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Canadian (TSX) Industrials Sector Analysis

UpdatedJan 23, 2026
DataAggregated Company Financials
Companies106
  • 7D0.03%
  • 3M-4.3%
  • 1Y-4.6%
  • YTD2.1%

Over the last 7 days, the Industrials industry has remained flat, although notably GFL Environmental gained 3.7%. Unfortunately though, the industry is down 4.6% over the past 12 months. Earnings are forecast to grow by 9.5% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 23 Jan 2026CA$469.9bCA$208.2bCA$18.4b22.1x25.6x2.3x
Sun, 21 Dec 2025CA$461.3bCA$208.1bCA$18.3b21.9x25.2x2.2x
Tue, 18 Nov 2025CA$462.3bCA$209.0bCA$18.4b21.2x25.2x2.2x
Thu, 16 Oct 2025CA$491.8bCA$206.1bCA$19.4b24x25.4x2.4x
Sat, 13 Sep 2025CA$494.5bCA$204.8bCA$19.3b23.2x25.6x2.4x
Mon, 11 Aug 2025CA$491.6bCA$204.3bCA$19.2b23.3x25.5x2.4x
Wed, 09 Jul 2025CA$518.5bCA$202.1bCA$16.6b20.7x31.2x2.6x
Fri, 06 Jun 2025CA$511.0bCA$201.9bCA$16.6b19.9x30.7x2.5x
Sun, 04 May 2025CA$476.9bCA$200.2bCA$15.7b19.9x30.3x2.4x
Tue, 01 Apr 2025CA$466.2bCA$200.9bCA$15.9b19.4x29.4x2.3x
Thu, 27 Feb 2025CA$492.6bCA$198.8bCA$15.9b20.9x31x2.5x
Sat, 25 Jan 2025CA$504.8bCA$198.9bCA$17.6b22.1x28.7x2.5x
Mon, 23 Dec 2024CA$485.6bCA$199.0bCA$17.6b21x27.5x2.4x
Wed, 20 Nov 2024CA$484.7bCA$197.8bCA$17.5b22.8x27.7x2.5x
Fri, 18 Oct 2024CA$494.3bCA$195.1bCA$17.2b23.1x28.7x2.5x
Sun, 15 Sep 2024CA$489.2bCA$194.6bCA$17.2b22x28.5x2.5x
Tue, 13 Aug 2024CA$462.6bCA$192.5bCA$17.3b21.7x26.7x2.4x
Thu, 11 Jul 2024CA$465.4bCA$167.0bCA$16.9b21.6x27.6x2.8x
Sat, 08 Jun 2024CA$478.6bCA$167.5bCA$16.8b21.1x28.4x2.9x
Mon, 06 May 2024CA$470.7bCA$166.3bCA$17.4b19.8x27.1x2.8x
Wed, 03 Apr 2024CA$487.6bCA$164.8bCA$17.9b20.6x27.2x3x
Fri, 01 Mar 2024CA$478.9bCA$164.0bCA$17.4b20x27.5x2.9x
Sun, 28 Jan 2024CA$458.4bCA$164.8bCA$16.8b19.8x27.2x2.8x
Tue, 26 Dec 2023CA$447.5bCA$164.5bCA$16.1b19x27.8x2.7x
Thu, 23 Nov 2023CA$422.6bCA$163.6bCA$15.8b18.7x26.8x2.6x
Sat, 21 Oct 2023CA$398.8bCA$161.1bCA$15.8b16.8x25.2x2.5x
Mon, 18 Sep 2023CA$432.6bCA$160.7bCA$15.8b17.6x27.4x2.7x
Wed, 16 Aug 2023CA$426.9bCA$160.3bCA$15.8b15x27.1x2.7x
Fri, 14 Jul 2023CA$417.3bCA$156.7bCA$13.7b18.9x30.4x2.7x
Sun, 11 Jun 2023CA$411.7bCA$157.3bCA$13.8b18.7x29.9x2.6x
Tue, 09 May 2023CA$421.9bCA$155.0bCA$13.7b18.9x30.7x2.7x
Thu, 06 Apr 2023CA$416.4bCA$153.6bCA$13.9b19.8x30x2.7x
Sat, 04 Mar 2023CA$423.4bCA$152.5bCA$14.2b19x29.7x2.8x
Mon, 30 Jan 2023CA$408.6bCA$149.5bCA$12.9b17.8x31.7x2.7x
Price to Earnings Ratio

