196.2bCA$17.3b23x28.3x2.5x
Sat, 28 Sep 2024CA$487.7bCA$194.4bCA$17.2b22.1x28.4x2.5x
Mon, 26 Aug 2024CA$479.1bCA$191.8bCA$17.1b22.8x28x2.5x
Wed, 24 Jul 2024CA$486.1bCA$167.5bCA$16.9b22.9x28.8x2.9x
Fri, 21 Jun 2024CA$463.1bCA$167.4bCA$16.8b20.4x27.5x2.8x
Sun, 19 May 2024CA$477.7bCA$167.4bCA$17.4b21.1x27.4x2.9x
Tue, 16 Apr 2024CA$481.6bCA$165.3bCA$17.9b20.1x26.8x2.9x
Thu, 14 Mar 2024CA$487.8bCA$164.4bCA$17.8b21x27.4x3x
Sat, 10 Feb 2024CA$473.9bCA$163.1bCA$17.2b19.8x27.5x2.9x
Mon, 08 Jan 2024CA$449.6bCA$164.7bCA$16.1b19.9x27.9x2.7x
Wed, 06 Dec 2023CA$436.2bCA$165.3bCA$16.2b18.4x27x2.6x
Fri, 03 Nov 2023CA$401.5bCA$161.3bCA$15.7b17.4x25.6x2.5x
Sun, 01 Oct 2023CA$410.7bCA$160.8bCA$15.8b17.3x26x2.6x
Tue, 29 Aug 2023CA$424.0bCA$160.9bCA$15.8b17.1x26.8x2.6x
Thu, 27 Jul 2023CA$428.9bCA$156.6bCA$13.6b19.5x31.6x2.7x
Sat, 24 Jun 2023CA$417.7bCA$156.9bCA$13.8b19x30.3x2.7x
Mon, 22 May 2023CA$432.0bCA$157.4bCA$13.7b19.4x31.5x2.7x
Wed, 19 Apr 2023CA$428.9bCA$153.4bCA$13.8b20.3x31.1x2.8x
Fri, 17 Mar 2023CA$426.6bCA$153.8bCA$13.9b19.8x30.7x2.8x
Price to Earnings Ratio

30.7x


Total Market Cap: CA$426.6bTotal Earnings: CA$13.9bTotal Revenue: CA$153.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 28x202420252026
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 24.7x which is lower than its 3-year average PE 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 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-4.27%
Industrials-2.95%
Professional Services11.26%
Industrials-0.64%
Commercial Services-2.02%
Construction-2.58%
Infrastructure-2.83%
Aerospace & Defense-2.99%
Building-3.17%
Electrical-5.40%
Machinery-5.44%
Logistics-5.65%
Transportation-6.05%
Airlines-6.16%
Trade Distributors-7.15%
Marine and Shipping-14.59%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 108x.
    • Analysts are expecting annual earnings growth of 31.6%, which is higher than its past year's earnings growth of 3.3% 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 grow by 2.1% 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
TRI Thomson ReutersCA$151.3911.3%
+CA$6.8b		-39.6%PE33.5x
ARE Aecon GroupCA$40.783.5%
+CA$87.8m		126.2%PE172.4x
WJX WajaxCA$33.465.9%
+CA$40.4m		83.0%PE12.7x
PYR PyroGenesisCA$0.6341.6%
+CA$37.5m		21.2%PS9.5x
E Enterprise GroupCA$1.328.2%
+CA$8.0m		-21.9%PE30.2x

Latest News

PYR
CA$0.63
PyroGenesis
7D
41.6%
1Y
21.2%
ARE
CA$40.78
Aecon Group
7D
3.5%
1Y
126.2%
TIH
CA$200.32
Toromont Industries
7D
-6.3%
1Y
70.5%

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.
FTT
CA$88.44
Finning International
7D
-9.7%
1Y
123.7%

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$150.63
TFI International
7D
-7.3%
1Y
25.5%

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.
WJX
CA$33.46
Wajax
7D
5.9%
1Y
83.0%
MDA
CA$42.05
MDA Space
7D
0%
1Y
51.4%
FCLI
CA$0.45
Full Circle Lithium
7D
20.0%
1Y
12.5%
CNR
CA$146.63
Canadian National Railway
7D
-5.1%
1Y
3.5%
TRI
CA$151.39
Thomson Reuters
7D
11.3%
1Y
-39.6%
CP
CA$113.92
Canadian Pacific Kansas City
7D
-6.8%
1Y
6.1%
WSP
CA$227.81
WSP Global
7D
-2.9%
1Y
-6.7%
CAE
CA$39.43
CAE
7D
-3.6%
1Y
11.1%

CAE: Training Contracts And Portfolio Shift Will Shape Future Upside Potential

The analyst price target for CAE has been adjusted modestly lower to reflect a slightly reduced fair value estimate of CA$46.54. Analysts attribute this to softer revenue growth and margin assumptions, a higher discount rate, and mixed recent target moves across firms, including cuts at Jefferies, Canaccord, and Scotiabank, alongside a smaller increase from TD Securities.
BBD.B
CA$239.55
Bombardier
7D
-13.4%
1Y
195.3%

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.
DYA
CA$0.12
dynaCERT
7D
15.0%
1Y
-17.9%
E
CA$1.32
Enterprise Group
7D
8.2%
1Y
-21.9%