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Canadian (TSX) Transportation Industry Analysis

UpdatedJan 30, 2026
DataAggregated Company Financials
Companies5
  • 7D0.3%
  • 3M2.3%
  • 1Y-12.1%
  • YTD-0.5%

Over the last 7 days, the Transportation industry has dropped 2.6%, driven by pullbacks in Canadian National Railway and Canadian Pacific Kansas City of 2.7% and 2.3%, respectively. However, the industry is down 14% over the past year. As for the next few years, earnings are expected to grow by 7.2% per annum.

Industry Valuation and Performance

Has the Canadian Transportation Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 30 Jan 2026CA$183.3bCA$45.2bCA$9.3b20.2x19.7x4.1x
Sun, 28 Dec 2025CA$188.3bCA$45.3bCA$9.4b19.8x20x4.2x
Tue, 25 Nov 2025CA$180.8bCA$45.7bCA$9.4b19x19.2x4x
Thu, 23 Oct 2025CA$193.0bCA$45.7bCA$9.4b19.7x20.6x4.2x
Sat, 20 Sep 2025CA$188.3bCA$45.5bCA$9.4b19.3x20.1x4.1x
Mon, 18 Aug 2025CA$186.3bCA$45.5bCA$9.3b19x19.9x4.1x
Wed, 16 Jul 2025CA$204.6bCA$45.7bCA$9.0b19.5x22.8x4.5x
Fri, 13 Jun 2025CA$204.1bCA$45.6bCA$9.0b20x22.7x4.5x
Sun, 11 May 2025CA$193.8bCA$45.9bCA$9.0b18.7x21.6x4.2x
Tue, 08 Apr 2025CA$190.0bCA$45.5bCA$8.9b17.2x21.4x4.2x
Thu, 06 Mar 2025CA$200.0bCA$45.6bCA$8.9b18.5x22.5x4.4x
Sat, 01 Feb 2025CA$221.7bCA$45.6bCA$9.0b22.6x24.7x4.9x
Mon, 30 Dec 2024CA$208.2bCA$45.5bCA$9.8b20.9x21.3x4.6x
Wed, 27 Nov 2024CA$218.0bCA$45.3bCA$9.7b22.4x22.4x4.8x
Fri, 25 Oct 2024CA$216.4bCA$45.1bCA$9.7b21x22.3x4.8x
Sun, 22 Sep 2024CA$226.7bCA$44.1bCA$9.7b22.1x23.4x5.1x
Tue, 20 Aug 2024CA$216.5bCA$44.2bCA$9.7b22.1x22.4x4.9x
Thu, 18 Jul 2024CA$233.9bCA$42.9bCA$10.2b23.1x23x5.5x
Sat, 15 Jun 2024CA$220.9bCA$42.9bCA$10.2b21.6x21.7x5.2x
Mon, 13 May 2024CA$233.7bCA$42.9bCA$10.2b24x22.9x5.5x
Wed, 10 Apr 2024CA$245.2bCA$41.6bCA$10.4b20.2x23.6x5.9x
Fri, 08 Mar 2024CA$242.7bCA$41.5bCA$10.4b19.8x23.4x5.8x
Sun, 04 Feb 2024CA$230.2bCA$41.5bCA$10.4b19.4x22.1x5.5x
Tue, 02 Jan 2024CA$221.8bCA$40.1bCA$10.0b21.9x22.3x5.5x
Thu, 30 Nov 2023CA$202.7bCA$40.4bCA$10.0b18.9x20.3x5x
Sat, 28 Oct 2023CA$197.6bCA$40.6bCA$10.0b17.5x19.8x4.9x
Mon, 25 Sep 2023CA$209.4bCA$40.3bCA$10.6b17.6x19.8x5.2x
Wed, 23 Aug 2023CA$214.9bCA$40.3bCA$10.6b17.4x20.3x5.3x
Fri, 21 Jul 2023CA$216.3bCA$40.2bCA$10.4b13.5x20.9x5.4x
Sun, 18 Jun 2023CA$214.4bCA$40.2bCA$10.4b11.7x20.7x5.3x
Tue, 16 May 2023CA$226.7bCA$40.5bCA$10.3b15.9x21.9x5.6x
Thu, 13 Apr 2023CA$219.6bCA$39.8bCA$9.9b16.6x22.2x5.5x
Sat, 11 Mar 2023CA$216.9bCA$40.2bCA$9.9b16.8x21.9x5.4x
Mon, 06 Feb 2023CA$221.4bCA$40.0bCA$9.7b17.7x22.8x5.5x
Price to Earnings Ratio

22.8x


Total Market Cap: CA$221.4bTotal Earnings: CA$9.7bTotal Revenue: CA$40.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Transportation Industry Price to Earnings3Y Average 21.6x202420252026
Current Industry PE
  • Investors are relatively neutral on the Canadian Transportation industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 21.6x.
  • The 3-year average PS ratio of 4.9x is higher than the industry's current PS ratio of 4.1x.
Past Earnings Growth
  • The earnings for companies in the Transportation industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 4.2% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Industry Trends

Which industries have driven the changes within the Canadian Industrials industry?

CA Market-0.049%
Industrials-2.36%
Transportation0.26%
Trucking2.70%
Railroads0.60%
Cargo Ground Transportation-3.79%
Industry PE
  • Investors are most optimistic about the Cargo Ground Transportation industry which is trading above its 3-year average PE ratio of 19.0x.
    • Analysts are expecting annual earnings growth of 16.0%, which is higher than its past year's earnings decline of 26.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Cargo Ground Transportation industry, expecting annual earnings growth of 16% over the next 5 years.
  • This is better than its past earnings decline of 26% per year.
  • In contrast, the Railroads industry is expected to see its earnings grow by 6.5% 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
CP Canadian Pacific Kansas CityCA$102.272.4%
+CA$1.8b		-11.5%PE22.2x
ARGH ArgoCA$0.382.7%
+CA$2.0m		181.5%PS49.1x

Latest News

CP
CA$102.27
Canadian Pacific Kansas City
7D
2.4%
1Y
-11.5%
MTL
CA$16.38
Mullen Group
7D
-1.9%
1Y
9.1%

MTL: Higher P/E Expectations May Support Upside As Fair Value Rises

Narrative Update Analysts have lifted their implied fair value estimate for Mullen Group from C$17.40 to C$18.58, reflecting recent price target changes and updated assumptions around revenue, profit margins and future P/E expectations. Analyst Commentary Recent research updates show analysts adjusting their price targets higher for Mullen Group, which feeds directly into the latest implied fair value estimate.
CNR
CA$136.17
Canadian National Railway
7D
-1.3%
1Y
-10.6%

CNR: Share Repurchases Will Support Earnings Compounding And Future Upside Potential

Analysts have made a small upward adjustment to their price target for Canadian National Railway, nudging it from C$154.95 to C$155.05 as they factor in updated assumptions around discount rates, revenue expectations, profit margin resilience and a slightly higher future P/E. What's in the News From July 1, 2025 to September 30, 2025, Canadian National Railway repurchased 7,700,000 shares for C$1,041m, representing 1.23% of its shares.
TFII
CA$147.78
TFI International
7D
-4.0%
1Y
-25.9%

TFII: Freight Softness And Q4 Guidance Reset Will Likely Cap Near-Term Upside

Analysts have lifted their price targets on TFI International, and our fair value estimate now sits at about US$122.72. This reflects updated views on freight capacity tightening, regulatory-driven supply exits and the potential for improved margins into 2026.
ARGH
CA$0.38
Argo
7D
2.7%
1Y
181.5%