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Canadian (TSX) Industrials Sector Analysis

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies104
  • 7D-3.8%
  • 3M-0.8%
  • 1Y-3.3%
  • YTD-1.6%

Over the last 7 days, the Industrials industry has dropped 3.3%, driven by a pullback from Thomson Reuters of 13%. The industry has fallen 3.1% in the last year. As for the next few years, earnings are expected to grow by 13% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 16 Mar 2026CA$453.7bCA$202.5bCA$19.2b25.6x23.6x2.2x
Wed, 11 Feb 2026CA$462.9bCA$207.9bCA$18.0b24.7x25.8x2.2x
Fri, 09 Jan 2026CA$459.9bCA$208.3bCA$18.3b21.4x25.1x2.2x
Sun, 07 Dec 2025CA$460.3bCA$208.4bCA$18.3b20.5x25.1x2.2x
Tue, 04 Nov 2025CA$481.9bCA$206.3bCA$19.4b23.3x24.8x2.3x
Thu, 02 Oct 2025CA$481.9bCA$205.8bCA$19.4b22.9x24.9x2.3x
Sat, 30 Aug 2025CA$496.9bCA$204.5bCA$19.3b23x25.8x2.4x
Mon, 28 Jul 2025CA$514.3bCA$202.2bCA$16.7b23.9x30.9x2.5x
Wed, 25 Jun 2025CA$511.3bCA$202.2bCA$16.6b19.7x30.8x2.5x
Fri, 23 May 2025CA$510.4bCA$202.7bCA$16.8b20.3x30.4x2.5x
Sun, 20 Apr 2025CA$468.0bCA$199.2bCA$15.7b19x29.9x2.3x
Tue, 18 Mar 2025CA$477.3bCA$200.6bCA$15.9b19.2x30x2.4x
Thu, 13 Feb 2025CA$499.5bCA$198.0bCA$16.9b22x29.6x2.5x
Sat, 11 Jan 2025CA$485.0bCA$199.2bCA$17.6b21.5x27.5x2.4x
Mon, 09 Dec 2024CA$503.2bCA$198.4bCA$17.6b22.1x28.6x2.5x
Wed, 06 Nov 2024CA$485.4bCA$196.2bCA$17.6b22.9x27.6x2.5x
Fri, 04 Oct 2024CA$483.7bCA$194.5bCA$17.2b21.7x28.2x2.5x
Sun, 01 Sep 2024CA$481.4bCA$194.2bCA$17.1b22.5x28.2x2.5x
Tue, 30 Jul 2024CA$476.7bCA$168.3bCA$16.7b23.3x28.5x2.8x
Thu, 27 Jun 2024CA$468.4bCA$167.4bCA$16.8b21.6x27.8x2.8x
Sat, 25 May 2024CA$475.3bCA$167.6bCA$17.4b20.6x27.3x2.8x
Mon, 22 Apr 2024CA$473.6bCA$165.3bCA$17.9b20.4x26.4x2.9x
Wed, 20 Mar 2024CA$486.3bCA$164.6bCA$17.8b20.3x27.2x3x
Fri, 16 Feb 2024CA$474.7bCA$163.2bCA$17.2b20.1x27.6x2.9x
Sun, 14 Jan 2024CA$453.2bCA$164.8bCA$16.1b20.3x28.1x2.8x
Tue, 12 Dec 2023CA$434.9bCA$165.2bCA$16.2b18.7x26.9x2.6x
Thu, 09 Nov 2023CA$409.9bCA$161.9bCA$15.6b18.4x26.2x2.5x
Sat, 07 Oct 2023CA$410.6bCA$161.0bCA$15.8b17.5x26x2.6x
Mon, 04 Sep 2023CA$432.5bCA$160.9bCA$15.8b17.5x27.4x2.7x
Wed, 02 Aug 2023CA$433.1bCA$157.3bCA$14.2b18x30.4x2.8x
Fri, 30 Jun 2023CA$421.5bCA$157.1bCA$13.8b19x30.6x2.7x
Sun, 28 May 2023CA$419.7bCA$157.7bCA$13.7b19x30.6x2.7x
Tue, 25 Apr 2023CA$438.3bCA$153.8bCA$13.8b20.5x31.7x2.8x
Thu, 23 Mar 2023CA$401.6bCA$139.8bCA$12.6b20.4x31.8x2.9x
Price to Earnings Ratio

31.8x


Total Market Cap: CA$401.6bTotal Earnings: CA$12.6bTotal Revenue: CA$139.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 27.9x202420252026
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 23.6x which is lower than its 3-year average PE of 27.9x.
  • The 3-year average PS ratio of 2.6x is higher than the industry's current PS ratio of 2.2x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 15% per year over the last three years.
  • Revenues for these companies have grown 13% 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-1.85%
Industrials-3.83%
Industrials3.50%
Electrical3.07%
Marine and Shipping-0.15%
Trade Distributors-0.35%
Infrastructure-0.51%
Transportation-2.20%
Construction-2.54%
Airlines-2.85%
Logistics-3.34%
Aerospace & Defense-3.96%
Commercial Services-3.96%
Machinery-4.02%
Building-4.39%
Professional Services-12.64%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 109x.
    • Analysts are expecting annual earnings growth of 27.5%, which is higher than its past year's earnings growth of 5.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Machinery industry, expecting annual earnings growth of 57% over the next 5 years.
  • This is better than its past earnings decline of 15% per year.
  • In contrast, the Infrastructure industry is expected to see its earnings decline by 4.8% 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
BBD.B BombardierCA$243.201.5%
+CA$361.3m		191.6%PE18.5x
BLDP Ballard Power SystemsCA$3.2919.6%
+CA$163.0m		75.0%PS7.3x
FTT Finning InternationalCA$89.661.4%
+CA$159.6m		121.1%PE21.8x
BDT Bird ConstructionCA$34.088.3%
+CA$144.0m		57.6%PE39.8x
MDA MDA SpaceCA$41.312.2%
+CA$114.4m		47.9%PE48.2x

