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Canadian (TSX) Industrials Sector Analysis

UpdatedMar 21, 2026
DataAggregated Company Financials
Companies104
  • 7D-3.5%
  • 3M-4.9%
  • 1Y-5.1%
  • YTD-4.9%

Over the last 7 days, the Industrials industry has dropped 2.4%, driven by a pullback from Canadian National Railway of 5.9%. However, the industry is down 5.0% over the past year. As for the next few years, earnings are expected to grow by 13% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 21 Mar 2026CA$442.6bCA$202.6bCA$19.2b25x23.1x2.2x
Mon, 16 Feb 2026CA$457.9bCA$205.9bCA$19.1b23.4x23.9x2.2x
Wed, 14 Jan 2026CA$470.8bCA$208.4bCA$18.3b22.7x25.7x2.3x
Fri, 12 Dec 2025CA$459.6bCA$208.0bCA$18.3b21.9x25.1x2.2x
Sun, 09 Nov 2025CA$462.2bCA$207.5bCA$17.8b22.4x25.9x2.2x
Tue, 07 Oct 2025CA$489.7bCA$205.8bCA$19.3b23.3x25.3x2.4x
Thu, 04 Sep 2025CA$495.5bCA$204.7bCA$19.3b23.5x25.6x2.4x
Sat, 02 Aug 2025CA$506.8bCA$202.9bCA$17.5b23.3x29x2.5x
Mon, 30 Jun 2025CA$513.0bCA$202.1bCA$16.6b19.8x30.9x2.5x
Wed, 28 May 2025CA$511.2bCA$202.5bCA$16.8b20.4x30.5x2.5x
Fri, 25 Apr 2025CA$467.0bCA$199.6bCA$15.6b19.4x29.9x2.3x
Sun, 23 Mar 2025CA$471.3bCA$200.8bCA$15.9b19.5x29.7x2.3x
Tue, 18 Feb 2025CA$492.1bCA$198.1bCA$16.1b22.2x30.6x2.5x
Thu, 16 Jan 2025CA$476.4bCA$198.9bCA$17.5b21.2x27.1x2.4x
Sat, 14 Dec 2024CA$497.1bCA$198.6bCA$17.6b21.6x28.3x2.5x
Mon, 11 Nov 2024CA$492.3bCA$197.0bCA$17.7b22.8x27.8x2.5x
Wed, 09 Oct 2024CA$480.3bCA$194.7bCA$17.2b22x27.9x2.5x
Fri, 06 Sep 2024CA$481.1bCA$194.3bCA$17.1b21.7x28.1x2.5x
Sun, 04 Aug 2024CA$463.4bCA$169.6bCA$15.5b21.5x29.9x2.7x
Tue, 02 Jul 2024CA$472.0bCA$167.5bCA$16.9b21.9x28x2.8x
Thu, 30 May 2024CA$468.6bCA$167.4bCA$16.9b20x27.8x2.8x
Sat, 27 Apr 2024CA$468.1bCA$166.0bCA$17.8b19.9x26.4x2.8x
Mon, 25 Mar 2024CA$492.3bCA$164.9bCA$17.9b20.2x27.6x3x
Wed, 21 Feb 2024CA$475.0bCA$163.4bCA$17.2b19.8x27.6x2.9x
Fri, 19 Jan 2024CA$457.3bCA$165.0bCA$16.1b19.1x28.3x2.8x
Sun, 17 Dec 2023CA$441.0bCA$164.8bCA$16.1b19.1x27.4x2.7x
Tue, 14 Nov 2023CA$413.8bCA$163.3bCA$15.7b17.8x26.3x2.5x
Thu, 12 Oct 2023CA$414.9bCA$160.8bCA$15.8b17.6x26.3x2.6x
Sat, 09 Sep 2023CA$423.3bCA$161.0bCA$15.8b16.9x26.8x2.6x
Mon, 07 Aug 2023CA$429.2bCA$158.0bCA$15.8b16.7x27.2x2.7x
Wed, 05 Jul 2023CA$426.6bCA$157.0bCA$13.8b19x31x2.7x
Fri, 02 Jun 2023CA$414.5bCA$157.6bCA$13.8b18.6x30x2.6x
Sun, 30 Apr 2023CA$428.1bCA$155.2bCA$14.0b20x30.6x2.8x
Tue, 28 Mar 2023CA$416.0bCA$154.1bCA$13.9b20.4x29.8x2.7x
Price to Earnings Ratio

