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Canadian (TSX) Industrials Sector Analysis

UpdatedMar 11, 2026
DataAggregated Company Financials
Companies104
  • 7D-4.0%
  • 3M0.9%
  • 1Y-0.3%
  • YTD0.5%

Over the last 7 days, the Industrials industry has dropped 4.0%, driven by pullbacks in Canadian Pacific Kansas City and Canadian National Railway of 4.9% and 4.9%, respectively. In contrast, MDA Space has gained 9.7%. As for the longer term, the industry's performance has been flat for the past year. As for the next few years, earnings are expected to grow by 13% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 11 Mar 2026CA$471.4bCA$201.9bCA$18.9b25.6x24.9x2.3x
Fri, 06 Feb 2026CA$460.6bCA$208.2bCA$18.4b23.2x25.1x2.2x
Sun, 04 Jan 2026CA$462.8bCA$207.9bCA$18.3b22.4x25.3x2.2x
Tue, 02 Dec 2025CA$460.5bCA$208.8bCA$18.4b21x25.1x2.2x
Thu, 30 Oct 2025CA$491.1bCA$205.9bCA$19.3b23.2x25.4x2.4x
Sat, 27 Sep 2025CA$481.0bCA$205.8bCA$19.4b22.8x24.8x2.3x
Mon, 25 Aug 2025CA$498.5bCA$204.7bCA$19.3b23.8x25.8x2.4x
Wed, 23 Jul 2025CA$517.0bCA$201.9bCA$16.6b23.9x31.1x2.6x
Fri, 20 Jun 2025CA$507.9bCA$202.1bCA$16.6b19.7x30.6x2.5x
Sun, 18 May 2025CA$515.1bCA$203.1bCA$16.8b20.8x30.6x2.5x
Tue, 15 Apr 2025CA$460.3bCA$199.3bCA$15.7b18.8x29.4x2.3x
Thu, 13 Mar 2025CA$471.4bCA$200.3bCA$15.9b19.5x29.7x2.4x
Sat, 08 Feb 2025CA$499.9bCA$198.9bCA$16.7b22.1x29.9x2.5x
Mon, 06 Jan 2025CA$492.2bCA$199.2bCA$17.6b21.4x27.9x2.5x
Wed, 04 Dec 2024CA$500.0bCA$198.2bCA$17.6b22x28.5x2.5x
Fri, 01 Nov 2024CA$488.6bCA$196.3bCA$17.3b23x28.3x2.5x
Sun, 29 Sep 2024CA$486.1bCA$194.4bCA$17.2b22.1x28.3x2.5x
Tue, 27 Aug 2024CA$479.3bCA$195.1bCA$17.1b22.5x28x2.5x
Thu, 25 Jul 2024CA$482.6bCA$167.8bCA$16.9b22x28.6x2.9x
Sat, 22 Jun 2024CA$466.3bCA$167.4bCA$16.8b20.3x27.7x2.8x
Mon, 20 May 2024CA$477.7bCA$167.4bCA$17.4b21.1x27.4x2.9x
Wed, 17 Apr 2024CA$480.7bCA$165.4bCA$18.0b20.2x26.8x2.9x
Fri, 15 Mar 2024CA$487.4bCA$164.5bCA$17.8b19.9x27.3x3x
Sun, 11 Feb 2024CA$474.0bCA$163.1bCA$17.2b19.8x27.5x2.9x
Tue, 09 Jan 2024CA$449.6bCA$164.7bCA$16.1b19.9x27.9x2.7x
Thu, 07 Dec 2023CA$435.7bCA$165.3bCA$16.2b18.5x27x2.6x
Sat, 04 Nov 2023CA$411.7bCA$161.1bCA$15.7b18x26.2x2.6x
Mon, 02 Oct 2023CA$410.7bCA$160.8bCA$15.8b17.3x26x2.6x
Wed, 30 Aug 2023CA$427.7bCA$160.8bCA$15.8b16.7x27.1x2.7x
Fri, 28 Jul 2023CA$428.6bCA$156.6bCA$13.6b19.5x31.5x2.7x
Sun, 25 Jun 2023CA$414.8bCA$156.9bCA$13.8b19x30.1x2.6x
Tue, 23 May 2023CA$432.0bCA$157.4bCA$13.7b19.4x31.5x2.7x
Thu, 20 Apr 2023CA$431.4bCA$153.6bCA$13.8b20.5x31.2x2.8x
Sat, 18 Mar 2023CA$419.0bCA$153.9bCA$13.9b20x30.1x2.7x
Price to Earnings Ratio

