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Canadian (TSX) Industrials Sector Analysis

UpdatedMar 07, 2026
DataAggregated Company Financials
Companies106
  • 7D-1.9%
  • 3M2.3%
  • 1Y-2.0%
  • YTD1.9%

Over the last 7 days, the Industrials industry has dropped 1.9%, driven by Canadian Pacific Kansas City declining 5.7%. On the other hand Thomson Reuters is actually up 15%. Over the last year, the industry has been flat overall. Earnings are forecast to grow by 13% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Mar 2026CA$478.5bCA$201.9bCA$19.0b24.4x25.2x2.4x
Mon, 02 Feb 2026CA$455.1bCA$207.8bCA$18.3b22.7x24.8x2.2x
Wed, 31 Dec 2025CA$463.5bCA$207.8bCA$18.3b21.7x25.3x2.2x
Fri, 28 Nov 2025CA$458.9bCA$208.9bCA$18.4b21.3x24.9x2.2x
Sun, 26 Oct 2025CA$495.4bCA$206.0bCA$19.4b24.1x25.6x2.4x
Tue, 23 Sep 2025CA$486.8bCA$205.5bCA$19.3b23.1x25.2x2.4x
Thu, 21 Aug 2025CA$493.9bCA$204.9bCA$19.3b23.2x25.6x2.4x
Sat, 19 Jul 2025CA$528.1bCA$202.2bCA$16.6b23.5x31.8x2.6x
Mon, 16 Jun 2025CA$506.7bCA$201.6bCA$16.6b20x30.5x2.5x
Wed, 14 May 2025CA$493.9bCA$202.1bCA$15.8b20.6x31.2x2.4x
Fri, 11 Apr 2025CA$463.6bCA$199.5bCA$15.7b18.6x29.5x2.3x
Sun, 09 Mar 2025CA$489.6bCA$200.3bCA$15.9b19.7x30.8x2.4x
Tue, 04 Feb 2025CA$500.9bCA$199.5bCA$16.9b21.8x29.7x2.5x
Thu, 02 Jan 2025CA$486.8bCA$199.0bCA$17.6b20.9x27.6x2.4x
Sat, 30 Nov 2024CA$496.3bCA$197.9bCA$17.5b22.2x28.3x2.5x
Mon, 28 Oct 2024CA$484.4bCA$196.2bCA$17.3b23x28x2.5x
Wed, 25 Sep 2024CA$486.7bCA$194.1bCA$17.1b22.2x28.4x2.5x
Fri, 23 Aug 2024CA$473.9bCA$192.1bCA$17.1b22.5x27.7x2.5x
Sun, 21 Jul 2024CA$480.2bCA$167.4bCA$16.9b22.4x28.4x2.9x
Tue, 18 Jun 2024CA$469.6bCA$167.5bCA$16.8b21.1x27.9x2.8x
Thu, 16 May 2024CA$477.1bCA$166.8bCA$17.4b21x27.5x2.9x
Sat, 13 Apr 2024CA$483.9bCA$165.3bCA$17.9b20.1x27x2.9x
Mon, 11 Mar 2024CA$484.9bCA$164.4bCA$17.8b19.8x27.3x2.9x
Wed, 07 Feb 2024CA$467.1bCA$163.0bCA$16.7b19.7x28x2.9x
Fri, 05 Jan 2024CA$450.9bCA$164.7bCA$16.1b19.6x28x2.7x
Sun, 03 Dec 2023CA$436.1bCA$165.1bCA$16.1b18.7x27x2.6x
Tue, 31 Oct 2023CA$396.6bCA$161.4bCA$15.3b16.9x25.8x2.5x
Thu, 28 Sep 2023CA$408.4bCA$160.7bCA$15.8b17.1x25.9x2.5x
Sat, 26 Aug 2023CA$423.8bCA$160.9bCA$15.8b17.1x26.8x2.6x
Mon, 24 Jul 2023CA$425.3bCA$156.9bCA$13.7b19.1x30.9x2.7x
Wed, 21 Jun 2023CA$418.6bCA$157.0bCA$13.8b19x30.4x2.7x
Fri, 19 May 2023CA$431.0bCA$157.3bCA$13.7b19.9x31.4x2.7x
Sun, 16 Apr 2023CA$423.9bCA$153.4bCA$13.8b20.2x30.7x2.8x
Tue, 14 Mar 2023CA$413.4bCA$153.8bCA$14.0b19.3x29.6x2.7x
Price to Earnings Ratio

