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Canadian (TSX) Materials Sector Analysis

UpdatedMar 07, 2026
DataAggregated Company Financials
Companies1214
  • 7D-11.0%
  • 3M22.3%
  • 1Y108.7%
  • YTD15.1%

Over the last 7 days, the Materials industry has dropped 9.3%, driven by a pullback from Barrick Mining of 11%. On the other hand HydroGraph Clean Power is actually up 29%. This takes the industry's 12 month performance to a gain of 113%. 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
Sat, 07 Mar 2026CA$1.1tCA$220.0bCA$27.5b17.8x41.1x5.1x
Mon, 02 Feb 2026CA$1.1tCA$209.4bCA$20.6b21.6x51.1x5x
Wed, 31 Dec 2025CA$970.8bCA$209.9bCA$20.7b20.8x46.9x4.6x
Fri, 28 Nov 2025CA$889.2bCA$213.2bCA$21.9b18.9x40.5x4.2x
Sun, 26 Oct 2025CA$802.6bCA$202.7bCA$15.9b20.2x50.3x4x
Tue, 23 Sep 2025CA$774.9bCA$201.6bCA$14.7b19.5x52.7x3.8x
Thu, 21 Aug 2025CA$642.1bCA$202.8bCA$14.9b15.8x43.1x3.2x
Sat, 19 Jul 2025CA$605.1bCA$193.5bCA$9.8b15.7x61.6x3.1x
Mon, 16 Jun 2025CA$607.5bCA$193.0bCA$9.8b16x61.9x3.1x
Wed, 14 May 2025CA$503.6bCA$177.5bCA$7.1b12.9x71.3x2.8x
Fri, 11 Apr 2025CA$508.9bCA$190.2bCA$6.8b12.4x75.3x2.7x
Sun, 09 Mar 2025CA$514.9bCA$193.6bCA$4.9b12.1x105x2.7x
Tue, 04 Feb 2025CA$503.1bCA$201.1bCA$1.7b13.4x294.7x2.5x
Thu, 02 Jan 2025CA$467.8bCA$199.1bCA$1.5b13.1x318.9x2.3x
Sat, 30 Nov 2024CA$491.9bCA$195.3bCA$1.3b13.9x384.3x2.5x
Mon, 28 Oct 2024CA$528.9bCA$193.1bCA$171.7m17.1x3080.6x2.7x
Wed, 25 Sep 2024CA$495.2bCA$189.2bCA$1.3b17.2x380x2.6x
Fri, 23 Aug 2024CA$489.9bCA$190.9bCA$1.1b15.6x457.9x2.6x
Sun, 21 Jul 2024CA$476.5bCA$191.9bCA$1.6b16.2x304.9x2.5x
Tue, 18 Jun 2024CA$450.1bCA$192.3bCA$1.0b16.4x443.5x2.3x
Thu, 16 May 2024CA$480.2bCA$191.4bCA$1.3b17x359.2x2.5x
Sat, 13 Apr 2024CA$458.8bCA$192.5bCA$3.6b18.4x126.2x2.4x
Mon, 11 Mar 2024CA$399.8bCA$190.2bCA$3.4b14.4x117x2.1x
Wed, 07 Feb 2024CA$378.2bCA$190.6bCA$6.7b13.3x56.3x2x
Fri, 05 Jan 2024CA$421.2bCA$198.9bCA$5.3b13.9x79.7x2.1x
Sun, 03 Dec 2023CA$426.4bCA$200.3bCA$5.3b12.7x79.7x2.1x
Tue, 31 Oct 2023CA$413.3bCA$205.2bCA$7.2b11.7x57.4x2x
Thu, 28 Sep 2023CA$416.8bCA$202.9bCA$7.5b10.7x55.9x2.1x
Sat, 26 Aug 2023CA$438.5bCA$202.9bCA$7.3b11.3x59.8x2.2x
Mon, 24 Jul 2023CA$460.8bCA$207.6bCA$14.5b11.8x31.9x2.2x
Wed, 21 Jun 2023CA$441.4bCA$207.7bCA$14.4b11.8x30.6x2.1x
Fri, 19 May 2023CA$466.8bCA$210.6bCA$15.1b11.8x31x2.2x
Sun, 16 Apr 2023CA$498.7bCA$216.7bCA$21.2b11.8x23.5x2.3x
Tue, 14 Mar 2023CA$444.4bCA$221.1bCA$24.2b11x18.3x2x
Price to Earnings Ratio

