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Canadian (TSX) Industrials Sector Analysis

UpdatedDec 22, 2025
DataAggregated Company Financials
Companies105
  • 7D0.3%
  • 3M-3.3%
  • 1Y-3.7%
  • YTD-3.5%

Over the last 7 days, the Industrials industry has remained flat. As for the longer term, the industry has declined 3.7% in the last year. Looking forward, 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
Mon, 22 Dec 2025CA$461.3bCA$208.1bCA$18.3b21.9x25.2x2.2x
Wed, 19 Nov 2025CA$455.3bCA$208.7bCA$18.4b21.1x24.8x2.2x
Fri, 17 Oct 2025CA$496.3bCA$206.1bCA$19.4b23.7x25.6x2.4x
Sun, 14 Sep 2025CA$491.5bCA$204.8bCA$19.3b23.2x25.4x2.4x
Tue, 12 Aug 2025CA$491.6bCA$204.4bCA$19.3b23.5x25.5x2.4x
Thu, 10 Jul 2025CA$521.6bCA$202.1bCA$16.6b20.8x31.4x2.6x
Sat, 07 Jun 2025CA$509.7bCA$202.0bCA$16.6b20x30.7x2.5x
Mon, 05 May 2025CA$476.9bCA$200.2bCA$15.7b19.6x30.3x2.4x
Wed, 02 Apr 2025CA$470.8bCA$200.7bCA$15.8b19.7x29.7x2.3x
Fri, 28 Feb 2025CA$493.5bCA$195.3bCA$16.0b20.5x30.9x2.5x
Sun, 26 Jan 2025CA$501.8bCA$198.9bCA$17.6b22.1x28.6x2.5x
Tue, 24 Dec 2024CA$485.5bCA$199.0bCA$17.6b21x27.5x2.4x
Thu, 21 Nov 2024CA$481.8bCA$197.8bCA$17.5b22.4x27.5x2.4x
Sat, 19 Oct 2024CA$495.9bCA$195.2bCA$17.2b23.2x28.8x2.5x
Mon, 16 Sep 2024CA$489.2bCA$194.6bCA$17.2b22x28.5x2.5x
Wed, 14 Aug 2024CA$461.5bCA$192.4bCA$17.3b22.1x26.7x2.4x
Fri, 12 Jul 2024CA$472.7bCA$167.1bCA$16.9b21.5x28x2.8x
Sun, 09 Jun 2024CA$474.2bCA$167.6bCA$16.9b21.1x28.1x2.8x
Tue, 07 May 2024CA$478.5bCA$166.3bCA$17.4b20x27.5x2.9x
Thu, 04 Apr 2024CA$482.0bCA$164.7bCA$17.9b20.8x27x2.9x
Sat, 02 Mar 2024CA$480.0bCA$164.1bCA$17.6b20.1x27.3x2.9x
Mon, 29 Jan 2024CA$458.4bCA$164.8bCA$16.8b19.8x27.2x2.8x
Wed, 27 Dec 2023CA$447.5bCA$164.5bCA$16.1b19x27.8x2.7x
Fri, 24 Nov 2023CA$418.9bCA$163.6bCA$15.8b17.9x26.6x2.6x
Sun, 22 Oct 2023CA$398.8bCA$161.1bCA$15.8b16.8x25.2x2.5x
Tue, 19 Sep 2023CA$431.1bCA$160.6bCA$15.8b17.9x27.3x2.7x
Thu, 17 Aug 2023CA$426.8bCA$160.7bCA$15.8b15x27x2.7x
Sat, 15 Jul 2023CA$421.9bCA$156.9bCA$13.8b19x30.7x2.7x
Mon, 12 Jun 2023CA$411.7bCA$157.3bCA$13.8b18.7x29.9x2.6x
Wed, 10 May 2023CA$424.7bCA$155.6bCA$13.7b18.9x31x2.7x
Fri, 07 Apr 2023CA$418.5bCA$153.7bCA$13.9b19.7x30.1x2.7x
Sun, 05 Mar 2023CA$423.4bCA$152.5bCA$14.2b19x29.7x2.8x
Tue, 31 Jan 2023CA$407.9bCA$149.7bCA$12.9b16.4x31.6x2.7x
Thu, 29 Dec 2022CA$395.8bCA$149.4bCA$12.7b16.7x31.1x2.6x
Price to Earnings Ratio

