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Canadian (TSX) Industrials Sector Analysis

UpdatedFeb 01, 2026
DataAggregated Company Financials
Companies106
  • 7D-3.2%
  • 3M-5.7%
  • 1Y-7.3%
  • YTD-1.6%

Over the last 7 days, the Industrials industry has dropped 3.2%, driven by a pullback from Thomson Reuters of 11%. However, the industry is down 7.3% over the past year. Looking forward, earnings are forecast to grow by 10.0% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 01 Feb 2026CA$455.1bCA$207.8bCA$18.3b22.7x24.8x2.2x
Tue, 30 Dec 2025CA$466.2bCA$207.8bCA$18.3b21.7x25.5x2.2x
Thu, 27 Nov 2025CA$455.7bCA$209.0bCA$18.4b21.3x24.8x2.2x
Sat, 25 Oct 2025CA$495.7bCA$206.0bCA$19.4b24.9x25.6x2.4x
Mon, 22 Sep 2025CA$486.8bCA$205.4bCA$19.3b23x25.2x2.4x
Wed, 20 Aug 2025CA$488.2bCA$204.8bCA$19.3b23.4x25.3x2.4x
Fri, 18 Jul 2025CA$528.3bCA$202.3bCA$16.6b23.7x31.8x2.6x
Sun, 15 Jun 2025CA$506.7bCA$201.6bCA$16.6b20x30.5x2.5x
Tue, 13 May 2025CA$484.3bCA$202.2bCA$15.8b20.3x30.6x2.4x
Thu, 10 Apr 2025CA$435.6bCA$199.9bCA$15.7b19.1x27.7x2.2x
Sat, 08 Mar 2025CA$486.1bCA$200.3bCA$15.9b19.7x30.6x2.4x
Mon, 03 Feb 2025CA$500.9bCA$199.4bCA$16.8b21.8x29.7x2.5x
Wed, 01 Jan 2025CA$484.6bCA$199.0bCA$17.6b20.9x27.5x2.4x
Fri, 29 Nov 2024CA$494.2bCA$198.0bCA$17.5b22.3x28.2x2.5x
Sun, 27 Oct 2024CA$484.4bCA$196.2bCA$17.3b23x28x2.5x
Tue, 24 Sep 2024CA$487.1bCA$194.5bCA$17.2b22.1x28.4x2.5x
Thu, 22 Aug 2024CA$471.3bCA$192.1bCA$17.1b22.4x27.5x2.5x
Sat, 20 Jul 2024CA$480.6bCA$167.4bCA$16.9b22.4x28.5x2.9x
Mon, 17 Jun 2024CA$469.6bCA$167.5bCA$16.9b21.4x27.9x2.8x
Wed, 15 May 2024CA$479.6bCA$166.8bCA$17.4b21x27.6x2.9x
Fri, 12 Apr 2024CA$487.3bCA$165.1bCA$17.9b20.2x27.2x3x
Sun, 10 Mar 2024CA$484.9bCA$164.4bCA$17.8b19.8x27.3x2.9x
Tue, 06 Feb 2024CA$464.3bCA$163.1bCA$16.7b19.4x27.8x2.8x
Thu, 04 Jan 2024CA$448.2bCA$164.7bCA$16.1b19.8x27.8x2.7x
Sat, 02 Dec 2023CA$420.1bCA$163.1bCA$15.7b18.6x26.7x2.6x
Mon, 30 Oct 2023CA$390.6bCA$161.5bCA$15.4b16.7x25.4x2.4x
Wed, 27 Sep 2023CA$411.8bCA$160.7bCA$15.8b17x26.1x2.6x
Fri, 25 Aug 2023CA$421.1bCA$160.9bCA$15.8b15.5x26.7x2.6x
Sun, 23 Jul 2023CA$422.8bCA$156.9bCA$13.7b19.1x30.7x2.7x
Tue, 20 Jun 2023CA$419.4bCA$157.0bCA$13.8b19.2x30.5x2.7x
Thu, 18 May 2023CA$427.0bCA$157.2bCA$13.7b19.8x31.1x2.7x
Sat, 15 Apr 2023CA$423.9bCA$153.4bCA$13.8b20.2x30.7x2.8x
Mon, 13 Mar 2023CA$415.1bCA$154.0bCA$14.0b19.5x29.7x2.7x
Wed, 08 Feb 2023CA$414.9bCA$150.6bCA$13.8b17.3x30x2.8x
Price to Earnings Ratio

30x


Total Market Cap: CA$414.9bTotal Earnings: CA$13.8bTotal Revenue: CA$150.6bTotal 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 2.2x.
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 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 Market-3.60%
Industrials-3.18%
Infrastructure2.25%
Industrials0.57%
Marine and Shipping-0.10%
Logistics-0.75%
Building-1.12%
Construction-1.37%
Transportation-1.38%
Commercial Services-1.73%
Trade Distributors-2.17%
Airlines-2.81%
Aerospace & Defense-2.81%
Electrical-3.68%
Machinery-3.98%
Professional Services-11.02%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 102x.
    • Analysts are expecting annual earnings decline of 6.1%, which is lower than the prior year's growth of 12.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Building industry, expecting annual earnings growth of 121% over the next 5 years.
  • In contrast, the Commercial Services industry is expected to see its earnings decline by 6.1% 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
CP Canadian Pacific Kansas CityCA$101.221.5%
+CA$979.1m		-12.4%PE21.9x
MDA MDA SpaceCA$38.434.7%
+CA$218.5m		66.7%PE44.3x
HPS.A Hammond Power SolutionsCA$179.566.8%
+CA$136.3m		71.9%PE26.5x
ATRL AtkinsRéalis GroupCA$95.560.7%
+CA$116.8m		31.2%PE6.1x
ARE Aecon GroupCA$35.304.2%
+CA$91.0m		47.3%PE267.2x

