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Canadian (TSX) Industrials Sector Analysis

UpdatedApr 20, 2026
DataAggregated Company Financials
Companies104
  • 7D0.7%
  • 3M0.9%
  • 1Y3.3%
  • YTD1.1%

Over the last 7 days, the Industrials industry has remained flat, although notably Thomson Reuters gained 5.7%. The past year has been better, since the industry has gained 3.3% in that time. Looking forward, 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
Mon, 20 Apr 2026CA$476.8bCA$239.8bCA$19.2b26.2x24.9x2x
Wed, 18 Mar 2026CA$456.9bCA$202.4bCA$19.2b25.3x23.8x2.3x
Fri, 13 Feb 2026CA$467.3bCA$205.5bCA$18.1b24.7x25.8x2.3x
Sun, 11 Jan 2026CA$470.1bCA$208.5bCA$18.3b21.4x25.6x2.3x
Tue, 09 Dec 2025CA$460.7bCA$208.4bCA$18.3b20.4x25.1x2.2x
Thu, 06 Nov 2025CA$473.0bCA$206.6bCA$19.7b23.3x24x2.3x
Sat, 04 Oct 2025CA$483.6bCA$205.8bCA$19.3b23.2x25x2.3x
Mon, 01 Sep 2025CA$495.9bCA$204.5bCA$19.3b23.5x25.7x2.4x
Wed, 30 Jul 2025CA$510.4bCA$202.2bCA$16.4b23.3x31.1x2.5x
Fri, 27 Jun 2025CA$507.0bCA$201.9bCA$16.6b19.9x30.5x2.5x
Sun, 25 May 2025CA$505.8bCA$202.2bCA$16.7b20.2x30.2x2.5x
Tue, 22 Apr 2025CA$468.0bCA$199.2bCA$15.7b18.9x29.9x2.3x
Thu, 20 Mar 2025CA$475.1bCA$200.7bCA$15.9b18.8x30x2.4x
Sat, 15 Feb 2025CA$496.8bCA$198.1bCA$16.1b22.2x30.9x2.5x
Mon, 13 Jan 2025CA$479.9bCA$199.2bCA$17.6b21.5x27.2x2.4x
Wed, 11 Dec 2024CA$500.8bCA$198.4bCA$17.6b22.1x28.5x2.5x
Fri, 08 Nov 2024CA$496.2bCA$196.6bCA$17.7b23.4x28x2.5x
Sun, 06 Oct 2024CA$481.5bCA$194.5bCA$17.2b22.3x28x2.5x
Tue, 03 Sep 2024CA$481.4bCA$194.3bCA$17.1b22.5x28.1x2.5x
Thu, 01 Aug 2024CA$480.5bCA$169.1bCA$16.3b22.5x29.5x2.8x
Sat, 29 Jun 2024CA$473.6bCA$167.4bCA$16.8b21.5x28.1x2.8x
Mon, 27 May 2024CA$477.6bCA$167.6bCA$17.4b20.6x27.4x2.8x
Wed, 24 Apr 2024CA$481.2bCA$165.0bCA$17.9b20.5x26.9x2.9x
Fri, 22 Mar 2024CA$489.8bCA$164.7bCA$17.8b20.5x27.5x3x
Sun, 18 Feb 2024CA$479.1bCA$163.3bCA$17.2b20.1x27.9x2.9x
Tue, 16 Jan 2024CA$454.0bCA$164.9bCA$16.1b20.3x28.1x2.8x
Thu, 14 Dec 2023CA$437.5bCA$165.1bCA$16.1b18.6x27.1x2.7x
Sat, 11 Nov 2023CA$412.7bCA$163.2bCA$15.7b17.7x26.2x2.5x
Mon, 09 Oct 2023CA$410.6bCA$161.0bCA$15.8b17.5x26x2.6x
Wed, 06 Sep 2023CA$429.8bCA$161.0bCA$15.8b17.3x27.2x2.7x
Fri, 04 Aug 2023CA$428.5bCA$157.8bCA$15.6b17.8x27.4x2.7x
Sun, 02 Jul 2023CA$426.6bCA$157.1bCA$13.8b19x31x2.7x
Tue, 30 May 2023CA$420.7bCA$157.6bCA$13.7b19.5x30.7x2.7x
Thu, 27 Apr 2023CA$422.8bCA$154.8bCA$14.2b19.7x29.9x2.7x
Price to Earnings Ratio

29.9x


Total Market Cap: CA$422.8bTotal Earnings: CA$14.2bTotal Revenue: CA$154.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Industrials Sector Price to Earnings3Y Average 27.7x202420252026
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 24.9x which is lower than its 3-year average PE of 27.7x.
  • The 3-year average PS ratio of 2.5x is higher than the industry's current PS ratio of 2.0x.
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 16% 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 Market1.29%
Industrials0.66%
Professional Services5.68%
Logistics2.69%
Construction2.42%
Trade Distributors2.03%
Aerospace & Defense1.98%
Industrials1.47%
Machinery0.82%
Electrical0.73%
Airlines0.68%
Marine and Shipping0.42%
Transportation-0.40%
Building-2.35%
Infrastructure-3.63%
Commercial Services-4.93%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 113x.
    • Analysts are expecting annual earnings growth of 25.4%, 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 59% 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 8.1% 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$127.455.7%
+CA$3.0b		-48.9%PE27.9x
BBD.B BombardierCA$267.003.8%
+CA$973.1m		221.6%PE20.4x
WSP WSP GlobalCA$228.933.1%
+CA$927.5m		-6.4%PE32x
TFII TFI InternationalCA$180.205.1%
+CA$724.9m		69.4%PE34.8x
MDA MDA SpaceCA$48.1511.7%
+CA$701.6m		96.1%PE61.5x

