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Canadian (TSX) Industrials Sector Analysis

UpdatedApr 03, 2026
DataAggregated Company Financials
Companies107
  • 7D1.6%
  • 3M-2.1%
  • 1Y-0.5%
  • YTD-1.9%

Canadian National Railway is up 3.1%, leading the way for the Industrials industry, which has gained 1.6%. During this same period, the Boyd Group Services underperformed, falling 6.5%. Despite this gain, the industry's performance has been flat over the past year. Looking forward, earnings are forecast to grow by 12% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 03 Apr 2026CA$455.0bCA$241.1bCA$19.2b24.8x23.7x1.9x
Sun, 01 Mar 2026CA$478.6bCA$203.8bCA$18.9b26.7x25.3x2.3x
Tue, 27 Jan 2026CA$470.7bCA$208.0bCA$18.4b22.2x25.6x2.3x
Thu, 25 Dec 2025CA$464.5bCA$207.8bCA$18.3b22.4x25.4x2.2x
Sat, 22 Nov 2025CA$447.1bCA$209.1bCA$18.4b21.2x24.3x2.1x
Mon, 20 Oct 2025CA$491.0bCA$206.0bCA$19.4b23.8x25.4x2.4x
Wed, 17 Sep 2025CA$492.4bCA$204.5bCA$19.3b23.1x25.5x2.4x
Fri, 15 Aug 2025CA$490.8bCA$204.7bCA$19.3b23.4x25.4x2.4x
Sun, 13 Jul 2025CA$522.6bCA$202.1bCA$16.6b22.9x31.4x2.6x
Tue, 10 Jun 2025CA$511.5bCA$201.9bCA$16.6b20.2x30.8x2.5x
Thu, 08 May 2025CA$472.5bCA$200.5bCA$15.8b19.6x29.9x2.4x
Sat, 05 Apr 2025CA$464.4bCA$200.2bCA$15.8b18.3x29.3x2.3x
Mon, 03 Mar 2025CA$497.8bCA$200.4bCA$16.0b20.7x31.2x2.5x
Wed, 29 Jan 2025CA$503.4bCA$199.1bCA$17.6b21.8x28.6x2.5x
Fri, 27 Dec 2024CA$491.7bCA$199.1bCA$17.6b21.2x27.9x2.5x
Sun, 24 Nov 2024CA$494.4bCA$197.8bCA$17.5b22.5x28.3x2.5x
Tue, 22 Oct 2024CA$494.4bCA$195.2bCA$17.2b23.1x28.7x2.5x
Thu, 19 Sep 2024CA$488.1bCA$194.6bCA$17.2b22.4x28.4x2.5x
Sat, 17 Aug 2024CA$474.1bCA$192.3bCA$17.1b22.4x27.7x2.5x
Mon, 15 Jul 2024CA$477.2bCA$167.1bCA$16.9b22x28.3x2.9x
Wed, 12 Jun 2024CA$474.5bCA$167.5bCA$16.9b21.2x28.2x2.8x
Fri, 10 May 2024CA$480.1bCA$166.8bCA$17.4b20.6x27.6x2.9x
Sun, 07 Apr 2024CA$482.5bCA$164.9bCA$17.9b20.4x27x2.9x
Tue, 05 Mar 2024CA$483.3bCA$164.6bCA$17.7b20x27.3x2.9x
Thu, 01 Feb 2024CA$460.9bCA$166.1bCA$16.6b20.2x27.8x2.8x
Sat, 30 Dec 2023CA$449.7bCA$164.4bCA$16.1b19.4x28x2.7x
Mon, 27 Nov 2023CA$420.5bCA$163.5bCA$15.7b17.9x26.7x2.6x
Wed, 25 Oct 2023CA$397.4bCA$161.1bCA$15.8b16.7x25.1x2.5x
Fri, 22 Sep 2023CA$415.5bCA$160.6bCA$15.8b17.2x26.3x2.6x
Sun, 20 Aug 2023CA$424.3bCA$160.8bCA$15.8b14.4x26.9x2.6x
Tue, 18 Jul 2023CA$421.9bCA$156.9bCA$13.8b18.9x30.7x2.7x
Thu, 15 Jun 2023CA$419.3bCA$157.3bCA$13.8b19.1x30.4x2.7x
Sat, 13 May 2023CA$428.8bCA$157.3bCA$13.8b18.9x31.2x2.7x
Mon, 10 Apr 2023CA$418.5bCA$153.8bCA$13.9b19x30.2x2.7x
Price to Earnings Ratio

