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Canadian (TSX) Industrials Sector Analysis

UpdatedMar 31, 2026
DataAggregated Company Financials
Companies104
  • 7D-1.4%
  • 3M-4.7%
  • 1Y-4.4%
  • YTD-4.6%

Over the last 7 days, the Industrials industry has dropped 1.4%, driven by MDA Space declining 27%. Overall the industry is down 4.4% in 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
Wed, 01 Apr 2026CA$439.1bCA$203.3bCA$19.3b25x22.8x2.2x
Fri, 27 Feb 2026CA$473.1bCA$203.9bCA$18.9b26.6x25x2.3x
Sun, 25 Jan 2026CA$470.7bCA$207.9bCA$18.4b22.2x25.6x2.3x
Tue, 23 Dec 2025CA$461.3bCA$208.0bCA$18.3b21.9x25.2x2.2x
Thu, 20 Nov 2025CA$449.7bCA$209.0bCA$18.4b21.1x24.5x2.2x
Sat, 18 Oct 2025CA$489.2bCA$206.0bCA$19.4b23.8x25.3x2.4x
Mon, 15 Sep 2025CA$491.5bCA$204.8bCA$19.3b23.2x25.4x2.4x
Wed, 13 Aug 2025CA$489.3bCA$204.4bCA$19.3b23.7x25.4x2.4x
Fri, 11 Jul 2025CA$523.1bCA$202.0bCA$16.6b22.9x31.5x2.6x
Sun, 08 Jun 2025CA$511.5bCA$202.0bCA$16.6b20x30.8x2.5x
Tue, 06 May 2025CA$476.9bCA$200.2bCA$15.7b19.7x30.3x2.4x
Thu, 03 Apr 2025CA$472.4bCA$200.4bCA$15.9b19.6x29.8x2.4x
Sat, 01 Mar 2025CA$490.1bCA$200.4bCA$16.0b20.6x30.7x2.4x
Mon, 27 Jan 2025CA$501.8bCA$198.9bCA$17.6b22.1x28.6x2.5x
Wed, 25 Dec 2024CA$491.7bCA$199.0bCA$17.6b21.2x27.9x2.5x
Fri, 22 Nov 2024CA$482.6bCA$197.8bCA$17.5b22.4x27.6x2.4x
Sun, 20 Oct 2024CA$494.4bCA$195.2bCA$17.2b23.2x28.7x2.5x
Tue, 17 Sep 2024CA$489.2bCA$194.5bCA$17.2b22.1x28.5x2.5x
Thu, 15 Aug 2024CA$464.2bCA$192.5bCA$17.2b22.4x27x2.4x
Sat, 13 Jul 2024CA$475.3bCA$167.1bCA$16.9b22x28.2x2.8x
Mon, 10 Jun 2024CA$474.2bCA$167.6bCA$16.9b21.1x28.1x2.8x
Wed, 08 May 2024CA$478.1bCA$166.6bCA$17.4b20x27.5x2.9x
Fri, 05 Apr 2024CA$481.1bCA$164.8bCA$17.9b20.7x26.9x2.9x
Sun, 03 Mar 2024CA$483.9bCA$164.5bCA$17.7b20.1x27.3x2.9x
Tue, 30 Jan 2024CA$458.4bCA$164.8bCA$16.8b20.1x27.2x2.8x
Thu, 28 Dec 2023CA$450.3bCA$164.3bCA$16.1b19.1x28x2.7x
Sat, 25 Nov 2023CA$420.9bCA$163.5bCA$15.7b17.9x26.7x2.6x
Mon, 23 Oct 2023CA$398.8bCA$161.1bCA$15.8b16.8x25.2x2.5x
Wed, 20 Sep 2023CA$423.9bCA$160.5bCA$15.8b17.7x26.9x2.6x
Fri, 18 Aug 2023CA$426.8bCA$160.7bCA$15.8b14.6x27x2.7x
Sun, 16 Jul 2023CA$421.9bCA$156.9bCA$13.8b19x30.7x2.7x
Tue, 13 Jun 2023CA$413.4bCA$157.3bCA$13.8b18.7x30x2.6x
Thu, 11 May 2023CA$428.1bCA$156.0bCA$13.8b19x31.1x2.7x
Sat, 08 Apr 2023CA$418.5bCA$153.8bCA$13.9b19x30.2x2.7x
Price to Earnings Ratio

30.2x


Total Market Cap: CA$418.5bTotal Earnings: CA$13.9bTotal Revenue: CA$153.8bTotal 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 Market0.38%
Industrials-1.37%
Industrials3.14%
Infrastructure1.79%
Professional Services1.51%
Transportation0.49%
Commercial Services-1.70%
Airlines-2.20%
Trade Distributors-2.97%
Marine and Shipping-3.09%
Construction-3.29%
Logistics-4.98%
Machinery-5.52%
Building-6.97%
Electrical-9.54%
Aerospace & Defense-12.87%
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 25.1%, 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$143.183.0%
+CA$2.4b		1.5%PE18.5x
TRI Thomson ReutersCA$125.564.3%
+CA$2.3b		-49.6%PE27.1x
GFL GFL EnvironmentalCA$58.037.0%
+CA$1.4b		-15.1%PE98.4x
BBD.B BombardierCA$246.024.3%
+CA$993.9m		202.8%PE18.5x
TFII TFI InternationalCA$151.425.0%
+CA$593.5m		36.9%PE28.8x

Latest News

ARE
CA$41.81
Aecon Group
7D
-1.5%
1Y
146.8%
ATS
CA$39.21
ATS
7D
-5.3%
1Y
8.1%
TFII
CA$151.42
TFI International
7D
5.0%
1Y
36.9%
BDT
CA$39.84
Bird Construction
7D
10.5%
1Y
81.4%

Defense And Data Center Backlog Will Support Stable Long Term Earnings Profile

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HPS.A
CA$175.37
Hammond Power Solutions
7D
-11.1%
1Y
120.6%

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$89.50
AtkinsRéalis Group
7D
-3.5%
1Y
31.7%
GFL
CA$58.03
GFL Environmental
7D
7.0%
1Y
-15.1%
CNR
CA$143.18
Canadian National Railway
7D
3.0%
1Y
1.5%
WSP
CA$216.50
WSP Global
7D
-0.5%
1Y
-12.3%
MDA
CA$35.24
MDA Space
7D
-12.6%
1Y
33.0%
BYD
CA$177.59
Boyd Group Services
7D
-7.7%
1Y
-13.6%
TRI
CA$125.56
Thomson Reuters
7D
4.3%
1Y
-49.6%

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).
EFN
CA$30.17
Element Fleet Management
7D
-2.3%
1Y
3.3%
BBD.B
CA$246.02
Bombardier
7D
4.3%
1Y
202.8%

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$86.08
Finning International
7D
-1.2%
1Y
113.1%

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.
CP
CA$109.47
Canadian Pacific Kansas City
7D
0.3%
1Y
7.6%