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Canadian (TSX) Industrials Sector Analysis

UpdatedFeb 22, 2026
DataAggregated Company Financials
Companies106
  • 7D1.8%
  • 3M3.6%
  • 1Y-3.3%
  • YTD0.9%

Over the last 7 days, the Industrials industry has risen 1.8%, driven by gains in Bombardier and Canadian National Railway of 14% and 3.3%, respectively. In the past year, the industry is down 3.3%. 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
Sun, 22 Feb 2026CA$465.7bCA$203.2bCA$19.1b24.5x24.4x2.3x
Tue, 20 Jan 2026CA$475.9bCA$208.4bCA$18.4b22.2x25.9x2.3x
Thu, 18 Dec 2025CA$456.4bCA$208.1bCA$18.3b22.2x24.9x2.2x
Sat, 15 Nov 2025CA$463.7bCA$208.6bCA$18.1b21.6x25.6x2.2x
Mon, 13 Oct 2025CA$482.1bCA$206.0bCA$19.4b23.2x24.9x2.3x
Wed, 10 Sep 2025CA$489.7bCA$204.8bCA$19.3b22.9x25.3x2.4x
Fri, 08 Aug 2025CA$497.0bCA$202.8bCA$16.9b23.7x29.3x2.5x
Sun, 06 Jul 2025CA$520.3bCA$201.9bCA$16.6b20.5x31.4x2.6x
Tue, 03 Jun 2025CA$512.9bCA$202.0bCA$16.6b19.9x30.8x2.5x
Thu, 01 May 2025CA$466.1bCA$199.4bCA$15.6b19.6x29.9x2.3x
Sat, 29 Mar 2025CA$476.9bCA$200.7bCA$15.9b19.3x30.1x2.4x
Mon, 24 Feb 2025CA$490.6bCA$198.2bCA$16.0b20.9x30.7x2.5x
Wed, 22 Jan 2025CA$489.3bCA$198.9bCA$17.6b21.6x27.8x2.5x
Fri, 20 Dec 2024CA$489.3bCA$199.0bCA$17.6b21x27.7x2.5x
Sun, 17 Nov 2024CA$486.3bCA$198.1bCA$17.5b22.1x27.8x2.5x
Tue, 15 Oct 2024CA$493.6bCA$195.0bCA$17.2b22.3x28.7x2.5x
Thu, 12 Sep 2024CA$484.4bCA$194.5bCA$17.2b21.4x28.2x2.5x
Sat, 10 Aug 2024CA$459.2bCA$170.0bCA$15.4b22.1x29.7x2.7x
Mon, 08 Jul 2024CA$471.9bCA$166.9bCA$17.0b21.7x27.7x2.8x
Wed, 05 Jun 2024CA$468.4bCA$167.3bCA$16.8b20.4x27.8x2.8x
Fri, 03 May 2024CA$457.1bCA$166.1bCA$17.4b19.6x26.3x2.8x
Sun, 31 Mar 2024CA$487.9bCA$164.8bCA$17.9b20.6x27.3x3x
Tue, 27 Feb 2024CA$482.5bCA$163.4bCA$17.4b20.6x27.7x3x
Thu, 25 Jan 2024CA$459.7bCA$165.0bCA$16.9b18.8x27.3x2.8x
Sat, 23 Dec 2023CA$447.5bCA$164.5bCA$16.1b19x27.8x2.7x
Mon, 20 Nov 2023CA$421.9bCA$163.6bCA$15.8b18.6x26.8x2.6x
Wed, 18 Oct 2023CA$410.0bCA$160.9bCA$15.8b17.6x26x2.5x
Fri, 15 Sep 2023CA$424.5bCA$160.7bCA$15.8b16.9x26.9x2.6x
Sun, 13 Aug 2023CA$434.1bCA$160.3bCA$16.0b16.5x27.2x2.7x
Tue, 11 Jul 2023CA$415.8bCA$157.1bCA$13.8b18.7x30.2x2.6x
Thu, 08 Jun 2023CA$417.4bCA$157.4bCA$13.8b19x30.3x2.7x
Sat, 06 May 2023CA$421.1bCA$155.2bCA$13.7b19x30.6x2.7x
Mon, 03 Apr 2023CA$423.8bCA$153.7bCA$13.9b20.4x30.5x2.8x
Wed, 01 Mar 2023CA$414.0bCA$152.3bCA$14.5b18.8x28.6x2.7x
Price to Earnings Ratio