Latest News

BDT
CA$44.00
Bird Construction
7D
-7.5%
1Y
113.7%
MDA
CA$48.15
MDA Space
7D
11.7%
1Y
96.1%

MDA: Defence Contracts And Gateway Pause Will Shape Balanced Space Opportunity

The analyst price target for MDA Space has shifted from CA$53.63 to CA$52.00, with analysts pointing to updated fair value assumptions, adjustments to future P/E expectations, and a broad series of recent bullish initiations and target raises as key drivers of the change. Analyst Commentary Recent Street research on MDA Space has been active, with a cluster of initiations carrying bullish views and a series of target changes that feed directly into how investors might frame valuation and execution risk.
GFL
CA$53.28
GFL Environmental
7D
-0.7%
1Y
-18.1%
WTE
CA$35.59
Westshore Terminals Investment
7D
-3.6%
1Y
43.4%
CNR
CA$151.16
Canadian National Railway
7D
-1.1%
1Y
10.7%

CNR: Shareholder Returns And Infrastructure Stability Will Support Future Earnings Compounding

Analysts have inched their price target on Canadian National Railway lower by about CA$0.30 to CA$154.75, citing slightly more conservative assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Bullish Takeaways Bullish analysts focus on Canadian National Railway's ability to support their fair value work with detailed assumptions on revenue, margin profile, and P/E.
STN
CA$125.05
Stantec
7D
2.8%
1Y
5.0%
CAE
CA$36.82
CAE
7D
-3.1%
1Y
14.7%

CAE: Defense Industrial Strategy And Submarine Pact Will Support Multi Year Upside

Analysts made a modest adjustment to the price target on CAE, reflecting mixed recent research. Some firms lifted targets into the CA$49 to CA$56 range, citing its global simulation and training footprint and expected benefits from Canada's Defense Industrial Strategy.
HPS.A
CA$226.37
Hammond Power Solutions
7D
-6.5%
1Y
190.0%

HPS.A: Updated Discount Rate And P/E Assumptions Will Shape Future Return Profile

Analysts have lifted their fair value estimate for Hammond Power Solutions to CA$239.00 from CA$235.25, citing recent upward revisions to Street price targets and updated assumptions for the discount rate and forward P/E. Analyst Commentary Recent Street research has focused on incremental price target adjustments and how they line up with the updated fair value estimate of CA$239.00.
ATRL
CA$93.30
AtkinsRéalis Group
7D
3.1%
1Y
40.9%

ATRL: Nuclear And AI Infrastructure Pipeline Will Support Long Term Rerating

Analysts have trimmed their average price target for AtkinsRéalis Group by about CA$1. This reflects slightly higher discount rates and a modestly lower fair value estimate, while keeping revenue growth, profit margin, and future P/E assumptions broadly unchanged.
TRI
CA$127.45
Thomson Reuters
7D
5.7%
1Y
-48.9%

TRI: Larger Buybacks And Higher Dividend Will Support Future Upside

Analysts have made a modest upward adjustment to their CA$ price target for Thomson Reuters, reflecting slightly higher fair value estimates alongside small tweaks to discount rate and forward P/E assumptions. What's in the News Thomson Reuters announced a partnership with Smokeball to link Smokeball's practice management tools and AI matter assistant with CoCounsel Legal, aiming to create an integrated legal tech workflow for joint U.S. customers, including a real-time data connector for bulk document syncing across platforms (Client Announcements).
FTT
CA$95.44
Finning International
7D
5.2%
1Y
151.7%

FTT: Future Returns Will Reflect Higher P E Assumptions And Ongoing Share Repurchases

Analysts have lifted their average CA$ price target for Finning International by CA$4 to reflect a modestly higher assumed discount rate and slightly updated long term P/E and operating assumptions. Analyst Commentary Recent Street research has focused on higher price targets for Finning International, reflecting updated assumptions around valuation and operating performance.
BBD.B
CA$267.00
Bombardier
7D
3.8%
1Y
221.6%

BBD.B: Future Earnings Profile Will Depend On Execution And Cash Generation

Analysts have lifted the Bombardier price target from about CA$201 to roughly CA$309, citing updated assumptions around fair value, a lower discount rate, and a higher future P/E multiple despite slightly softer revenue growth and profit margin inputs. Analyst Commentary Recent Street research on Bombardier has been active, with several firms adjusting their price targets and ratings over a short period.
MAL
CA$24.60
Magellan Aerospace
7D
-5.3%
1Y
89.5%
WSP
CA$228.93
WSP Global
7D
3.1%
1Y
-6.4%

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

Analyst price targets for WSP Global have moved within a CA$284 to CA$343 range, as recent updates reflect mixed revisions supported by ongoing reassessments of the company's valuation framework and a slightly higher discount rate applied in current models. Analyst Commentary Recent research reports point to a mixed but generally constructive stance on WSP Global, with several analysts adjusting their models and price targets within a relatively tight CA$284 to CA$343 band.
TFII
CA$180.20
TFI International
7D
5.1%
1Y
69.4%

TFII: Freight Cycle Recovery And U.S. LTL Margin Progress Will Drive Upside

Analysts have trimmed the TFI International fair value estimate slightly to CA$194.26 from CA$195.63, reflecting updated assumptions for discount rate, modestly higher revenue growth and margins, and a lower future P/E. Recent Street research highlights a mix of higher price targets and one reduced target following Q4 results and outlook commentary.
CP
CA$111.65
Canadian Pacific Kansas City
7D
-0.5%
1Y
10.3%