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

Canadian (TSX) Industrials Sector Analysis

UpdatedJan 12, 2026
DataAggregated Company Financials
Companies106
  • 7D1.1%
  • 3M-4.1%
  • 1Y0.5%
  • YTD1.5%

In the last week, the Industrials industry is up 1.5%, with Thomson Reuters up 3.6%. Overall in the last year, the industry is flat. 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, 12 Jan 2026CA$470.1bCA$208.5bCA$18.3b21.4x25.6x2.3x
Wed, 10 Dec 2025CA$456.6bCA$208.3bCA$18.3b20.8x24.9x2.2x
Fri, 07 Nov 2025CA$474.4bCA$207.1bCA$18.1b22.4x26.3x2.3x
Sun, 05 Oct 2025CA$489.6bCA$205.8bCA$19.3b23.2x25.3x2.4x
Tue, 02 Sep 2025CA$495.9bCA$204.5bCA$19.3b23.5x25.7x2.4x
Thu, 31 Jul 2025CA$511.1bCA$202.4bCA$16.4b23.2x31.1x2.5x
Sat, 28 Jun 2025CA$511.3bCA$202.1bCA$16.6b19.8x30.8x2.5x
Mon, 26 May 2025CA$505.8bCA$202.2bCA$16.7b20.2x30.2x2.5x
Wed, 23 Apr 2025CA$462.1bCA$199.2bCA$15.7b18.9x29.5x2.3x
Fri, 21 Mar 2025CA$477.5bCA$200.7bCA$15.9b19.7x30.1x2.4x
Sun, 16 Feb 2025CA$492.1bCA$198.1bCA$16.1b22.2x30.6x2.5x
Tue, 14 Jan 2025CA$479.8bCA$199.1bCA$17.6b20.8x27.2x2.4x
Thu, 12 Dec 2024CA$500.5bCA$198.4bCA$17.6b22x28.5x2.5x
Sat, 09 Nov 2024CA$498.0bCA$196.9bCA$17.7b23.1x28.1x2.5x
Mon, 07 Oct 2024CA$481.5bCA$194.5bCA$17.2b22.3x28x2.5x
Wed, 04 Sep 2024CA$481.4bCA$194.4bCA$17.1b20.9x28.1x2.5x
Fri, 02 Aug 2024CA$480.5bCA$169.5bCA$15.6b21.9x30.8x2.8x
Sun, 30 Jun 2024CA$472.0bCA$167.3bCA$16.8b21.9x28x2.8x
Tue, 28 May 2024CA$477.6bCA$167.6bCA$17.4b20.8x27.4x2.9x
Thu, 25 Apr 2024CA$480.8bCA$166.3bCA$17.8b19.8x27x2.9x
Sat, 23 Mar 2024CA$492.3bCA$164.9bCA$17.9b20.4x27.6x3x
Mon, 19 Feb 2024CA$479.1bCA$163.3bCA$17.2b20.1x27.9x2.9x
Wed, 17 Jan 2024CA$454.1bCA$165.0bCA$16.1b19.3x28.1x2.8x
Fri, 15 Dec 2023CA$440.6bCA$164.8bCA$16.1b19x27.3x2.7x
Sun, 12 Nov 2023CA$414.7bCA$163.2bCA$15.7b17.7x26.4x2.5x
Tue, 10 Oct 2023CA$410.6bCA$161.0bCA$15.8b17.5x26x2.6x
Thu, 07 Sep 2023CA$424.8bCA$161.0bCA$15.8b17.1x26.9x2.6x
Sat, 05 Aug 2023CA$429.3bCA$158.0bCA$15.8b16.7x27.2x2.7x
Mon, 03 Jul 2023CA$426.6bCA$157.1bCA$13.8b19x31x2.7x
Wed, 31 May 2023CA$420.1bCA$157.6bCA$13.7b19.1x30.6x2.7x
Fri, 28 Apr 2023CA$425.0bCA$154.6bCA$14.3b19.7x29.7x2.7x
Sun, 26 Mar 2023CA$415.3bCA$154.3bCA$14.0b19.9x29.8x2.7x
Tue, 21 Feb 2023CA$417.5bCA$151.5bCA$14.5b17.8x28.8x2.8x
Thu, 19 Jan 2023CA$415.6bCA$149.1bCA$12.7b16.7x32.7x2.8x
Price to Earnings Ratio

32.7x


Total Market Cap: CA$415.6bTotal Earnings: CA$12.7bTotal Revenue: CA$149.1bTotal 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 Market1.46%
Industrials1.09%
Logistics6.28%
Aerospace & Defense5.26%
Infrastructure3.79%
Machinery2.78%
Marine and Shipping2.42%
Electrical2.30%
Trade Distributors2.29%
Construction2.00%
Professional Services1.00%
Airlines0.98%
Commercial Services0.38%
Transportation0.17%
Industrials0%0
Building-2.23%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 98.0x.
    • 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
TRI Thomson ReutersCA$179.943.6%
+CA$2.8b		-19.6%PE33x
WSP WSP GlobalCA$260.024.0%
+CA$1.3b		8.3%PE40.1x
CAE CAECA$45.978.3%
+CA$1.1b		34.2%PE33.9x
TFII TFI InternationalCA$154.485.5%
+CA$665.7m		-19.8%PE27.9x
BBD.B BombardierCA$246.752.5%
+CA$600.5m		161.8%PE42.3x

Latest News

EFN
CA$35.19
Element Fleet Management
7D
-1.9%
1Y
22.0%

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
WSP
CA$260.02
WSP Global
7D
4.0%
1Y
8.3%

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.
ZDC
CA$5.46
Zedcor
7D
-13.7%
1Y
50.8%
TFII
CA$154.48
TFI International
7D
5.5%
1Y
-19.8%

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$19.45
Air Canada
7D
-1.6%
1Y
-11.2%

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
BBD.B
CA$246.75
Bombardier
7D
2.5%
1Y
161.8%

Investors Will Want Bombardier's (TSE:BBD.B) Growth In ROCE To Persist

Jan 09
Investors Will Want Bombardier's (TSE:BBD.B) Growth In ROCE To Persist
SUNN
CA$2.10
PowerBank
7D
-21.9%
1Y
-27.6%
ATRL
CA$93.81
AtkinsRéalis Group
7D
3.8%
1Y
30.2%

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$99.56
Canadian Pacific Kansas City
7D
-2.7%
1Y
-7.7%
TRI
CA$179.94
Thomson Reuters
7D
3.6%
1Y
-19.6%
FTT
CA$78.96
Finning International
7D
4.9%
1Y
110.4%

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$137.69
Canadian National Railway
7D
-0.07%
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
STN
CA$136.81
Stantec
7D
3.6%
1Y
24.4%

A Look At The Fair Value Of Stantec Inc. (TSE:STN)

Jan 01
A Look At The Fair Value Of Stantec Inc. (TSE:STN)
CAE
CA$45.97
CAE
7D
8.3%
1Y
34.2%

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.
E
CA$1.30
Enterprise Group
7D
-9.7%
1Y
-39.3%
XTRA
CA$0.64
Xtract One Technologies
7D
-8.6%
1Y
18.5%