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Canadian (TSX) Industrials Sector Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies104
  • 7D-2.7%
  • 3M-4.7%
  • 1Y-5.9%
  • YTD-4.4%

Over the last 7 days, the Industrials industry has dropped 2.7%, driven by a pullback from Thomson Reuters of 8.0%. Overall the industry is down 5.9% in 12 months. Earnings are forecast to grow by 12% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Mar 2026CA$445.2bCA$202.7bCA$19.2b26.1x23.2x2.2x
Fri, 20 Feb 2026CA$461.4bCA$205.9bCA$19.1b23.9x24.1x2.2x
Sun, 18 Jan 2026CA$475.9bCA$208.5bCA$18.4b22.7x25.8x2.3x
Tue, 16 Dec 2025CA$459.4bCA$208.0bCA$18.3b21.6x25.1x2.2x
Thu, 13 Nov 2025CA$462.8bCA$207.4bCA$17.9b22.1x25.8x2.2x
Sat, 11 Oct 2025CA$485.8bCA$206.0bCA$19.4b23.2x25.1x2.4x
Mon, 08 Sep 2025CA$497.3bCA$204.8bCA$19.3b23.5x25.7x2.4x
Wed, 06 Aug 2025CA$503.4bCA$202.9bCA$17.5b23.6x28.7x2.5x
Fri, 04 Jul 2025CA$519.3bCA$201.8bCA$16.6b20.5x31.3x2.6x
Sun, 01 Jun 2025CA$512.9bCA$202.0bCA$16.6b19.9x30.8x2.5x
Tue, 29 Apr 2025CA$465.3bCA$199.5bCA$15.6b19.4x29.8x2.3x
Thu, 27 Mar 2025CA$476.6bCA$200.6bCA$15.8b19.5x30.1x2.4x
Sat, 22 Feb 2025CA$490.6bCA$198.2bCA$16.0b20.9x30.7x2.5x
Mon, 20 Jan 2025CA$485.8bCA$199.2bCA$17.6b21x27.6x2.4x
Wed, 18 Dec 2024CA$493.2bCA$198.8bCA$17.6b21.6x28x2.5x
Fri, 15 Nov 2024CA$493.4bCA$197.6bCA$17.7b22.1x27.9x2.5x
Sun, 13 Oct 2024CA$493.6bCA$195.0bCA$17.2b22.3x28.7x2.5x
Tue, 10 Sep 2024CA$478.4bCA$194.5bCA$17.2b21.9x27.9x2.5x
Thu, 08 Aug 2024CA$458.2bCA$169.5bCA$15.5b21.6x29.6x2.7x
Sat, 06 Jul 2024CA$476.5bCA$167.1bCA$16.8b21.7x28.3x2.9x
Mon, 03 Jun 2024CA$472.5bCA$167.2bCA$16.8b20.4x28.1x2.8x
Wed, 01 May 2024CA$458.3bCA$166.2bCA$17.8b19.3x25.8x2.8x
Fri, 29 Mar 2024CA$490.4bCA$164.8bCA$17.9b20.6x27.4x3x
Sun, 25 Feb 2024CA$481.1bCA$163.5bCA$17.4b20.2x27.6x2.9x
Tue, 23 Jan 2024CA$457.8bCA$165.0bCA$16.1b19.2x28.4x2.8x
Thu, 21 Dec 2023CA$443.5bCA$164.7bCA$16.1b18.9x27.5x2.7x
Sat, 18 Nov 2023CA$421.6bCA$163.7bCA$15.8b18.5x26.8x2.6x
Mon, 16 Oct 2023CA$408.1bCA$161.0bCA$15.8b17.5x25.9x2.5x
Wed, 13 Sep 2023CA$422.9bCA$160.8bCA$15.8b16.9x26.8x2.6x
Fri, 11 Aug 2023CA$431.4bCA$160.4bCA$16.0b16.7x26.9x2.7x
Sun, 09 Jul 2023CA$415.2bCA$157.1bCA$13.8b18.7x30.2x2.6x
Tue, 06 Jun 2023CA$422.0bCA$157.5bCA$13.8b18.7x30.6x2.7x
Thu, 04 May 2023CA$425.7bCA$155.6bCA$13.8b18.9x30.9x2.7x
Sat, 01 Apr 2023CA$423.8bCA$153.7bCA$13.9b20.4x30.5x2.8x
Price to Earnings Ratio