Latest News

CGY
CA$67.41
Calian Group
7D
7.4%
1Y
36.8%
CNR
CA$130.99
Canadian National Railway
7D
-4.2%
1Y
-13.7%
TIH
CA$173.45
Toromont Industries
7D
-3.3%
1Y
49.7%

Is There Now An Opportunity In Toromont Industries Ltd. (TSE:TIH)?

Jan 31
Is There Now An Opportunity In Toromont Industries Ltd. (TSE:TIH)?
CP
CA$101.22
Canadian Pacific Kansas City
7D
1.5%
1Y
-12.4%
CAE
CA$43.64
CAE
7D
-4.0%
1Y
27.3%
ATRL
CA$95.56
AtkinsRéalis Group
7D
0.7%
1Y
31.2%
EFN
CA$34.50
Element Fleet Management
7D
0.4%
1Y
20.8%

Subdued Growth No Barrier To Element Fleet Management Corp.'s (TSE:EFN) Price

Jan 29
Subdued Growth No Barrier To Element Fleet Management Corp.'s (TSE:EFN) Price
MDA
CA$38.43
MDA Space
7D
4.7%
1Y
66.7%
TRI
CA$150.45
Thomson Reuters
7D
-11.0%
1Y
-38.4%

TRI: Trust In AI Alliance And Buybacks Will Support Future Upside

Analysts have raised their price target on Thomson Reuters to US$46.22 from US$45.52, citing slightly refined assumptions around the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News Thomson Reuters launched the Trust in AI Alliance through Thomson Reuters Labs, bringing together AI experts from industry and academia to work on trustworthy, agentic AI systems used in high stakes professional settings, with founding participants including Anthropic, AWS, Google Cloud, OpenAI and Thomson Reuters.
STN
CA$134.94
Stantec
7D
-1.9%
1Y
20.0%

STN: Global Energy Mandates And New Contracts Will Support Long Term Earnings

Analysts have slightly raised their price target for Stantec to approximately $171 from about $169. This change reflects small adjustments to fair value estimates, discount rate assumptions, revenue growth expectations, profit margin forecasts, and future P/E multiples.
BBD.B
CA$232.61
Bombardier
7D
-12.5%
1Y
173.5%

BBD.B: Elevated P/E And Downgrades Will Pressure Execution Over Multiyear Expansion

Narrative Update Analysts have lifted their fair value estimate for Bombardier from about $154.43 to $193.28, citing updated research that includes higher published price targets from several firms and a revised P/E assumption of roughly 14.54x compared with 11.55x previously. Analyst Commentary Recent Street research on Bombardier reflects a mix of higher price targets and more cautious ratings, which aligns with the updated fair value estimate and revised P/E assumption.
HPS.A
CA$179.56
Hammond Power Solutions
7D
6.8%
1Y
71.9%

HPS.A: Rising Grid Demand And Consistent Execution Will Support Long Term Margins

Narrative update on Hammond Power Solutions Analysts have lifted their average price target on Hammond Power Solutions to about C$211, up from a prior range that included C$154 and C$150. They cited refreshed research that supports current fair value assumptions and only modest tweaks to discount rate and P/E inputs.
WSP
CA$263.23
WSP Global
7D
-2.5%
1Y
6.7%

WSP: Future Cash Flows Will Support Confidence In Refined Earnings Outlook

WSP Global's fair value estimate has inched up by about C$0.15 to roughly C$331.77, as analysts factor in refreshed assumptions around revenue growth, margins and future P/E. This comes alongside a mix of recent price target moves that include a C$2 increase at Scotiabank and revised targets of C$342 at CIBC, C$316 at RBC Capital and C$305 at ATB Capital.
GFL
CA$58.49
GFL Environmental
7D
-3.9%
1Y
-6.7%

GFL: Fair Value View Will Balance Share Offering And Margin Reset

Analysts now place their fair value estimate for GFL Environmental at $60.00, up from $58.00, citing updated assumptions around discount rates, revenue growth, profit margins, and a much higher forward P/E multiple in their models. What's in the News GFL Environmental filed a follow on equity offering of 16,611,295 Subordinate Voting Shares, classified as common stock.
ARE
CA$35.30
Aecon Group
7D
4.2%
1Y
47.3%

ARE: Backlog And Guidance Will Support Balanced Medium Term Earnings Outlook

Narrative Update on Aecon Group Analysts have adjusted their outlook on Aecon Group, with price targets now ranging from C$30 to C$35 compared with prior targets clustered around C$26. This reflects mixed views on the shares, even though updated assumptions on discount rate, revenue growth, profit margin, and future P/E leave the modelled fair value estimate broadly unchanged.
WTE
CA$29.03
Westshore Terminals Investment
7D
2.3%
1Y
24.2%

Westshore Terminals Investment Corporation's (TSE:WTE) Shareholders Might Be Looking For Exit

Jan 15
Westshore Terminals Investment Corporation's (TSE:WTE) Shareholders Might Be Looking For Exit