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Canadian (TSX) Industrials Sector Analysis

UpdatedMar 09, 2026
DataAggregated Company Financials
Companies105
  • 7D-1.8%
  • 3M2.2%
  • 1Y-2.2%
  • YTD1.8%

Over the last 7 days, the Industrials industry has dropped 1.8%, driven by a pullback from Canadian Pacific Kansas City of 7.8%. Meanwhile, Thomson Reuters actually outperformed within the industry, gaining 11% in the last week. As for the longer term, the industry's performance has been flat for the past year. Looking forward, earnings are forecast to grow by 13% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 09 Mar 2026CA$469.0bCA$201.9bCA$19.0b25.5x24.7x2.3x
Wed, 04 Feb 2026CA$459.3bCA$207.9bCA$18.3b22.7x25.1x2.2x
Fri, 02 Jan 2026CA$461.5bCA$207.9bCA$18.3b22.4x25.2x2.2x
Sun, 30 Nov 2025CA$460.6bCA$208.7bCA$18.4b21.2x25.1x2.2x
Tue, 28 Oct 2025CA$495.4bCA$206.0bCA$19.3b24.1x25.6x2.4x
Thu, 25 Sep 2025CA$479.6bCA$205.7bCA$19.4b23x24.8x2.3x
Sat, 23 Aug 2025CA$492.5bCA$204.7bCA$19.3b23.8x25.5x2.4x
Mon, 21 Jul 2025CA$522.3bCA$202.2bCA$16.6b23.5x31.4x2.6x
Wed, 18 Jun 2025CA$510.8bCA$202.0bCA$16.6b19.7x30.8x2.5x
Fri, 16 May 2025CA$503.4bCA$203.0bCA$16.5b20.5x30.4x2.5x
Sun, 13 Apr 2025CA$460.3bCA$199.3bCA$15.7b18.7x29.4x2.3x
Tue, 11 Mar 2025CA$489.6bCA$200.5bCA$15.9b19.7x30.8x2.4x
Thu, 06 Feb 2025CA$487.8bCA$198.9bCA$16.8b21.8x29x2.5x
Sat, 04 Jan 2025CA$488.9bCA$199.2bCA$17.6b20.8x27.7x2.5x
Mon, 02 Dec 2024CA$499.6bCA$198.0bCA$17.5b22.2x28.5x2.5x
Wed, 30 Oct 2024CA$488.2bCA$196.2bCA$17.3b23x28.2x2.5x
Fri, 27 Sep 2024CA$485.4bCA$194.2bCA$17.1b22.5x28.3x2.5x
Sun, 25 Aug 2024CA$479.1bCA$191.8bCA$17.1b22.8x28x2.5x
Tue, 23 Jul 2024CA$480.2bCA$167.4bCA$16.9b22.7x28.4x2.9x
Thu, 20 Jun 2024CA$463.1bCA$167.4bCA$16.8b20.4x27.5x2.8x
Sat, 18 May 2024CA$477.3bCA$167.4bCA$17.4b21.1x27.5x2.9x
Mon, 15 Apr 2024CA$481.6bCA$165.3bCA$17.9b20.1x26.8x2.9x
Wed, 13 Mar 2024CA$484.4bCA$164.4bCA$17.8b20.6x27.2x2.9x
Fri, 09 Feb 2024CA$468.7bCA$163.1bCA$17.3b19.8x27.1x2.9x
Sun, 07 Jan 2024CA$449.6bCA$164.7bCA$16.1b19.9x27.9x2.7x
Tue, 05 Dec 2023CA$436.1bCA$165.2bCA$16.2b18.5x27x2.6x
Thu, 02 Nov 2023CA$399.1bCA$161.5bCA$15.5b16.9x25.7x2.5x
Sat, 30 Sep 2023CA$411.4bCA$160.8bCA$15.8b17.3x26.1x2.6x
Mon, 28 Aug 2023CA$424.0bCA$160.9bCA$15.8b17.1x26.8x2.6x
Wed, 26 Jul 2023CA$427.0bCA$156.8bCA$13.7b19x31.1x2.7x
Fri, 23 Jun 2023CA$419.2bCA$156.8bCA$13.8b19x30.5x2.7x
Sun, 21 May 2023CA$432.0bCA$157.4bCA$13.7b19.4x31.5x2.7x
Tue, 18 Apr 2023CA$427.0bCA$153.3bCA$13.8b20.3x30.9x2.8x
Thu, 16 Mar 2023CA$417.2bCA$153.9bCA$13.9b19x30x2.7x
Price to Earnings Ratio