29.6x


Total Market Cap: CA$413.4bTotal Earnings: CA$14.0bTotal Revenue: CA$153.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 28x202420252026
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 28.0x.
  • 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-3.83%
Industrials-1.86%
Professional Services15.30%
Aerospace & Defense0.21%
Building-0.92%
Industrials-1.03%
Commercial Services-1.19%
Construction-1.46%
Infrastructure-2.31%
Machinery-3.48%
Electrical-3.76%
Logistics-4.54%
Trade Distributors-4.73%
Transportation-5.57%
Airlines-10.29%
Marine and Shipping-11.28%
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 31.6%, 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 69% 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 growth to stay flat 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$151.4415.3%
+CA$8.9b		-40.7%PE33.5x
ATRL AtkinsRéalis GroupCA$96.612.2%
+CA$338.8m		50.3%PE6x
ARE Aecon GroupCA$40.416.3%
+CA$153.8m		125.0%PE170.8x
MDA MDA SpaceCA$40.432.2%
+CA$116.3m		50.7%PE47.1x
GFL GFL EnvironmentalCA$60.570.5%
+CA$103.9m		-10.1%PE102.7x

Latest News

ARE
CA$40.41
Aecon Group
7D
6.3%
1Y
125.0%
AC
CA$17.67
Air Canada
7D
-14.3%
1Y
8.0%
ATRL
CA$96.61
AtkinsRéalis Group
7D
2.2%
1Y
50.3%
WJX
CA$33.66
Wajax
7D
7.1%
1Y
78.9%
MDA
CA$40.43
MDA Space
7D
2.2%
1Y
50.7%
CNR
CA$145.13
Canadian National Railway
7D
-5.2%
1Y
-0.08%
FTT
CA$87.62
Finning International
7D
-4.7%
1Y
116.1%
TRI
CA$151.44
Thomson Reuters
7D
15.3%
1Y
-40.7%
CP
CA$112.69
Canadian Pacific Kansas City
7D
-5.7%
1Y
1.0%
PYR
CA$0.67
PyroGenesis
7D
50.6%
1Y
19.6%
TIH
CA$199.61
Toromont Industries
7D
-5.7%
1Y
70.1%
CGY
CA$83.34
Calian Group
7D
3.6%
1Y
99.8%
WSP
CA$224.78
WSP Global
7D
-2.7%
1Y
-9.1%
TFII
CA$150.27
TFI International
7D
-7.8%
1Y
24.8%
BBD.B
CA$245.84
Bombardier
7D
-12.8%
1Y
185.9%

BBD.B: Future Returns Will Hinge On Execution As Ratings Turn More Cautious

Analysts have lifted their Bombardier price target by CA$21.75 to CA$271.85, citing a mix of higher projected P/E multiples, along with more measured assumptions for growth, margins and discount rates following recent target revisions and rating changes across the Street. Analyst Commentary Recent Street research on Bombardier reflects a split view, with several firms lifting their price targets while others have shifted to more cautious ratings.
GFL
CA$60.57
GFL Environmental
7D
0.5%
1Y
-10.1%

GFL: Dividend Aristocrat Status And Buybacks Will Support Future Upside

Analysts have trimmed their price target on GFL Environmental to CA$71.73 from CA$75.30, citing updated assumptions around revenue growth, profit margins, and a lower future P/E multiple. What's in the News GFL Environmental issued earnings guidance for 2026, with revenue estimated at approximately $7,000m, or $7,140m on a constant currency basis, and the guidance description references an 8% change (Corporate guidance).