Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Canadian (TSX) Industrials Sector Analysis

UpdatedJan 13, 2026
DataAggregated Company Financials
Companies106
  • 7D-0.04%
  • 3M-4.9%
  • 1Y0.7%
  • YTD1.7%

In the last week, the Industrials industry is up 1.1%, with WSP Global up 4.9%. Overall in the last year, the industry is flat. As for the next few years, earnings are expected to grow by 10% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 13 Jan 2026CA$470.8bCA$208.4bCA$18.3b22.7x25.7x2.3x
Thu, 11 Dec 2025CA$456.7bCA$208.1bCA$18.3b21.1x24.9x2.2x
Sat, 08 Nov 2025CA$462.3bCA$207.4bCA$17.9b22.4x25.8x2.2x
Mon, 06 Oct 2025CA$489.6bCA$205.8bCA$19.3b23.2x25.3x2.4x
Wed, 03 Sep 2025CA$495.9bCA$204.6bCA$19.3b23.4x25.7x2.4x
Fri, 01 Aug 2025CA$508.7bCA$202.7bCA$17.6b22.9x28.9x2.5x
Sun, 29 Jun 2025CA$513.0bCA$202.1bCA$16.6b19.8x30.9x2.5x
Tue, 27 May 2025CA$505.8bCA$202.3bCA$16.7b20.2x30.2x2.5x
Thu, 24 Apr 2025CA$462.4bCA$199.4bCA$15.7b19.1x29.5x2.3x
Sat, 22 Mar 2025CA$475.6bCA$200.8bCA$15.9b19.5x30x2.4x
Mon, 17 Feb 2025CA$492.1bCA$198.1bCA$16.1b22.2x30.6x2.5x
Wed, 15 Jan 2025CA$476.4bCA$199.0bCA$17.6b21.3x27x2.4x
Fri, 13 Dec 2024CA$496.9bCA$198.6bCA$17.6b21.5x28.2x2.5x
Sun, 10 Nov 2024CA$492.3bCA$197.0bCA$17.7b22.8x27.8x2.5x
Tue, 08 Oct 2024CA$481.5bCA$194.6bCA$17.2b22.1x28x2.5x
Thu, 05 Sep 2024CA$479.8bCA$194.3bCA$17.1b21.9x28x2.5x
Sat, 03 Aug 2024CA$471.5bCA$169.7bCA$15.5b21.5x30.4x2.8x
Mon, 01 Jul 2024CA$472.0bCA$167.3bCA$16.8b21.9x28x2.8x
Wed, 29 May 2024CA$477.7bCA$167.3bCA$16.8b20.1x28.4x2.9x
Fri, 26 Apr 2024CA$466.8bCA$165.9bCA$17.8b19.7x26.3x2.8x
Sun, 24 Mar 2024CA$492.3bCA$164.9bCA$17.9b21x27.6x3x
Tue, 20 Feb 2024CA$479.1bCA$163.3bCA$17.2b20.1x27.9x2.9x
Thu, 18 Jan 2024CA$450.8bCA$165.1bCA$16.1b19.3x27.9x2.7x
Sat, 16 Dec 2023CA$441.0bCA$164.8bCA$16.1b19.1x27.4x2.7x
Mon, 13 Nov 2023CA$413.0bCA$163.3bCA$15.7b17.7x26.3x2.5x
Wed, 11 Oct 2023CA$412.6bCA$160.8bCA$15.8b17.7x26.2x2.6x
Fri, 08 Sep 2023CA$423.4bCA$161.1bCA$15.8b17.1x26.8x2.6x
Sun, 06 Aug 2023CA$429.3bCA$158.0bCA$15.8b16.7x27.2x2.7x
Tue, 04 Jul 2023CA$426.6bCA$157.1bCA$13.8b19x31x2.7x
Thu, 01 Jun 2023CA$420.1bCA$157.9bCA$13.8b18.5x30.4x2.7x
Sat, 29 Apr 2023CA$428.1bCA$155.2bCA$14.0b20x30.6x2.8x
Mon, 27 Mar 2023CA$415.3bCA$154.3bCA$14.0b19.9x29.8x2.7x
Wed, 22 Feb 2023CA$414.0bCA$151.7bCA$14.5b17.9x28.5x2.7x
Fri, 20 Jan 2023CA$411.9bCA$149.0bCA$12.7b16.6x32.4x2.8x
Price to Earnings Ratio

