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Canadian (TSX) Materials Sector Analysis

UpdatedJan 12, 2026
DataAggregated Company Financials
Companies1210
  • 7D5.6%
  • 3M20.4%
  • 1Y108.9%
  • YTD7.5%

In the last week, the Materials industry is up 7.5%, with Barrick Mining up 9.9%. In the last 12 months, the industry was up 107%. As for the next few years, earnings are expected to grow by 26% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 12 Jan 2026CA$1.0tCA$212.4bCA$21.1b21.5x49.2x4.9x
Wed, 10 Dec 2025CA$901.1bCA$210.9bCA$21.4b19.8x42.1x4.3x
Fri, 07 Nov 2025CA$785.2bCA$210.0bCA$19.4b18.7x40.5x3.7x
Sun, 05 Oct 2025CA$838.3bCA$202.1bCA$15.0b21.4x56x4.1x
Tue, 02 Sep 2025CA$699.2bCA$201.3bCA$14.7b16.7x47.7x3.5x
Thu, 31 Jul 2025CA$611.5bCA$194.8bCA$10.2b15.9x60.2x3.1x
Sat, 28 Jun 2025CA$608.2bCA$193.3bCA$9.8b15.1x61.9x3.1x
Mon, 26 May 2025CA$569.6bCA$194.6bCA$10.2b13.8x55.8x2.9x
Wed, 23 Apr 2025CA$552.2bCA$188.8bCA$6.6b13.8x83.2x2.9x
Fri, 21 Mar 2025CA$553.4bCA$193.4bCA$6.9b13.9x80x2.9x
Sun, 16 Feb 2025CA$514.4bCA$198.0bCA$5.1b13.4x100.5x2.6x
Tue, 14 Jan 2025CA$490.7bCA$198.3bCA$1.5b13.3x316.7x2.5x
Thu, 12 Dec 2024CA$498.7bCA$196.9bCA$1.3b13.6x383.3x2.5x
Sat, 09 Nov 2024CA$513.5bCA$193.6bCA$1.4b15.2x369.4x2.7x
Mon, 07 Oct 2024CA$505.8bCA$190.2bCA$1.4b16.3x368.9x2.7x
Wed, 04 Sep 2024CA$479.9bCA$190.4bCA$1.0b16.9x462.9x2.5x
Fri, 02 Aug 2024CA$486.8bCA$194.1bCA$1.4b16.7x341.2x2.5x
Sun, 30 Jun 2024CA$452.9bCA$191.9bCA$1.0b15.6x443.9x2.4x
Tue, 28 May 2024CA$481.3bCA$191.5bCA$646.6m18.4x744.4x2.5x
Thu, 25 Apr 2024CA$444.1bCA$191.0bCA$3.4b16.8x130.3x2.3x
Sat, 23 Mar 2024CA$409.5bCA$191.4bCA$3.4b13.6x119.4x2.1x
Mon, 19 Feb 2024CA$374.9bCA$190.9bCA$8.4b13.8x44.9x2x
Wed, 17 Jan 2024CA$419.2bCA$200.4bCA$5.4b13x78.3x2.1x
Fri, 15 Dec 2023CA$419.3bCA$199.4bCA$5.3b13.3x79.4x2.1x
Sun, 12 Nov 2023CA$397.9bCA$203.5bCA$5.9b12x67.7x2x
Tue, 10 Oct 2023CA$415.8bCA$204.5bCA$7.5b11x55.5x2x
Thu, 07 Sep 2023CA$442.6bCA$203.2bCA$7.7b11.1x57.7x2.2x
Sat, 05 Aug 2023CA$455.8bCA$200.7bCA$6.9b11.9x66.5x2.3x
Mon, 03 Jul 2023CA$445.6bCA$207.9bCA$14.5b10.4x30.7x2.1x
Wed, 31 May 2023CA$441.9bCA$211.7bCA$15.1b12.5x29.3x2.1x
Fri, 28 Apr 2023CA$489.4bCA$215.7bCA$19.2b11.3x25.5x2.3x
Sun, 26 Mar 2023CA$458.6bCA$221.0bCA$23.4b11.8x19.6x2.1x
Tue, 21 Feb 2023CA$445.6bCA$222.2bCA$25.6b11.6x17.4x2x
Thu, 19 Jan 2023CA$463.6bCA$225.2bCA$29.4b10.7x15.8x2.1x
Price to Earnings Ratio

15.8x


Total Market Cap: CA$463.6bTotal Earnings: CA$29.4bTotal Revenue: CA$225.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 257x202420252026
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 49.2x which is lower than its 3-year average PE of 257x.
  • The industry is trading close to its 3-year average PS ratio of 5.0x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 10% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