31.1x


Total Market Cap: CA$395.8bTotal Earnings: CA$12.7bTotal Revenue: CA$149.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 28.4x202320242025
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 25.2x which is lower than its 3-year average PE of 28.4x.
  • 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 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 Market0.36%
Industrials0.30%
Logistics10.33%
Machinery5.97%
Building4.54%
Airlines3.09%
Aerospace & Defense2.77%
Industrials1.71%
Construction0.67%
Professional Services0.21%
Transportation0.027%
Commercial Services-0.50%
Trade Distributors-0.82%
Infrastructure-2.76%
Marine and Shipping-2.88%
Electrical-3.30%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 94.1x.
    • Analysts are expecting annual earnings decline of 3.2%, 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 125% over the next 5 years.
  • In contrast, the Logistics industry is expected to see its earnings decline by 6.6% 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
WSP WSP GlobalCA$245.161.5%
+CA$458.4m		-3.3%PE36.6x
CAE CAECA$41.563.3%
+CA$421.2m		17.7%PE30.7x
BBD.B BombardierCA$229.641.6%
+CA$357.1m		138.8%PE39.7x
NFI NFI GroupCA$15.3719.3%
+CA$296.5m		11.8%PS0.4x
AC Air CanadaCA$19.485.4%
+CA$292.7m		-11.7%PS0.3x

Latest News

FTT
CA$73.47
Finning International
7D
-1.8%
1Y
97.9%

Is Finning International Inc. (TSE:FTT) Worth CA$73.5 Based On Its Intrinsic Value?

Dec 22
Is Finning International Inc. (TSE:FTT) Worth CA$73.5 Based On Its Intrinsic Value?
ANRG
CA$2.51
Anaergia
7D
-9.1%
1Y
202.4%
TRI
CA$182.02
Thomson Reuters
7D
0.2%
1Y
-22.4%
ATRL
CA$87.63
AtkinsRéalis Group
7D
-0.6%
1Y
15.5%

ATRL: Defence And Nuclear Contracts Will Drive Earnings Momentum Into 2025

The analyst price target for AtkinsRéalis Group has been revised modestly higher to C$116.14 from C$114.53, as analysts highlight slightly stronger long term revenue growth expectations and a marginally lower discount rate that together offset a largely unchanged profit margin outlook. Analyst Commentary Recent Street research shows a generally constructive stance on AtkinsRéalis Group, with most updates reflecting incremental target price increases tied to improving execution and growth visibility.
WSP
CA$245.16
WSP Global
7D
1.5%
1Y
-3.3%

WSP: Future Cash Flows Will Support Confidence In Pending Merger Offer

Analysts have made a modest upward revision to our WSP Global fair value estimate to approximately C$322 per share from about C$319 per share. This reflects a blend of slightly lower discount rates and improved revenue growth assumptions, despite recent but still bullish price target adjustments across the Street.
AC
CA$19.48
Air Canada
7D
5.4%
1Y
-11.7%

AC: Share Repurchases Will Drive Future Upside Amid Near-Term Operational Headwinds

Analysts have modestly reduced their Air Canada price target by C$1. This reflects a series of lowered Street targets and a cautious outlook on near term upside amid operational headwinds and limited positive catalysts.
BDGI
CA$73.80
Badger Infrastructure Solutions
7D
-5.5%
1Y
105.0%

BDGI: Raised Price Outlook Will Highlight Margin Pressures And Prudent Buyback Discipline

