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Canadian (TSX) Industrials Sector Analysis

UpdatedJan 24, 2026
DataAggregated Company Financials
Companies106
  • 7D-1.1%
  • 3M-4.7%
  • 1Y-4.4%
  • YTD1.7%

Over the last 7 days, the Industrials industry has dropped 1.1%, driven by declines in Canadian National Railway and Thomson Reuters of 1.8% and 2.0%, respectively. However, the industry is down 4.4% over the past year. As for the next few years, earnings are expected to grow by 9.5% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 25 Jan 2026CA$472.8bCA$207.9bCA$18.4b22.2x25.7x2.3x
Tue, 23 Dec 2025CA$461.3bCA$208.0bCA$18.3b21.9x25.2x2.2x
Thu, 20 Nov 2025CA$449.7bCA$209.0bCA$18.4b21.1x24.5x2.2x
Sat, 18 Oct 2025CA$489.2bCA$206.0bCA$19.4b23.8x25.3x2.4x
Mon, 15 Sep 2025CA$491.5bCA$204.8bCA$19.3b23.2x25.4x2.4x
Wed, 13 Aug 2025CA$489.3bCA$204.4bCA$19.3b23.7x25.4x2.4x
Fri, 11 Jul 2025CA$523.1bCA$202.0bCA$16.6b22.9x31.5x2.6x
Sun, 08 Jun 2025CA$511.5bCA$202.0bCA$16.6b20x30.8x2.5x
Tue, 06 May 2025CA$476.9bCA$200.2bCA$15.7b19.7x30.3x2.4x
Thu, 03 Apr 2025CA$472.4bCA$200.4bCA$15.9b19.6x29.8x2.4x
Sat, 01 Mar 2025CA$490.1bCA$200.4bCA$16.0b20.6x30.7x2.4x
Mon, 27 Jan 2025CA$501.8bCA$198.9bCA$17.6b22.1x28.6x2.5x
Wed, 25 Dec 2024CA$491.7bCA$199.0bCA$17.6b21.2x27.9x2.5x
Fri, 22 Nov 2024CA$482.6bCA$197.8bCA$17.5b22.4x27.6x2.4x
Sun, 20 Oct 2024CA$494.4bCA$195.2bCA$17.2b23.2x28.7x2.5x
Tue, 17 Sep 2024CA$489.2bCA$194.5bCA$17.2b22.1x28.5x2.5x
Thu, 15 Aug 2024CA$464.2bCA$192.5bCA$17.2b22.4x27x2.4x
Sat, 13 Jul 2024CA$475.3bCA$167.1bCA$16.9b22x28.2x2.8x
Mon, 10 Jun 2024CA$474.2bCA$167.6bCA$16.9b21.1x28.1x2.8x
Wed, 08 May 2024CA$478.1bCA$166.6bCA$17.4b20x27.5x2.9x
Fri, 05 Apr 2024CA$481.1bCA$164.8bCA$17.9b20.7x26.9x2.9x
Sun, 03 Mar 2024CA$483.9bCA$164.5bCA$17.7b20.1x27.3x2.9x
Tue, 30 Jan 2024CA$458.4bCA$164.8bCA$16.8b20.1x27.2x2.8x
Thu, 28 Dec 2023CA$450.3bCA$164.3bCA$16.1b19.1x28x2.7x
Sat, 25 Nov 2023CA$420.9bCA$163.5bCA$15.7b17.9x26.7x2.6x
Mon, 23 Oct 2023CA$398.8bCA$161.1bCA$15.8b16.8x25.2x2.5x
Wed, 20 Sep 2023CA$423.9bCA$160.5bCA$15.8b17.7x26.9x2.6x
Fri, 18 Aug 2023CA$426.8bCA$160.7bCA$15.8b14.6x27x2.7x
Sun, 16 Jul 2023CA$421.9bCA$156.9bCA$13.8b19x30.7x2.7x
Tue, 13 Jun 2023CA$413.4bCA$157.3bCA$13.8b18.7x30x2.6x
Thu, 11 May 2023CA$428.1bCA$156.0bCA$13.8b19x31.1x2.7x
Sat, 08 Apr 2023CA$418.5bCA$153.8bCA$13.9b19x30.2x2.7x
Mon, 06 Mar 2023CA$423.4bCA$152.5bCA$14.2b19x29.7x2.8x
Wed, 01 Feb 2023CA$411.7bCA$149.5bCA$12.9b16.9x31.9x2.8x
Price to Earnings Ratio