30.5x


Total Market Cap: CA$423.8bTotal Earnings: CA$13.9bTotal Revenue: CA$153.7bTotal 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 23.2x 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 11% per year over the last three years.
  • Revenues for these companies have grown 9.7% 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-2.66%
Industrials-2.68%
Airlines0.87%
Infrastructure0.72%
Transportation-0.57%
Machinery-0.74%
Building-1.10%
Marine and Shipping-1.45%
Electrical-1.60%
Industrials-1.86%
Construction-2.04%
Trade Distributors-2.88%
Commercial Services-5.32%
Logistics-5.62%
Aerospace & Defense-6.47%
Professional Services-8.03%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 110x.
    • Analysts are expecting annual earnings growth of 25.8%, which is higher than its past year's earnings growth of 2.4% 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 Infrastructure industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
TFII TFI InternationalCA$144.264.4%
+CA$497.8m		20.7%PE27.7x
AC Air CanadaCA$18.052.0%
+CA$102.6m		18.5%PE8.2x
HPS.A Hammond Power SolutionsCA$197.203.7%
+CA$84.3m		120.8%PE32.5x
ATRL AtkinsRéalis GroupCA$92.790.3%
+CA$47.6m		30.1%PE5.8x
MTL Mullen GroupCA$16.782.4%
+CA$37.4m		29.6%PE17.7x

Latest News

BDI
CA$15.87
Black Diamond Group
7D
0.06%
1Y
74.8%
BBD.B
CA$235.98
Bombardier
7D
-7.0%
1Y
175.9%

BBD.B: Elevated P/E And Mixed Ratings Will Test Execution Over Expansion Plan

Analysts have lifted their fair value estimate for Bombardier from CA$193.28 to CA$222.11, echoing recent price target increases at several firms while still balancing more cautious views reflected in recent downgrades. Analyst Commentary Recent research on Bombardier reflects a mixed backdrop, with several price target increases sitting alongside a cluster of downgrades and more cautious opinions.
WSP
CA$217.50
WSP Global
7D
-3.5%
1Y
-12.6%

WSP: Future Cash Flows Will Underpin Confidence In Premium Earnings Multiple

Analysts have made a modest adjustment to the fair value estimate for WSP Global, with the updated target now aligning more closely with recent Street price targets clustered between CA$284 and CA$343, reflecting mixed revisions that still broadly support positive ratings on the shares. Analyst Commentary Recent Street research on WSP Global shows a mix of higher and lower price targets, but the targets remain grouped in a relatively tight range between about CA$284 and CA$343, which is consistent with broadly constructive views on the shares.
PYR
CA$0.63
PyroGenesis
7D
14.5%
1Y
14.5%
FTT
CA$87.16
Finning International
7D
-4.3%
1Y
113.7%

FTT: Future Returns Will Reflect Refined Rating Convergence And Continued Share Repurchases

Analysts have lifted their average price targets on Finning International by a mid single digit CA$ amount, with recent moves such as TD Securities to CA$104, Scotiabank to CA$105 and other firms raising their targets. These changes are supported by updated views on discount rates, revenue growth, profit margins and future P/E assumptions.
TFII
CA$144.26
TFI International
7D
4.4%
1Y
20.7%

TFII: Freight Recovery Uncertainty And Soft Volumes Will Limit Near Term Upside

Analysts have adjusted their fair value estimate for TFI International to CA$119.05 from CA$122.72, as higher price targets are balanced against updated assumptions for discount rate, revenue growth, profit margins, and future P/E, informed by recent research pointing to cautious Q1 guidance but potential benefits from freight cycle recovery and less than truckload improvements. Analyst Commentary Recent research on TFI International points to a mixed tone.
GFL
CA$54.25
GFL Environmental
7D
-6.8%
1Y
-21.8%

GFL: Share Repurchases And Profit Outlook Will Support Fair Value View

Analysts have adjusted their price target on GFL Environmental to CA$60.00, citing updated assumptions for revenue growth, profit margins, and a revised future P/E estimate as key drivers of the change. What's in the News The Board of Directors authorized a new share buyback plan on February 27, 2026, signaling continued use of repurchases as a capital management tool (Key Developments).
ATRL
CA$92.79
AtkinsRéalis Group
7D
0.3%
1Y
30.1%
MTL
CA$16.78
Mullen Group
7D
2.4%
1Y
29.6%
HPS.A
CA$197.20
Hammond Power Solutions
7D
3.7%
1Y
120.8%
CP
CA$109.09
Canadian Pacific Kansas City
7D
-1.2%
1Y
5.5%
BYD
CA$192.41
Boyd Group Services
7D
-13.4%
1Y
-6.4%
TRI
CA$120.41
Thomson Reuters
7D
-8.0%
1Y
-51.1%
CAE
CA$36.12
CAE
7D
-6.3%
1Y
-1.0%
AC
CA$18.05
Air Canada
7D
2.0%
1Y
18.5%

AC: Higher Fuel Costs And Capacity Plans Will Shape Future Risk Reward

The updated fair value estimate for Air Canada shifts to CA$17.0 from CA$20.1. This reflects analysts' focus on higher discount rates, softer profit margin assumptions, and a higher future P/E multiple after a series of price target cuts tied to rising jet fuel costs and more cautious earnings estimates. Analyst Commentary Recent Street research on Air Canada tilts more cautious, with several bearish analysts revising ratings and price targets alongside higher fuel cost assumptions and more conservative margin outlooks.
NFI
CA$19.00
NFI Group
7D
0.7%
1Y
56.9%