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

Canadian (TSX) Industrials Sector Analysis

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies104
  • 7D0.3%
  • 3M-0.09%
  • 1Y4.0%
  • YTD1.5%

The Industrials is pretty flat in the last 7 days, but Thomson Reuters has stood out, gaining 9.3%. The past year has been better, since the industry has gained 4.0% in that time. As for the next few years, earnings are expected to grow by 12% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Apr 2026CA$478.4bCA$239.7bCA$19.2b26.1x24.9x2x
Fri, 20 Mar 2026CA$449.0bCA$202.6bCA$19.2b25.4x23.4x2.2x
Sun, 15 Feb 2026CA$457.9bCA$205.9bCA$19.2b23.4x23.9x2.2x
Tue, 13 Jan 2026CA$470.8bCA$208.4bCA$18.3b22.7x25.7x2.3x
Thu, 11 Dec 2025CA$456.7bCA$208.1bCA$18.3b21.1x24.9x2.2x
Sat, 08 Nov 2025CA$462.3bCA$207.4bCA$17.9b22.4x25.8x2.2x
Mon, 06 Oct 2025CA$489.6bCA$205.8bCA$19.3b23.2x25.3x2.4x
Wed, 03 Sep 2025CA$495.9bCA$204.6bCA$19.3b23.4x25.7x2.4x
Fri, 01 Aug 2025CA$508.7bCA$202.7bCA$17.6b22.9x28.9x2.5x
Sun, 29 Jun 2025CA$513.0bCA$202.1bCA$16.6b19.8x30.9x2.5x
Tue, 27 May 2025CA$505.8bCA$202.3bCA$16.7b20.2x30.2x2.5x
Thu, 24 Apr 2025CA$462.4bCA$199.4bCA$15.7b19.1x29.5x2.3x
Sat, 22 Mar 2025CA$475.6bCA$200.8bCA$15.9b19.5x30x2.4x
Mon, 17 Feb 2025CA$492.1bCA$198.1bCA$16.1b22.2x30.6x2.5x
Wed, 15 Jan 2025CA$476.4bCA$199.0bCA$17.6b21.3x27x2.4x
Fri, 13 Dec 2024CA$496.9bCA$198.6bCA$17.6b21.5x28.2x2.5x
Sun, 10 Nov 2024CA$492.3bCA$197.0bCA$17.7b22.8x27.8x2.5x
Tue, 08 Oct 2024CA$481.5bCA$194.6bCA$17.2b22.1x28x2.5x
Thu, 05 Sep 2024CA$479.8bCA$194.3bCA$17.1b21.9x28x2.5x
Sat, 03 Aug 2024CA$471.5bCA$169.7bCA$15.5b21.5x30.4x2.8x
Mon, 01 Jul 2024CA$472.0bCA$167.3bCA$16.8b21.9x28x2.8x
Wed, 29 May 2024CA$477.7bCA$167.3bCA$16.8b20.1x28.4x2.9x
Fri, 26 Apr 2024CA$466.8bCA$165.9bCA$17.8b19.7x26.3x2.8x
Sun, 24 Mar 2024CA$492.3bCA$164.9bCA$17.9b21x27.6x3x
Tue, 20 Feb 2024CA$479.1bCA$163.3bCA$17.2b20.1x27.9x2.9x
Thu, 18 Jan 2024CA$450.8bCA$165.1bCA$16.1b19.3x27.9x2.7x
Sat, 16 Dec 2023CA$441.0bCA$164.8bCA$16.1b19.1x27.4x2.7x
Mon, 13 Nov 2023CA$413.0bCA$163.3bCA$15.7b17.7x26.3x2.5x
Wed, 11 Oct 2023CA$412.6bCA$160.8bCA$15.8b17.7x26.2x2.6x
Fri, 08 Sep 2023CA$423.4bCA$161.1bCA$15.8b17.1x26.8x2.6x
Sun, 06 Aug 2023CA$429.3bCA$158.0bCA$15.8b16.7x27.2x2.7x
Tue, 04 Jul 2023CA$426.6bCA$157.1bCA$13.8b19x31x2.7x
Thu, 01 Jun 2023CA$420.1bCA$157.9bCA$13.8b18.5x30.4x2.7x
Sat, 29 Apr 2023CA$428.1bCA$155.2bCA$14.0b20x30.6x2.8x
Price to Earnings Ratio

30.6x


Total Market Cap: CA$428.1bTotal Earnings: CA$14.0bTotal Revenue: CA$155.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 27.7x202420252026
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 27.7x.
  • The 3-year average PS ratio of 2.5x is higher than the industry's current PS ratio of 2.0x.
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 16% 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-1.08%
Industrials0.26%
Professional Services9.25%
Electrical3.84%
Machinery1.53%
Building1.28%
Construction-0.36%
Trade Distributors-0.50%
Transportation-0.64%
Commercial Services-0.74%
Logistics-0.99%
Infrastructure-1.76%
Industrials-2.27%
Marine and Shipping-2.30%
Airlines-2.64%
Aerospace & Defense-5.81%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 114x.
    • Analysts are expecting annual earnings growth of 26.2%, which is higher than its past year's earnings growth of 22.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Machinery industry, expecting annual earnings growth of 59% 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 8.1% 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$132.449.3%
+CA$4.9b		-47.4%PE29x
TFII TFI InternationalCA$184.957.3%
+CA$1.0b		70.2%PE35.8x
WSP WSP GlobalCA$228.801.5%
+CA$466.5m		-6.7%PE32x
FTT Finning InternationalCA$96.423.5%
+CA$431.1m		153.3%PE23.4x
GFL GFL EnvironmentalCA$53.911.3%
+CA$245.5m		-17.8%PE92.1x