32.4x


Total Market Cap: CA$411.9bTotal Earnings: CA$12.7bTotal Revenue: CA$149.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 28.2x202420252026
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 28.2x.
  • 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 13% per year over the last three years.
  • Revenues for these companies have grown 12% 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 Market1.53%
Industrials-0.04%
Aerospace & Defense4.59%
Infrastructure3.90%
Logistics3.61%
Trade Distributors3.38%
Machinery3.17%
Electrical1.06%
Construction1.05%
Marine and Shipping0.95%
Commercial Services-0.16%
Industrials-0.29%
Airlines-0.63%
Professional Services-0.87%
Transportation-1.31%
Building-7.00%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 98.4x.
    • Analysts are expecting annual earnings decline of 3.5%, 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 Logistics industry is expected to see its earnings decline by 6.9% 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$249.784.8%
+CA$1.1b		173.7%PE42.9x
WSP WSP GlobalCA$265.932.1%
+CA$742.8m		10.8%PE41x
FTT Finning InternationalCA$80.635.7%
+CA$569.3m		115.4%PE18.1x
TFII TFI InternationalCA$155.403.9%
+CA$475.6m		-20.1%PE28.2x
CAE CAECA$45.983.2%
+CA$459.8m		35.9%PE33.9x

Latest News

BBD.B
CA$249.78
Bombardier
7D
4.8%
1Y
173.7%

BBD.B: Rich P/E Expectations Will Expose Execution Risk In Coming Years

Analysts have raised their fair value estimate for Bombardier from $130.18 to $154.43, citing updated assumptions on revenue growth, profit margins, and P/E expectations. These now align with recent Street target increases to C$203 at TD Securities and C$225 at BMO Capital.
TRI
CA$178.86
Thomson Reuters
7D
-0.9%
1Y
-19.3%

TRI: AI Audit Integrations And Buybacks Will Support Future Upside Potential

Analysts have raised their fair value estimate for Thomson Reuters by approximately US$3 to about US$266 per share, reflecting updated assumptions regarding the discount rate, revenue growth, profit margins and future P/E. What's in the News Crunchafi partnered with Thomson Reuters to bring its lease accounting capabilities into Guided Assurance within the Cloud Audit Suite, aiming to automate complex lease workflows and reduce manual calculations for audit and accounting professionals (Client Announcements).
BDGI
CA$76.60
Badger Infrastructure Solutions
7D
5.5%
1Y
108.1%

BDGI: Fair Outlook Will Emphasize Margin Drift And Pause In Buybacks

Analysts have trimmed their price target for Badger Infrastructure Solutions to about $80.06 from $80.50, reflecting updated assumptions for slightly higher discount rates and revenue growth, paired with modestly lower profit margin and future P/E expectations. What's in the News From July 1, 2025 to August 25, 2025, Badger Infrastructure Solutions reported no share repurchases.
EFN
CA$35.14
Element Fleet Management
7D
-1.6%
1Y
24.8%

Element Fleet Management (TSE:EFN) Is Looking To Continue Growing Its Returns On Capital

Jan 11
Element Fleet Management (TSE:EFN) Is Looking To Continue Growing Its Returns On Capital
HPS.A
CA$163.69
Hammond Power Solutions
7D
-1.4%
1Y
41.5%

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

Analysts have raised their price targets on Hammond Power Solutions to a range of C$195 to C$211, citing updated assumptions on discount rates and long term P/E that align the Street view more closely with the current C$215.25 fair value estimate. Analyst Commentary Recent target changes show that Street expectations are converging around the current fair value estimate, with bullish analysts lifting their targets into a C$195 to C$211 range while maintaining positive ratings on the shares.
WSP
CA$265.93
WSP Global
7D
2.1%
1Y
10.8%

