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Canadian (TSX) Industrials Sector Analysis

UpdatedFeb 12, 2026
DataAggregated Company Financials
Companies107
  • 7D1.4%
  • 3M0.5%
  • 1Y-4.2%
  • YTD1.0%

The Industrials industry is up 1.4% in the last week, with Canadian National Railway up 6.6%. In the same time, Thomson Reuters was down 5.4%. However, the industry is down 4.2% over the past year. Earnings are forecast to grow by 10% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 12 Feb 2026CA$468.6bCA$206.9bCA$17.9b24.8x26.1x2.3x
Sat, 10 Jan 2026CA$467.0bCA$208.5bCA$18.3b21.4x25.5x2.2x
Mon, 08 Dec 2025CA$460.3bCA$208.4bCA$18.3b20.5x25.1x2.2x
Wed, 05 Nov 2025CA$481.6bCA$206.5bCA$19.7b23.3x24.5x2.3x
Fri, 03 Oct 2025CA$481.9bCA$205.9bCA$19.3b23.1x24.9x2.3x
Sun, 31 Aug 2025CA$495.9bCA$204.5bCA$19.3b23.5x25.7x2.4x
Tue, 29 Jul 2025CA$514.3bCA$202.3bCA$16.7b23.4x30.9x2.5x
Thu, 26 Jun 2025CA$511.2bCA$202.2bCA$16.6b19.6x30.8x2.5x
Sat, 24 May 2025CA$509.6bCA$202.2bCA$16.7b20.2x30.4x2.5x
Mon, 21 Apr 2025CA$468.0bCA$199.2bCA$15.7b19x29.9x2.3x
Wed, 19 Mar 2025CA$478.3bCA$200.6bCA$15.9b19.5x30.1x2.4x
Fri, 14 Feb 2025CA$495.6bCA$197.8bCA$16.8b22.2x29.5x2.5x
Sun, 12 Jan 2025CA$479.9bCA$199.2bCA$17.6b21.5x27.2x2.4x
Tue, 10 Dec 2024CA$503.2bCA$198.4bCA$17.6b22.1x28.6x2.5x
Thu, 07 Nov 2024CA$491.2bCA$196.5bCA$17.6b23.1x27.8x2.5x
Sat, 05 Oct 2024CA$481.9bCA$194.5bCA$17.2b22.3x28.1x2.5x
Mon, 02 Sep 2024CA$481.4bCA$194.2bCA$17.1b22.5x28.2x2.5x
Wed, 31 Jul 2024CA$476.6bCA$168.3bCA$16.7b22.5x28.5x2.8x
Fri, 28 Jun 2024CA$471.6bCA$167.4bCA$16.8b21.6x28x2.8x
Sun, 26 May 2024CA$477.6bCA$167.6bCA$17.4b20.6x27.4x2.8x
Tue, 23 Apr 2024CA$473.6bCA$165.3bCA$17.9b20.4x26.4x2.9x
Thu, 21 Mar 2024CA$486.3bCA$164.6bCA$17.8b20.2x27.3x3x
Sat, 17 Feb 2024CA$477.7bCA$163.3bCA$17.2b20.1x27.8x2.9x
Mon, 15 Jan 2024CA$453.2bCA$164.8bCA$16.1b20.3x28.1x2.8x
Wed, 13 Dec 2023CA$436.7bCA$165.3bCA$16.2b18.4x27x2.6x
Fri, 10 Nov 2023CA$412.8bCA$162.5bCA$15.7b18x26.3x2.5x
Sun, 08 Oct 2023CA$410.6bCA$161.0bCA$15.8b17.5x26x2.6x
Tue, 05 Sep 2023CA$432.5bCA$160.9bCA$15.8b17.5x27.4x2.7x
Thu, 03 Aug 2023CA$429.6bCA$157.6bCA$15.5b18.1x27.7x2.7x
Sat, 01 Jul 2023CA$426.6bCA$157.1bCA$13.8b19x31x2.7x
Mon, 29 May 2023CA$419.7bCA$157.7bCA$13.7b19x30.6x2.7x
Wed, 26 Apr 2023CA$432.3bCA$154.6bCA$14.2b19.9x30.5x2.8x
Fri, 24 Mar 2023CA$414.2bCA$154.0bCA$13.9b20.2x29.7x2.7x
Sun, 19 Feb 2023CA$417.5bCA$151.5bCA$14.5b17.8x28.8x2.8x
Price to Earnings Ratio

28.8x


Total Market Cap: CA$417.5bTotal Earnings: CA$14.5bTotal Revenue: CA$151.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 28.1x202420252026
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 28.1x.
  • 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 7.3% per year over the last three years.
  • Revenues for these companies have grown 11% 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 Market1.86%
Industrials1.43%
Transportation5.31%
Marine and Shipping4.53%
Infrastructure4.46%
Electrical3.71%
Trade Distributors3.45%
Industrials2.49%
Commercial Services2.35%
Logistics1.58%
Aerospace & Defense0.11%
Building0.03%
Machinery-0.21%
Construction-3.35%
Airlines-4.31%
Professional Services-5.42%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 104x.
    • Analysts are expecting annual earnings decline of 4.8%, which is lower than the prior year's growth of 12.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Machinery industry, expecting annual earnings growth of 61% over the next 5 years.
  • This is better than its past earnings decline of 15% per year.
  • In contrast, the Logistics industry is expected to see its earnings decline by 7.7% 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
CNR Canadian National RailwayCA$144.206.6%
+CA$5.5b		-1.6%PE18.7x
CP Canadian Pacific Kansas CityCA$113.804.7%
+CA$4.6b		2.4%PE24.7x
TIH Toromont IndustriesCA$195.399.0%
+CA$1.3b		61.1%PE32x
BBD.B BombardierCA$249.732.4%
+CA$580.7m		203.2%PE43.8x
GFL GFL EnvironmentalCA$59.782.7%
+CA$559.8m		-8.9%PE250.9x

