Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Canadian (TSX) Industrials Sector Analysis

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies105
  • 7D1.3%
  • 3M-0.5%
  • 1Y2.0%
  • YTD0.2%

Over the last 7 days, the Industrials industry has risen 1.3%, driven by gains from Canadian National Railway of 4.6%. In the same time, GFL Environmental was down 14%. Overall in the last year, the industry is flat. As for the next few years, earnings are expected to grow by 12% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 14 Apr 2026CA$468.7bCA$240.3bCA$19.2b26.2x24.4x2x
Thu, 12 Mar 2026CA$464.6bCA$201.9bCA$18.9b25.6x24.5x2.3x
Sat, 07 Feb 2026CA$454.2bCA$208.2bCA$18.0b23.9x25.3x2.2x
Mon, 05 Jan 2026CA$462.8bCA$207.9bCA$18.3b22.4x25.3x2.2x
Wed, 03 Dec 2025CA$457.1bCA$208.8bCA$18.4b20.4x24.9x2.2x
Fri, 31 Oct 2025CA$481.6bCA$206.4bCA$19.4b23.2x24.8x2.3x
Sun, 28 Sep 2025CA$478.9bCA$205.8bCA$19.4b22.8x24.7x2.3x
Tue, 26 Aug 2025CA$498.5bCA$204.8bCA$19.3b23.3x25.8x2.4x
Thu, 24 Jul 2025CA$515.0bCA$201.8bCA$16.7b23.9x30.9x2.6x
Sat, 21 Jun 2025CA$508.2bCA$202.2bCA$16.6b19.6x30.6x2.5x
Mon, 19 May 2025CA$515.1bCA$203.1bCA$16.8b20.8x30.6x2.5x
Wed, 16 Apr 2025CA$465.2bCA$199.6bCA$15.7b18.9x29.6x2.3x
Fri, 14 Mar 2025CA$473.7bCA$200.9bCA$15.9b19.5x29.8x2.4x
Sun, 09 Feb 2025CA$495.7bCA$198.9bCA$16.7b22.1x29.6x2.5x
Tue, 07 Jan 2025CA$492.1bCA$198.9bCA$17.6b21.5x27.9x2.5x
Thu, 05 Dec 2024CA$497.4bCA$198.1bCA$17.6b22.4x28.3x2.5x
Sat, 02 Nov 2024CA$481.2bCA$196.1bCA$18.0b22.7x26.7x2.5x
Mon, 30 Sep 2024CA$486.1bCA$194.4bCA$17.2b22.1x28.3x2.5x
Wed, 28 Aug 2024CA$480.5bCA$194.2bCA$17.1b22.4x28.1x2.5x
Fri, 26 Jul 2024CA$476.0bCA$167.6bCA$16.7b22.5x28.5x2.8x
Sun, 23 Jun 2024CA$465.0bCA$167.4bCA$16.8b20.3x27.6x2.8x
Tue, 21 May 2024CA$477.7bCA$167.5bCA$17.4b21.1x27.4x2.9x
Thu, 18 Apr 2024CA$475.0bCA$165.3bCA$17.9b20.1x26.5x2.9x
Sat, 16 Mar 2024CA$485.1bCA$164.6bCA$17.8b20.2x27.2x2.9x
Mon, 12 Feb 2024CA$474.0bCA$163.1bCA$17.2b19.8x27.5x2.9x
Wed, 10 Jan 2024CA$450.0bCA$164.8bCA$16.1b19.6x27.9x2.7x
Fri, 08 Dec 2023CA$435.7bCA$165.3bCA$16.2b18.5x27x2.6x
Sun, 05 Nov 2023CA$411.7bCA$161.1bCA$15.7b18x26.2x2.6x
Tue, 03 Oct 2023CA$410.7bCA$161.1bCA$15.8b17x26x2.5x
Thu, 31 Aug 2023CA$430.2bCA$160.7bCA$15.8b16.8x27.3x2.7x
Sat, 29 Jul 2023CA$426.7bCA$158.0bCA$14.4b18x29.6x2.7x
Mon, 26 Jun 2023CA$414.8bCA$156.9bCA$13.8b19x30.1x2.6x
Wed, 24 May 2023CA$422.1bCA$157.4bCA$13.7b19.1x30.8x2.7x
Fri, 21 Apr 2023CA$433.5bCA$153.6bCA$13.8b21.2x31.4x2.8x
Price to Earnings Ratio

