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Canadian (TSX) Industrials Sector Analysis

UpdatedJul 22, 2026
DataAggregated Company Financials
Companies109
  • 7D1.0%
  • 3M7.0%
  • 1Y-2.1%
  • YTD7.9%

In the last week, the Industrials industry is up 1.0%, with Bombardier up 10%. In the same time, MDA Space was down 6.6%. Despite this gain, the industry's performance has been flat over the past year. Looking forward, earnings are forecast to grow by 14% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Jul 2026CA$510.4bCA$246.0bCA$19.4b27.9x26.4x2.1x
Fri, 19 Jun 2026CA$474.5bCA$244.9bCA$19.4b26x24.5x1.9x
Sun, 17 May 2026CA$470.5bCA$242.6bCA$19.4b25.8x24.3x1.9x
Tue, 14 Apr 2026CA$468.7bCA$240.3bCA$19.2b26.2x24.4x2x
Thu, 12 Mar 2026CA$464.6bCA$201.9bCA$18.9b25.6x24.5x2.3x
Sat, 07 Feb 2026CA$454.2bCA$208.2bCA$18.0b23.9x25.3x2.2x
Mon, 05 Jan 2026CA$462.8bCA$207.9bCA$18.3b22.4x25.3x2.2x
Wed, 03 Dec 2025CA$457.1bCA$208.8bCA$18.4b20.4x24.9x2.2x
Fri, 31 Oct 2025CA$481.6bCA$206.4bCA$19.4b23.2x24.8x2.3x
Sun, 28 Sep 2025CA$478.9bCA$205.8bCA$19.4b22.8x24.7x2.3x
Tue, 26 Aug 2025CA$498.5bCA$204.8bCA$19.3b23.3x25.8x2.4x
Thu, 24 Jul 2025CA$515.0bCA$201.8bCA$16.7b23.9x30.9x2.6x
Sat, 21 Jun 2025CA$508.2bCA$202.2bCA$16.6b19.6x30.6x2.5x
Mon, 19 May 2025CA$515.1bCA$203.1bCA$16.8b20.8x30.6x2.5x
Wed, 16 Apr 2025CA$465.2bCA$199.6bCA$15.7b18.9x29.6x2.3x
Fri, 14 Mar 2025CA$473.7bCA$200.9bCA$15.9b19.5x29.8x2.4x
Sun, 09 Feb 2025CA$495.7bCA$198.9bCA$16.7b22.1x29.6x2.5x
Tue, 07 Jan 2025CA$492.1bCA$198.9bCA$17.6b21.5x27.9x2.5x
Thu, 05 Dec 2024CA$497.4bCA$198.1bCA$17.6b22.4x28.3x2.5x
Sat, 02 Nov 2024CA$481.2bCA$196.1bCA$18.0b22.7x26.7x2.5x
Mon, 30 Sep 2024CA$486.1bCA$194.4bCA$17.2b22.1x28.3x2.5x
Wed, 28 Aug 2024CA$480.5bCA$194.2bCA$17.1b22.4x28.1x2.5x
Fri, 26 Jul 2024CA$476.0bCA$167.6bCA$16.7b22.5x28.5x2.8x
Sun, 23 Jun 2024CA$465.0bCA$167.4bCA$16.8b20.3x27.6x2.8x
Tue, 21 May 2024CA$477.7bCA$167.5bCA$17.4b21.1x27.4x2.9x
Thu, 18 Apr 2024CA$475.0bCA$165.3bCA$17.9b20.1x26.5x2.9x
Sat, 16 Mar 2024CA$485.1bCA$164.6bCA$17.8b20.2x27.2x2.9x
Mon, 12 Feb 2024CA$474.0bCA$163.1bCA$17.2b19.8x27.5x2.9x
Wed, 10 Jan 2024CA$450.0bCA$164.8bCA$16.1b19.6x27.9x2.7x
Fri, 08 Dec 2023CA$435.7bCA$165.3bCA$16.2b18.5x27x2.6x
Sun, 05 Nov 2023CA$411.7bCA$161.1bCA$15.7b18x26.2x2.6x
Tue, 03 Oct 2023CA$410.7bCA$161.1bCA$15.8b17x26x2.5x
Thu, 31 Aug 2023CA$430.2bCA$160.7bCA$15.8b16.8x27.3x2.7x
Sat, 29 Jul 2023CA$426.7bCA$158.0bCA$14.4b18x29.6x2.7x
Price to Earnings Ratio

29.6x


Total Market Cap: CA$426.7bTotal Earnings: CA$14.4bTotal Revenue: CA$158.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 27.2x202420252026
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 27.2x.
  • The 3-year average PS ratio of 2.5x is higher than the industry's current PS ratio of 2.1x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 10% per year over the last three years.
  • Revenues for these companies have grown 16% 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 Market0.17%
Industrials1.04%
Infrastructure7.06%
Logistics5.05%
Building3.56%
Construction2.49%
Industrials1.79%
Commercial Services1.77%
Transportation1.33%
Electrical1.19%
Trade Distributors1.11%
Airlines0.66%
Machinery0.29%
Professional Services-0.84%
Aerospace & Defense-2.88%
Marine and Shipping-4.17%
Industry PE
  • Investors are most optimistic about the Aerospace & Defense industry which is trading above its 3-year average PE ratio of 10.5x.
    • Analysts are expecting annual earnings growth of 24.2%, which is higher than its past year's earnings growth of 6.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Machinery industry, expecting annual earnings growth of 51% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Infrastructure industry is expected to see its earnings grow by 5.9% 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$353.7810.3%
+CA$3.2b		121.6%PE25.9x
CNR Canadian National RailwayCA$179.462.2%
+CA$2.4b		31.4%PE23.2x
TFII TFI InternationalCA$216.303.0%
+CA$516.1m		76.9%PE42.3x
WSP WSP GlobalCA$176.692.1%
+CA$498.8m		-37.3%PE24.7x
BDT Bird ConstructionCA$77.0813.2%
+CA$498.6m		163.9%PE86.4x

