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Canadian (TSX) Industrials Sector Analysis

UpdatedMar 19, 2026
DataAggregated Company Financials
Companies104
  • 7D-3.3%
  • 3M-2.6%
  • 1Y-4.2%
  • YTD-2.7%

Over the last 7 days, the Industrials industry has dropped 2.5%, driven by a pullback from Thomson Reuters of 7.0%. As for the longer term, the industry's performance has been flat for the past year. As for the next few years, earnings are expected to grow by 13% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 19 Mar 2026CA$454.0bCA$202.5bCA$19.2b25.6x23.6x2.2x
Sat, 14 Feb 2026CA$453.5bCA$205.6bCA$18.1b24.7x25x2.2x
Mon, 12 Jan 2026CA$470.1bCA$208.5bCA$18.3b21.4x25.6x2.3x
Wed, 10 Dec 2025CA$456.6bCA$208.3bCA$18.3b20.8x24.9x2.2x
Fri, 07 Nov 2025CA$474.4bCA$207.1bCA$18.1b22.4x26.3x2.3x
Sun, 05 Oct 2025CA$489.6bCA$205.8bCA$19.3b23.2x25.3x2.4x
Tue, 02 Sep 2025CA$495.9bCA$204.5bCA$19.3b23.5x25.7x2.4x
Thu, 31 Jul 2025CA$511.1bCA$202.4bCA$16.4b23.2x31.1x2.5x
Sat, 28 Jun 2025CA$511.3bCA$202.1bCA$16.6b19.8x30.8x2.5x
Mon, 26 May 2025CA$505.8bCA$202.2bCA$16.7b20.2x30.2x2.5x
Wed, 23 Apr 2025CA$462.1bCA$199.2bCA$15.7b18.9x29.5x2.3x
Fri, 21 Mar 2025CA$477.5bCA$200.7bCA$15.9b19.7x30.1x2.4x
Sun, 16 Feb 2025CA$492.1bCA$198.1bCA$16.1b22.2x30.6x2.5x
Tue, 14 Jan 2025CA$479.8bCA$199.1bCA$17.6b20.8x27.2x2.4x
Thu, 12 Dec 2024CA$500.5bCA$198.4bCA$17.6b22x28.5x2.5x
Sat, 09 Nov 2024CA$498.0bCA$196.9bCA$17.7b23.1x28.1x2.5x
Mon, 07 Oct 2024CA$481.5bCA$194.5bCA$17.2b22.3x28x2.5x
Wed, 04 Sep 2024CA$481.4bCA$194.4bCA$17.1b20.9x28.1x2.5x
Fri, 02 Aug 2024CA$480.5bCA$169.5bCA$15.6b21.9x30.8x2.8x
Sun, 30 Jun 2024CA$472.0bCA$167.3bCA$16.8b21.9x28x2.8x
Tue, 28 May 2024CA$477.6bCA$167.6bCA$17.4b20.8x27.4x2.9x
Thu, 25 Apr 2024CA$480.8bCA$166.3bCA$17.8b19.8x27x2.9x
Sat, 23 Mar 2024CA$492.3bCA$164.9bCA$17.9b20.4x27.6x3x
Mon, 19 Feb 2024CA$479.1bCA$163.3bCA$17.2b20.1x27.9x2.9x
Wed, 17 Jan 2024CA$454.1bCA$165.0bCA$16.1b19.3x28.1x2.8x
Fri, 15 Dec 2023CA$440.6bCA$164.8bCA$16.1b19x27.3x2.7x
Sun, 12 Nov 2023CA$414.7bCA$163.2bCA$15.7b17.7x26.4x2.5x
Tue, 10 Oct 2023CA$410.6bCA$161.0bCA$15.8b17.5x26x2.6x
Thu, 07 Sep 2023CA$424.8bCA$161.0bCA$15.8b17.1x26.9x2.6x
Sat, 05 Aug 2023CA$429.3bCA$158.0bCA$15.8b16.7x27.2x2.7x
Mon, 03 Jul 2023CA$426.6bCA$157.1bCA$13.8b19x31x2.7x
Wed, 31 May 2023CA$420.1bCA$157.6bCA$13.7b19.1x30.6x2.7x
Fri, 28 Apr 2023CA$425.0bCA$154.6bCA$14.3b19.7x29.7x2.7x
Sun, 26 Mar 2023CA$415.3bCA$154.3bCA$14.0b19.9x29.8x2.7x
Price to Earnings Ratio