31.7x


Total Market Cap: CA$408.6bTotal Earnings: CA$12.9bTotal Revenue: CA$149.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 28.2x202420252026
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 28.2x.
  • The 3-year average PS ratio of 2.6x is higher than the industry's current PS ratio of 2.3x.
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 Market0.70%
Industrials0.031%
Electrical4.04%
Airlines3.75%
Aerospace & Defense3.23%
Trade Distributors2.85%
Commercial Services1.58%
Construction1.02%
Logistics0.64%
Industrials0.43%
Marine and Shipping0.31%
Building-0.17%
Transportation-0.51%
Infrastructure-0.95%
Machinery-2.43%
Professional Services-3.13%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 100x.
    • Analysts are expecting annual earnings decline of 6.7%, 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 121% over the next 5 years.
  • In contrast, the Commercial Services industry is expected to see its earnings decline by 6.7% 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
GFL GFL EnvironmentalCA$61.583.7%
+CA$789.4m		1.9%PE258.4x
TIH Toromont IndustriesCA$181.634.3%
+CA$616.6m		47.6%PE29.8x
MDA MDA SpaceCA$36.5615.4%
+CA$615.1m		28.1%PE42.1x
EIF Exchange IncomeCA$97.8410.7%
+CA$568.7m		77.3%PE38.1x
FTT Finning InternationalCA$85.432.5%
+CA$277.5m		122.6%PE19.2x

Latest News

ATS
CA$40.43
ATS
7D
-4.9%
1Y
-1.4%
EIF
CA$97.84
Exchange Income
7D
10.7%
1Y
77.3%
ATRL
CA$95.91
AtkinsRéalis Group
7D
1.5%
1Y
15.0%
ELVA
CA$15.25
Electrovaya
7D
21.3%
1Y
284.1%
STN
CA$140.15
Stantec
7D
1.6%
1Y
20.4%
TFII
CA$153.99
TFI International
7D
-1.6%
1Y
-20.8%
AC
CA$19.47
Air Canada
7D
-1.6%
1Y
-3.0%

AC: Share Repurchases Will Support Future Upside Despite Cautious Earnings Expectations

Air Canada's updated analyst price target edges up to about C$24.36 from roughly C$24.24, as analysts factor in slightly adjusted revenue growth, profit margin, and future P/E assumptions, alongside recent target revisions clustered in the C$21 to C$26 range. Analyst Commentary Recent research points to a mixed but fairly contained range of views on Air Canada, with price targets clustered around the low to mid C$20s.
MDA
CA$36.56
MDA Space
7D
15.4%
1Y
28.1%

MDA: Defence And Government Contracts Will Drive Future Upside Despite Rating Resets

MDA Space's analyst fair value estimate has moved modestly higher to $41.94 from $40.19, as analysts factor in updated views on growth, margins, and a higher future P/E multiple following recent target revisions and rating changes across the Street. Analyst Commentary Morgan Stanley has upgraded MDA Space, while other firms have revised their price targets, with recent targets clustered in the high C$30s.
GFL
CA$61.58
GFL Environmental
7D
3.7%
1Y
1.9%
TRI
CA$168.06
Thomson Reuters
7D
-3.1%
1Y
-29.0%
NFI
CA$16.67
NFI Group
7D
-3.5%
1Y
25.3%

Further Upside For NFI Group Inc. (TSE:NFI) Shares Could Introduce Price Risks After 25% Bounce

Jan 13
Further Upside For NFI Group Inc. (TSE:NFI) Shares Could Introduce Price Risks After 25% Bounce
CNR
CA$137.90
Canadian National Railway
7D
-0.06%
1Y
-9.7%

CNR: Share Repurchases Will Support Earnings Compounding And Future Upside Potential

Analysts have nudged their fair value estimate for Canadian National Railway slightly higher to $154.95 from $154.85, reflecting updated views on revenue growth, profit margins and future P/E assumptions. What's in the News From July 1, 2025 to September 30, 2025, Canadian National Railway repurchased 7,700,000 shares for CAD 1,041m, representing 1.23% of its shares.
EFN
CA$34.76
Element Fleet Management
7D
-1.0%
1Y
17.8%

Element Fleet Management (TSE:EFN) Is Looking To Continue Growing Its Returns On Capital

Jan 11
Element Fleet Management (TSE:EFN) Is Looking To Continue Growing Its Returns On Capital
TIH
CA$181.63
Toromont Industries
7D
4.3%
1Y
47.6%

TIH: Higher Street Expectations And Buybacks Will Shape A Measured Forward Outlook

Analysts have lifted their Street price targets for Toromont Industries to a range of about C$172 to C$180, reflecting updated views on valuation and earnings power, even as fair value and P/E assumptions in our model remain broadly unchanged. Analyst Commentary Street research on Toromont Industries has become more constructive on valuation, with a cluster of higher price targets and a mix of ratings that signal both optimism and caution.
CP
CA$99.86
Canadian Pacific Kansas City
7D
-0.8%
1Y
-13.2%
FTT
CA$85.43
Finning International
7D
2.5%
1Y
122.6%

FTT: Future Upside Will Be Driven By Rising Outperformance Conviction

Analysts have raised their price target on Finning International to C$84.44 from C$83.78. This change reflects updated views on fair value and valuation metrics, supported by recent target increases from several research firms.