18.3x


Total Market Cap: CA$444.4bTotal Earnings: CA$24.2bTotal Revenue: CA$221.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 258.7x202420252026
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 41.8x 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 4.9% 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-3.83%
Materials-11.05%
Chemicals1.04%
Basic Materials-0.73%
Paper and Forestry Products-1.01%
Packaging-6.47%
Metals and Mining-11.94%
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 24.4%, which is lower than the prior year's growth of 85.3% 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
HG HydroGraph Clean PowerCA$8.4529.0%
+CA$699.2m		2,422.4%PS34554.8x
NTR NutrienCA$103.540.9%
+CA$457.1m		41.1%PE16.2x
LUNR LunR RoyaltiesCA$29.0210.0%
+CA$186.5m		n/an/a
RECE Resource Centrix HoldingsIncCA$4.9565.0%
+CA$183.7m		n/an/a
AII Almonty IndustriesCA$25.441.1%
+CA$149.1m		816.8%PS238.5x

Latest News

LUN
CA$34.73
Lundin Mining
7D
-20.1%
1Y
174.8%
PAAS
CA$80.94
Pan American Silver
7D
-13.5%
1Y
129.3%
ABX
CA$61.73
Barrick Mining
7D
-10.8%
1Y
130.9%

ABX: Planned Business Split Will Pressure Shares Despite Higher P/E Multiple

Analysts have adjusted their fair value estimate for Barrick Mining to CA$50.72 from CA$47.98, reflecting updated assumptions on revenue growth, profit margins, discount rates, and future P/E expectations. What's in the News Barrick Mining reported fourth quarter 2025 production of 871,000 ounces of gold and 62,000 tonnes of copper, and full year 2025 production of 3,255,000 ounces of gold and 220,000 tonnes of copper, compared with 3,911,000 ounces of gold and 195,000 tonnes of copper a year earlier (company announcement of operating results).
FNV
CA$352.86
Franco-Nevada
7D
-7.4%
1Y
71.5%

FNV: Metal Price Revisions And Dividend Progress Will Shape Future Cash Flows

The analyst price target for Franco-Nevada has inched up to CA$280 as analysts incorporate updated 2026 metal price forecasts along with revised assumptions for discount rates, revenue growth, profit margins, and future P/E multiples. Analyst Commentary Recent research on Franco-Nevada points to a mix of optimism around valuation support from updated metal price forecasts and caution around execution risk and stock positioning.
HG
CA$8.45
HydroGraph Clean Power
7D
29.0%
1Y
2,422.4%
K
CA$44.24
Kinross Gold
7D
-12.3%
1Y
175.5%

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).
MOON
CA$8.01
Blue Moon Metals
7D
16.1%
1Y
n/a
WPM
CA$199.72
Wheaton Precious Metals
7D
-10.1%
1Y
97.1%

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$68.65
Teck Resources
7D
-14.3%
1Y
20.0%

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.
SJ
CA$96.30
Stella-Jones
7D
2.9%
1Y
39.6%
AUXX
CA$1.78
Gold X2 Mining
7D
15.6%
1Y
535.7%
RECE
CA$4.95
Resource Centrix HoldingsInc
7D
65.0%
1Y
n/a
LUNR
CA$29.02
LunR Royalties
7D
10.0%
1Y
n/a
NTR
CA$103.54
Nutrien
7D
0.9%
1Y
41.1%
FM
CA$32.91
First Quantum Minerals
7D
-19.4%
1Y
84.3%
AII
CA$25.44
Almonty Industries
7D
1.1%
1Y
816.8%