30.2x


Total Market Cap: CA$418.5bTotal Earnings: CA$13.9bTotal Revenue: CA$153.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 27.8x202420252026
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 23.7x which is lower than its 3-year average PE of 27.8x.
  • The 3-year average PS ratio of 2.6x is higher than the industry's current PS ratio of 1.9x.
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 Market3.76%
Industrials1.62%
Industrials13.15%
Commercial Services5.06%
Logistics2.67%
Infrastructure2.64%
Aerospace & Defense2.04%
Transportation1.90%
Construction1.12%
Electrical0.99%
Marine and Shipping0.92%
Trade Distributors0.85%
Professional Services0.17%
Airlines-0.77%
Building-1.37%
Machinery-1.95%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 111x.
    • Analysts are expecting annual earnings growth of 23.9%, which is higher than its past year's earnings growth of 2.4% 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 decline by 7.8% 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
CNR Canadian National RailwayCA$144.933.1%
+CA$2.6b		4.7%PE18.8x
GFL GFL EnvironmentalCA$62.0112.6%
+CA$2.5b		-8.5%PE105.1x
TFII TFI InternationalCA$155.086.0%
+CA$719.9m		45.2%PE29.5x
BBD.B BombardierCA$246.553.0%
+CA$716.7m		192.2%PE18.5x
TIH Toromont IndustriesCA$195.662.7%
+CA$419.5m		76.3%PE32.1x

Latest News

GFL
CA$62.01
GFL Environmental
7D
12.6%
1Y
-8.5%
BDGI
CA$60.49
Badger Infrastructure Solutions
7D
-3.8%
1Y
61.5%
FLT
CA$0.73
Volatus Aerospace
7D
-8.8%
1Y
342.4%
ATRL
CA$90.85
AtkinsRéalis Group
7D
2.1%
1Y
32.5%
CP
CA$109.83
Canadian Pacific Kansas City
7D
0.4%
1Y
10.7%
WSP
CA$219.79
WSP Global
7D
0.9%
1Y
-8.0%
ATS
CA$39.52
ATS
7D
-3.6%
1Y
11.0%
AC
CA$17.86
Air Canada
7D
-2.4%
1Y
27.7%

AC: Fuel Headwinds Will Present Opportunity For Future Upside Potential

Analysts have trimmed the Air Canada price target by about CA$0.25 as higher jet fuel costs and more cautious long term estimates, including lower assumed revenue growth and a slightly higher discount rate, weigh against modestly better profit margin assumptions and a lower future P/E. Analyst Commentary Recent Street research on Air Canada clusters around two clear themes, with some analysts leaning constructive on execution and valuation, while others focus on fuel costs and capacity risk.
TFII
CA$155.08
TFI International
7D
6.0%
1Y
45.2%
NFI
CA$18.28
NFI Group
7D
-4.6%
1Y
63.5%
RCH
CA$40.34
Richelieu Hardware
7D
-3.8%
1Y
21.6%

RCH: Dividend Aristocrat Status And Buybacks Will Support Future Fair Value

Analysts have kept Richelieu Hardware's fair value estimate steady at CA$42.00, with only marginal tweaks to assumptions around discount rate, revenue growth, profit margin, and future P/E. This suggests their overall view on the stock's long term potential is essentially unchanged.
CNR
CA$144.93
Canadian National Railway
7D
3.1%
1Y
4.7%
BYD
CA$171.60
Boyd Group Services
7D
-6.5%
1Y
-16.2%
BBD.B
CA$246.55
Bombardier
7D
3.0%
1Y
192.2%

BBD.B: Elevated P/E And Mixed Ratings Will Test Execution Over Expansion Plan

Analysts have lifted their fair value estimate for Bombardier from CA$193.28 to CA$222.11, echoing recent price target increases at several firms while still balancing more cautious views reflected in recent downgrades. Analyst Commentary Recent research on Bombardier reflects a mixed backdrop, with several price target increases sitting alongside a cluster of downgrades and more cautious opinions.
TIH
CA$195.66
Toromont Industries
7D
2.7%
1Y
76.3%

TIH: Higher P/E Assumptions And Dividend Increase Will Shape A Balanced Outlook

Analysts have lifted their average 12 month price target on Toromont Industries, with recent revisions ranging from CA$200 to CA$228 and supporting commentary pointing to updated assumptions around discount rates, profit margins and future P/E levels. Analyst Commentary Recent Street research on Toromont Industries clusters around higher price targets within a relatively tight range, with revisions cited alongside updated assumptions for discount rates, profit margins and future P/E levels.
FTT
CA$86.16
Finning International
7D
-0.4%
1Y
123.2%

FTT: Future Returns Will Reflect Refined Rating Convergence And Continued Share Repurchases

Analysts have lifted their average price targets on Finning International by a mid single digit CA$ amount, with recent moves such as TD Securities to CA$104, Scotiabank to CA$105 and other firms raising their targets. These changes are supported by updated views on discount rates, revenue growth, profit margins and future P/E assumptions.