Latest News

TRI
CA$120.93
Thomson Reuters
7D
-5.4%
1Y
-51.9%
FTT
CA$87.81
Finning International
7D
-0.8%
1Y
100.5%
TIH
CA$195.39
Toromont Industries
7D
9.0%
1Y
61.1%
MDA
CA$35.02
MDA Space
7D
-6.0%
1Y
47.1%
CAE
CA$42.83
CAE
7D
2.3%
1Y
27.4%

CAE: Mixed Execution And Training Contracts Will Shape Measured Long-Term Returns

We are nudging our CAE fair value estimate slightly higher to $47.15 from $46.85, reflecting analysts' updated price targets and rationales that balance more conservative revenue growth assumptions with higher profit margin expectations and a modestly lower future P/E. Analyst Commentary Recent Street research on CAE reflects a mix of optimism on the company’s long term positioning and some caution around execution and valuation, which together inform our updated fair value estimate.
AC
CA$19.53
Air Canada
7D
-7.2%
1Y
7.5%
BDGI
CA$67.79
Badger Infrastructure Solutions
7D
-3.4%
1Y
73.6%

BDGI: Hold Rerating Will Highlight Earnings Resilience And Fine Tuning Of Assumptions

Badger Infrastructure Solutions’ analyst price target has been adjusted slightly higher to reflect updated fair value assumptions around $81.94. Analysts cite modest tweaks in the discount rate, revenue growth, profit margin and future P/E expectations following recent rating changes to Hold.
STN
CA$134.01
Stantec
7D
-1.3%
1Y
21.3%

STN: Global Energy Contracts And 2025 Guidance Will Support Long Term Earnings

Analysts have made a small adjustment to their price target for Stantec to roughly CA$171. This reflects updated views on fair value, discount rate, revenue growth, profit margin, and future P/E assumptions.
BYD
CA$245.84
Boyd Group Services
7D
5.2%
1Y
3.8%

BYD: Future Upside Will Rely On Steady Execution And Dividend Support

Analysts have trimmed their price target on Boyd Group Services from C$272.60 to C$269.29. This reflects updated assumptions for growth, profitability and discount rates while keeping an Outperform view in place.
CNR
CA$144.20
Canadian National Railway
7D
6.6%
1Y
-1.6%
BBD.B
CA$249.73
Bombardier
7D
2.4%
1Y
203.2%

BBD.B: Future Returns Will Depend On Execution As Sentiment Turns More Cautious

Analysts have lifted their Bombardier fair value estimate from about $220.07 to $250.11. The updated price target reflects slightly adjusted assumptions on discount rate, revenue growth, profit margin and future P/E, even as recent research includes both higher price targets and several rating downgrades.
WSP
CA$253.24
WSP Global
7D
-5.7%
1Y
1.8%

WSP: Future Cash Flows Will Support Confidence In Higher Earnings Multiple

Analysts have lifted their price target on WSP Global by C$2, reflecting updated assumptions around discount rates, revenue growth, profit margins, and future P/E multiples that align with recent Street research. Analyst Commentary Bullish Takeaways Bullish analysts frame the C$2 price target lift as consistent with refreshed assumptions on discount rates and P/E multiples, which they see as better aligned with current Street thinking on the stock.
GFL
CA$59.78
GFL Environmental
7D
2.7%
1Y
-8.9%

GFL: Fair View Will Balance Dividend Index Inclusion And Equity Offering

Analysts have maintained their price target for GFL Environmental at $60.00. The update primarily reflects refreshed assumptions on discount rate, revenue growth, profit margins and future P/E rather than a change in their headline valuation view.
TFII
CA$170.53
TFI International
7D
2.0%
1Y
-8.1%

TFII: Tighter Capacity And Margin Recovery Expectations Will Shape Freight Cycle Outlook

Analysts have lifted their price targets on TFI International, reflected in our fair value estimate rising from $146.89 to $153.95. They point to tightening industry capacity, regulation-driven supply attrition, and expectations for margin improvement supported by a higher assumed future P/E of 21.21 and a slightly stronger profit margin.
CP
CA$113.80
Canadian Pacific Kansas City
7D
4.7%
1Y
2.4%
ATRL
CA$102.75
AtkinsRéalis Group
7D
-1.4%
1Y
44.1%

ATRL: Defence And Nuclear Infrastructure Wins Will Support Long Term Earnings Momentum

Analysts have nudged their fair value estimate for AtkinsRéalis Group to about $118.53 from roughly $117.36, reflecting refreshed models around revenue growth, profit margins, and a modestly higher future P/E multiple following recent price target moves across several firms. Analyst Commentary Recent Street research on AtkinsRéalis Group has centered on refreshed price targets and a new initiation, which together frame how analysts are thinking about the risk and reward profile at current levels.