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Canadian (TSX) Industrials Sector Analysis

UpdatedDec 17, 2025
DataAggregated Company Financials
Companies104
  • 7D0.3%
  • 3M-5.6%
  • 1Y-4.7%
  • YTD-4.2%

The Industrials industry has stayed flat over the last week. As for the longer term, the industry has declined 4.7% in the last year. 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
Thu, 18 Dec 2025CA$459.8bCA$208.0bCA$18.3b21.3x25.1x2.2x
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
Sun, 25 Dec 2022CA$399.2bCA$149.4bCA$12.7b16.5x31.4x2.7x
Price to Earnings Ratio

31.4x


Total Market Cap: CA$399.2bTotal Earnings: CA$12.7bTotal Revenue: CA$149.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 28.4x202320242025
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 25.1x which is lower than its 3-year average PE of 28.4x.
  • 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 Market-0.016%
Industrials0.34%
Building4.42%
Aerospace & Defense2.88%
Machinery2.77%
Professional Services2.21%
Trade Distributors1.26%
Infrastructure0.75%
Construction0.26%
Industrials0%0
Transportation-0.42%
Airlines-0.51%
Electrical-0.71%
Commercial Services-1.16%
Marine and Shipping-1.28%
Logistics-3.59%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 93.2x.
    • Analysts are expecting annual earnings decline of 3.5%, 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 6.0% 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$220.095.3%
+CA$1.1b		133.7%PE38.1x
TFII TFI InternationalCA$145.582.9%
+CA$339.8m		-28.8%PE26.6x
WSP WSP GlobalCA$243.670.7%
+CA$214.2m		-1.5%PE36.4x
TRI Thomson ReutersCA$182.110.2%
+CA$187.6m		-22.2%PE33.7x
CAE CAECA$39.441.3%
+CA$164.0m		20.4%PE29.1x

Latest News

ATRL
CA$85.14
AtkinsRéalis Group
7D
-2.7%
1Y
14.1%
CNR
CA$134.32
Canadian National Railway
7D
-0.9%
1Y
-8.3%

CNR: Share Buybacks Will Support Earnings Compounding Amid Modest Macro Risks

Analysts have modestly raised their price target on Canadian National Railway, lifting estimated fair value by about C$4 to roughly C$155. This reflects slightly stronger expectations for revenue growth, margin expansion, and a lower future earnings multiple.
CAE
CA$39.44
CAE
7D
1.3%
1Y
20.4%
WSP
CA$243.67
WSP Global
7D
0.7%
1Y
-1.5%

With WSP Global Inc. (TSE:WSP) It Looks Like You'll Get What You Pay For

Dec 16
With WSP Global Inc. (TSE:WSP) It Looks Like You'll Get What You Pay For
TFII
CA$145.58
TFI International
7D
2.9%
1Y
-28.8%
TIH
CA$158.47
Toromont Industries
7D
-5.1%
1Y
40.6%

TIH: Rising Street Expectations And Opportunistic Buybacks Will Shape A Balanced Outlook

Toromont Industries narrative has been updated to reflect a higher analyst price target, supported by broadly raised Street estimates into the C$170 to C$180 range as analysts point to slightly stronger revenue growth expectations and resilient margins despite a modestly higher discount rate. Analyst Commentary Street research on Toromont Industries reflects a broadly constructive tone, with a clustering of price targets in the C$170 to C$180 range and only modest divergence on rating stance as valuation becomes fuller.
FTT
CA$71.88
Finning International
7D
-5.6%
1Y
96.7%

FTT: Future Upside Will Be Driven By Strengthening Outperformance Rating

Analysts have nudged their average price target for Finning International modestly higher to about C$83.78 from roughly C$83.78, citing incremental improvements in long term growth and profitability assumptions along with a series of recent target hikes across the Street. Analyst Commentary Recent target hikes signal a constructive stance on Finning International, with bullish analysts highlighting both earnings momentum and an improved medium term growth profile.
STN
CA$126.91
Stantec
7D
-3.2%
1Y
10.5%

STN: New Contracts And Index Inclusion Will Drive Long Term Earnings Momentum

Analysts have nudged their price target on Stantec slightly higher to approximately $169.36 per share from about $169.10, reflecting modestly improved long term margin and valuation assumptions, despite a marginally higher discount rate and slightly lower revenue growth outlook. What's in the News Stantec secured a €27.7 million (CAD 45.4 million) contract for the second phase of the European Commission's Global Technical Assistance Facility for Sustainable Energy, extending its role in supporting global energy transition initiatives through October 2028 (Key Developments).
BBD.B
CA$220.09
Bombardier
7D
5.3%
1Y
133.7%

BBD.B: Future Returns Will Depend On Execution And Balance Sheet Discipline

We are raising our Bombardier price target modestly, reflecting a slightly higher fair value of C$218.48 from C$217.12 as analysts factor in incremental improvements to long term growth expectations and valuation multiples following recent target increases from the Street. Analyst Commentary Recent price target revisions reflect a constructive but differentiated view on Bombardier's risk and reward profile, with modest upside adjustments framed by execution and balance sheet considerations.
AC
CA$18.63
Air Canada
7D
2.1%
1Y
-13.7%
MAL
CA$18.34
Magellan Aerospace
7D
8.5%
1Y
88.7%
HPS.A
CA$164.00
Hammond Power Solutions
7D
-9.1%
1Y
34.8%

HPS.A: Future Margin Durability Will Underpin Further Upside Momentum

Analysts have lifted their price target for Hammond Power Solutions to about C$211 from C$154, reflecting increased confidence in the company’s growth trajectory and margin durability, despite a slightly higher discount rate assumption. Analyst Commentary Bullish analysts point to the higher price targets as evidence that the market is still catching up to Hammond Power Solutions’ accelerating growth and improving profitability profile.
NFI
CA$14.46
NFI Group
7D
9.7%
1Y
5.6%

NFI: Transit Demand Tailwinds Will Support Future Recovery In Zero Emission Deliveries

NFI Group's analyst price target has been trimmed slightly to about C$20.40 from C$20.76, as analysts modestly adjust fair value assumptions while maintaining a generally constructive outlook on the company. Analyst Commentary Recent Street research reflects modestly reduced price targets for NFI Group, clustering in the C$20 to C$22 range, while ratings remain skewed toward Outperform.
CP
CA$101.40
Canadian Pacific Kansas City
7D
-1.9%
1Y
-3.8%
BDGI
CA$72.56
Badger Infrastructure Solutions
7D
-7.4%
1Y
98.6%

BDGI: Future Margin Stability And Buyback Discipline Will Guide Balanced Outlook

Analysts have raised their price target on Badger Infrastructure Solutions, citing slightly stronger long term growth assumptions and modestly higher valuation multiples, which increases the fair value estimate from approximately C$77.69 to about C$78.39 per share. Analyst Commentary Bullish analysts view the higher price target as a reflection of improving confidence in Badger Infrastructure Solutions execution capabilities and long term growth trajectory, particularly as end market demand for infrastructure services remains resilient.
TRI
CA$182.11
Thomson Reuters
7D
0.2%
1Y
-22.2%

TRI: AI Audit Partnerships Will Drive Long Term Earnings Upside

Analysts have raised their price target on Thomson Reuters to reflect a modest improvement in long term earnings expectations, highlighting stable fair value estimates alongside slightly higher discount rate and future price to earnings assumptions. What's in the News Fieldguide partnered with Thomson Reuters to embed the Guided Assurance audit methodology into Fieldguide's agentic AI platform, enabling dynamic risk assessments, automated diagnostics, and continuously updated audit standards within a single workflow (Key Developments).