Latest News

FTT
CA$96.42
Finning International
7D
3.5%
1Y
153.3%
ATRL
CA$89.41
AtkinsRéalis Group
7D
-3.0%
1Y
34.2%
ADEN
CA$36.79
ADENTRA
7D
8.4%
1Y
38.0%
TFII
CA$184.95
TFI International
7D
7.3%
1Y
70.2%

TFII: Soft Freight Volumes And Subdued Guidance Will Cap Near Term Upside

Analysts have nudged the TFI International fair value estimate higher to CA$119.32 from CA$119.05, reflecting modestly stronger revenue growth assumptions, a slightly lower discount rate, and updated views on freight cycle recovery and less than truckload execution. Analyst Commentary Street research on TFI International has been active, with a mix of higher and lower price targets reflecting different views on freight recovery, execution in less than truckload, and the risk that near term guidance lags investor expectations.
GFL
CA$53.91
GFL Environmental
7D
1.3%
1Y
-17.8%

GFL: Share Repurchases And Dividend Aristocrat Status Will Drive Future Upside Potential

Analysts have trimmed their price target on GFL Environmental by CA$1 to CA$86, citing updated assumptions around slightly higher revenue growth, a lower profit margin profile, and a higher future P/E multiple in their models. What's in the News Reports indicate GFL Environmental is nearing a deal to acquire SECURE Waste Infrastructure Corp.
BBUC
CA$46.53
Brookfield Business
7D
-2.3%
1Y
59.7%
TIH
CA$205.37
Toromont Industries
7D
-4.3%
1Y
81.5%
CNR
CA$150.83
Canadian National Railway
7D
-2.2%
1Y
11.8%

CNR: Shareholder Returns And Infrastructure Stability Will Support Future Earnings Compounding

Analysts have inched their price target on Canadian National Railway lower by about CA$0.30 to CA$154.75, citing slightly more conservative assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Bullish Takeaways Bullish analysts focus on Canadian National Railway's ability to support their fair value work with detailed assumptions on revenue, margin profile, and P/E.
CAE
CA$34.90
CAE
7D
-9.3%
1Y
7.5%

CAE: Defense Industrial Strategy And Submarine Pact Will Support Multi Year Upside

Analysts made a modest adjustment to the price target on CAE, reflecting mixed recent research. Some firms lifted targets into the CA$49 to CA$56 range, citing its global simulation and training footprint and expected benefits from Canada's Defense Industrial Strategy.
HPS.A
CA$252.17
Hammond Power Solutions
7D
4.2%
1Y
212.4%

HPS.A: Updated Discount Rate And P/E Assumptions Will Shape Future Return Profile

Analysts have lifted their fair value estimate for Hammond Power Solutions to CA$239.00 from CA$235.25, citing recent upward revisions to Street price targets and updated assumptions for the discount rate and forward P/E. Analyst Commentary Recent Street research has focused on incremental price target adjustments and how they line up with the updated fair value estimate of CA$239.00.
ATS
CA$44.98
ATS
7D
3.5%
1Y
35.7%

ATS: Future P/E Will Reward Execution On M&A And New Leadership

The ATS analyst price target has inched lower by about CA$0.10 as analysts balance recent target cuts from Goldman Sachs and Scotiabank with increases from TD Securities and JPMorgan. This reflects slightly adjusted assumptions for fair value, discount rate, growth, margins and future P/E.
EFN
CA$32.34
Element Fleet Management
7D
-2.0%
1Y
9.0%
TRI
CA$132.44
Thomson Reuters
7D
9.3%
1Y
-47.4%

TRI: Larger Buybacks And Higher Dividend Will Support Future Upside

Analysts have made a modest upward adjustment to their CA$ price target for Thomson Reuters, reflecting slightly higher fair value estimates alongside small tweaks to discount rate and forward P/E assumptions. What's in the News Thomson Reuters announced a partnership with Smokeball to link Smokeball's practice management tools and AI matter assistant with CoCounsel Legal, aiming to create an integrated legal tech workflow for joint U.S. customers, including a real-time data connector for bulk document syncing across platforms (Client Announcements).
BBD.B
CA$256.90
Bombardier
7D
-7.6%
1Y
205.8%

BBD.B: Future Earnings Profile Will Depend On Execution And Cash Generation

Analysts have lifted the Bombardier price target from about CA$201 to roughly CA$309, citing updated assumptions around fair value, a lower discount rate, and a higher future P/E multiple despite slightly softer revenue growth and profit margin inputs. Analyst Commentary Recent Street research on Bombardier has been active, with several firms adjusting their price targets and ratings over a short period.
WSP
CA$228.80
WSP Global
7D
1.5%
1Y
-6.7%

WSP: Future Cash Flows Will Support Confidence In Premium Earnings Multiple

Analyst price targets for WSP Global have moved within a CA$284 to CA$343 range, as recent updates reflect mixed revisions supported by ongoing reassessments of the company's valuation framework and a slightly higher discount rate applied in current models. Analyst Commentary Recent research reports point to a mixed but generally constructive stance on WSP Global, with several analysts adjusting their models and price targets within a relatively tight CA$284 to CA$343 band.
CP
CA$112.79
Canadian Pacific Kansas City
7D
-0.3%
1Y
12.0%