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Canadian (TSX) Industrials Sector Analysis

UpdatedFeb 07, 2026
DataAggregated Company Financials
Companies106
  • 7D1.2%
  • 3M-0.6%
  • 1Y-5.6%
  • YTD-0.5%

Over the last 7 days, the Industrials industry has risen 1.2%, driven by gains from Canadian Pacific Kansas City of 8.5%. In the same time, Thomson Reuters was down 20%. In the past year, the industry is down 5.6%. 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
Sat, 07 Feb 2026CA$454.2bCA$208.2bCA$18.0b23.9x25.3x2.2x
Mon, 05 Jan 2026CA$462.8bCA$207.9bCA$18.3b22.4x25.3x2.2x
Wed, 03 Dec 2025CA$457.1bCA$208.8bCA$18.4b20.4x24.9x2.2x
Fri, 31 Oct 2025CA$481.6bCA$206.4bCA$19.4b23.2x24.8x2.3x
Sun, 28 Sep 2025CA$478.9bCA$205.8bCA$19.4b22.8x24.7x2.3x
Tue, 26 Aug 2025CA$498.5bCA$204.8bCA$19.3b23.3x25.8x2.4x
Thu, 24 Jul 2025CA$515.0bCA$201.8bCA$16.7b23.9x30.9x2.6x
Sat, 21 Jun 2025CA$508.2bCA$202.2bCA$16.6b19.6x30.6x2.5x
Mon, 19 May 2025CA$515.1bCA$203.1bCA$16.8b20.8x30.6x2.5x
Wed, 16 Apr 2025CA$465.2bCA$199.6bCA$15.7b18.9x29.6x2.3x
Fri, 14 Mar 2025CA$473.7bCA$200.9bCA$15.9b19.5x29.8x2.4x
Sun, 09 Feb 2025CA$495.7bCA$198.9bCA$16.7b22.1x29.6x2.5x
Tue, 07 Jan 2025CA$492.1bCA$198.9bCA$17.6b21.5x27.9x2.5x
Thu, 05 Dec 2024CA$497.4bCA$198.1bCA$17.6b22.4x28.3x2.5x
Sat, 02 Nov 2024CA$481.2bCA$196.1bCA$18.0b22.7x26.7x2.5x
Mon, 30 Sep 2024CA$486.1bCA$194.4bCA$17.2b22.1x28.3x2.5x
Wed, 28 Aug 2024CA$480.5bCA$194.2bCA$17.1b22.4x28.1x2.5x
Fri, 26 Jul 2024CA$476.0bCA$167.6bCA$16.7b22.5x28.5x2.8x
Sun, 23 Jun 2024CA$465.0bCA$167.4bCA$16.8b20.3x27.6x2.8x
Tue, 21 May 2024CA$477.7bCA$167.5bCA$17.4b21.1x27.4x2.9x
Thu, 18 Apr 2024CA$475.0bCA$165.3bCA$17.9b20.1x26.5x2.9x
Sat, 16 Mar 2024CA$485.1bCA$164.6bCA$17.8b20.2x27.2x2.9x
Mon, 12 Feb 2024CA$474.0bCA$163.1bCA$17.2b19.8x27.5x2.9x
Wed, 10 Jan 2024CA$450.0bCA$164.8bCA$16.1b19.6x27.9x2.7x
Fri, 08 Dec 2023CA$435.7bCA$165.3bCA$16.2b18.5x27x2.6x
Sun, 05 Nov 2023CA$411.7bCA$161.1bCA$15.7b18x26.2x2.6x
Tue, 03 Oct 2023CA$410.7bCA$161.1bCA$15.8b17x26x2.5x
Thu, 31 Aug 2023CA$430.2bCA$160.7bCA$15.8b16.8x27.3x2.7x
Sat, 29 Jul 2023CA$426.7bCA$158.0bCA$14.4b18x29.6x2.7x
Mon, 26 Jun 2023CA$414.8bCA$156.9bCA$13.8b19x30.1x2.6x
Wed, 24 May 2023CA$422.1bCA$157.4bCA$13.7b19.1x30.8x2.7x
Fri, 21 Apr 2023CA$433.5bCA$153.6bCA$13.8b21.2x31.4x2.8x
Sun, 19 Mar 2023CA$405.2bCA$141.7bCA$12.8b20.6x31.7x2.9x
Tue, 14 Feb 2023CA$419.6bCA$150.6bCA$14.4b17.4x29.2x2.8x
Price to Earnings Ratio

29.2x


Total Market Cap: CA$419.6bTotal Earnings: CA$14.4bTotal Revenue: CA$150.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 28.1x202420252026
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 25.3x which is lower than its 3-year average PE of 28.1x.
  • 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 7.8% per year over the last three years.
  • Revenues for these companies have grown 11% 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 Market2.07%
Industrials1.18%
Transportation7.65%
Airlines7.13%
Marine and Shipping7.01%
Machinery5.32%
Infrastructure5.17%
Trade Distributors4.96%
Industrials3.40%
Construction2.87%
Logistics2.47%
Commercial Services1.40%
Building-0.21%
Electrical-1.32%
Aerospace & Defense-4.25%
Professional Services-20.10%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 103x.
    • Analysts are expecting annual earnings decline of 5.5%, which is lower than the prior year's growth of 12.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Machinery industry, expecting annual earnings growth of 83% 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 decline by 7.4% 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$109.828.5%
+CA$7.7b		-0.3%PE23.8x
CNR Canadian National RailwayCA$138.555.8%
+CA$4.3b		-4.5%PE17.9x
TFII TFI InternationalCA$166.5013.8%
+CA$1.7b		-9.8%PE30.7x
BBD.B BombardierCA$247.266.3%
+CA$1.5b		197.4%PE43.1x
ATRL AtkinsRéalis GroupCA$104.319.2%
+CA$1.4b		40.5%PE6.6x

