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Canadian (TSX) Industrials Sector Analysis

UpdatedJan 20, 2026
DataAggregated Company Financials
Companies106
  • 7D0.9%
  • 3M-3.6%
  • 1Y-1.2%
  • YTD2.6%

Over the last 7 days, the Industrials industry has remained flat, although notably Bombardier gained 9.1%. Furthermore, the industry has been flat for the past year as well. As for the next few years, earnings are expected to grow by 9.9% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 21 Jan 2026CA$475.9bCA$208.4bCA$18.4b22.2x25.9x2.3x
Fri, 19 Dec 2025CA$456.9bCA$208.1bCA$18.3b22.7x24.9x2.2x
Sun, 16 Nov 2025CA$462.3bCA$208.8bCA$18.3b21.6x25.2x2.2x
Tue, 14 Oct 2025CA$482.1bCA$206.0bCA$19.4b23.2x24.9x2.3x
Thu, 11 Sep 2025CA$489.8bCA$204.8bCA$19.3b23x25.3x2.4x
Sat, 09 Aug 2025CA$492.8bCA$204.3bCA$19.3b23.3x25.6x2.4x
Mon, 07 Jul 2025CA$520.3bCA$201.9bCA$16.6b20.5x31.4x2.6x
Wed, 04 Jun 2025CA$511.4bCA$202.0bCA$16.6b20.3x30.7x2.5x
Fri, 02 May 2025CA$467.6bCA$200.1bCA$15.7b19.3x29.8x2.3x
Sun, 30 Mar 2025CA$466.2bCA$200.7bCA$15.9b19.3x29.4x2.3x
Tue, 25 Feb 2025CA$490.6bCA$198.3bCA$16.0b20.7x30.7x2.5x
Thu, 23 Jan 2025CA$492.5bCA$199.0bCA$17.6b21.8x28x2.5x
Sat, 21 Dec 2024CA$483.0bCA$199.0bCA$17.6b21x27.4x2.4x
Mon, 18 Nov 2024CA$486.3bCA$198.1bCA$17.5b22.1x27.8x2.5x
Wed, 16 Oct 2024CA$494.6bCA$195.1bCA$17.2b22.6x28.7x2.5x
Fri, 13 Sep 2024CA$484.4bCA$194.5bCA$17.2b22.1x28.2x2.5x
Sun, 11 Aug 2024CA$462.6bCA$192.4bCA$17.3b22.1x26.7x2.4x
Tue, 09 Jul 2024CA$471.9bCA$167.0bCA$17.0b21.5x27.7x2.8x
Thu, 06 Jun 2024CA$471.6bCA$167.4bCA$16.8b21.1x28x2.8x
Sat, 04 May 2024CA$467.7bCA$166.3bCA$17.4b19.8x26.8x2.8x
Mon, 01 Apr 2024CA$487.9bCA$164.8bCA$17.9b20.6x27.3x3x
Wed, 28 Feb 2024CA$482.5bCA$163.4bCA$17.4b20.2x27.8x3x
Fri, 26 Jan 2024CA$457.6bCA$164.9bCA$16.8b19x27.2x2.8x
Sun, 24 Dec 2023CA$447.5bCA$164.5bCA$16.1b19x27.8x2.7x
Tue, 21 Nov 2023CA$421.9bCA$163.7bCA$15.8b18.6x26.8x2.6x
Thu, 19 Oct 2023CA$401.6bCA$161.1bCA$15.8b17.2x25.4x2.5x
Sat, 16 Sep 2023CA$424.5bCA$160.7bCA$15.8b16.9x26.9x2.6x
Mon, 14 Aug 2023CA$433.7bCA$160.2bCA$16.0b16.5x27.1x2.7x
Wed, 12 Jul 2023CA$414.5bCA$157.0bCA$13.8b18.7x30.1x2.6x
Fri, 09 Jun 2023CA$416.2bCA$157.3bCA$13.8b18.9x30.2x2.6x
Sun, 07 May 2023CA$421.1bCA$155.0bCA$13.7b19x30.7x2.7x
Tue, 04 Apr 2023CA$423.2bCA$153.5bCA$13.9b20.2x30.5x2.8x
Thu, 02 Mar 2023CA$415.7bCA$152.4bCA$14.5b18.8x28.7x2.7x
Sat, 28 Jan 2023CA$408.7bCA$149.5bCA$12.9b17.8x31.7x2.7x
Price to Earnings Ratio

