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Canadian (TSX) Industrials Sector Analysis

UpdatedFeb 09, 2026
DataAggregated Company Financials
Companies106
  • 7D1.3%
  • 3M-0.03%
  • 1Y-5.2%
  • YTD-0.3%

The Industrials industry is up 1.3% in the last week, with Canadian Pacific Kansas City up 8.5%. Meanwhile, Thomson Reuters actually underperformed within the industry, shrinking 20% in the last week. However, the industry is down 5.2% over the past year. As for the next few years, earnings are expected to grow by 10% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 09 Feb 2026CA$460.4bCA$208.2bCA$18.0b23.9x25.6x2.2x
Wed, 07 Jan 2026CA$465.0bCA$208.2bCA$18.3b21.5x25.4x2.2x
Fri, 05 Dec 2025CA$464.4bCA$208.7bCA$18.4b20.4x25.3x2.2x
Sun, 02 Nov 2025CA$481.8bCA$206.2bCA$19.4b23.3x24.8x2.3x
Tue, 30 Sep 2025CA$478.9bCA$205.7bCA$19.4b22.9x24.7x2.3x
Thu, 28 Aug 2025CA$497.2bCA$204.6bCA$19.3b23.3x25.8x2.4x
Sat, 26 Jul 2025CA$511.6bCA$202.2bCA$16.7b23.9x30.7x2.5x
Mon, 23 Jun 2025CA$507.5bCA$202.2bCA$16.6b19.6x30.5x2.5x
Wed, 21 May 2025CA$515.1bCA$202.9bCA$16.8b20.7x30.6x2.5x
Fri, 18 Apr 2025CA$465.3bCA$199.2bCA$15.7b19x29.7x2.3x
Sun, 16 Mar 2025CA$477.4bCA$200.8bCA$15.9b19.7x30x2.4x
Tue, 11 Feb 2025CA$495.6bCA$199.0bCA$16.7b21.6x29.6x2.5x
Thu, 09 Jan 2025CA$491.5bCA$199.0bCA$17.6b21x27.9x2.5x
Sat, 07 Dec 2024CA$502.5bCA$198.4bCA$17.6b22.1x28.6x2.5x
Mon, 04 Nov 2024CA$485.1bCA$196.1bCA$18.0b22.7x26.9x2.5x
Wed, 02 Oct 2024CA$488.5bCA$194.3bCA$17.1b21.3x28.5x2.5x
Fri, 30 Aug 2024CA$478.8bCA$194.3bCA$17.1b22.3x28x2.5x
Sun, 28 Jul 2024CA$476.7bCA$168.3bCA$16.7b22.6x28.5x2.8x
Tue, 25 Jun 2024CA$465.0bCA$167.3bCA$16.8b21x27.6x2.8x
Thu, 23 May 2024CA$477.9bCA$167.7bCA$17.4b21.3x27.4x2.9x
Sat, 20 Apr 2024CA$473.4bCA$165.3bCA$17.9b20.2x26.4x2.9x
Mon, 18 Mar 2024CA$485.7bCA$164.6bCA$17.9b20.2x27.2x3x
Wed, 14 Feb 2024CA$464.8bCA$163.3bCA$17.3b19.8x26.9x2.8x
Fri, 12 Jan 2024CA$451.4bCA$164.8bCA$16.1b20x28x2.7x
Sun, 10 Dec 2023CA$434.7bCA$165.3bCA$16.2b18.4x26.9x2.6x
Tue, 07 Nov 2023CA$411.7bCA$161.2bCA$15.7b18.1x26.2x2.6x
Thu, 05 Oct 2023CA$406.4bCA$161.1bCA$15.8b16.4x25.7x2.5x
Sat, 02 Sep 2023CA$432.5bCA$160.9bCA$15.8b16.9x27.4x2.7x
Mon, 31 Jul 2023CA$430.7bCA$158.0bCA$14.4b18x29.9x2.7x
Wed, 28 Jun 2023CA$421.8bCA$156.9bCA$13.8b19x30.6x2.7x
Fri, 26 May 2023CA$415.7bCA$157.6bCA$13.7b18.5x30.3x2.6x
Sun, 23 Apr 2023CA$437.0bCA$153.8bCA$13.8b21x31.6x2.8x
Tue, 21 Mar 2023CA$404.0bCA$139.7bCA$12.6b20.6x32x2.9x
Thu, 16 Feb 2023CA$421.5bCA$151.2bCA$14.5b17.5x29.1x2.8x
Price to Earnings Ratio

29.1x


Total Market Cap: CA$421.5bTotal Earnings: CA$14.5bTotal Revenue: CA$151.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 28.1x202420252026
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 28.1x.
  • 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 7.5% per year over the last three years.
  • Revenues for these companies have grown 11% 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 Market2.10%
Industrials1.25%
Transportation7.65%
Airlines7.18%
Marine and Shipping7.01%
Machinery5.33%
Infrastructure5.17%
Trade Distributors4.97%
Industrials3.40%
Construction2.90%
Logistics2.48%
Commercial Services1.44%
Building-0.20%
Electrical-1.35%
Aerospace & Defense-4.18%
Professional Services-20.10%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 104x.
    • Analysts are expecting annual earnings decline of 5.0%, which is lower than the prior year's growth of 12.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Machinery industry, expecting annual earnings growth of 83% 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 7.6% 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
CP Canadian Pacific Kansas CityCA$109.828.5%
+CA$7.7b		-0.3%PE23.8x
CNR Canadian National RailwayCA$138.555.8%
+CA$4.3b		-4.5%PE17.9x
TFII TFI InternationalCA$166.5013.8%
+CA$1.7b		-9.8%PE30.7x
BBD.B BombardierCA$247.266.3%
+CA$1.5b		197.4%PE43.1x
ATRL AtkinsRéalis GroupCA$104.319.2%
+CA$1.4b		40.5%PE6.6x