30x


Total Market Cap: CA$417.2bTotal Earnings: CA$13.9bTotal Revenue: CA$153.9bTotal 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 24.7x which is lower than its 3-year average PE of 28.0x.
  • The industry is trading close to its 3-year average PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 11% per year over the last three years.
  • Revenues for these companies have grown 9.5% 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-3.75%
Industrials-1.76%
Professional Services15.30%
Aerospace & Defense0.21%
Building-0.92%
Industrials-1.03%
Commercial Services-1.18%
Construction-1.42%
Infrastructure-2.31%
Machinery-3.47%
Electrical-3.71%
Logistics-4.53%
Trade Distributors-4.72%
Transportation-5.56%
Airlines-10.23%
Marine and Shipping-11.28%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 108x.
    • Analysts are expecting annual earnings growth of 31.6%, which is higher than its past year's earnings growth of 3.3% 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 grow by 2.1% 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
TRI Thomson ReutersCA$151.4411.3%
+CA$6.8b		-39.6%PE33.5x
ARE Aecon GroupCA$40.412.5%
+CA$64.1m		124.1%PE170.8x
ATRL AtkinsRéalis GroupCA$96.610.4%
+CA$62.5m		53.9%PE6x
PYR PyroGenesisCA$0.6750.6%
+CA$45.6m		28.8%PS10.1x
WJX WajaxCA$33.666.5%
+CA$44.8m		84.1%PE12.8x

Latest News

NHHH
CA$0.055
FuelPositive
7D
22.2%
1Y
n/a
PYR
CA$0.67
PyroGenesis
7D
50.6%
1Y
28.8%
ARE
CA$40.41
Aecon Group
7D
2.5%
1Y
124.1%
SIS
CA$25.52
Savaria
7D
1.3%
1Y
53.7%
FTT
CA$87.62
Finning International
7D
-10.6%
1Y
121.6%

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$150.27
TFI International
7D
-7.6%
1Y
25.2%

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.
AC
CA$17.67
Air Canada
7D
-8.2%
1Y
12.0%
ATRL
CA$96.61
AtkinsRéalis Group
7D
0.4%
1Y
53.9%

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.
WJX
CA$33.66
Wajax
7D
6.5%
1Y
84.1%
CNR
CA$145.13
Canadian National Railway
7D
-6.1%
1Y
2.4%
TRI
CA$151.44
Thomson Reuters
7D
11.3%
1Y
-39.6%
CP
CA$112.69
Canadian Pacific Kansas City
7D
-7.8%
1Y
5.0%
TIH
CA$199.61
Toromont Industries
7D
-6.6%
1Y
69.9%
WSP
CA$224.78
WSP Global
7D
-4.2%
1Y
-8.0%
BBD.B
CA$245.84
Bombardier
7D
-11.1%
1Y
203.1%

BBD.B: Future Returns Will Hinge On Execution As Ratings Turn More Cautious

Analysts have lifted their Bombardier price target by CA$21.75 to CA$271.85, citing a mix of higher projected P/E multiples, along with more measured assumptions for growth, margins and discount rates following recent target revisions and rating changes across the Street. Analyst Commentary Recent Street research on Bombardier reflects a split view, with several firms lifting their price targets while others have shifted to more cautious ratings.
ARGH
CA$0.38
Argo
7D
4.8%
1Y
123.5%