Analysts have raised their price target for Badger Infrastructure Solutions from C$63 to C$70, reflecting slightly faster expected revenue growth, a modestly lower discount rate, and a higher future earnings multiple, even as profit margin forecasts edge down. Analyst Commentary Bullish analysts interpret the higher price target as confirmation that Badger Infrastructure Solutions is executing well against its growth strategy, with improving visibility into future revenue streams.
CAE
CA$41.56
CAE
7D
3.3%
1Y
17.7%
NFI
CA$15.37
NFI Group
7D
19.3%
1Y
11.8%
TIH
CA$161.62
Toromont Industries
7D
-1.7%
1Y
41.1%

TIH: Rising Street Expectations And Opportunistic Buybacks Will Shape A Balanced Outlook

Toromont Industries narrative has been updated to reflect a higher analyst price target, supported by broadly raised Street estimates into the C$170 to C$180 range as analysts point to slightly stronger revenue growth expectations and resilient margins despite a modestly higher discount rate. Analyst Commentary Street research on Toromont Industries reflects a broadly constructive tone, with a clustering of price targets in the C$170 to C$180 range and only modest divergence on rating stance as valuation becomes fuller.
EFN
CA$36.08
Element Fleet Management
7D
1.7%
1Y
23.6%

EFN: Rising Cash Returns And Index Inclusion Will Support Shares Ahead

Analysts have nudged their consolidated price target for Element Fleet Management higher by approximately C$1 to reflect increased confidence in the companys earnings durability and valuation multiple expansion, supported by a series of upward target revisions across the Street. Analyst Commentary Bullish analysts highlight that the latest round of target price increases, which lifted implied upside into the low to mid C$40 range, reflects growing conviction in Element Fleet’s ability to sustain earnings growth and support a premium valuation multiple.
STN
CA$130.13
Stantec
7D
1.1%
1Y
14.2%

STN: New Contracts And Index Inclusion Will Drive Long Term Earnings Momentum

Analysts have nudged their price target on Stantec slightly higher to approximately $169.36 per share from about $169.10, reflecting modestly improved long term margin and valuation assumptions, despite a marginally higher discount rate and slightly lower revenue growth outlook. What's in the News Stantec secured a €27.7 million (CAD 45.4 million) contract for the second phase of the European Commission's Global Technical Assistance Facility for Sustainable Energy, extending its role in supporting global energy transition initiatives through October 2028 (Key Developments).
BBD.B
CA$229.64
Bombardier
7D
1.6%
1Y
138.8%

BBD.B: Future Returns Will Depend On Execution And Balance Sheet Discipline

We are raising our Bombardier price target modestly, reflecting a slightly higher fair value of C$218.48 from C$217.12 as analysts factor in incremental improvements to long term growth expectations and valuation multiples following recent target increases from the Street. Analyst Commentary Recent price target revisions reflect a constructive but differentiated view on Bombardier's risk and reward profile, with modest upside adjustments framed by execution and balance sheet considerations.
HPS.A
CA$164.13
Hammond Power Solutions
7D
-6.0%
1Y
29.4%

HPS.A: Future Margin Durability Will Underpin Further Upside Momentum

Analysts have lifted their price target for Hammond Power Solutions to about C$211 from C$154, reflecting increased confidence in the company’s growth trajectory and margin durability, despite a slightly higher discount rate assumption. Analyst Commentary Bullish analysts point to the higher price targets as evidence that the market is still catching up to Hammond Power Solutions’ accelerating growth and improving profitability profile.
GFL
CA$59.52
GFL Environmental
7D
-2.0%
1Y
-7.4%
WTE
CA$26.43
Westshore Terminals Investment
7D
-2.8%
1Y
15.4%

Earnings Troubles May Signal Larger Issues for Westshore Terminals Investment (TSE:WTE) Shareholders

Nov 19
Earnings Troubles May Signal Larger Issues for Westshore Terminals Investment (TSE:WTE) Shareholders