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Canadian (TSX) Materials Sector Analysis

UpdatedDec 29, 2025
DataAggregated Company Financials
Companies1205
  • 7D2.3%
  • 3M18.4%
  • 1Y104.9%
  • YTD100.1%

In the last week, the Materials industry is up 2.3%, with Ivanhoe Mines up 7.6%. In the last 12 months, the industry was up 105%. As for the next few years, earnings are expected to grow by 27% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 29 Dec 2025CA$985.2bCA$209.5bCA$20.7b20.7x47.6x4.7x
Wed, 26 Nov 2025CA$857.6bCA$213.9bCA$22.1b18.4x38.8x4x
Fri, 24 Oct 2025CA$791.8bCA$202.6bCA$15.9b19.7x49.9x3.9x
Sun, 21 Sep 2025CA$774.8bCA$201.2bCA$14.7b19x52.8x3.9x
Tue, 19 Aug 2025CA$656.8bCA$201.9bCA$14.8b15.9x44.4x3.3x
Thu, 17 Jul 2025CA$610.6bCA$193.1bCA$9.8b15.8x62.4x3.2x
Sat, 14 Jun 2025CA$600.9bCA$193.0bCA$9.8b16x61.3x3.1x
Mon, 12 May 2025CA$569.6bCA$195.6bCA$10.2b13.4x56.1x2.9x
Wed, 09 Apr 2025CA$480.7bCA$193.0bCA$7.0b11.9x68.9x2.5x
Fri, 07 Mar 2025CA$516.6bCA$192.9bCA$5.7b13.6x90x2.7x
Sun, 02 Feb 2025CA$503.1bCA$200.8bCA$1.7b13.2x296.8x2.5x
Tue, 31 Dec 2024CA$471.1bCA$198.9bCA$1.5b13.1x319.5x2.4x
Thu, 28 Nov 2024CA$490.5bCA$195.5bCA$1.3b14.1x384.6x2.5x
Sat, 26 Oct 2024CA$531.7bCA$193.2bCA$585.3m17.1x908.4x2.8x
Mon, 23 Sep 2024CA$498.2bCA$190.5bCA$1.1b17x446.9x2.6x
Wed, 21 Aug 2024CA$484.7bCA$191.0bCA$1.1b15.5x450.9x2.5x
Fri, 19 Jul 2024CA$489.2bCA$191.7bCA$1.5b16.3x327.2x2.6x
Sun, 16 Jun 2024CA$450.1bCA$192.4bCA$993.6m16.6x453x2.3x
Tue, 14 May 2024CA$471.5bCA$191.6bCA$1.1b16x412.7x2.5x
Thu, 11 Apr 2024CA$457.5bCA$191.4bCA$3.5b18.1x129x2.4x
Sat, 09 Mar 2024CA$399.7bCA$190.1bCA$3.4b15.4x117.7x2.1x
Mon, 05 Feb 2024CA$407.3bCA$199.9bCA$5.3b13.1x76.6x2x
Wed, 03 Jan 2024CA$425.9bCA$198.7bCA$5.3b13.9x80.7x2.1x
Fri, 01 Dec 2023CA$419.2bCA$201.0bCA$5.4b13x77.9x2.1x
Sun, 29 Oct 2023CA$424.4bCA$205.7bCA$7.2b11.3x58.6x2.1x
Tue, 26 Sep 2023CA$430.5bCA$202.4bCA$7.4b10.8x58x2.1x
Thu, 24 Aug 2023CA$443.4bCA$202.2bCA$7.3b11.6x61x2.2x
Sat, 22 Jul 2023CA$460.7bCA$207.6bCA$14.5b11.8x31.8x2.2x
Mon, 19 Jun 2023CA$450.6bCA$207.4bCA$14.4b11.8x31.3x2.2x
Wed, 17 May 2023CA$474.6bCA$210.4bCA$15.0b11.9x31.6x2.3x
Fri, 14 Apr 2023CA$502.1bCA$216.4bCA$21.2b12x23.6x2.3x
Sun, 12 Mar 2023CA$436.9bCA$222.2bCA$24.4b10.6x17.9x2x
Tue, 07 Feb 2023CA$463.4bCA$224.2bCA$29.0b11.4x16x2.1x
Thu, 05 Jan 2023CA$446.3bCA$225.0bCA$29.3b9.7x15.2x2x
Price to Earnings Ratio

15.2x


Total Market Cap: CA$446.3bTotal Earnings: CA$29.3bTotal Revenue: CA$225.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 256.6x20242025
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 47.6x 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 11% per year over the last three years,
  • Revenues have also declined 2.4% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