31.7x


Total Market Cap: CA$408.7bTotal 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 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 Market0.93%
Industrials0.91%
Aerospace & Defense6.78%
Trade Distributors4.57%
Airlines3.39%
Machinery2.39%
Construction2.26%
Transportation1.57%
Infrastructure1.30%
Logistics1.25%
Building0.92%
Electrical0.87%
Marine and Shipping0.63%
Industrials0.43%
Commercial Services0.28%
Professional Services-4.98%
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 2.9%, 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 Logistics 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
BBD.B BombardierCA$266.727.8%
+CA$1.9b		197.9%PE45.9x
MDA MDA SpaceCA$37.5025.3%
+CA$957.4m		36.0%PE43.2x
ATRL AtkinsRéalis GroupCA$97.813.1%
+CA$482.0m		27.4%PE6.2x
FTT Finning InternationalCA$84.333.8%
+CA$405.7m		120.5%PE19x
TIH Toromont IndustriesCA$176.212.8%
+CA$388.5m		48.2%PE29x

Latest News

BBD.B
CA$266.72
Bombardier
7D
7.8%
1Y
197.9%
EIF
CA$93.38
Exchange Income
7D
6.9%
1Y
71.7%
ATS
CA$38.65
ATS
7D
-5.7%
1Y
-3.9%
CAE
CA$45.15
CAE
7D
-1.0%
1Y
27.6%
MDA
CA$37.50
MDA Space
7D
25.3%
1Y
36.0%
TRI
CA$167.31
Thomson Reuters
7D
-4.7%
1Y
-28.2%
CNR
CA$134.44
Canadian National Railway
7D
-0.5%
1Y
-9.6%

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$33.98
Element Fleet Management
7D
-1.5%
1Y
17.1%

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
BYD
CA$224.97
Boyd Group Services
7D
2.3%
1Y
-1.5%
TIH
CA$176.21
Toromont Industries
7D
2.8%
1Y
48.2%

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.
TFII
CA$150.33
TFI International
7D
-3.0%
1Y
-22.5%

TFII: Freight Cycle Recovery And Capital Returns Will Balance Near Term Softness

Analysts have lifted their implied fair value estimate for TFI International by about $2.74 to roughly $146.89 per share. This reflects updated assumptions for slightly faster revenue growth, a somewhat lower discount rate and a modestly higher future P/E multiple, in line with a series of recent price target increases across the Street.
AC
CA$18.75
Air Canada
7D
-2.6%
1Y
-8.0%

Air Canada (TSE:AC) Shareholders Will Want The ROCE Trajectory To Continue

Jan 09
Air Canada (TSE:AC) Shareholders Will Want The ROCE Trajectory To Continue
ELVA
CA$14.59
Electrovaya
7D
23.6%
1Y
309.8%

ELVA: Equity Raise And Japan Expansion Will Shape Measured Forward Return Profile

Analysts have lifted their price target on Electrovaya from about US$9.49 to roughly US$11.75, citing updated assumptions around discount rates, revenue growth, profit margins, and a higher future P/E multiple. What's in the News Electrovaya completed a follow on equity offering of 4,700,000 common shares at US$5.20 per share, raising about US$24.44m, with a stated discount of US$0.312 per share (Key Developments).
ATRL
CA$97.81
AtkinsRéalis Group
7D
3.1%
1Y
27.4%

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

Analysts have made a modest trim to their fair value estimate for AtkinsRéalis Group to about $116.0. This reflects a slightly higher discount rate and tweaks to growth and margin assumptions, even as recent Street research has clustered around higher price targets in the C$110 to C$125 range. Analyst Commentary Street research on AtkinsRéalis Group has clustered in a relatively tight band, with several price targets now sitting between C$110 and C$125.
CP
CA$97.09
Canadian Pacific Kansas City
7D
-1.0%
1Y
-12.8%
FTT
CA$84.33
Finning International
7D
3.8%
1Y
120.5%

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.