30.1x


Total Market Cap: CA$419.0bTotal Earnings: CA$13.9bTotal Revenue: CA$153.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 28x202420252026
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 24.9x which is lower than its 3-year average PE of 28.0x.
  • The industry is trading close to its 3-year average PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 11% per year over the last three years.
  • Revenues for these companies have grown 9.5% 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-1.63%
Industrials-4.01%
Electrical1.54%
Industrials-0.26%
Aerospace & Defense-0.57%
Professional Services-2.38%
Infrastructure-3.33%
Construction-3.40%
Trade Distributors-3.95%
Commercial Services-4.09%
Logistics-4.62%
Transportation-5.01%
Machinery-5.08%
Airlines-5.13%
Building-5.42%
Marine and Shipping-11.49%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 108x.
    • Analysts are expecting annual earnings growth of 31.5%, which is higher than its past year's earnings growth of 3.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Machinery industry, expecting annual earnings growth of 58% over the next 5 years.
  • This is better than its past earnings decline of 15% per year.
  • In contrast, the Logistics industry is expected to see its earnings grow by 2.3% 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
MDA MDA SpaceCA$44.479.7%
+CA$503.5m		59.3%PE51.8x
ARE Aecon GroupCA$41.9310.2%
+CA$248.0m		132.3%PE177.2x
ELVA ElectrovayaCA$11.0710.6%
+CA$52.4m		228.5%PE83.6x
SIS SavariaCA$25.352.7%
+CA$48.1m		54.7%PE26.4x
HPS.A Hammond Power SolutionsCA$191.122.1%
+CA$47.0m		134.9%PE28.2x

Latest News

WSP
CA$228.63
WSP Global
7D
-2.7%
1Y
-5.2%
MDA
CA$44.47
MDA Space
7D
9.7%
1Y
59.3%
PYR
CA$0.60
PyroGenesis
7D
33.3%
1Y
5.3%
BBD.B
CA$246.28
Bombardier
7D
-8.7%
1Y
214.0%

BBD.B: Future Returns Will Depend On Execution As Ratings Stay More Cautious

Analysts have nudged their Bombardier price targets higher, with TD Securities lifting its view to CA$280 alongside target increases from UBS and BMO Capital, even as several firms have recently shifted to more neutral ratings. Analyst Commentary Recent research on Bombardier shows a split view, with some price targets moving higher while several firms adopt more neutral or cautious ratings.
ARE
CA$41.93
Aecon Group
7D
10.2%
1Y
132.3%
SIS
CA$25.35
Savaria
7D
2.7%
1Y
54.7%
ELVA
CA$11.07
Electrovaya
7D
10.6%
1Y
228.5%

ELVA: Fortune 500 Orders And 2026 Guidance Will Support Returns

Analysts have modestly adjusted their price target on Electrovaya, keeping fair value estimates effectively unchanged at CA$12.49, while fine tuning assumptions around the discount rate, revenue growth, profit margins, and future P/E to reflect updated modeling inputs. What's in the News Electrovaya received new purchase orders of about US$10.5 million through its OEM sales channel for Infinity battery systems used in material handling electric vehicles at multiple distribution centers for a Fortune 500 U.S. based customer (Key Developments).
GFL
CA$59.10
GFL Environmental
7D
-4.6%
1Y
-11.4%

GFL: Share Repurchases And Dividend Aristocrat Status Will Support Upside Potential

Analysts have trimmed their fair value estimate for GFL Environmental from CA$89.00 to CA$87.00 as they balance a higher discount rate and lower profit margin assumptions against stronger projected revenue growth and a higher future P/E multiple. What's in the News GFL Environmental announced a normal course issuer bid to repurchase up to 34,657,586 subordinate voting shares, equal to 10% of its 346,575,862 issued and outstanding subordinate voting shares, with the bid set to expire on March 2, 2027 (Key Developments).
TFII
CA$150.46
TFI International
7D
-7.1%
1Y
27.6%

TFII: Freight Cycle Recovery And LTL Margin Gains Will Drive Upside

Our fair value estimate for TFI International has shifted higher to CA$195.63 from CA$170.17 as analysts lift price targets following a Q4 beat, ongoing discussions with management, and growing confidence in freight cycle recovery potential and less than truckload margin improvement, partially balanced by some more cautious views on near term guidance. Analyst Commentary Recent research updates around TFI International show a generally constructive tone, with several bullish analysts lifting price targets and highlighting potential upside tied to execution in less than truckload operations, freight cycle exposure, and cash generation.
ANRG
CA$2.25
Anaergia
7D
4.7%
1Y
127.3%

ANRG: New Circular Projects Will Support Future Cash Flow Upside

Analysts have modestly adjusted their price target on Anaergia to CA$5.08, reflecting slightly updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples, while keeping their overall fair value view essentially unchanged. What's in the News Anaergia, through subsidiary Anaergia S.r.l., agreed to supply its anaerobic digestion technology to Circular Renewable Evolution S.r.l. as part of a €50 million initiative at Eni's Gela biorefinery, including about C$13 million of equipment and systems (Key Developments).
HPS.A
CA$191.12
Hammond Power Solutions
7D
2.1%
1Y
134.9%
FLT
CA$0.79
Volatus Aerospace
7D
6.8%
1Y
364.7%
CNR
CA$144.56
Canadian National Railway
7D
-4.9%
1Y
5.1%
TRI
CA$140.74
Thomson Reuters
7D
-2.4%
1Y
-43.1%
CP
CA$114.03
Canadian Pacific Kansas City
7D
-4.9%
1Y
8.2%
STN
CA$122.79
Stantec
7D
-4.8%
1Y
5.5%