28.6x


Total Market Cap: CA$414.0bTotal Earnings: CA$14.5bTotal Revenue: CA$152.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 28x202420252026
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 28.0x.
  • 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 9.7% per year over the last three years.
  • Revenues for these companies have grown 10% 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 Market1.50%
Industrials1.76%
Construction4.50%
Airlines4.45%
Machinery4.27%
Aerospace & Defense3.47%
Logistics3.01%
Marine and Shipping2.50%
Transportation2.43%
Electrical1.49%
Industrials1.47%
Infrastructure0.81%
Commercial Services0.59%
Trade Distributors0.22%
Building0.03%
Professional Services-3.76%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 106x.
    • Analysts are expecting annual earnings growth of 22.9%, which is higher than its past year's earnings growth of 12.6% 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 decline by 7.0% 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
BBD.B BombardierCA$276.8814.2%
+CA$3.4b		212.6%PE21.2x
CNR Canadian National RailwayCA$151.193.3%
+CA$2.9b		2.2%PE19.6x
CP Canadian Pacific Kansas CityCA$116.442.1%
+CA$2.1b		5.7%PE25.2x
WSP WSP GlobalCA$229.503.8%
+CA$1.1b		-9.0%PE35.4x
ATRL AtkinsRéalis GroupCA$95.946.2%
+CA$919.5m		36.3%PE6.1x

Latest News

BBD.B
CA$276.88
Bombardier
7D
14.2%
1Y
212.6%
GFL
CA$58.40
GFL Environmental
7D
-1.0%
1Y
-11.5%
CP
CA$116.44
Canadian Pacific Kansas City
7D
2.1%
1Y
5.7%
ATRL
CA$95.94
AtkinsRéalis Group
7D
6.2%
1Y
36.3%

ATRL: Defence And Nuclear Wins Will Support Long Term Earnings Repricing

Analysts have inched their average price target for AtkinsRéalis Group higher to about CA$119 from roughly CA$119. This reflects slightly adjusted assumptions around discount rate, projected revenue growth, profit margins, and future P/E multiples.
STN
CA$123.31
Stantec
7D
4.0%
1Y
13.8%
TFII
CA$163.24
TFI International
7D
-0.2%
1Y
21.1%
MDA
CA$39.58
MDA Space
7D
13.4%
1Y
61.1%
SUNN
CA$1.22
PowerBank
7D
-20.8%
1Y
-80.4%
WSP
CA$229.50
WSP Global
7D
3.8%
1Y
-9.0%
TRI
CA$113.99
Thomson Reuters
7D
-3.8%
1Y
-54.5%

AI And Automation Catalysts Will Reshape Long Term Earnings Power

Catalysts About Thomson Reuters Thomson Reuters provides information, software and workflow tools for legal, tax, audit, risk and news professionals worldwide. What are the underlying business or industry changes driving this perspective?
CAE
CA$41.05
CAE
7D
-0.4%
1Y
17.4%
TIH
CA$201.38
Toromont Industries
7D
-1.7%
1Y
65.7%

Toromont Industries (TSE:TIH) Is Increasing Its Dividend To CA$0.56

Feb 14
Toromont Industries (TSE:TIH) Is Increasing Its Dividend To CA$0.56
ADEN
CA$39.23
ADENTRA
7D
-1.9%
1Y
19.1%
ATS
CA$44.93
ATS
7D
5.7%
1Y
9.6%

ATS: Future P/E Rerating Will Reflect Execution On Order Backlog

The analyst price target for ATS has shifted slightly, with our fair value estimate moving by about $0.21 to reflect updated views on the discount rate, revenue growth, profit margins, and a modestly higher future P/E multiple, in line with recent mixed price target revisions from banks such as Scotiabank, TD Securities, and JPMorgan. Analyst Commentary Recent price target changes around ATS send a mixed but useful signal if you are trying to frame risk and reward.
CNR
CA$151.19
Canadian National Railway
7D
3.3%
1Y
2.2%
SNA
CA$0.005
Star Navigation Systems Group
7D
-50.0%
1Y
0%