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Canadian (TSX) Industrials Sector Analysis

UpdatedSep 18, 2025
DataAggregated Company Financials
Companies107
  • 7D0.4%
  • 3M-3.2%
  • 1Y1.8%
  • YTD1.5%

The Industrials is pretty flat in the last 7 days, but Bombardier has stood out, gaining 11%. In line with that, the industry has also been flat over the past 12 months. As for the next few years, earnings are expected to grow by 11% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 18 Sep 2025CA$490.9bCA$204.6bCA$19.3b23.2x25.4x2.4x
Sat, 16 Aug 2025CA$485.0bCA$204.7bCA$19.3b23.3x25.1x2.4x
Mon, 14 Jul 2025CA$522.6bCA$202.1bCA$16.6b22.9x31.4x2.6x
Wed, 11 Jun 2025CA$509.8bCA$201.9bCA$16.6b20.3x30.7x2.5x
Fri, 09 May 2025CA$479.3bCA$201.3bCA$15.8b19.8x30.3x2.4x
Sun, 06 Apr 2025CA$452.1bCA$200.2bCA$15.8b18.8x28.6x2.3x
Tue, 04 Mar 2025CA$497.8bCA$200.5bCA$15.9b20.7x31.3x2.5x
Thu, 30 Jan 2025CA$501.2bCA$199.1bCA$17.6b21.7x28.4x2.5x
Sat, 28 Dec 2024CA$491.7bCA$199.1bCA$17.6b21.2x27.9x2.5x
Mon, 25 Nov 2024CA$494.4bCA$197.8bCA$17.5b22.5x28.3x2.5x
Wed, 23 Oct 2024CA$491.7bCA$195.6bCA$17.2b23.1x28.5x2.5x
Fri, 20 Sep 2024CA$486.0bCA$194.5bCA$17.2b22.5x28.3x2.5x
Sun, 18 Aug 2024CA$471.1bCA$192.3bCA$17.1b22.4x27.5x2.4x
Tue, 16 Jul 2024CA$477.2bCA$167.2bCA$16.9b22.3x28.3x2.9x
Thu, 13 Jun 2024CA$472.2bCA$167.5bCA$16.8b21.8x28x2.8x
Sat, 11 May 2024CA$480.7bCA$166.8bCA$17.4b21.1x27.7x2.9x
Mon, 08 Apr 2024CA$482.5bCA$164.9bCA$17.9b20.4x27x2.9x
Wed, 06 Mar 2024CA$483.3bCA$164.6bCA$17.7b20.1x27.3x2.9x
Fri, 02 Feb 2024CA$467.8bCA$166.0bCA$16.6b20.8x28.2x2.8x
Sun, 31 Dec 2023CA$451.5bCA$164.4bCA$16.1b19.4x28.1x2.7x
Tue, 28 Nov 2023CA$420.5bCA$163.4bCA$15.7b18.5x26.7x2.6x
Thu, 26 Oct 2023CA$395.6bCA$160.3bCA$15.3b16.7x25.8x2.5x
Sat, 23 Sep 2023CA$416.5bCA$160.6bCA$15.8b17.6x26.4x2.6x
Mon, 21 Aug 2023CA$424.3bCA$160.8bCA$15.8b14.4x26.9x2.6x
Wed, 19 Jul 2023CA$421.3bCA$156.8bCA$13.7b18.8x30.6x2.7x
Fri, 16 Jun 2023CA$419.6bCA$157.0bCA$13.8b19.1x30.5x2.7x
Sun, 14 May 2023CA$428.7bCA$157.4bCA$13.8b18.9x31.2x2.7x
Tue, 11 Apr 2023CA$419.5bCA$153.7bCA$13.8b19.2x30.4x2.7x
Thu, 09 Mar 2023CA$423.9bCA$153.2bCA$14.1b17.1x30x2.8x
Sat, 04 Feb 2023CA$417.9bCA$150.1bCA$13.7b17.3x30.6x2.8x
Mon, 02 Jan 2023CA$397.2bCA$149.3bCA$12.7b16.8x31.2x2.7x
Wed, 30 Nov 2022CA$413.5bCA$149.4bCA$12.8b16.2x32.4x2.8x
Fri, 28 Oct 2022CA$389.1bCA$145.0bCA$11.7b14.8x33.1x2.7x
Sun, 25 Sep 2022CA$372.9bCA$143.4bCA$11.6b14.5x32.2x2.6x
Price to Earnings Ratio

