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Canadian (TSX) Industrials Sector Analysis

UpdatedJan 01, 2026
DataAggregated Company Financials
Companies105
  • 7D-0.7%
  • 3M-4.3%
  • 1Y-3.3%
  • YTD-3.7%

In the last week, Industrials has been flat. Furthermore, the industry has been flat for the past year as well. Looking forward, 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
Thu, 01 Jan 2026CA$463.5bCA$207.9bCA$18.3b22.4x25.3x2.2x
Sat, 29 Nov 2025CA$459.0bCA$208.7bCA$18.4b21.2x25x2.2x
Mon, 27 Oct 2025CA$495.4bCA$206.0bCA$19.4b24.1x25.6x2.4x
Wed, 24 Sep 2025CA$486.7bCA$205.5bCA$19.3b23x25.2x2.4x
Fri, 22 Aug 2025CA$491.6bCA$204.9bCA$19.3b23.2x25.4x2.4x
Sun, 20 Jul 2025CA$522.3bCA$202.2bCA$16.6b23.5x31.4x2.6x
Tue, 17 Jun 2025CA$506.8bCA$201.6bCA$16.6b20x30.6x2.5x
Thu, 15 May 2025CA$496.4bCA$202.6bCA$16.5b20.7x30.1x2.5x
Sat, 12 Apr 2025CA$448.5bCA$199.3bCA$15.7b18.7x28.6x2.2x
Mon, 10 Mar 2025CA$489.6bCA$200.3bCA$15.9b19.7x30.8x2.4x
Wed, 05 Feb 2025CA$487.5bCA$198.8bCA$16.8b22.1x29x2.5x
Fri, 03 Jan 2025CA$486.8bCA$199.1bCA$17.6b20.9x27.6x2.4x
Sun, 01 Dec 2024CA$499.6bCA$198.0bCA$17.5b22.2x28.5x2.5x
Tue, 29 Oct 2024CA$484.5bCA$196.1bCA$17.3b23x28x2.5x
Thu, 26 Sep 2024CA$488.6bCA$194.3bCA$17.2b21.9x28.5x2.5x
Sat, 24 Aug 2024CA$474.9bCA$191.8bCA$17.1b22.8x27.8x2.5x
Mon, 22 Jul 2024CA$480.2bCA$167.4bCA$16.9b22.4x28.4x2.9x
Wed, 19 Jun 2024CA$470.1bCA$167.4bCA$16.8b20.6x27.9x2.8x
Fri, 17 May 2024CA$475.6bCA$167.4bCA$17.4b21.4x27.4x2.8x
Sun, 14 Apr 2024CA$483.9bCA$165.3bCA$17.9b20.1x27x2.9x
Tue, 12 Mar 2024CA$484.4bCA$164.4bCA$17.8b20x27.2x2.9x
Thu, 08 Feb 2024CA$467.1bCA$163.0bCA$16.6b19.6x28.1x2.9x
Sat, 06 Jan 2024CA$450.9bCA$164.7bCA$16.1b19.9x28x2.7x
Mon, 04 Dec 2023CA$436.1bCA$165.1bCA$16.1b18.7x27x2.6x
Wed, 01 Nov 2023CA$397.3bCA$161.5bCA$15.4b16.6x25.9x2.5x
Fri, 29 Sep 2023CA$411.4bCA$160.6bCA$15.8b17.4x26.1x2.6x
Sun, 27 Aug 2023CA$423.8bCA$160.9bCA$15.8b17.1x26.8x2.6x
Tue, 25 Jul 2023CA$425.2bCA$156.8bCA$13.7b19.1x30.9x2.7x
Thu, 22 Jun 2023CA$419.2bCA$156.9bCA$13.8b19.1x30.5x2.7x
Sat, 20 May 2023CA$432.0bCA$157.4bCA$13.7b19.4x31.5x2.7x
Mon, 17 Apr 2023CA$425.1bCA$153.4bCA$13.8b20.2x30.8x2.8x
Wed, 15 Mar 2023CA$413.3bCA$153.7bCA$13.9b19.5x29.7x2.7x
Fri, 10 Feb 2023CA$409.8bCA$150.7bCA$13.8b17.3x29.6x2.7x
Sun, 08 Jan 2023CA$408.1bCA$149.0bCA$12.7b17.1x32.1x2.7x
Price to Earnings Ratio

