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Canadian (TSX) Materials Sector Analysis

UpdatedMar 06, 2026
DataAggregated Company Financials
Companies1214
  • 7D-9.3%
  • 3M23.5%
  • 1Y113.1%
  • YTD16.2%

Over the last 7 days, the Materials industry has dropped 3.6%, driven by a pullback from Barrick Mining of 6.3%. In the past year, the industry has gained 119%. Earnings are forecast to grow by 23% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 06 Mar 2026CA$1.2tCA$220.8bCA$28.0b18.3x41.8x5.3x
Sun, 01 Feb 2026CA$1.1tCA$209.4bCA$20.6b21.6x51.1x5x
Tue, 30 Dec 2025CA$962.0bCA$209.8bCA$20.7b20.8x46.4x4.6x
Thu, 27 Nov 2025CA$858.8bCA$213.3bCA$22.0b19x39.1x4x
Sat, 25 Oct 2025CA$801.4bCA$202.7bCA$15.9b20.2x50.3x4x
Mon, 22 Sep 2025CA$774.9bCA$201.2bCA$14.7b19x52.8x3.9x
Wed, 20 Aug 2025CA$655.3bCA$202.6bCA$14.9b14.9x44x3.2x
Fri, 18 Jul 2025CA$607.6bCA$193.7bCA$9.8b15.7x61.7x3.1x
Sun, 15 Jun 2025CA$607.4bCA$193.0bCA$9.8b16x61.9x3.1x
Tue, 13 May 2025CA$569.7bCA$196.2bCA$10.2b13.3x55.8x2.9x
Thu, 10 Apr 2025CA$474.6bCA$191.6bCA$6.9b12.4x69.2x2.5x
Sat, 08 Mar 2025CA$512.3bCA$193.6bCA$5.9b12.2x87.3x2.6x
Mon, 03 Feb 2025CA$503.1bCA$200.8bCA$1.7b13.2x296.6x2.5x
Wed, 01 Jan 2025CA$463.1bCA$199.1bCA$1.5b13.1x316.2x2.3x
Fri, 29 Nov 2024CA$491.1bCA$195.4bCA$1.3b13.6x380.8x2.5x
Sun, 27 Oct 2024CA$528.9bCA$193.1bCA$171.7m17.1x3080.6x2.7x
Tue, 24 Sep 2024CA$498.2bCA$190.5bCA$1.1b17x446.9x2.6x
Thu, 22 Aug 2024CA$485.9bCA$190.8bCA$1.0b15.7x464.6x2.5x
Sat, 20 Jul 2024CA$477.6bCA$191.9bCA$1.6b16.2x305.9x2.5x
Mon, 17 Jun 2024CA$450.1bCA$192.4bCA$1.0b16.6x442.6x2.3x
Wed, 15 May 2024CA$471.5bCA$191.4bCA$1.1b16.4x421.3x2.5x
Fri, 12 Apr 2024CA$457.0bCA$191.5bCA$3.6b18.3x127.7x2.4x
Sun, 10 Mar 2024CA$399.8bCA$190.2bCA$3.4b14.4x117x2.1x
Tue, 06 Feb 2024CA$376.5bCA$191.2bCA$6.7b13.1x55.9x2x
Thu, 04 Jan 2024CA$421.9bCA$198.9bCA$5.3b13.8x79.8x2.1x
Sat, 02 Dec 2023CA$419.1bCA$200.3bCA$5.3b12.9x78.5x2.1x
Mon, 30 Oct 2023CA$424.7bCA$205.7bCA$7.2b11.8x58.7x2.1x
Wed, 27 Sep 2023CA$423.0bCA$203.0bCA$7.5b10.8x56.7x2.1x
Fri, 25 Aug 2023CA$439.9bCA$202.6bCA$7.3b11.6x60.3x2.2x
Sun, 23 Jul 2023CA$460.8bCA$207.6bCA$14.5b11.8x31.8x2.2x
Tue, 20 Jun 2023CA$450.4bCA$207.5bCA$14.4b11.8x31.3x2.2x
Thu, 18 May 2023CA$472.3bCA$210.5bCA$15.0b11.8x31.4x2.2x
Sat, 15 Apr 2023CA$498.7bCA$216.7bCA$21.2b11.8x23.5x2.3x
Mon, 13 Mar 2023CA$436.9bCA$222.2bCA$24.4b10.6x17.9x2x
Price to Earnings Ratio

17.9x


Total Market Cap: CA$436.9bTotal Earnings: CA$24.4bTotal Revenue: CA$222.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 258.6x202420252026
Current Industry PE
  • Investors are pessimistic on the Canadian Materials 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 41.9x which is lower than its 3-year average PE of 259x.
  • The industry is trading close to its 3-year average PS ratio of 5.2x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have grown 4.5% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the Canadian Materials sector?