29.8x


Total Market Cap: CA$416.0bTotal Earnings: CA$13.9bTotal Revenue: CA$154.1bTotal 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 23.4x 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 9.5% 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-3.52%
Machinery5.72%
Infrastructure5.53%
Airlines1.45%
Marine and Shipping1.41%
Electrical1.26%
Construction-2.12%
Industrials-2.25%
Aerospace & Defense-2.48%
Professional Services-3.19%
Building-3.35%
Logistics-3.97%
Commercial Services-4.12%
Transportation-4.62%
Trade Distributors-5.28%
Industry PE
  • Investors are most optimistic about the Commercial Services industry even though it's trading below its 3-year average PE ratio of 109x.
    • Analysts are expecting annual earnings growth of 25.6%, which is higher than its past year's earnings growth of 5.9% 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 decline by 4.8% 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
MDA MDA SpaceCA$42.984.0%
+CA$1.1b		51.4%PE57.9x
ATS ATSCA$41.429.7%
+CA$357.9m		4.4%PE215.1x
AC Air CanadaCA$17.344.7%
+CA$228.6m		13.9%PE7.9x
HPS.A Hammond Power SolutionsCA$197.677.8%
+CA$169.8m		129.9%PE32.6x
NFI NFI GroupCA$18.076.7%
+CA$134.6m		44.0%PS0.4x

Latest News

HPS.A
CA$197.67
Hammond Power Solutions
7D
7.8%
1Y
129.9%
MDA
CA$42.98
MDA Space
7D
4.0%
1Y
51.4%
CNR
CA$135.45
Canadian National Railway
7D
-5.9%
1Y
-2.1%
CP
CA$107.60
Canadian Pacific Kansas City
7D
-3.7%
1Y
4.3%
WTE
CA$32.85
Westshore Terminals Investment
7D
5.5%
1Y
32.0%
ARE
CA$42.06
Aecon Group
7D
4.5%
1Y
138.7%
TRI
CA$128.04
Thomson Reuters
7D
-3.2%
1Y
-47.5%
CAE
CA$35.61
CAE
7D
-5.3%
1Y
1.2%
AC
CA$17.34
Air Canada
7D
4.7%
1Y
13.9%

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.
ATS
CA$41.42
ATS
7D
9.7%
1Y
4.4%
BDT
CA$35.14
Bird Construction
7D
3.1%
1Y
61.6%
NFI
CA$18.07
NFI Group
7D
6.7%
1Y
44.0%
WSP
CA$217.10
WSP Global
7D
-2.2%
1Y
-11.5%
BBD.B
CA$232.55
Bombardier
7D
-4.4%
1Y
176.3%

BBD.B: Future Returns Will Depend On Execution As Ratings Stay More Cautious

Analysts have nudged their Bombardier price targets higher, with TD Securities lifting its view to CA$280 alongside target increases from UBS and BMO Capital, even as several firms have recently shifted to more neutral ratings. Analyst Commentary Recent research on Bombardier shows a split view, with some price targets moving higher while several firms adopt more neutral or cautious ratings.
GFL
CA$55.97
GFL Environmental
7D
-5.1%
1Y
-18.4%

GFL: Share Repurchases And Dividend Aristocrat Status Will Support Upside Potential

Analysts have trimmed their fair value estimate for GFL Environmental from CA$89.00 to CA$87.00 as they balance a higher discount rate and lower profit margin assumptions against stronger projected revenue growth and a higher future P/E multiple. What's in the News GFL Environmental announced a normal course issuer bid to repurchase up to 34,657,586 subordinate voting shares, equal to 10% of its 346,575,862 issued and outstanding subordinate voting shares, with the bid set to expire on March 2, 2027 (Key Developments).
FTT
CA$80.65
Finning International
7D
-10.0%
1Y
101.7%

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.