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Canadian (TSX) Industrials Sector Analysis

UpdatedDec 15, 2025
DataAggregated Company Financials
Companies104
  • 7D-0.2%
  • 3M-6.2%
  • 1Y-5.1%
  • YTD-3.9%

Over the last 7 days, the Industrials industry has remained flat. Unfortunately though, the industry is down 5.1% over the past 12 months. Earnings are forecast to grow by 9.9% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 15 Dec 2025CA$459.4bCA$208.0bCA$18.3b21.8x25.1x2.2x
Wed, 12 Nov 2025CA$460.2bCA$207.4bCA$17.9b21.6x25.8x2.2x
Fri, 10 Oct 2025CA$490.5bCA$206.0bCA$19.4b23.3x25.3x2.4x
Sun, 07 Sep 2025CA$499.6bCA$204.8bCA$19.3b23.5x25.8x2.4x
Tue, 05 Aug 2025CA$503.4bCA$202.9bCA$17.5b23.4x28.7x2.5x
Thu, 03 Jul 2025CA$516.3bCA$201.8bCA$16.6b20.5x31.1x2.6x
Sat, 31 May 2025CA$513.1bCA$202.0bCA$16.6b19.9x30.9x2.5x
Mon, 28 Apr 2025CA$465.3bCA$199.7bCA$15.6b19.5x29.8x2.3x
Wed, 26 Mar 2025CA$478.3bCA$200.6bCA$15.8b19.8x30.2x2.4x
Fri, 21 Feb 2025CA$495.7bCA$198.0bCA$16.1b21x30.9x2.5x
Sun, 19 Jan 2025CA$485.8bCA$199.2bCA$17.6b21x27.6x2.4x
Tue, 17 Dec 2024CA$494.2bCA$198.6bCA$17.6b21.4x28.1x2.5x
Thu, 14 Nov 2024CA$492.8bCA$197.3bCA$17.7b22.5x27.8x2.5x
Sat, 12 Oct 2024CA$488.3bCA$195.0bCA$17.2b22.3x28.4x2.5x
Mon, 09 Sep 2024CA$471.7bCA$194.5bCA$17.2b21.6x27.5x2.4x
Wed, 07 Aug 2024CA$463.4bCA$169.4bCA$15.5b21.3x29.9x2.7x
Fri, 05 Jul 2024CA$476.9bCA$167.0bCA$16.8b22x28.3x2.9x
Sun, 02 Jun 2024CA$472.5bCA$167.2bCA$16.8b20.4x28.1x2.8x
Tue, 30 Apr 2024CA$468.1bCA$166.0bCA$17.8b19.9x26.4x2.8x
Thu, 28 Mar 2024CA$490.4bCA$164.8bCA$17.9b20.7x27.5x3x
Sat, 24 Feb 2024CA$481.1bCA$163.5bCA$17.4b20.2x27.6x2.9x
Mon, 22 Jan 2024CA$459.0bCA$164.9bCA$16.1b19.5x28.5x2.8x
Wed, 20 Dec 2023CA$443.5bCA$164.6bCA$16.1b19.1x27.5x2.7x
Fri, 17 Nov 2023CA$421.8bCA$163.8bCA$15.7b18.6x26.8x2.6x
Sun, 15 Oct 2023CA$408.1bCA$161.0bCA$15.8b17.5x25.9x2.5x
Tue, 12 Sep 2023CA$423.3bCA$160.8bCA$15.8b16.9x26.8x2.6x
Thu, 10 Aug 2023CA$432.5bCA$159.7bCA$15.9b16.7x27.3x2.7x
Sat, 08 Jul 2023CA$415.2bCA$157.1bCA$13.8b18.7x30.2x2.6x
Mon, 05 Jun 2023CA$422.0bCA$157.5bCA$13.8b18.2x30.6x2.7x
Wed, 03 May 2023CA$428.3bCA$155.5bCA$13.8b19x31.1x2.8x
Fri, 31 Mar 2023CA$418.9bCA$153.7bCA$13.9b20.1x30.2x2.7x
Sun, 26 Feb 2023CA$414.8bCA$152.2bCA$14.5b18.1x28.6x2.7x
Tue, 24 Jan 2023CA$416.8bCA$148.9bCA$12.7b17x32.9x2.8x
Thu, 22 Dec 2022CA$401.2bCA$149.4bCA$12.7b16.4x31.5x2.7x
Price to Earnings Ratio

