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Canadian (TSX) Materials Sector Analysis

UpdatedApr 24, 2026
DataAggregated Company Financials
Companies1214
  • 7D-4.1%
  • 3M-8.7%
  • 1Y87.3%
  • YTD10.1%

Over the last 7 days, the Materials industry has dropped 2.7%, driven by Barrick Mining declining 6.0%. On the other hand Rupert Resources is actually up 71%. In the past year, the industry has gained 93%. Looking forward, earnings are forecast to grow by 21% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 24 Apr 2026CA$1.1tCA$220.7bCA$29.4b17.7x36.5x4.9x
Sun, 22 Mar 2026CA$912.2bCA$221.2bCA$28.3b15.9x32.3x4.1x
Tue, 17 Feb 2026CA$1.1tCA$212.8bCA$21.6b22.9x52.1x5.3x
Thu, 15 Jan 2026CA$1.1tCA$212.0bCA$21.0b23.2x51x5x
Sat, 13 Dec 2025CA$941.4bCA$210.6bCA$20.8b20.3x45.2x4.5x
Mon, 10 Nov 2025CA$800.3bCA$210.1bCA$19.6b18.4x40.9x3.8x
Wed, 08 Oct 2025CA$849.1bCA$202.1bCA$15.0b21.6x56.7x4.2x
Fri, 05 Sep 2025CA$719.1bCA$202.3bCA$14.8b17.4x48.7x3.6x
Sun, 03 Aug 2025CA$600.2bCA$196.3bCA$11.4b16.1x52.5x3.1x
Tue, 01 Jul 2025CA$594.2bCA$192.4bCA$9.7b15.8x61.1x3.1x
Thu, 29 May 2025CA$571.8bCA$195.4bCA$10.3b14.1x55.8x2.9x
Sat, 26 Apr 2025CA$552.1bCA$189.9bCA$7.5b13.4x73.6x2.9x
Mon, 24 Mar 2025CA$545.0bCA$193.7bCA$7.0b14.3x77.7x2.8x
Wed, 19 Feb 2025CA$514.4bCA$198.2bCA$5.1b13.4x100.5x2.6x
Fri, 17 Jan 2025CA$487.9bCA$199.3bCA$1.7b13.5x291x2.4x
Sun, 15 Dec 2024CA$486.7bCA$197.7bCA$1.4b13.6x343.7x2.5x
Tue, 12 Nov 2024CA$503.5bCA$193.9bCA$1.3b14.7x402.7x2.6x
Thu, 10 Oct 2024CA$496.3bCA$191.6bCA$1.4b16.5x365.4x2.6x
Sat, 07 Sep 2024CA$449.2bCA$190.5bCA$1.0b15.8x437.9x2.4x
Mon, 05 Aug 2024CA$463.0bCA$194.0bCA$1.5b15.7x316x2.4x
Wed, 03 Jul 2024CA$453.8bCA$191.8bCA$1.0b15.3x442x2.4x
Fri, 31 May 2024CA$482.0bCA$191.9bCA$710.0m17.9x678.9x2.5x
Sun, 28 Apr 2024CA$463.0bCA$190.7bCA$2.6b17.8x178.7x2.4x
Tue, 26 Mar 2024CA$409.2bCA$191.1bCA$3.4b14x119.4x2.1x
Thu, 22 Feb 2024CA$372.7bCA$190.3bCA$6.1b13.9x61.2x2x
Sat, 20 Jan 2024CA$402.3bCA$200.0bCA$5.3b13.1x75.3x2x
Mon, 18 Dec 2023CA$420.8bCA$199.1bCA$5.3b13.3x79.8x2.1x
Wed, 15 Nov 2023CA$397.1bCA$202.5bCA$5.5b12.7x71.6x2x
Fri, 13 Oct 2023CA$424.9bCA$204.7bCA$7.5b11x56.6x2.1x
Sun, 10 Sep 2023CA$437.3bCA$203.3bCA$7.7b11x57x2.2x
Tue, 08 Aug 2023CA$455.9bCA$200.8bCA$6.9b11.9x65.7x2.3x
Thu, 06 Jul 2023CA$444.7bCA$208.2bCA$14.6b10.8x30.6x2.1x
Sat, 03 Jun 2023CA$451.9bCA$210.2bCA$14.8b10.8x30.4x2.1x
Mon, 01 May 2023CA$487.2bCA$215.2bCA$19.2b12.2x25.4x2.3x
Price to Earnings Ratio