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

CA Market1.46%
Materials5.64%
Metals and Mining6.12%
Paper and Forestry Products4.52%
Packaging1.95%
Chemicals-0.57%
Basic Materials-1.20%
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 288x.
    • Analysts are expecting annual earnings growth of 27.2%, which is lower than the prior year's growth of 63.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Basic Materials industry, expecting annual earnings growth of 58% over the next 5 years.
  • This is better than its past earnings growth rate of 31% per year.
  • In contrast, the Chemicals industry is expected to see its earnings grow by 6.6% 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
ABX Barrick MiningCA$66.529.9%
+CA$10.1b		193.0%PE22.5x
FNV Franco-NevadaCA$318.3211.3%
+CA$6.2b		73.6%PE48x
WPM Wheaton Precious MetalsCA$173.797.3%
+CA$5.4b		110.7%PE56.6x
K Kinross GoldCA$43.458.3%
+CA$4.0b		199.7%PE21.4x
AGI Alamos GoldCA$58.137.5%
+CA$1.7b		111.0%PE32.6x

Latest News

NTR
CA$83.28
Nutrien
7D
-4.0%
1Y
19.1%

NTR: Fertilizer Cycle Concerns Will Pressure Shares Despite Recent Buybacks

Narrative Update Analysts have nudged their consolidated price target for Nutrien down by about $2 to $64. This reflects updated views that factor in more cautious fertilizer and agriculture setups, modestly lower assumed revenue growth, a slightly higher profit margin profile, and a reduced future P/E multiple in their models.
SXGC
CA$9.44
Southern Cross Gold Consolidated
7D
-9.8%
1Y
n/a
LUN
CA$32.79
Lundin Mining
7D
10.4%
1Y
164.0%

LUN: Future Returns Will Depend On Metals Cycles Outweighing Legal Overhang Risks

Analysts have nudged our fair value estimate for Lundin Mining higher from $27.52 to $28.28. This reflects recent target price revisions across U.S., Canadian and European brokers who cite refreshed metals price assumptions and mixed regional demand signals.
ABX
CA$66.52
Barrick Mining
7D
9.9%
1Y
193.0%

ABX: Future Corporate Split Plans Will Drive Rerating Potential

Analysts have lifted their price target on Barrick Mining by an implied 64% to approximately US$80. They point to updated assumptions around fair value, discount rate, revenue growth, profit margin and a higher future P/E multiple as key drivers of the change.
AGX
CA$0.95
Silver X Mining
7D
-12.8%
1Y
363.4%
PAAS
CA$75.51
Pan American Silver
7D
7.8%
1Y
145.3%
K
CA$43.45
Kinross Gold
7D
11.9%
1Y
188.1%

K: Future P/E Compression Will Likely Reveal Weaker Underlying Profitability

Analysts have raised their price target on Kinross Gold to US$17.06, citing updated assumptions for stronger revenue growth, higher profit margins, and a lower expected future P/E multiple. What's in the News Kinross Gold issued new production guidance, expecting fourth quarter output to be slightly lower than 0.5 million gold equivalent ounces and to finish 2025 slightly above the midpoint of its annual guidance range of 2.0 million (+/- 5%) attributable gold equivalent ounces (Corporate guidance).
AGI
CA$58.13
Alamos Gold
7D
10.3%
1Y
106.6%

AGI: Share Buybacks And Stronger Fourth Quarter Output Will Support Bullish Upside

Analysts now set a modestly higher price target range for Alamos Gold, reflecting small adjustments to their fair value estimate, discount rate, and assumed future P/E multiple, while keeping revenue growth and profit margin expectations broadly in line with prior views. What's in the News Board of Directors authorizes a new share buyback plan on December 22, 2025, signaling continued use of repurchases as a capital allocation tool (Key Developments).
FNV
CA$318.32
Franco-Nevada
7D
11.3%
1Y
73.6%

FNV: Future Royalty Cash Flows Will Reflect Strong Precious Metal Pricing

The updated analyst price target for Franco-Nevada reflects a modest uplift in fair value to about $346, as analysts balance higher valuation multiples on cash-flowing royalty assets and stronger precious metals pricing with more cautious sentiment linked to recent gold price volatility. Analyst Commentary Recent Street research on Franco-Nevada shows a split view, with some analysts lifting targets and ratings based on royalty asset quality and commodity pricing, while others point to sentiment risk around gold price volatility.
BOGO
CA$1.53
Borealis Mining
7D
-10.0%
1Y
155.0%
WPM
CA$173.79
Wheaton Precious Metals
7D
7.3%
1Y
110.7%

WPM: Higher Gold Price Assumptions And New Streams Will Drive Long-Term Upside

Analysts have raised their price target on Wheaton Precious Metals by roughly US$8 to reflect updated commodity price forecasts, higher assumed revenue growth and margins, and a lower future P/E multiple, based on recent research updates from BofA, Scotiabank, Stifel and Berenberg. Analyst Commentary Bullish Takeaways Bullish analysts are lifting price targets across multiple currencies, which signals greater confidence in Wheaton Precious Metals' ability to support higher valuation levels under updated commodity price assumptions.
MLP
CA$2.99
Millennial Potash
7D
-9.5%
1Y
791.0%
AG
CA$26.31
First Majestic Silver
7D
19.3%
1Y
211.4%
GENM
CA$0.69
Generation Mining
7D
-14.8%
1Y
392.9%
MKA
CA$0.78
Mkango Resources
7D
-9.3%
1Y
300.0%
CUU
CA$0.74
Copper Fox Metals
7D
-10.8%
1Y
184.6%