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Canadian (TSX) Industrials Sector Analysis

UpdatedDec 08, 2025
DataAggregated Company Financials
Companies105
  • 7D-0.05%
  • 3M-5.8%
  • 1Y-6.5%
  • YTD-3.8%

In the last week, Industrials has been flat. As for the longer term, the industry has declined 6.5% in the last year. As for the next few years, earnings are expected to grow by 9.8% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Tue, 17 Jan 2023CA$415.5bCA$148.9bCA$12.7b16.6x32.7x2.8x
Thu, 15 Dec 2022CA$414.7bCA$149.3bCA$12.7b17.1x32.6x2.8x
Price to Earnings Ratio

32.6x


Total Market Cap: CA$414.7bTotal Earnings: CA$12.7bTotal Revenue: CA$149.3bTotal 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 25.1x 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 Market-0.19%
Industrials-0.049%
Infrastructure3.53%
Marine and Shipping2.15%
Machinery2.14%
Transportation1.60%
Electrical0.15%
Aerospace & Defense-0.10%
Airlines-0.18%
Construction-0.27%
Trade Distributors-0.49%
Logistics-1.00%
Industrials-1.25%
Commercial Services-1.74%
Professional Services-2.58%
Building-4.83%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 91.4x.
    • Analysts are expecting annual earnings decline of 3.3%, which is lower than the prior year's growth of 18.3% 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 7.3% 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$135.781.5%
+CA$1.2b		-10.0%PE18.1x
TFII TFI InternationalCA$134.638.2%
+CA$841.0m		-37.5%PE24.5x
CP Canadian Pacific Kansas CityCA$101.950.7%
+CA$603.6m		-4.8%PE21.5x
BBD.B BombardierCA$228.002.7%
+CA$596.1m		116.9%PE39.3x
ATS ATSCA$37.716.6%
+CA$228.5m		-16.5%PS1.4x

Latest News

BBD.B
CA$228.00
Bombardier
7D
2.7%
1Y
116.9%
CP
CA$101.95
Canadian Pacific Kansas City
7D
0.7%
1Y
-4.8%
ATRL
CA$87.76
AtkinsRéalis Group
7D
-0.4%
1Y
16.0%

ATRL: Major Defence And Nuclear Contracts Will Support Share Momentum Into 2025

The analyst price target for AtkinsRéalis Group has been modestly increased to approximately C$115 from about C$114.50, as analysts point to a series of recent target raises from major brokerages and a steady outlook on revenue growth and profitability to support the higher valuation. Analyst Commentary Recent Street research on AtkinsRéalis Group reflects a generally constructive stance, with multiple firms lifting their price targets despite one notable downward revision.
WSP
CA$241.70
WSP Global
7D
-1.7%
1Y
-4.5%

WSP: Future Cash Flows Will Support Confidence Amid Merger Pursuit

Analysts have made a modest downward revision to their price targets on WSP Global, trimming estimates by a few Canadian dollars per share as they fine-tune assumptions around discount rates, slightly softer near term revenue growth, and stable but marginally lower profit margins. Analyst Commentary Recent Street research reflects a generally constructive stance on WSP Global, with most analysts maintaining positive ratings while modestly adjusting price targets to reflect updated growth and margin assumptions.
AC
CA$18.88
Air Canada
7D
-1.1%
1Y
-26.1%

AC: Share Repurchases Will Drive Future Upside Despite Near-Term Labor Headwinds

Air Canada’s analyst price target has been revised modestly lower, by roughly C$1 to C$2 per share, as analysts factor in softer near term upside, lingering labor and yield headwinds, and a lack of immediate positive catalysts despite largely unchanged long term fundamentals. Analyst Commentary Recent Street research reflects a more balanced stance on Air Canada, with analysts broadly trimming price targets while maintaining a mix of positive and cautious views on the company’s execution and valuation.
BDGI
CA$76.50
Badger Infrastructure Solutions
7D
4.9%
1Y
100.6%

BDGI: Future Margin Stability And Buyback Discipline Will Guide Balanced Outlook

Analysts have raised their price target on Badger Infrastructure Solutions, citing slightly stronger long term growth assumptions and modestly higher valuation multiples, which increases the fair value estimate from approximately C$77.69 to about C$78.39 per share. Analyst Commentary Bullish analysts view the higher price target as a reflection of improving confidence in Badger Infrastructure Solutions execution capabilities and long term growth trajectory, particularly as end market demand for infrastructure services remains resilient.
TRI
CA$184.66
Thomson Reuters
7D
-1.0%
1Y
-23.0%

TRI: AI Audit Partnerships Will Drive Long Term Earnings Upside

Analysts have raised their price target on Thomson Reuters to reflect a modest improvement in long term earnings expectations, highlighting stable fair value estimates alongside slightly higher discount rate and future price to earnings assumptions. What's in the News Fieldguide partnered with Thomson Reuters to embed the Guided Assurance audit methodology into Fieldguide's agentic AI platform, enabling dynamic risk assessments, automated diagnostics, and continuously updated audit standards within a single workflow (Key Developments).
EFN
CA$36.46
Element Fleet Management
7D
-0.8%
1Y
20.8%
CNR
CA$135.78
Canadian National Railway
7D
1.5%
1Y
-10.0%
MDA
CA$24.90
MDA Space
7D
7.1%
1Y
-14.5%

If EPS Growth Is Important To You, MDA Space (TSE:MDA) Presents An Opportunity

Dec 01
If EPS Growth Is Important To You, MDA Space (TSE:MDA) Presents An Opportunity
ATS
CA$37.71
ATS
7D
6.6%
1Y
-16.5%

A Look At The Fair Value Of ATS Corporation (TSE:ATS)

Nov 29
A Look At The Fair Value Of ATS Corporation (TSE:ATS)
STN
CA$131.55
Stantec
7D
-1.5%
1Y
8.7%

STN: Expanding Index Inclusion And New Contracts Will Drive Earnings Momentum

Analysts have increased their price target for Stantec from $166.64 to $169.10. They identified improved profit margin expectations and a modest adjustment in growth outlook as key factors behind the change.
CAE
CA$37.82
CAE
7D
1.7%
1Y
14.7%

CAE: Sector Momentum And Margin Improvement Will Drive Long-Term Share Gains

Analysts have slightly increased their average price target for CAE, raising it from approximately $43.31 to $43.54. They cite improved revenue growth projections and stronger expected profit margins as the reasons for this adjustment.
TFII
CA$134.63
TFI International
7D
8.2%
1Y
-37.5%
GFL
CA$61.79
GFL Environmental
7D
-1.2%
1Y
-4.8%
TBL
CA$3.22
Taiga Building Products
7D
-4.2%
1Y
-16.4%