31.4x


Total Market Cap: CA$433.5bTotal Earnings: CA$13.8bTotal Revenue: CA$153.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 27.7x202420252026
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 24.4x which is lower than its 3-year average PE of 27.7x.
  • The 3-year average PS ratio of 2.5x is higher than the industry's current PS ratio of 2.0x.
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 16% 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 Market2.40%
Industrials1.25%
Machinery8.56%
Electrical8.54%
Infrastructure6.83%
Trade Distributors5.61%
Aerospace & Defense3.40%
Transportation3.29%
Airlines1.16%
Construction0.99%
Marine and Shipping-1.34%
Building-1.35%
Industrials-1.63%
Logistics-3.09%
Professional Services-4.39%
Commercial Services-6.61%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 113x.
    • Analysts are expecting annual earnings growth of 24.9%, which is higher than its past year's earnings growth of 2.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Machinery industry, expecting annual earnings growth of 58% 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 decline by 7.8% 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$152.894.6%
+CA$4.1b		10.0%PE19.8x
CP Canadian Pacific Kansas CityCA$112.201.4%
+CA$1.4b		9.3%PE24.3x
TIH Toromont IndustriesCA$210.727.9%
+CA$1.3b		86.2%PE34.6x
TFII TFI InternationalCA$171.388.2%
+CA$1.1b		55.8%PE32.9x
FTT Finning InternationalCA$90.705.3%
+CA$580.0m		135.7%PE22x

Latest News

GFL
CA$53.63
GFL Environmental
7D
-14.2%
1Y
-21.0%
RCH
CA$39.12
Richelieu Hardware
7D
-3.4%
1Y
19.9%
STN
CA$121.63
Stantec
7D
-0.8%
1Y
1.9%
HPS.A
CA$242.07
Hammond Power Solutions
7D
15.1%
1Y
206.3%

HPS.A: Updated Discount Rate And P/E Assumptions Will Shape Future Return Profile

Analysts have lifted their fair value estimate for Hammond Power Solutions to CA$239.00 from CA$235.25, citing recent upward revisions to Street price targets and updated assumptions for the discount rate and forward P/E. Analyst Commentary Recent Street research has focused on incremental price target adjustments and how they line up with the updated fair value estimate of CA$239.00.
EFN
CA$32.44
Element Fleet Management
7D
4.0%
1Y
9.2%
ATRL
CA$90.49
AtkinsRéalis Group
7D
-0.3%
1Y
32.3%

ATRL: Nuclear And AI Infrastructure Pipeline Will Support Long Term Rerating

Analysts have trimmed their average price target for AtkinsRéalis Group by about CA$1. This reflects slightly higher discount rates and a modestly lower fair value estimate, while keeping revenue growth, profit margin, and future P/E assumptions broadly unchanged.
TRI
CA$120.61
Thomson Reuters
7D
-4.4%
1Y
-50.7%

TRI: Larger Buybacks And Higher Dividend Will Support Future Upside

Analysts have made a modest upward adjustment to their CA$ price target for Thomson Reuters, reflecting slightly higher fair value estimates alongside small tweaks to discount rate and forward P/E assumptions. What's in the News Thomson Reuters announced a partnership with Smokeball to link Smokeball's practice management tools and AI matter assistant with CoCounsel Legal, aiming to create an integrated legal tech workflow for joint U.S. customers, including a real-time data connector for bulk document syncing across platforms (Client Announcements).
FTT
CA$90.70
Finning International
7D
5.3%
1Y
135.7%

FTT: Future Returns Will Reflect Higher P E Assumptions And Ongoing Share Repurchases

Analysts have lifted their average CA$ price target for Finning International by CA$4 to reflect a modestly higher assumed discount rate and slightly updated long term P/E and operating assumptions. Analyst Commentary Recent Street research has focused on higher price targets for Finning International, reflecting updated assumptions around valuation and operating performance.
BBD.B
CA$257.17
Bombardier
7D
2.0%
1Y
204.9%

BBD.B: Future Earnings Profile Will Depend On Execution And Cash Generation

Analysts have lifted the Bombardier price target from about CA$201 to roughly CA$309, citing updated assumptions around fair value, a lower discount rate, and a higher future P/E multiple despite slightly softer revenue growth and profit margin inputs. Analyst Commentary Recent Street research on Bombardier has been active, with several firms adjusting their price targets and ratings over a short period.
TIH
CA$210.72
Toromont Industries
7D
7.9%
1Y
86.2%

TIH: Index Inclusion And Dividend Increase Will Shape A Measured Forward Outlook

Analysts have lifted their price expectations for Toromont Industries, with Street targets now ranging from CA$181 to CA$228. These updated views on the company align closely with a refreshed fair value estimate of about CA$207.89 per share.
CJT
CA$81.34
Cargojet
7D
-3.1%
1Y
5.0%
TFII
CA$171.38
TFI International
7D
8.2%
1Y
55.8%

TFII: Freight Cycle Recovery And U.S. LTL Margin Progress Will Drive Upside

Analysts have trimmed the TFI International fair value estimate slightly to CA$194.26 from CA$195.63, reflecting updated assumptions for discount rate, modestly higher revenue growth and margins, and a lower future P/E. Recent Street research highlights a mix of higher price targets and one reduced target following Q4 results and outlook commentary.
BBUC
CA$46.96
Brookfield Business
7D
-1.7%
1Y
63.3%
CP
CA$112.20
Canadian Pacific Kansas City
7D
1.4%
1Y
9.3%
CNR
CA$152.89
Canadian National Railway
7D
4.6%
1Y
10.0%
BYD
CA$166.75
Boyd Group Services
7D
-3.8%
1Y
-21.6%