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Canadian (TSX) Industrials Sector Analysis

UpdatedJan 20, 2026
DataAggregated Company Financials
Companies106
  • 7D0.9%
  • 3M-3.6%
  • 1Y-1.2%
  • YTD2.6%

Over the last 7 days, the Industrials industry has risen 1.2%, driven by gains from Bombardier of 9.1%. The industry has been flat over the past 12 months despite the gain this week. Looking forward, earnings are forecast to grow by 9.9% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 20 Jan 2026CA$475.9bCA$208.4bCA$18.4b22.2x25.9x2.3x
Thu, 18 Dec 2025CA$456.4bCA$208.1bCA$18.3b22.2x24.9x2.2x
Sat, 15 Nov 2025CA$463.7bCA$208.6bCA$18.1b21.6x25.6x2.2x
Mon, 13 Oct 2025CA$482.1bCA$206.0bCA$19.4b23.2x24.9x2.3x
Wed, 10 Sep 2025CA$489.7bCA$204.8bCA$19.3b22.9x25.3x2.4x
Fri, 08 Aug 2025CA$497.0bCA$202.8bCA$16.9b23.7x29.3x2.5x
Sun, 06 Jul 2025CA$520.3bCA$201.9bCA$16.6b20.5x31.4x2.6x
Tue, 03 Jun 2025CA$512.9bCA$202.0bCA$16.6b19.9x30.8x2.5x
Thu, 01 May 2025CA$466.1bCA$199.4bCA$15.6b19.6x29.9x2.3x
Sat, 29 Mar 2025CA$476.9bCA$200.7bCA$15.9b19.3x30.1x2.4x
Mon, 24 Feb 2025CA$490.6bCA$198.2bCA$16.0b20.9x30.7x2.5x
Wed, 22 Jan 2025CA$489.3bCA$198.9bCA$17.6b21.6x27.8x2.5x
Fri, 20 Dec 2024CA$489.3bCA$199.0bCA$17.6b21x27.7x2.5x
Sun, 17 Nov 2024CA$486.3bCA$198.1bCA$17.5b22.1x27.8x2.5x
Tue, 15 Oct 2024CA$493.6bCA$195.0bCA$17.2b22.3x28.7x2.5x
Thu, 12 Sep 2024CA$484.4bCA$194.5bCA$17.2b21.4x28.2x2.5x
Sat, 10 Aug 2024CA$459.2bCA$170.0bCA$15.4b22.1x29.7x2.7x
Mon, 08 Jul 2024CA$471.9bCA$166.9bCA$17.0b21.7x27.7x2.8x
Wed, 05 Jun 2024CA$468.4bCA$167.3bCA$16.8b20.4x27.8x2.8x
Fri, 03 May 2024CA$457.1bCA$166.1bCA$17.4b19.6x26.3x2.8x
Sun, 31 Mar 2024CA$487.9bCA$164.8bCA$17.9b20.6x27.3x3x
Tue, 27 Feb 2024CA$482.5bCA$163.4bCA$17.4b20.6x27.7x3x
Thu, 25 Jan 2024CA$459.7bCA$165.0bCA$16.9b18.8x27.3x2.8x
Sat, 23 Dec 2023CA$447.5bCA$164.5bCA$16.1b19x27.8x2.7x
Mon, 20 Nov 2023CA$421.9bCA$163.6bCA$15.8b18.6x26.8x2.6x
Wed, 18 Oct 2023CA$410.0bCA$160.9bCA$15.8b17.6x26x2.5x
Fri, 15 Sep 2023CA$424.5bCA$160.7bCA$15.8b16.9x26.9x2.6x
Sun, 13 Aug 2023CA$434.1bCA$160.3bCA$16.0b16.5x27.2x2.7x
Tue, 11 Jul 2023CA$415.8bCA$157.1bCA$13.8b18.7x30.2x2.6x
Thu, 08 Jun 2023CA$417.4bCA$157.4bCA$13.8b19x30.3x2.7x
Sat, 06 May 2023CA$421.1bCA$155.2bCA$13.7b19x30.6x2.7x
Mon, 03 Apr 2023CA$423.8bCA$153.7bCA$13.9b20.4x30.5x2.8x
Wed, 01 Mar 2023CA$414.0bCA$152.3bCA$14.5b18.8x28.6x2.7x
Fri, 27 Jan 2023CA$407.2bCA$149.5bCA$12.9b16.9x31.6x2.7x
Price to Earnings Ratio

31.6x


Total Market Cap: CA$407.2bTotal Earnings: CA$12.9bTotal Revenue: CA$149.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 28.2x202420252026
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 28.2x.
  • The 3-year average PS ratio of 2.6x is higher than the industry's current PS ratio of 2.3x.
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 Market0.93%
Industrials0.91%
Aerospace & Defense6.78%
Trade Distributors4.57%
Airlines3.39%
Machinery2.39%
Construction2.26%
Transportation1.57%
Infrastructure1.30%
Logistics1.25%
Building0.92%
Electrical0.87%
Marine and Shipping0.63%
Industrials0.43%
Commercial Services0.28%
Professional Services-4.98%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 100x.
    • Analysts are expecting annual earnings decline of 2.9%, 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 121% over the next 5 years.
  • In contrast, the Logistics industry is expected to see its earnings decline by 6.7% 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
BBD.B BombardierCA$272.489.1%
+CA$2.2b		188.1%PE46.8x
CP Canadian Pacific Kansas CityCA$101.191.8%
+CA$1.6b		-8.0%PE21.4x
CNR Canadian National RailwayCA$139.341.4%
+CA$1.2b		-6.0%PE18.6x
WSP WSP GlobalCA$272.002.3%
+CA$818.3m		9.8%PE41.9x
MDA MDA SpaceCA$36.7720.8%
+CA$799.5m		32.6%PE42.4x