WSP: Future Cash Flows Will Support Confidence In Jacobs Takeover Proposal

Analysts have trimmed their average fair value estimate for WSP Global to about $331.62 from roughly $322.11, reflecting a mix of slightly different P/E assumptions, modestly adjusted revenue and margin forecasts, and recent price target moves in the range of C$305 to C$342. Analyst Commentary Recent Street research on WSP Global clusters around higher price targets and positive ratings, with only modest target trims at the margin.
BYD
CA$218.32
Boyd Group Services
7D
-0.3%
1Y
2.2%
TIH
CA$171.29
Toromont Industries
7D
2.4%
1Y
49.1%

TIH: Higher Street Expectations And Buybacks Will Shape A Measured Forward Outlook

Analysts have lifted their Street price targets for Toromont Industries to a range of about C$172 to C$180, reflecting updated views on valuation and earnings power, even as fair value and P/E assumptions in our model remain broadly unchanged. Analyst Commentary Street research on Toromont Industries has become more constructive on valuation, with a cluster of higher price targets and a mix of ratings that signal both optimism and caution.
TFII
CA$155.40
TFI International
7D
3.9%
1Y
-20.1%

TFII: Freight Cycle Recovery And Capital Returns Will Balance Near Term Softness

Analysts have lifted their implied fair value estimate for TFI International by about $2.74 to roughly $146.89 per share. This reflects updated assumptions for slightly faster revenue growth, a somewhat lower discount rate and a modestly higher future P/E multiple, in line with a series of recent price target increases across the Street.
AC
CA$19.42
Air Canada
7D
-3.0%
1Y
-8.6%

Air Canada (TSE:AC) Shareholders Will Want The ROCE Trajectory To Continue

Jan 09
Air Canada (TSE:AC) Shareholders Will Want The ROCE Trajectory To Continue
MDA
CA$30.44
MDA Space
7D
10.4%
1Y
10.9%
ATRL
CA$94.16
AtkinsRéalis Group
7D
-1.2%
1Y
30.3%

ATRL: Defence And Nuclear Contracts Will Support Long Term Earnings Momentum

Analysts have made a modest trim to their fair value estimate for AtkinsRéalis Group to about $116.0. This reflects a slightly higher discount rate and tweaks to growth and margin assumptions, even as recent Street research has clustered around higher price targets in the C$110 to C$125 range. Analyst Commentary Street research on AtkinsRéalis Group has clustered in a relatively tight band, with several price targets now sitting between C$110 and C$125.
CP
CA$99.37
Canadian Pacific Kansas City
7D
-2.2%
1Y
-6.7%
FTT
CA$80.63
Finning International
7D
5.7%
1Y
115.4%

FTT: Future Upside Will Be Driven By Rising Outperformance Conviction

Analysts have raised their price target on Finning International to C$84.44 from C$83.78. This change reflects updated views on fair value and valuation metrics, supported by recent target increases from several research firms.
CNR
CA$137.37
Canadian National Railway
7D
-1.2%
1Y
-4.5%

Canadian National Railway Company's (TSE:CNR) Price In Tune With Earnings

Jan 03
Canadian National Railway Company's (TSE:CNR) Price In Tune With Earnings
CAE
CA$45.98
CAE
7D
3.2%
1Y
35.9%

CAE: Future Training Contracts And Execution Will Support Balanced Long-Term Returns

Our updated analyst price target for CAE reflects a modest upward revision, balancing RBC's slight cut to C$40 with TD Securities' increase to C$46, as analysts weigh steady growth expectations against valuation and execution risks. Analyst Commentary Recent revisions to price targets for CAE highlight a nuanced but generally constructive outlook, with analysts balancing solid long term growth prospects against near term execution and valuation concerns.