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

CA Market0.90%
Materials2.27%
Metals and Mining2.37%
Paper and Forestry Products1.44%
Chemicals1.43%
Packaging0.63%
Basic Materials-0.30%
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 28.2%, 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 6.5% 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
IVN Ivanhoe MinesCA$15.657.6%
+CA$1.6b		-10.6%PE53.2x
LUG Lundin GoldCA$118.784.5%
+CA$1.2b		283.2%PE30.5x
TECK.B Teck ResourcesCA$63.703.5%
+CA$1.0b		8.3%PE25x
FM First Quantum MineralsCA$36.423.6%
+CA$1.0b		91.5%PE479.6x
PAAS Pan American SilverCA$73.383.2%
+CA$949.6m		147.4%PE35.7x

Latest News

SSRM
CA$31.17
SSR Mining
7D
-1.6%
1Y
206.2%

SSRM: Cripple Creek Cash Flows Will Support Stronger Future Returns

Analysts have lifted their price target on SSR Mining to about $46 from roughly $27, citing improved expectations for revenue growth and profit margins, supported by a series of upward target revisions across the Street despite a still challenging macro backdrop. Analyst Commentary Bullish analysts have incrementally raised their price targets on SSR Mining in recent weeks, pointing to a more constructive outlook on both the company specific execution and the broader precious metals complex.
OR
CA$50.74
OR Royalties
7D
-0.5%
1Y
91.8%
IVN
CA$15.65
Ivanhoe Mines
7D
7.6%
1Y
-10.6%

After Leaping 27% Ivanhoe Mines Ltd. (TSE:IVN) Shares Are Not Flying Under The Radar

Dec 24
After Leaping 27% Ivanhoe Mines Ltd. (TSE:IVN) Shares Are Not Flying Under The Radar
SLI
CA$6.64
Standard Lithium
7D
-2.5%
1Y
216.2%
SVM
CA$11.75
Silvercorp Metals
7D
-2.1%
1Y
172.0%
K
CA$40.05
Kinross Gold
7D
1.6%
1Y
198.0%

K: Future Earnings Multiple Expansion Will Likely Overstate Underlying Profitability

Analysts have raised their fair value estimate for Kinross Gold from approximately $12.50 to about $17.05 per share. They cite expectations for moderating revenue declines, slightly higher long run profit margins, and a marginally richer future earnings multiple, even after factoring in a higher discount rate.
LUN
CA$29.18
Lundin Mining
7D
3.1%
1Y
133.3%

LUN: Future Returns Will Weigh Metal Price Cycles Against Legal Overhang Risks

The analyst price target for Lundin Mining has been raised from approximately $24.55 to about $27.52, as analysts factor in stronger expected revenue growth and improved profit margins despite a mixed macro backdrop for metals and mining. Analyst Commentary Analyst sentiment toward Lundin Mining remains broadly constructive, with a series of recent target price revisions reflecting both stronger company specific fundamentals and a still challenging macro backdrop for metals.
PAAS
CA$73.38
Pan American Silver
7D
3.2%
1Y
147.4%
AGI
CA$55.03
Alamos Gold
7D
3.8%
1Y
107.9%

AGI: Stronger Fourth Quarter Output Is Expected To Drive Bullish Upside

Analysts have modestly raised their price target on Alamos Gold to approximately 64.44 dollars from about 63.99 dollars, citing expectations for faster revenue growth, improved profit margins, and a slightly lower future price to earnings multiple. What's in the News Updated 2025 guidance now calls for full year gold production of 560,000 to 580,000 ounces, narrowed from the prior 580,000 to 630,000 ounce range.
PPTA
CA$36.32
Perpetua Resources
7D
-4.9%
1Y
125.3%
TECK.B
CA$63.70
Teck Resources
7D
3.5%
1Y
8.3%
ODV
CA$5.00
Osisko Development
7D
-3.5%
1Y
111.0%
NGEX
CA$25.25
NGEx Minerals
7D
-4.4%
1Y
84.4%
LUG
CA$118.78
Lundin Gold
7D
4.5%
1Y
283.2%

LUG: Rising Gold And Silver Price Forecasts Will Drive Stronger Outlook

Lundin Gold's analyst price target has been raised significantly, from about C$85 to roughly C$125, as analysts factor in sharply higher long term gold and silver price assumptions along with stronger expected revenue growth and profitability. Analyst Commentary Bullish analysts are highlighting Lundin Gold as a key beneficiary of structurally higher precious metal price assumptions, pointing to meaningful upside to both earnings and net asset value under revised scenarios.
VMET
CA$12.13
Versamet Royalties
7D
-4.9%
1Y
n/a
FM
CA$36.42
First Quantum Minerals
7D
3.6%
1Y
91.5%