Latest News

CAE
CA$47.33
CAE
7D
2.9%
1Y
36.0%
MDA
CA$36.77
MDA Space
7D
20.8%
1Y
32.6%
VLN
CA$14.52
Velan
7D
-22.4%
1Y
-14.8%
GFL
CA$59.14
GFL Environmental
7D
-0.1%
1Y
-2.5%
TRI
CA$169.95
Thomson Reuters
7D
-5.0%
1Y
-26.4%
CNR
CA$139.34
Canadian National Railway
7D
1.4%
1Y
-6.0%

CNR: Share Repurchases Will Support Earnings Compounding And Future Upside Potential

Analysts have nudged their fair value estimate for Canadian National Railway slightly higher to $154.95 from $154.85, reflecting updated views on revenue growth, profit margins and future P/E assumptions. What's in the News From July 1, 2025 to September 30, 2025, Canadian National Railway repurchased 7,700,000 shares for CAD 1,041m, representing 1.23% of its shares.
BBD.B
CA$272.48
Bombardier
7D
9.1%
1Y
188.1%

BBD.B: Rich P/E Expectations Will Expose Execution Risk In Coming Years

Analysts have raised their fair value estimate for Bombardier from $130.18 to $154.43, citing updated assumptions on revenue growth, profit margins, and P/E expectations. These now align with recent Street target increases to C$203 at TD Securities and C$225 at BMO Capital.
EFN
CA$34.40
Element Fleet Management
7D
-2.1%
1Y
19.7%

Element Fleet Management (TSE:EFN) Is Looking To Continue Growing Its Returns On Capital

Jan 11
Element Fleet Management (TSE:EFN) Is Looking To Continue Growing Its Returns On Capital
HPS.A
CA$158.53
Hammond Power Solutions
7D
-3.2%
1Y
31.7%

HPS.A: Rising Grid Demand And Acquisitions Will Support Long Term Margins

Analysts have raised their price targets on Hammond Power Solutions to a range of C$195 to C$211, citing updated assumptions on discount rates and long term P/E that align the Street view more closely with the current C$215.25 fair value estimate. Analyst Commentary Recent target changes show that Street expectations are converging around the current fair value estimate, with bullish analysts lifting their targets into a C$195 to C$211 range while maintaining positive ratings on the shares.
WSP
CA$272.00
WSP Global
7D
2.3%
1Y
9.8%

WSP: Future Cash Flows Will Support Confidence In Jacobs Takeover Proposal

Analysts have trimmed their average fair value estimate for WSP Global to about $331.62 from roughly $322.11, reflecting a mix of slightly different P/E assumptions, modestly adjusted revenue and margin forecasts, and recent price target moves in the range of C$305 to C$342. Analyst Commentary Recent Street research on WSP Global clusters around higher price targets and positive ratings, with only modest target trims at the margin.
TIH
CA$178.65
Toromont Industries
7D
4.3%
1Y
54.0%

TIH: Higher Street Expectations And Buybacks Will Shape A Measured Forward Outlook

Analysts have lifted their Street price targets for Toromont Industries to a range of about C$172 to C$180, reflecting updated views on valuation and earnings power, even as fair value and P/E assumptions in our model remain broadly unchanged. Analyst Commentary Street research on Toromont Industries has become more constructive on valuation, with a cluster of higher price targets and a mix of ratings that signal both optimism and caution.
CP
CA$101.19
Canadian Pacific Kansas City
7D
1.8%
1Y
-8.0%
FTT
CA$85.73
Finning International
7D
6.3%
1Y
123.3%

FTT: Future Upside Will Be Driven By Rising Outperformance Conviction

Analysts have raised their price target on Finning International to C$84.44 from C$83.78. This change reflects updated views on fair value and valuation metrics, supported by recent target increases from several research firms.
BLDP
CA$3.78
Ballard Power Systems
7D
-3.1%
1Y
67.3%

BLDP: Softer Backlog And Bookings Will Likely Outweigh Margin Surprise

Analysts have lifted their price targets on Ballard Power Systems into a roughly US$2.50 to US$3.40 range from prior levels around US$1.00 to US$2.00, citing better than expected Q3 revenue and gross margins, early signs of improved margin potential, and a more constructive clean tech backdrop, while they continue to wait for clearer growth visibility and order trends. Analyst Commentary Recent Street research around Ballard Power Systems clusters around higher price targets within a relatively tight band, but views still split between cautious and more constructive outlooks on execution and growth.
FLT
CA$0.66
Volatus Aerospace
7D
-8.3%
1Y
256.8%
BDT
CA$29.90
Bird Construction
7D
-1.5%
1Y
31.8%

Bird Construction (TSE:BDT) Is Due To Pay A Dividend Of CA$0.07

Dec 21
Bird Construction (TSE:BDT) Is Due To Pay A Dividend Of CA$0.07