Latest News

TRI
CA$132.25
Thomson Reuters
7D
-12.6%
1Y
-46.7%
BDT
CA$34.08
Bird Construction
7D
8.3%
1Y
57.6%
BLDP
CA$3.29
Ballard Power Systems
7D
19.6%
1Y
75.0%
CP
CA$111.74
Canadian Pacific Kansas City
7D
-1.9%
1Y
3.9%
NFI
CA$16.94
NFI Group
7D
2.9%
1Y
26.2%
WSP
CA$222.05
WSP Global
7D
-2.5%
1Y
-11.0%
MDA
CA$41.31
MDA Space
7D
2.2%
1Y
47.9%
CAE
CA$37.60
CAE
7D
-6.6%
1Y
7.6%

CAE: Defense Industrial Strategy Could Reshape Simulation And Training Upside

The analyst price target for CAE has been nudged higher, from CA$46.54 to CA$47.00, as analysts factor in recent research pointing to its role as a pure-play simulation and training provider and a multi year opportunity tied to Canada's new Defense Industrial Strategy, alongside mixed but generally supportive target revisions across the Street. Analyst Commentary Recent Street research on CAE shows a mix of optimism around its pure-play positioning in simulation and training, balanced against questions about execution and portfolio changes.
BBD.B
CA$243.20
Bombardier
7D
1.5%
1Y
191.6%

BBD.B: Future Returns Will Depend On Execution As Ratings Stay More Cautious

Analysts have nudged their Bombardier price targets higher, with TD Securities lifting its view to CA$280 alongside target increases from UBS and BMO Capital, even as several firms have recently shifted to more neutral ratings. Analyst Commentary Recent research on Bombardier shows a split view, with some price targets moving higher while several firms adopt more neutral or cautious ratings.
GFL
CA$59.00
GFL Environmental
7D
-3.5%
1Y
-10.8%

GFL: Share Repurchases And Dividend Aristocrat Status Will Support Upside Potential

Analysts have trimmed their fair value estimate for GFL Environmental from CA$89.00 to CA$87.00 as they balance a higher discount rate and lower profit margin assumptions against stronger projected revenue growth and a higher future P/E multiple. What's in the News GFL Environmental announced a normal course issuer bid to repurchase up to 34,657,586 subordinate voting shares, equal to 10% of its 346,575,862 issued and outstanding subordinate voting shares, with the bid set to expire on March 2, 2027 (Key Developments).
FTT
CA$89.66
Finning International
7D
1.4%
1Y
121.1%

FTT: Future Returns Will Reflect Higher Rating Convergence And Ongoing Share Repurchases

Analysts have lifted their average price targets on Finning International into roughly the CA$100 to CA$105 range, citing refined discount rate assumptions and updated P/E expectations that are broadly in line with recent target increases from several Canadian banks. Analyst Commentary Recent research updates cluster around the CA$100 to CA$105 range, with several firms adjusting their targets and reaffirming positive ratings.
TFII
CA$140.00
TFI International
7D
-7.1%
1Y
17.6%

TFII: Freight Cycle Recovery And LTL Margin Gains Will Drive Upside

Our fair value estimate for TFI International has shifted higher to CA$195.63 from CA$170.17 as analysts lift price targets following a Q4 beat, ongoing discussions with management, and growing confidence in freight cycle recovery potential and less than truckload margin improvement, partially balanced by some more cautious views on near term guidance. Analyst Commentary Recent research updates around TFI International show a generally constructive tone, with several bullish analysts lifting price targets and highlighting potential upside tied to execution in less than truckload operations, freight cycle exposure, and cash generation.
ATRL
CA$91.70
AtkinsRéalis Group
7D
-4.1%
1Y
35.2%

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

Analysts have trimmed their average price target on AtkinsRéalis Group by about CA$0.87 to reflect slightly lower fair value estimates and more conservative assumptions around growth, profit margins, discount rates, and future P/E multiples, following recent target reductions from several Canadian banks, while maintaining generally positive ratings. Analyst Commentary Recent Street research on AtkinsRéalis Group has centered on recalibrated price targets, with most firms tightening their assumptions while still keeping constructive views on the shares.
FLT
CA$0.82
Volatus Aerospace
7D
7.2%
1Y
368.6%
GMG
CA$2.28
Graphene Manufacturing Group
7D
14.6%
1Y
185.0%
CNR
CA$144.01
Canadian National Railway
7D
-1.8%
1Y
2.7%