32.2x


Total Market Cap: CA$372.9bTotal Earnings: CA$11.6bTotal Revenue: CA$143.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 29x202320242025
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 25.5x which is lower than its 3-year average PE of 29.0x.
  • 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 19% per year over the last three years.
  • Revenues for these companies have grown 13% 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 Market0.29%
Industrials0.41%
Building18.31%
Electrical7.24%
Machinery2.02%
Construction1.69%
Trade Distributors1.49%
Aerospace & Defense1.24%
Transportation0.96%
Infrastructure0.83%
Airlines0.18%
Marine and Shipping-0.12%
Logistics-0.62%
Industrials-1.07%
Commercial Services-1.29%
Professional Services-1.44%
Industry PE
  • Investors are most optimistic about the Commercial Services industry, which is trading close to its 3-year average PE ratio of 78.5x.
    • Analysts are expecting annual earnings growth of 11.9%, which is higher than its past year's earnings growth of 7.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Machinery industry, expecting annual earnings growth of 100% over the next 5 years.
  • This is better than its past earnings growth rate of 4.3% per year.
  • In contrast, the Infrastructure industry is expected to see its earnings decline by 3.5% 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
BBD.B BombardierCA$176.2011.4%
+CA$1.8b		82.4%PE28.3x
CNR Canadian National RailwayCA$130.321.7%
+CA$1.4b		-18.2%PE17.8x
ATRL AtkinsRéalis GroupCA$102.656.6%
+CA$1.1b		100.1%PE6.7x
CP Canadian Pacific Kansas CityCA$103.690.4%
+CA$394.7m		-11.5%PE22.8x
TIH Toromont IndustriesCA$149.702.6%
+CA$304.2m		16.7%PE25.1x

Latest News

BYD
CA$233.15
Boyd Group Services
7D
-1.2%
1Y
12.8%
GFL
CA$64.26
GFL Environmental
7D
-2.2%
1Y
20.5%

At CA$65.31, Is It Time To Put GFL Environmental Inc. (TSE:GFL) On Your Watch List?

Sep 13
At CA$65.31, Is It Time To Put GFL Environmental Inc. (TSE:GFL) On Your Watch List?
AC
CA$18.79
Air Canada
7D
-0.6%
1Y
14.3%
ATRL
CA$102.65
AtkinsRéalis Group
7D
6.6%
1Y
100.1%
TIH
CA$149.70
Toromont Industries
7D
2.6%
1Y
16.7%
TRI
CA$232.90
Thomson Reuters
7D
-1.4%
1Y
1.7%

Returns Are Gaining Momentum At Thomson Reuters (TSE:TRI)

Sep 12
Returns Are Gaining Momentum At Thomson Reuters (TSE:TRI)
BBD.B
CA$176.20
Bombardier
7D
11.4%
1Y
82.4%
CAE
CA$37.05
CAE
7D
1.5%
1Y
53.7%

CAE Inc.'s (TSE:CAE) Price Is Out Of Tune With Revenues

Sep 10
CAE Inc.'s (TSE:CAE) Price Is Out Of Tune With Revenues
MAL
CA$16.49
Magellan Aerospace
7D
-5.2%
1Y
76.9%
CP
CA$103.69
Canadian Pacific Kansas City
7D
0.4%
1Y
-11.5%
ATS
CA$38.84
ATS
7D
4.7%
1Y
5.7%

North American Automation And Life Sciences Will Create Future Opportunities

With no change in both the Future P/E (9.94x) and Discount Rate (7.92%), the consensus analyst price target for ATS also remained steady at CA$47.80. What's in the News ATS issued Q2 FY26 revenue guidance of $700 million to $740 million.
STN
CA$150.64
Stantec
7D
-0.4%
1Y
40.0%

Global Acquisitions And Digital Transformation Will Drive Infrastructure Resilience

As both Stantec’s discount rate and net profit margin remained steady, there was no change in the consensus analyst price target, which is unchanged at CA$162.36. What's in the News Stantec raised its full-year 2025 net revenue growth guidance to 10%–12%, up from prior guidance of 7%–10%.
HPS.A
CA$116.34
Hammond Power Solutions
7D
-1.5%
1Y
-13.5%
CNR
CA$130.32
Canadian National Railway
7D
1.7%
1Y
-18.2%
ANRG
CA$2.53
Anaergia
7D
-12.2%
1Y
321.7%
BLDP
CA$3.47
Ballard Power Systems
7D
29.5%
1Y
47.7%

Overvaluation And Policy Tailwinds Will Reshape Hydrogen Mobility

Despite ongoing restructuring under new leadership and a strong cash position to weather hydrogen market headwinds, continued uncertainty and execution risks have prompted analysts to maintain a cautious outlook, leaving Ballard Power Systems’ consensus price target unchanged at CA$1.62. Analyst Commentary Ballard Power is undertaking a restructuring under new leadership with the goal to achieve profitability and be cash flow positive by the end of 2027.