Latest News

TRI
CA$120.18
Thomson Reuters
7D
-20.1%
1Y
-52.4%
CP
CA$109.82
Canadian Pacific Kansas City
7D
8.5%
1Y
-0.3%
BLDP
CA$2.93
Ballard Power Systems
7D
-8.2%
1Y
48.0%

Little Excitement Around Ballard Power Systems Inc.'s (TSE:BLDP) Revenues As Shares Take 28% Pounding

Feb 06
Little Excitement Around Ballard Power Systems Inc.'s (TSE:BLDP) Revenues As Shares Take 28% Pounding
ATRL
CA$104.31
AtkinsRéalis Group
7D
9.2%
1Y
40.5%

ATRL: Defence And Nuclear Infrastructure Wins Will Support Long Term Earnings Momentum

Analysts have nudged their fair value estimate for AtkinsRéalis Group to about $118.53 from roughly $117.36, reflecting refreshed models around revenue growth, profit margins, and a modestly higher future P/E multiple following recent price target moves across several firms. Analyst Commentary Recent Street research on AtkinsRéalis Group has centered on refreshed price targets and a new initiation, which together frame how analysts are thinking about the risk and reward profile at current levels.
BDGI
CA$68.92
Badger Infrastructure Solutions
7D
-10.5%
1Y
72.6%
ELVA
CA$12.05
Electrovaya
7D
-17.5%
1Y
239.4%
MDA
CA$34.50
MDA Space
7D
-10.2%
1Y
57.4%

MDA: Defence Contracts And Upgrade Will Drive Future Upside Potential

The analyst fair value estimate for MDA Space has increased from $55.00 to approximately $58.62, with analysts citing recent price target increases and an upgrade as key factors supporting the higher target. Analyst Commentary Recent Street research around MDA Space has tilted in a more optimistic direction, with several bullish analysts revising their price targets higher and one major upgrade helping to support the higher fair value estimate.
CNR
CA$138.55
Canadian National Railway
7D
5.8%
1Y
-4.5%

Canadian National Railway (TSE:CNR) Will Pay A Larger Dividend Than Last Year At CA$0.915

Feb 03
Canadian National Railway (TSE:CNR) Will Pay A Larger Dividend Than Last Year At CA$0.915
CGY
CA$62.88
Calian Group
7D
-6.7%
1Y
27.7%

Rising Defense And Space Demand Will Support This Undervalued Mission Critical Solutions Provider

Catalysts About Calian Group Calian Group provides mission critical solutions in defense, space, health care, IT and essential industries for government and commercial customers. What are the underlying business or industry changes driving this perspective?
TIH
CA$184.71
Toromont Industries
7D
6.5%
1Y
58.7%

Is There Now An Opportunity In Toromont Industries Ltd. (TSE:TIH)?

Jan 31
Is There Now An Opportunity In Toromont Industries Ltd. (TSE:TIH)?
AC
CA$21.16
Air Canada
7D
12.3%
1Y
16.8%
CAE
CA$42.66
CAE
7D
-2.2%
1Y
25.4%
BYD
CA$242.94
Boyd Group Services
7D
8.9%
1Y
3.5%

BYD: Future Upside Will Be Driven By Premium Earnings Execution Confidence

The analyst price target for Boyd Group Services has been nudged higher to C$272.60, with analysts pointing to refreshed DCF inputs, a modestly adjusted discount rate, and updated revenue growth, margin, and future P/E assumptions as key drivers of the change. Analyst Commentary Recent Street research on Boyd Group Services has clustered around higher price targets and positive ratings, with several bullish analysts refining their models rather than changing their overall stance on the company.
BBD.B
CA$247.26
Bombardier
7D
6.3%
1Y
197.4%

BBD.B: Elevated P/E And Downgrades Will Pressure Execution Over Multiyear Expansion

Narrative Update Analysts have lifted their fair value estimate for Bombardier from about $154.43 to $193.28, citing updated research that includes higher published price targets from several firms and a revised P/E assumption of roughly 14.54x compared with 11.55x previously. Analyst Commentary Recent Street research on Bombardier reflects a mix of higher price targets and more cautious ratings, which aligns with the updated fair value estimate and revised P/E assumption.
GFL
CA$58.04
GFL Environmental
7D
-0.8%
1Y
-11.6%

GFL: Fair Value View Will Balance Share Offering And Margin Reset

Analysts now place their fair value estimate for GFL Environmental at $60.00, up from $58.00, citing updated assumptions around discount rates, revenue growth, profit margins, and a much higher forward P/E multiple in their models. What's in the News GFL Environmental filed a follow on equity offering of 16,611,295 Subordinate Voting Shares, classified as common stock.
TFII
CA$166.50
TFI International
7D
13.8%
1Y
-9.8%

TFII: Freight Softness And Q4 Guidance Reset Will Likely Cap Near-Term Upside

Analysts have lifted their price targets on TFI International, and our fair value estimate now sits at about US$122.72. This reflects updated views on freight capacity tightening, regulatory-driven supply exits and the potential for improved margins into 2026.