29.8x


Total Market Cap: CA$415.3bTotal Earnings: CA$14.0bTotal Revenue: CA$154.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 27.9x202420252026
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 23.8x which is lower than its 3-year average PE of 27.9x.
  • 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 11% per year over the last three years.
  • Revenues for these companies have grown 9.5% 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-2.57%
Industrials-3.32%
Industrials7.66%
Machinery6.91%
Infrastructure6.11%
Electrical1.00%
Airlines0.43%
Marine and Shipping0.14%
Aerospace & Defense-1.54%
Construction-1.55%
Trade Distributors-1.55%
Commercial Services-3.42%
Logistics-3.66%
Transportation-3.84%
Building-5.49%
Professional Services-7.88%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 109x.
    • Analysts are expecting annual earnings growth of 27.8%, which is higher than its past year's earnings growth of 5.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Machinery industry, expecting annual earnings growth of 57% 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 decline by 4.8% 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
MDA MDA SpaceCA$46.161.6%
+CA$1.0b		67.0%PE62.2x
ATS ATSCA$43.738.1%
+CA$321.6m		7.9%PE227.1x
NFI NFI GroupCA$18.3615.5%
+CA$294.2m		44.1%PS0.4x
BLDP Ballard Power SystemsCA$3.5722.7%
+CA$199.1m		85.0%PS7.9x
BDT Bird ConstructionCA$35.7011.1%
+CA$197.2m		60.4%PE41.7x

Latest News

BYD
CA$192.84
Boyd Group Services
7D
-11.9%
1Y
-11.0%
MDA
CA$46.16
MDA Space
7D
1.6%
1Y
67.0%
TFII
CA$138.17
TFI International
7D
-8.4%
1Y
16.1%
EIF
CA$103.00
Exchange Income
7D
1.3%
1Y
102.5%
TRI
CA$129.02
Thomson Reuters
7D
-7.9%
1Y
-47.3%
ATS
CA$43.73
ATS
7D
8.1%
1Y
7.9%
BLDP
CA$3.57
Ballard Power Systems
7D
22.7%
1Y
85.0%
BDT
CA$35.70
Bird Construction
7D
11.1%
1Y
60.4%
WTE
CA$33.16
Westshore Terminals Investment
7D
6.1%
1Y
35.6%
CP
CA$109.79
Canadian Pacific Kansas City
7D
-2.8%
1Y
3.2%
NFI
CA$18.36
NFI Group
7D
15.5%
1Y
44.1%
WSP
CA$221.84
WSP Global
7D
-2.9%
1Y
-11.1%
BBD.B
CA$244.34
Bombardier
7D
-3.4%
1Y
185.4%

BBD.B: Future Returns Will Depend On Execution As Ratings Stay More Cautious

Analysts have nudged their Bombardier price targets higher, with TD Securities lifting its view to CA$280 alongside target increases from UBS and BMO Capital, even as several firms have recently shifted to more neutral ratings. Analyst Commentary Recent research on Bombardier shows a split view, with some price targets moving higher while several firms adopt more neutral or cautious ratings.
TIH
CA$196.20
Toromont Industries
7D
-2.8%
1Y
67.5%

TIH: Higher Multiple Assumptions And Dividend Increase Will Guide A Balanced Outlook

Analysts have lifted their average price targets on Toromont Industries into a CA$200 to CA$228 range, reflecting updated assumptions on discount rates, revenue growth, profit margins and future P/E multiples. Analyst Commentary Recent research has focused on how Toromont Industries is priced against its execution and growth potential, with several firms revising their targets within the CA$200 to CA$228 range.
CNR
CA$137.75
Canadian National Railway
7D
-4.5%
1Y
-1.5%
MAXQ
CA$0.54
Maritime Launch Services
7D
22.7%
1Y
1,250.0%