31.5x


Total Market Cap: CA$401.2bTotal 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 25.1x 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 Market0.76%
Industrials-0.15%
Aerospace & Defense6.84%
Infrastructure2.31%
Electrical2.22%
Marine and Shipping2.16%
Trade Distributors1.44%
Transportation0.64%
Machinery-0.015%
Airlines-0.25%
Industrials-0.28%
Construction-0.67%
Commercial Services-2.03%
Professional Services-2.58%
Logistics-4.81%
Building-7.09%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 92.6x.
    • Analysts are expecting annual earnings decline of 3.7%, 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 5.8% 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
CP Canadian Pacific Kansas CityCA$103.361.4%
+CA$1.3b		-2.4%PE21.8x
CAE CAECA$41.067.3%
+CA$893.9m		22.4%PE30.3x
TFII TFI InternationalCA$141.372.4%
+CA$275.7m		-34.9%PE25.8x
TIH Toromont IndustriesCA$165.431.0%
+CA$131.8m		46.0%PE27.2x
EIF Exchange IncomeCA$82.402.7%
+CA$115.8m		49.0%PE31.1x

Latest News

MDA
CA$25.32
MDA Space
7D
3.7%
1Y
-10.8%
CAE
CA$41.06
CAE
7D
7.3%
1Y
22.4%

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

The analyst price target for CAE has inched higher to approximately C$44 from about C$43.50, as analysts factor in slightly stronger long term profitability and a modestly higher earnings multiple, despite mixed recent target revisions. Analyst Commentary Recent Street commentary on CAE reflects a divided view on the company’s near term risk reward, even as the consensus price target edges higher.
STN
CA$128.85
Stantec
7D
-2.7%
1Y
10.1%

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).
TFII
CA$141.37
TFI International
7D
2.4%
1Y
-34.9%

TFII Earnings Trough And Freight Recovery Expectations Will Likely Restrain Near-Term Upside

Analysts have modestly raised their price target on TFI International from approximately $97 to about $111, citing expectations for a freight cycle recovery into 2026 and improving TForce Freight service metrics, despite near term earnings headwinds. Analyst Commentary Recent Street research on TFI International reflects a mixed backdrop, with several Bearish analysts trimming price targets in response to softer near term fundamentals and management's conservative outlook.
EIF
CA$82.40
Exchange Income
7D
2.7%
1Y
49.0%

EIF: Dividend Momentum And Execution Will Support Shares Near C$94

Exchange Income's analyst price target has been revised higher, with several firms lifting their objectives into the C$90 to C$94 range as analysts cite continued earnings momentum and sustained business strength. Analyst Commentary Bullish analysts point to the series of upward price target revisions, into the low to mid C$90 range, as evidence that the market is still catching up to Exchange Income's earnings trajectory and diversified business model.
ELVA
CA$9.02
Electrovaya
7D
22.2%
1Y
150.6%
BBD.B
CA$224.73
Bombardier
7D
-1.4%
1Y
117.8%

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.
CNR
CA$134.71
Canadian National Railway
7D
-1.1%
1Y
-8.0%
ATRL
CA$86.11
AtkinsRéalis Group
7D
-1.9%
1Y
15.2%
TIH
CA$165.43
Toromont Industries
7D
1.0%
1Y
46.0%
FTT
CA$75.16
Finning International
7D
-2.6%
1Y
98.7%

Finning International (TSE:FTT) Has A Pretty Healthy Balance Sheet

Dec 08
Finning International (TSE:FTT) Has A Pretty Healthy Balance Sheet
CP
CA$103.36
Canadian Pacific Kansas City
7D
1.4%
1Y
-2.4%
RUS
CA$43.17
Russel Metals
7D
4.8%
1Y
-2.7%

RUS: Future Buybacks And Network Optimization Will Drive Share Price Upside

Russel Metals' analyst price target has been modestly reduced from approximately C$52.50 to C$51.00, as analysts slightly raised their discount rate and marginally trimmed long term growth expectations while maintaining a positive view on the shares. Analyst Commentary Analysts remain constructive on Russel Metals despite the modest reduction in price targets, viewing the moves as fine tuning rather than a change in core thesis.
EFN
CA$35.70
Element Fleet Management
7D
-1.7%
1Y
24.3%
BYD
CA$221.25
Boyd Group Services
7D
-6.0%
1Y
6.1%

BYD: Future Upside Will Be Driven By Sustained Premium Earnings Multiples

Our updated narrative on Boyd Group Services reflects a modestly higher analyst price target, rising across the Street into the mid to high C$270s and low C$290s, as analysts cite sustained revenue growth, stable margins, and confidence in forward earnings multiples. Analyst Commentary Bullish analysts highlight the cluster of price target increases into the C$275 to C$291 range as evidence of rising confidence in Boyd Group Services underlying growth trajectory and earnings durability.
GFL
CA$60.78
GFL Environmental
7D
-2.0%
1Y
-6.5%