Latest News

TRI
CA$120.18
Thomson Reuters
7D
-20.1%
1Y
-52.4%
GFL
CA$58.04
GFL Environmental
7D
-0.8%
1Y
-11.6%

GFL: Fair View Will Balance Dividend Index Inclusion And Equity Offering

Analysts have maintained their price target for GFL Environmental at $60.00. The update primarily reflects refreshed assumptions on discount rate, revenue growth, profit margins and future P/E rather than a change in their headline valuation view.
ELVA
CA$12.05
Electrovaya
7D
-17.5%
1Y
239.4%

ELVA: Fiscal 2026 Revenue Outlook And Order Timing Will Shape Returns

Narrative Update on Electrovaya The analyst price target for Electrovaya has been refined to align with an updated fair value estimate of US$11.77 per share. Analysts attribute this adjustment to modest changes in discount rate assumptions and a slightly higher future P/E multiple.
TFII
CA$166.50
TFI International
7D
13.8%
1Y
-9.8%

TFII: Tighter Capacity And Margin Recovery Expectations Will Shape Freight Cycle Outlook

Analysts have lifted their price targets on TFI International, reflected in our fair value estimate rising from $146.89 to $153.95. They point to tightening industry capacity, regulation-driven supply attrition, and expectations for margin improvement supported by a higher assumed future P/E of 21.21 and a slightly stronger profit margin.
CP
CA$109.82
Canadian Pacific Kansas City
7D
8.5%
1Y
-0.3%
BLDP
CA$2.93
Ballard Power Systems
7D
-8.2%
1Y
48.0%

Little Excitement Around Ballard Power Systems Inc.'s (TSE:BLDP) Revenues As Shares Take 28% Pounding

Feb 06
Little Excitement Around Ballard Power Systems Inc.'s (TSE:BLDP) Revenues As Shares Take 28% Pounding
ATRL
CA$104.31
AtkinsRéalis Group
7D
9.2%
1Y
40.5%

ATRL: Defence And Nuclear Infrastructure Wins Will Support Long Term Earnings Momentum

Analysts have nudged their fair value estimate for AtkinsRéalis Group to about $118.53 from roughly $117.36, reflecting refreshed models around revenue growth, profit margins, and a modestly higher future P/E multiple following recent price target moves across several firms. Analyst Commentary Recent Street research on AtkinsRéalis Group has centered on refreshed price targets and a new initiation, which together frame how analysts are thinking about the risk and reward profile at current levels.
BDGI
CA$68.92
Badger Infrastructure Solutions
7D
-10.5%
1Y
72.6%
MDA
CA$34.50
MDA Space
7D
-10.2%
1Y
57.4%

MDA: Defence Contracts And Upgrade Will Drive Future Upside Potential

The analyst fair value estimate for MDA Space has increased from $55.00 to approximately $58.62, with analysts citing recent price target increases and an upgrade as key factors supporting the higher target. Analyst Commentary Recent Street research around MDA Space has tilted in a more optimistic direction, with several bullish analysts revising their price targets higher and one major upgrade helping to support the higher fair value estimate.
CNR
CA$138.55
Canadian National Railway
7D
5.8%
1Y
-4.5%

Canadian National Railway (TSE:CNR) Will Pay A Larger Dividend Than Last Year At CA$0.915

Feb 03
Canadian National Railway (TSE:CNR) Will Pay A Larger Dividend Than Last Year At CA$0.915
CGY
CA$62.88
Calian Group
7D
-6.7%
1Y
27.7%

Rising Defense And Space Demand Will Support This Undervalued Mission Critical Solutions Provider

Catalysts About Calian Group Calian Group provides mission critical solutions in defense, space, health care, IT and essential industries for government and commercial customers. What are the underlying business or industry changes driving this perspective?
TIH
CA$184.71
Toromont Industries
7D
6.5%
1Y
58.7%

Is There Now An Opportunity In Toromont Industries Ltd. (TSE:TIH)?

Jan 31
Is There Now An Opportunity In Toromont Industries Ltd. (TSE:TIH)?
AC
CA$21.16
Air Canada
7D
12.3%
1Y
16.8%
CAE
CA$42.66
CAE
7D
-2.2%
1Y
25.4%
BYD
CA$242.94
Boyd Group Services
7D
8.9%
1Y
3.5%

BYD: Future Upside Will Be Driven By Premium Earnings Execution Confidence

The analyst price target for Boyd Group Services has been nudged higher to C$272.60, with analysts pointing to refreshed DCF inputs, a modestly adjusted discount rate, and updated revenue growth, margin, and future P/E assumptions as key drivers of the change. Analyst Commentary Recent Street research on Boyd Group Services has clustered around higher price targets and positive ratings, with several bullish analysts refining their models rather than changing their overall stance on the company.
BBD.B
CA$247.26
Bombardier
7D
6.3%
1Y
197.4%

BBD.B: Elevated P/E And Downgrades Will Pressure Execution Over Multiyear Expansion

Narrative Update Analysts have lifted their fair value estimate for Bombardier from about $154.43 to $193.28, citing updated research that includes higher published price targets from several firms and a revised P/E assumption of roughly 14.54x compared with 11.55x previously. Analyst Commentary Recent Street research on Bombardier reflects a mix of higher price targets and more cautious ratings, which aligns with the updated fair value estimate and revised P/E assumption.