32.1x


Total Market Cap: CA$408.1bTotal Earnings: CA$12.7bTotal Revenue: CA$149.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 28.3x202420252026
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 28.3x.
  • 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 13% per year over the last three years.
  • Revenues for these companies have grown 12% 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-0.51%
Industrials-0.65%
Marine and Shipping1.07%
Electrical0.78%
Industrials0.42%
Trade Distributors-0.14%
Transportation-0.33%
Professional Services-0.35%
Commercial Services-0.91%
Construction-1.13%
Logistics-1.56%
Airlines-1.79%
Machinery-1.89%
Infrastructure-2.51%
Aerospace & Defense-2.60%
Building-3.12%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 96.0x.
    • Analysts are expecting annual earnings decline of 3.7%, which is lower than the prior year's growth of 12.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Building industry, expecting annual earnings growth of 125% over the next 5 years.
  • In contrast, the Logistics industry is expected to see its earnings decline by 6.5% 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
CNR Canadian National RailwayCA$135.750.6%
+CA$492.4m		-7.0%PE18.1x
ZDC ZedcorCA$6.3011.1%
+CA$66.6m		80.0%PE417.8x
GMG Graphene Manufacturing GroupCA$2.2532.4%
+CA$64.9m		257.1%PS1089.7x
SPRQ SPARQ SystemsCA$0.8021.2%
+CA$16.4m		-43.3%PS37.1x
NBM NEO Battery MaterialsCA$0.5723.9%
+CA$15.6m		-27.8%PB118.8x

Latest News

CP
CA$101.05
Canadian Pacific Kansas City
7D
-0.9%
1Y
-2.9%
CAE
CA$41.74
CAE
7D
-2.9%
1Y
14.4%

CAE: Future Training Contracts And Execution Will Support Balanced Long-Term Returns

Our updated analyst price target for CAE reflects a modest upward revision, balancing RBC's slight cut to C$40 with TD Securities' increase to C$46, as analysts weigh steady growth expectations against valuation and execution risks. Analyst Commentary Recent revisions to price targets for CAE highlight a nuanced but generally constructive outlook, with analysts balancing solid long term growth prospects against near term execution and valuation concerns.
TFII
CA$141.87
TFI International
7D
-2.1%
1Y
-27.0%

TFII: Extended Freight Downturn Will Likely Cap Upside Despite 2026 Recovery Hopes

TFI International's analyst price target has edged higher as modestly stronger long term freight cycle expectations and improving service metrics lead analysts to slightly lift revenue growth assumptions and valuation multiples, despite near term earnings pressure. Analyst Commentary Analyst sentiment around TFI International remains mixed, with modest upward revisions to some price targets offset by a series of cuts that reflect ongoing concern about near term earnings pressure and the timing of a freight cycle recovery.
BBD.B
CA$233.50
Bombardier
7D
-2.4%
1Y
138.9%

BBD.B: Future Returns Will Rely On Execution Amid Stable Fair Value

Analysts have modestly raised their price targets on Bombardier, citing slightly higher fair value estimates around C$220 and confidence in stable revenue growth and profit margins. As a result, Street targets have moved up into the low C$200s range.
WSP
CA$248.52
WSP Global
7D
-0.6%
1Y
-1.8%
ATRL
CA$88.60
AtkinsRéalis Group
7D
-2.0%
1Y
16.2%
EFN
CA$36.05
Element Fleet Management
7D
-1.5%
1Y
24.1%
TRI
CA$181.13
Thomson Reuters
7D
-0.3%
1Y
-21.5%
ZDC
CA$6.30
Zedcor
7D
11.1%
1Y
80.0%

ZDC Raised Fair Value Suggests Stronger Revenue Pipeline Will Drive Upside

The analyst fair value target for Zedcor has been raised from approximately C$7.00 to C$9.00. This reflects analysts' increased confidence, driven by a series of upward price target revisions and stronger projected revenue growth, despite some compression in expected profit margins and a higher future P E multiple.
CNR
CA$135.75
Canadian National Railway
7D
0.6%
1Y
-7.0%
GMG
CA$2.25
Graphene Manufacturing Group
7D
32.4%
1Y
257.1%
CHR
CA$21.45
Chorus Aviation
7D
1.5%
1Y
-1.5%
SPRQ
CA$0.80
SPARQ Systems
7D
21.2%
1Y
-43.3%
NBM
CA$0.57
NEO Battery Materials
7D
23.9%
1Y
-27.8%
TBL
CA$3.57
Taiga Building Products
7D
3.5%
1Y
-6.8%
ALC
CA$18.90
Algoma Central
7D
1.1%
1Y
27.7%