Latest News

BBD.B
CA$353.78
Bombardier
7D
10.3%
1Y
121.6%
HPS.A
CA$297.25
Hammond Power Solutions
7D
-2.4%
1Y
125.2%
BDT
CA$77.08
Bird Construction
7D
13.2%
1Y
163.9%
TFII
CA$216.30
TFI International
7D
3.0%
1Y
76.9%
Narrative Update • Jul 21

TFII: Tighter Truckload Capacity And Contract Rates Will Drive Earnings Recovery

Analysts have raised their CA$ price targets on TFI International and now see fair value at about CA$260.01, citing expectations for material earnings growth supported by tighter freight capacity, contract rate exposure, and Q2 guidance that several firms describe as achievable, with potential upside into 2027. Analyst Commentary Recent Street research on TFI International points to a cluster of higher price targets and ratings upgrades, with several firms highlighting tighter freight capacity, contract rate exposure, and Q2 guidance as key parts of the thesis.
TIH
CA$230.27
Toromont Industries
7D
1.1%
1Y
75.2%
Narrative Update • Jul 21

TIH: Power Systems Backlog And Capacity Plans Will Support Measured Repricing

Toromont Industries' updated analyst price target has shifted from CA$239.78 to about CA$246.33, reflecting modest model adjustments as analysts point to higher assumed revenue growth and recent target increases from several Canadian banks. Analyst Commentary Recent research updates on Toromont Industries show a cluster of higher price targets and one rating upgrade, giving you a clearer picture of how professionals currently frame the stock's valuation and execution risks.
RCH
CA$35.17
Richelieu Hardware
7D
-2.2%
1Y
-0.3%
MDA
CA$44.53
MDA Space
7D
-6.6%
1Y
7.8%
WSP
CA$176.69
WSP Global
7D
2.1%
1Y
-37.3%
TRI
CA$127.92
Thomson Reuters
7D
-0.8%
1Y
-54.3%
Narrative Update • Jul 16

TRI: Fair Value View Will Weigh AI Refocus And Print Stake Sale

Analysts have trimmed their fair value estimate for Thomson Reuters to CA$133.16 from CA$191.52, reflecting updated assumptions for the discount rate, revenue growth, profit margin and future P/E. What’s in the News for Thomson Reuters Thomson Reuters agreed to sell a 51% stake in its Global Print business to KKR for about US$500 million, forming a joint venture in which Thomson Reuters keeps a 49% interest, intellectual property rights, and full editorial control, while aiming to focus more on software and AI driven products (source: recent news reports).
CAE
CA$34.48
CAE
7D
-1.7%
1Y
-12.0%
EFN
CA$30.56
Element Fleet Management
7D
3.0%
1Y
-15.0%
CNR
CA$179.46
Canadian National Railway
7D
2.2%
1Y
31.4%
Narrative Update • Jul 08

CNR: Resource Corridors Recycling Projects And Buybacks Will Support Future Earnings

Analysts have modestly raised their fair value estimate for Canadian National Railway, lifting the implied price target from about CA$162.11 to roughly CA$167.37. They attribute this change to a slightly lower discount rate, a marginally higher profit margin assumption, and an updated future P/E outlook.
GFL
CA$54.09
GFL Environmental
7D
-0.5%
1Y
-15.6%
BYD
CA$145.00
Boyd Group Services
7D
7.0%
1Y
-31.5%
Narrative Update • Jul 07

BYD: Location Expansion And Margin Execution Will Support Future Upside

Analysts have lowered their average price target on Boyd Group Services by CA$10 to reflect updated assumptions for fair value, revenue growth, profit margins and future P/E, as seen in the recent target cuts of CA$10 at Stifel and CA$43 at Stephens. Analyst Commentary Recent research on Boyd Group Services shows that analysts are revisiting their assumptions on fair value, revenue growth, profit margins and future P/E, with updated price targets that still reflect constructive views on the company despite the headline cuts.
ATS
CA$37.80
ATS
7D
-1.3%
1Y
-10.1%
Narrative Update • Jun 24

ATS: High Barriers And New CEO Focus Will Shape Future P/E

The analyst price target for ATS has been adjusted slightly higher to CA$52, with analysts citing the company’s high barriers to entry and broad exposure to automated manufacturing demand as key reasons for this change. Analyst Commentary Recent research on ATS highlights a mix of optimism around the company’s positioning in automated manufacturing and some caution around the practical realities of converting that positioning into consistent results.
ALC
CA$22.99
Algoma Central
7D
-4.2%
1Y
39.5%