31.9x


Total Market Cap: CA$411.7bTotal 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 12% 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 Market1.16%
Industrials-1.11%
Logistics2.45%
Electrical2.38%
Airlines1.96%
Commercial Services0.63%
Infrastructure0.39%
Trade Distributors0.25%
Building0%0
Industrials0%0
Marine and Shipping-0.051%
Construction-1.07%
Transportation-1.59%
Machinery-1.78%
Professional Services-1.97%
Aerospace & Defense-2.58%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 101x.
    • 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$60.882.8%
+CA$592.1m		0.5%PE255.5x
EIF Exchange IncomeCA$96.956.4%
+CA$364.4m		73.7%PE37.8x
HPS.A Hammond Power SolutionsCA$168.116.3%
+CA$118.7m		33.9%PE24.8x
TIH Toromont IndustriesCA$179.290.6%
+CA$89.6m		46.7%PE29.5x
ELVA ElectrovayaCA$15.0710.2%
+CA$87.9m		284.4%PE161.3x

Latest News

EIF
CA$96.95
Exchange Income
7D
6.4%
1Y
73.7%
ELVA
CA$15.07
Electrovaya
7D
10.2%
1Y
284.4%

ELVA: Equity Raise Will Limit Upside Despite Japan Subsidiary Expansion

Analysts have nudged their price target for Electrovaya higher to about US$11.77 from roughly US$11.75, citing modest adjustments to discount rate assumptions and future P/E expectations, while keeping revenue growth and profit margin views essentially unchanged. What's in the News Issued earnings guidance for fiscal 2026, targeting revenue growth of more than 30% over fiscal 2025, implying revenue above $83 million.
ATS
CA$40.69
ATS
7D
-4.7%
1Y
1.0%
WSP
CA$269.94
WSP Global
7D
-0.8%
1Y
4.1%
TFII
CA$149.68
TFI International
7D
-3.5%
1Y
-23.0%
HPS.A
CA$168.11
Hammond Power Solutions
7D
6.3%
1Y
33.9%

Here's Why Hammond Power Solutions (TSE:HPS.A) Can Manage Its Debt Responsibly

Jan 21
Here's Why Hammond Power Solutions (TSE:HPS.A) Can Manage Its Debt Responsibly
MDA
CA$36.70
MDA Space
7D
1.1%
1Y
28.5%

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.
BBD.B
CA$265.69
Bombardier
7D
-3.5%
1Y
192.7%
CAE
CA$45.47
CAE
7D
-4.1%
1Y
30.4%
AFN
CA$32.01
Ag Growth International
7D
8.3%
1Y
-19.6%
GFL
CA$60.88
GFL Environmental
7D
2.8%
1Y
0.5%
CGY
CA$62.75
Calian Group
7D
6.4%
1Y
22.0%

CGY: Higher Fair Value And Defence Contracts Will Shape Balanced Return Outlook

Analysts have raised their price target on Calian Group to C$62 from C$59, reflecting updated fair value analysis and revised assumptions for discount rate, growth, margins, and future P/E. Analyst Commentary Bullish Takeaways Bullish analysts see the higher C$62 target as better aligning the share price with their updated fair value work, rather than as a stretch target.
TRI
CA$169.10
Thomson Reuters
7D
-2.0%
1Y
-27.8%
CNR
CA$136.78
Canadian National Railway
7D
-1.8%
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.
TIH
CA$179.29
Toromont Industries
7D
0.6%
1Y
46.7%

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$99.77
Canadian Pacific Kansas City
7D
-1.2%
1Y
-12.9%