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Canadian (TSX) Industrials Sector Analysis

UpdatedMar 05, 2026
DataAggregated Company Financials
Companies106
  • 7D1.5%
  • 3M3.5%
  • 1Y0.5%
  • YTD4.1%

Over the last 7 days, the Industrials industry has risen 3.3%, driven by gains from Thomson Reuters of 5.2%. In the same time, Air Canada was down 9.4%. This means that the industry has gained 3.5% over the past year. Looking forward, 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
Thu, 05 Mar 2026CA$483.8bCA$201.7bCA$18.9b25.7x25.6x2.4x
Sat, 31 Jan 2026CA$461.9bCA$207.7bCA$18.2b22.7x25.3x2.2x
Mon, 29 Dec 2025CA$464.5bCA$207.8bCA$18.3b22.4x25.4x2.2x
Wed, 26 Nov 2025CA$455.2bCA$209.1bCA$18.4b21.1x24.8x2.2x
Fri, 24 Oct 2025CA$496.0bCA$206.0bCA$19.3b24.5x25.6x2.4x
Sun, 21 Sep 2025CA$486.8bCA$205.4bCA$19.3b23x25.2x2.4x
Tue, 19 Aug 2025CA$487.5bCA$204.7bCA$19.3b23.4x25.2x2.4x
Thu, 17 Jul 2025CA$529.0bCA$202.1bCA$16.6b22.6x31.8x2.6x
Sat, 14 Jun 2025CA$512.5bCA$201.6bCA$16.6b20x30.9x2.5x
Mon, 12 May 2025CA$484.3bCA$202.0bCA$15.8b20.1x30.6x2.4x
Wed, 09 Apr 2025CA$441.7bCA$200.3bCA$15.8b18.4x28x2.2x
Fri, 07 Mar 2025CA$486.6bCA$200.1bCA$15.8b20.5x30.7x2.4x
Sun, 02 Feb 2025CA$500.9bCA$199.4bCA$16.8b21.8x29.7x2.5x
Tue, 31 Dec 2024CA$489.7bCA$199.0bCA$17.6b20.7x27.8x2.5x
Thu, 28 Nov 2024CA$493.0bCA$198.0bCA$17.5b22.2x28.1x2.5x
Sat, 26 Oct 2024CA$486.9bCA$196.1bCA$17.3b23x28.2x2.5x
Mon, 23 Sep 2024CA$487.1bCA$194.5bCA$17.2b22.1x28.4x2.5x
Wed, 21 Aug 2024CA$471.7bCA$192.1bCA$17.1b22.4x27.5x2.5x
Fri, 19 Jul 2024CA$483.7bCA$167.3bCA$16.9b22.4x28.7x2.9x
Sun, 16 Jun 2024CA$469.6bCA$167.5bCA$16.9b21.4x27.9x2.8x
Tue, 14 May 2024CA$479.6bCA$166.8bCA$17.4b21.1x27.6x2.9x
Thu, 11 Apr 2024CA$487.7bCA$165.1bCA$17.9b20.4x27.2x3x
Sat, 09 Mar 2024CA$485.0bCA$164.3bCA$17.8b19.8x27.3x3x
Mon, 05 Feb 2024CA$469.9bCA$166.2bCA$16.6b20.2x28.3x2.8x
Wed, 03 Jan 2024CA$450.1bCA$164.6bCA$16.1b19.5x27.9x2.7x
Fri, 01 Dec 2023CA$416.6bCA$163.3bCA$15.7b18.6x26.5x2.6x
Sun, 29 Oct 2023CA$390.4bCA$161.5bCA$15.4b16.7x25.4x2.4x
Tue, 26 Sep 2023CA$418.3bCA$160.5bCA$15.8b17.2x26.5x2.6x
Thu, 24 Aug 2023CA$425.1bCA$160.8bCA$15.8b16x26.9x2.6x
Sat, 22 Jul 2023CA$422.6bCA$156.9bCA$13.7b19.1x30.7x2.7x
Mon, 19 Jun 2023CA$421.4bCA$157.0bCA$13.8b19.3x30.6x2.7x
Wed, 17 May 2023CA$428.8bCA$157.2bCA$13.7b19.9x31.2x2.7x
Fri, 14 Apr 2023CA$423.2bCA$153.3bCA$13.8b19.6x30.7x2.8x
Sun, 12 Mar 2023CA$415.1bCA$154.0bCA$14.0b19.5x29.7x2.7x
Price to Earnings Ratio

