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Canadian (TSX) Aerospace & Defense Industry Analysis

UpdatedApr 12, 2026
DataAggregated Company Financials
Companies8
  • 7D6.2%
  • 3M-2.9%
  • 1Y40.8%
  • YTD5.8%

In the last week, the Aerospace & Defense industry is up 6.2%, with Bombardier up 4.7%. Meanwhile, DEFSEC Technologies actually underperformed within the industry, shrinking 8.3% in the last week. This takes the industry's 12 month performance to a gain of 41%. As for the next few years, earnings are expected to grow by 14% per annum.

Industry Valuation and Performance

Has the Canadian Aerospace & Defense Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 12 Apr 2026CA$20.5bCA$7.6bCA$432.9m37x47.4x2.7x
Tue, 10 Mar 2026CA$19.9bCA$7.5bCA$491.0m33.7x40.6x2.6x
Thu, 05 Feb 2026CA$20.1bCA$7.3bCA$550.3m30.9x36.6x2.7x
Sat, 03 Jan 2026CA$18.3bCA$7.3bCA$550.3m31.3x33.2x2.5x
Mon, 01 Dec 2025CA$16.7bCA$7.3bCA$550.4m27.9x30.4x2.3x
Wed, 29 Oct 2025CA$18.7bCA$7.1bCA$532.3m30.9x35.2x2.6x
Fri, 26 Sep 2025CA$18.4bCA$7.1bCA$533.4m30.5x34.4x2.6x
Sun, 24 Aug 2025CA$18.8bCA$7.1bCA$533.4m29.3x35.3x2.7x
Tue, 22 Jul 2025CA$19.4bCA$6.9bCA$509.2m32x38x2.8x
Thu, 19 Jun 2025CA$16.6bCA$6.9bCA$509.2m28.8x32.5x2.4x
Sat, 17 May 2025CA$15.7bCA$6.9bCA$507.5m28.1x30.8x2.3x
Mon, 14 Apr 2025CA$13.9bCA$6.6b-CA$155,116,347.0028.7x-89.8x2.1x
Wed, 12 Mar 2025CA$15.4bCA$6.6b-CA$171,704,965.0035.8x-89.8x2.3x
Fri, 07 Feb 2025CA$15.2bCA$7.0b-CA$238,270,923.0028.8x-63.9x2.2x
Sun, 05 Jan 2025CA$16.6bCA$7.0b-CA$238,270,923.0030.8x-69.6x2.4x
Tue, 03 Dec 2024CA$15.6bCA$7.0b-CA$238,116,781.0031.8x-65.5x2.2x
Thu, 31 Oct 2024CA$12.7bCA$6.8b-CA$248,773,895.0035x-51.1x1.9x
Sat, 28 Sep 2024CA$11.8bCA$6.8b-CA$249,720,880.0030.9x-47.1x1.7x
Mon, 26 Aug 2024CA$11.3bCA$6.8b-CA$258,905,570.0030.6x-43.5x1.7x
Wed, 24 Jul 2024CA$11.5bCA$6.6b-CA$278,245,632.0035.1x-41.5x1.7x
Fri, 21 Jun 2024CA$11.1bCA$6.6b-CA$278,245,632.0030.9x-39.9x1.7x
Sun, 19 May 2024CA$11.7bCA$6.9bCA$297.1m32.6x39.4x1.7x
Tue, 16 Apr 2024CA$11.6bCA$6.9bCA$296.3m32.8x39.3x1.7x
Thu, 14 Mar 2024CA$11.5bCA$6.9bCA$283.9m33.5x40.6x1.7x
Sat, 10 Feb 2024CA$11.9bCA$6.7bCA$281.1m30.1x42.3x1.8x
Mon, 08 Jan 2024CA$11.7bCA$6.7bCA$273.9m30.4x42.6x1.7x
Wed, 06 Dec 2023CA$11.5bCA$6.7bCA$271.0m29.8x42.4x1.7x
Fri, 03 Nov 2023CA$12.0bCA$6.5bCA$230.1m30.7x52.1x1.8x
Sun, 01 Oct 2023CA$12.9bCA$6.5bCA$202.7m32.2x63.5x2x
Tue, 29 Aug 2023CA$12.7bCA$6.5bCA$202.6m30.8x62.8x1.9x
Thu, 27 Jul 2023CA$11.9bCA$6.3bCA$125.7m38.2x94.6x1.9x
Sat, 24 Jun 2023CA$11.4bCA$6.3bCA$125.8m36.2x90.9x1.8x
Mon, 22 May 2023CA$12.0bCA$6.0bCA$82.1m34.6x146.2x2x
Wed, 19 Apr 2023CA$12.3bCA$5.9bCA$69.0m29.9x177.7x2.1x
Price to Earnings Ratio

177.7x


Total Market Cap: CA$12.3bTotal Earnings: CA$69.0mTotal Revenue: CA$5.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Aerospace & Defense Industry Price to Earnings3Y Average 16.5x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Aerospace & Defense industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 47.4x which is higher than its 3-year average PE of 16.5x.
  • The 3-year average PS ratio of 2.1x is lower than the industry's current PS ratio of 2.7x.
Past Earnings Growth
  • The earnings for companies in the Aerospace & Defense industry have grown 84% per year over the last three years.
  • Revenues for these companies have grown 8.6% 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 industry?

CA Market2.05%
Industrials1.59%
Aerospace & Defense6.22%
Aerospace and Defense6.22%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
BBD.B BombardierCA$258.024.7%
+CA$1.1b		218.1%PE19.5x
MDA MDA SpaceCA$42.3711.9%
+CA$626.7m		69.4%PE54.1x
CAE CAECA$38.003.5%
+CA$408.5m		20.4%PE32.5x
MAL Magellan AerospaceCA$25.5612.0%
+CA$155.8m		116.8%PE37x
SPAI Sparc AlCA$2.5512.8%
+CA$9.4m		750.0%PB271.7x

Latest News

DPRO
CA$7.58
Draganfly
7D
0.7%
1Y
149.3%
BBD.B
CA$258.02
Bombardier
7D
4.7%
1Y
218.1%

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$25.56
Magellan Aerospace
7D
12.0%
1Y
116.8%
MDA
CA$42.37
MDA Space
7D
11.9%
1Y
69.4%

MDA: Defence And Government Contracts Will Support Upside As Gateway Pause Impact Stays Limited

The analyst price target for MDA Space has shifted from CA$41.94 to CA$53.63 as analysts factor in recent target increases across several firms and view the impact of NASA's Gateway pause as limited for the company. Analyst Commentary Recent research on MDA Space centers on updated price targets and the impact of NASA's Gateway pause, with most commentary focusing on how current contracts and future execution could influence the company’s valuation.
CAE
CA$38.00
CAE
7D
3.5%
1Y
20.4%

CAE: Defense Industrial Strategy Will Support Multi Year Simulation And Training Upside

CAE’s updated analyst price target series now reflects a modest fair value increase to CA$47.71, as analysts balance mixed target revisions with views that its global simulation and training footprint, large installed base, and expected multi-year defense and civil aviation opportunities support a slightly higher assumed future P/E multiple. Analyst Commentary Recent research on CAE reflects a mix of optimism about the company’s role in global simulation and training, alongside caution around execution risks and capital allocation.
SPAI
CA$2.55
Sparc Al
7D
12.8%
1Y
750.0%
SNA
CA$0.005
Star Navigation Systems Group
7D
0%
1Y
0%
DFSC
CA$2.75
DEFSEC Technologies
7D
-8.3%
1Y
-56.3%