CA Market-2.97%
Materials-9.30%
Chemicals2.72%
Paper and Forestry Products1.54%
Packaging1.25%
Basic Materials0.79%
Metals and Mining-10.26%
Industry PE
  • Investors are most optimistic about the Metals and Mining industry even though it's trading below its 3-year average PE ratio of 289x.
    • Analysts are expecting annual earnings growth of 24.5%, which is lower than the prior year's growth of 85.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Basic Materials industry, expecting annual earnings growth of 48% over the next 5 years.
  • However this is lower than its past earnings growth rate of 62% per year.
  • In contrast, the Packaging industry is expected to see its earnings grow by 4.0% 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
MX MethanexCA$78.0017.7%
+CA$906.4m		30.7%PE20.7x
NTR NutrienCA$101.691.7%
+CA$817.9m		39.0%PE15.8x
AII Almonty IndustriesCA$26.388.1%
+CA$606.6m		820.8%PS246.6x
HG HydroGraph Clean PowerCA$7.4516.4%
+CA$358.2m		2,228.1%PS29743.1x
HSLV Highlander SilverCA$9.53-2.2%
CA$310.1m		429.4%PB17.4x

Latest News

MX
CA$78.00
Methanex
7D
17.7%
1Y
30.7%
HG
CA$7.45
HydroGraph Clean Power
7D
16.4%
1Y
2,228.1%
PAAS
CA$81.96
Pan American Silver
7D
-11.3%
1Y
133.8%
FNV
CA$348.74
Franco-Nevada
7D
-9.1%
1Y
70.9%
K
CA$44.76
Kinross Gold
7D
-11.0%
1Y
180.8%

K: Higher Future P/E Will Likely Overstate Benefits Of Ongoing Projects

Analysts have lifted their Kinross Gold price target from about CA$17.51 to roughly CA$24.28, citing updated assumptions for discount rate, revenue growth, profit margin, and future P/E that collectively reshape their valuation outlook. What's in the News Approved a quarterly dividend of $0.04 per common share for the fourth quarter of 2025, payable on March 26, 2026, to shareholders of record on March 11, 2026, with the payout classified as an eligible dividend for Canadian tax purposes and subject to withholding for non residents (Key Developments).
CCL.B
CA$90.32
CCL Industries
7D
1.7%
1Y
25.3%
WPM
CA$202.07
Wheaton Precious Metals
7D
-9.1%
1Y
99.4%

WPM: Long Term Metal Price Assumptions Will Restrain Upside Potential

The analyst price target for Wheaton Precious Metals has been revised slightly higher to CA$188. Analysts linked their updated views to refreshed 2026 metal price forecasts and company guidance that was broadly in line with expectations.
TECK.B
CA$73.08
Teck Resources
7D
-12.4%
1Y
25.2%

TECK.B: Elevated Expectations Will Depend On Merger Execution Risk

The analyst price target for Teck Resources in our model has been raised from CA$45.79 to CA$57.90, as analysts factor in updated assumptions around potential merger synergies, revised operating numbers, and a slightly higher future P/E multiple. Analyst Commentary Recent Street research on Teck Resources has featured a series of price target revisions and rating changes that give you a mixed picture.
LUN
CA$36.70
Lundin Mining
7D
-15.3%
1Y
194.8%
AUXX
CA$1.85
Gold X2 Mining
7D
26.7%
1Y
598.1%
HSLV
CA$9.53
Highlander Silver
7D
-2.2%
1Y
429.4%
ABX
CA$62.01
Barrick Mining
7D
-10.0%
1Y
135.0%
LUNR
CA$29.00
LunR Royalties
7D
14.0%
1Y
n/a
NTR
CA$101.69
Nutrien
7D
1.7%
1Y
39.0%
FM
CA$34.62
First Quantum Minerals
7D
-16.3%
1Y
87.5%
AII
CA$26.38
Almonty Industries
7D
8.1%
1Y
820.8%