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Canadian (TSX) Industrials Sector Analysis

UpdatedMar 29, 2026
DataAggregated Company Financials
Companies104
  • 7D0.2%
  • 3M-5.5%
  • 1Y-3.9%
  • YTD-4.8%

Last week, the Industrials industry hasn't moved much but Canadian National Railway is up 4.0% in that time. Unfortunately though, the industry is down 3.9% over the past 12 months. 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
Sun, 29 Mar 2026CA$439.1bCA$203.1bCA$19.3b25.8x22.8x2.2x
Tue, 24 Feb 2026CA$465.7bCA$203.3bCA$19.1b24.3x24.4x2.3x
Thu, 22 Jan 2026CA$463.7bCA$208.3bCA$18.4b22.1x25.2x2.2x
Sat, 20 Dec 2025CA$461.0bCA$208.1bCA$18.3b21.9x25.2x2.2x
Mon, 17 Nov 2025CA$462.3bCA$208.8bCA$18.3b21.6x25.2x2.2x
Wed, 15 Oct 2025CA$482.1bCA$206.1bCA$19.4b23.8x24.9x2.3x
Fri, 12 Sep 2025CA$486.5bCA$204.8bCA$19.3b23.1x25.2x2.4x
Sun, 10 Aug 2025CA$491.6bCA$204.3bCA$19.2b23.3x25.5x2.4x
Tue, 08 Jul 2025CA$520.3bCA$202.0bCA$16.6b20.6x31.3x2.6x
Thu, 05 Jun 2025CA$511.2bCA$201.9bCA$16.6b20.1x30.7x2.5x
Sat, 03 May 2025CA$468.7bCA$200.2bCA$15.7b19.9x29.8x2.3x
Mon, 31 Mar 2025CA$466.2bCA$200.7bCA$15.9b19.3x29.4x2.3x
Wed, 26 Feb 2025CA$487.8bCA$198.7bCA$15.9b20.7x30.8x2.5x
Fri, 24 Jan 2025CA$499.6bCA$199.0bCA$17.6b21.9x28.4x2.5x
Sun, 22 Dec 2024CA$485.5bCA$199.0bCA$17.6b21x27.5x2.4x
Tue, 19 Nov 2024CA$485.0bCA$198.1bCA$17.5b22.2x27.7x2.4x
Thu, 17 Oct 2024CA$494.4bCA$195.0bCA$17.2b23x28.7x2.5x
Sat, 14 Sep 2024CA$489.9bCA$194.6bCA$17.2b22x28.5x2.5x
Mon, 12 Aug 2024CA$462.6bCA$192.4bCA$17.3b22.1x26.7x2.4x
Wed, 10 Jul 2024CA$471.2bCA$167.1bCA$16.8b21.6x28x2.8x
Fri, 07 Jun 2024CA$476.7bCA$167.3bCA$16.8b21.3x28.3x2.8x
Sun, 05 May 2024CA$470.7bCA$166.3bCA$17.4b19.8x27.1x2.8x
Tue, 02 Apr 2024CA$487.9bCA$164.8bCA$17.9b20.7x27.3x3x
Thu, 29 Feb 2024CA$481.5bCA$163.5bCA$17.4b20.2x27.7x2.9x
Sat, 27 Jan 2024CA$457.8bCA$164.8bCA$16.8b19.8x27.2x2.8x
Mon, 25 Dec 2023CA$447.5bCA$164.5bCA$16.1b19x27.8x2.7x
Wed, 22 Nov 2023CA$421.9bCA$163.7bCA$15.8b18.7x26.8x2.6x
Fri, 20 Oct 2023CA$399.3bCA$161.1bCA$15.8b17.1x25.3x2.5x
Sun, 17 Sep 2023CA$432.6bCA$160.7bCA$15.8b17.6x27.4x2.7x
Tue, 15 Aug 2023CA$433.2bCA$160.2bCA$15.9b16.5x27.3x2.7x
Thu, 13 Jul 2023CA$416.1bCA$156.8bCA$13.7b18.8x30.3x2.7x
Sat, 10 Jun 2023CA$411.7bCA$157.3bCA$13.8b18.7x29.9x2.6x
Mon, 08 May 2023CA$421.1bCA$155.0bCA$13.7b19x30.7x2.7x
Wed, 05 Apr 2023CA$423.7bCA$153.6bCA$13.9b20.2x30.5x2.8x
Price to Earnings Ratio