29.7x


Total Market Cap: CA$415.1bTotal Earnings: CA$14.0bTotal Revenue: CA$154.0bTotal 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 9.4% 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-0.89%
Industrials1.55%
Aerospace & Defense6.24%
Professional Services5.15%
Marine and Shipping2.89%
Building2.30%
Logistics1.68%
Commercial Services1.63%
Industrials1.32%
Construction1.28%
Transportation1.27%
Infrastructure0.59%
Trade Distributors0.056%
Machinery-2.52%
Electrical-5.13%
Airlines-6.54%
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 31.7%, 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 61% 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$142.925.2%
+CA$3.1b		-43.4%PE31.5x
CNR Canadian National RailwayCA$151.181.4%
+CA$1.3b		5.3%PE19.6x
GFL GFL EnvironmentalCA$61.105.7%
+CA$1.2b		-10.1%PE103.6x
CP Canadian Pacific Kansas CityCA$118.410.9%
+CA$990.7m		7.5%PE25.7x
CAE CAECA$42.134.8%
+CA$620.8m		19.1%PE36.1x

Latest News

MDA
CA$42.91
MDA Space
7D
10.4%
1Y
85.8%
HPS.A
CA$183.17
Hammond Power Solutions
7D
-8.5%
1Y
128.4%
SIS
CA$24.32
Savaria
7D
-5.0%
1Y
43.1%
CNR
CA$151.18
Canadian National Railway
7D
1.4%
1Y
5.3%
EIF
CA$102.95
Exchange Income
7D
-4.8%
1Y
101.7%
FTT
CA$93.15
Finning International
7D
-0.5%
1Y
124.2%
TRI
CA$142.92
Thomson Reuters
7D
5.2%
1Y
-43.4%
EFN
CA$32.26
Element Fleet Management
7D
-2.5%
1Y
14.8%
AC
CA$18.90
Air Canada
7D
-9.4%
1Y
13.4%

AC: Capacity Plans And Fleet Refresh Will Shape Balanced Risk Reward

Our updated Air Canada narrative reflects a higher fair value estimate of CA$20.10 from CA$18.69, in line with recent analyst price target increases into the CA$22 to CA$27 range, supported by refreshed earnings models and mixed views on the company’s longer term capacity growth plans. Analyst Commentary Street research on Air Canada has been active, with several firms updating their models and price targets following recent earnings.
CP
CA$118.41
Canadian Pacific Kansas City
7D
0.9%
1Y
7.5%
DXT
CA$11.89
Dexterra Group
7D
-8.7%
1Y
56.2%

DXT: Streamlined Integrated Services And Hybrid Model Will Support Upside Potential

Analysts have nudged their fair value estimate for Dexterra Group higher from about CA$14.38 to roughly CA$14.89, factoring in recent price target increases and new coverage that highlights the company’s streamlined operations and its focus on integrated facilities management and workforce accommodation in Canada. Analyst Commentary Recent research notes give you a clearer picture of how the Street is thinking about Dexterra Group, particularly around its focus on integrated facilities management and workforce accommodation in Canada.
CAE
CA$42.13
CAE
7D
4.8%
1Y
19.1%

CAE: Training Contracts And Portfolio Shift Will Shape Future Upside Potential

The analyst price target for CAE has been adjusted modestly lower to reflect a slightly reduced fair value estimate of CA$46.54. Analysts attribute this to softer revenue growth and margin assumptions, a higher discount rate, and mixed recent target moves across firms, including cuts at Jefferies, Canaccord, and Scotiabank, alongside a smaller increase from TD Securities.
TFII
CA$161.30
TFI International
7D
3.5%
1Y
34.2%
BBD.B
CA$277.08
Bombardier
7D
1.6%
1Y
218.9%

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$61.10
GFL Environmental
7D
5.7%
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).
NFI
CA$16.81
NFI Group
7D
-4.1%
1Y
49.6%