30.5x


Total Market Cap: CA$423.7bTotal Earnings: CA$13.9bTotal Revenue: CA$153.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 27.8x202420252026
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 22.8x which is lower than its 3-year average PE of 27.8x.
  • 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 12% 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 Market2.28%
Industrials0.23%
Infrastructure3.11%
Industrials3.07%
Airlines2.78%
Transportation2.64%
Trade Distributors1.78%
Marine and Shipping1.68%
Construction-0.84%
Logistics-1.64%
Machinery-1.73%
Professional Services-2.96%
Commercial Services-2.99%
Electrical-3.86%
Building-4.75%
Aerospace & Defense-6.48%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 111x.
    • Analysts are expecting annual earnings growth of 24.4%, 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 59% 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

HPS.A
CA$182.22
Hammond Power Solutions
7D
-7.8%
1Y
129.4%

HPS.A: Higher Margin Outlook And P/E Framework Support Bullish Earnings View

Analysts have nudged their fair value price target for Hammond Power Solutions to CA$235.25 from CA$232. This reflects updated assumptions on growth, margins and P/E multiples following recent Street research price target increases.
ATRL
CA$87.09
AtkinsRéalis Group
7D
-1.3%
1Y
28.0%
ATS
CA$38.91
ATS
7D
-6.1%
1Y
4.8%

ATS: Future P/E Will Reflect Execution On M&A And Leadership Changes

Analysts have modestly adjusted their view on ATS, with the average price target moving by CA$2 as recent research from multiple banks reflects updated assumptions for discount rates, profit margins and future P/E expectations. Analyst Commentary Bullish Takeaways Bullish analysts are comfortable nudging price targets higher by about CA$2, where they see room for ATS to support updated P/E assumptions through execution on its current plan rather than needing a step change in performance.
EIF
CA$102.26
Exchange Income
7D
3.7%
1Y
103.8%

EIF: Higher Fair Value And Rising Street Confidence Should Support Future Returns

Narrative Update on Exchange Income Exchange Income's analyst price target has moved higher within recent research, with several firms lifting their targets into a range of CA$100 to CA$133. Analysts point to updated views on the company that align with only modest tweaks to discount rate, revenue growth, profit margin, and future P/E inputs in this model.
GFL
CA$54.06
GFL Environmental
7D
-3.4%
1Y
-20.9%
BDT
CA$39.44
Bird Construction
7D
12.2%
1Y
85.0%

BDT: Higher Fair Multiple And Acquisitions Will Drive Future Share Momentum

Bird Construction's analyst price target has shifted higher by about CA$6 to CA$43.68, supported by recent Street research that raised targets across several firms as analysts factor in updated assumptions for fair value, revenue growth, profit margin and future P/E. Analyst Commentary Recent Street research reflects a clear reset higher in valuation assumptions for Bird Construction, with several firms updating their price targets across a fairly tight range and one at a higher outlier level.
CNR
CA$140.82
Canadian National Railway
7D
4.0%
1Y
0.9%
WSP
CA$212.73
WSP Global
7D
-2.0%
1Y
-11.8%
MDA
CA$34.52
MDA Space
7D
-19.7%
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

Analysts have lifted their CA$ fair value estimate for Thomson Reuters by roughly CA$2 to CA$185.72, reflecting updated assumptions around the discount rate, revenue growth, profit margins and future P/E multiples. What's in the News Smokeball and Thomson Reuters announced a partnership to link Smokeball's practice management tools and AI matter assistant with Thomson Reuters CoCounsel Legal, with a real time data connector planned to sync legal documents across platforms and further integration phases underway (Client Announcements).
BBD.B
CA$237.37
Bombardier
7D
2.1%
1Y
195.4%

BBD.B: Elevated P/E And Mixed Ratings Will Test Execution Over Expansion Plan

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%

FTT: Future Returns Will Reflect Refined Rating Convergence And Continued Share Repurchases

Analysts have lifted their average price targets on Finning International by a mid single digit CA$ amount, with recent moves such as TD Securities to CA$104, Scotiabank to CA$105 and other firms raising their targets. These changes are supported by updated views on discount rates, revenue growth, profit margins and future P/E assumptions.
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.
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%

AC: Higher Fuel Costs And Capacity Plans Will Shape Future Risk Reward

The updated fair value estimate for Air Canada shifts to CA$17.0 from CA$20.1. This reflects analysts' focus on higher discount rates, softer profit margin assumptions, and a higher future P/E multiple after a series of price target cuts tied to rising jet fuel costs and more cautious earnings estimates. Analyst Commentary Recent Street research on Air Canada tilts more cautious, with several bearish analysts revising ratings and price targets alongside higher fuel cost assumptions and more conservative margin outlooks.