25.4x


Total Market Cap: CA$487.2bTotal Earnings: CA$19.2bTotal Revenue: CA$215.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 259.4x202420252026
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 35.9x which is lower than its 3-year average PE of 259x.
  • The industry is trading close to its 3-year average PS ratio of 5.3x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have grown 15% 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-0.32%
Materials-4.12%
Basic Materials11.18%
Paper and Forestry Products1.16%
Packaging1.01%
Chemicals-2.14%
Metals and Mining-4.42%
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 21.7%, which is lower than the prior year's growth of 101.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Paper and Forestry Products industry, expecting annual earnings growth of 45% over the next 5 years.
  • However this is lower than its past earnings growth rate of 65% per year.
  • In contrast, the Chemicals industry is expected to see its earnings grow by 4.8% 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
TECK.B Teck ResourcesCA$83.315.0%
+CA$2.0b		66.1%PE29.1x
RUP Rupert ResourcesCA$11.1662.9%
+CA$1.0b		134.9%PB9.5x
VMET Versamet RoyaltiesCA$17.2014.1%
+CA$229.4m		n/aPE66.5x
MX MethanexCA$82.673.4%
+CA$211.1m		92.7%PE58.4x
CCL.B CCL IndustriesCA$87.401.4%
+CA$210.7m		25.9%PE18.8x

Latest News

TECK.B
CA$83.31
Teck Resources
7D
5.0%
1Y
66.1%
LUN
CA$37.53
Lundin Mining
7D
-8.5%
1Y
212.0%

LUN: Future Returns Will Balance Caserones Expansion With Copper Price Uncertainty

Analysts have modestly adjusted the Lundin Mining fair value estimate to CA$38.90 from CA$39.14. This reflects updated assumptions for revenue growth, profit margins and a slightly higher discount rate in light of mixed but generally higher recent Street price targets.
CAMB
CA$1.75
Cambria Gold Mines
7D
32.6%
1Y
-73.1%
FNV
CA$334.43
Franco-Nevada
7D
-5.4%
1Y
40.8%
AU
CA$2.57
Aurion Resources
7D
43.3%
1Y
216.7%
RUP
CA$11.16
Rupert Resources
7D
62.9%
1Y
134.9%
AGI
CA$60.19
Alamos Gold
7D
-9.3%
1Y
53.7%

AGI: Higher 2026 Metal Price Forecasts Will Support Dividend And Reserve Upside

Analysts have increased their CA$ price target on Alamos Gold by CA$8, citing updated metal price assumptions for 2026 and incremental adjustments to fair value, discount rate, margin and P/E inputs in their models. Analyst Commentary Recent research activity around Alamos Gold has centered on updated metal price assumptions for 2026 and refreshed valuation models, with several firms revising their price targets in both US$ and CA$ terms.
NTR
CA$98.87
Nutrien
7D
-3.2%
1Y
32.9%

NTR: Tighter Fertilizer Markets And DOJ Probe Will Shape Balanced Outlook

The analyst price target for Nutrien has risen by CA$4.18. Analysts attribute this change to updated assumptions for slightly stronger revenue growth, higher profit margins, and a lower future P/E multiple, reflecting the recent wave of higher sector targets and tighter global fertilizer markets.
ABX
CA$55.06
Barrick Mining
7D
-5.3%
1Y
104.7%

ABX: Reko Diq Review And Project Delays Will Shape Future Upside

Analysts have raised their CA$ fair value estimate for Barrick Mining from about CA$65.36 to about CA$71.61, citing updated assumptions around discount rates, revenue growth, margins, and a slightly lower future P/E multiple that together support the higher price target. Analyst Commentary Analysts are updating their views on Barrick Mining in the context of broader sector research that has recently featured valuation resets and rating changes for peers.
CCL.B
CA$87.40
CCL Industries
7D
1.4%
1Y
25.9%
WPM
CA$193.99
Wheaton Precious Metals
7D
-2.3%
1Y
70.3%
K
CA$43.94
Kinross Gold
7D
-5.4%
1Y
116.3%

K: Future Buybacks And Steady Output Will Likely Drive Stronger Cash Returns

Analysts have trimmed their fair value estimate for Kinross Gold to CA$53.46 from CA$54.39, reflecting updated assumptions around revenue growth, profit margins, the discount rate, and future P/E levels. What's in the News The Board of Directors authorized a new share buyback plan on March 19, 2026, signaling continued use of repurchases as a capital management tool (Key Developments).
ABRA
CA$16.86
AbraSilver Resource
7D
4.2%
1Y
485.4%
LUG
CA$102.35
Lundin Gold
7D
-8.8%
1Y
79.3%

LUG: Future Upside Will Depend On Higher Margins And Share Repurchases

Analysts have made a modest upward adjustment to the CA$-denominated price target for Lundin Gold, reflecting slightly higher fair value estimates supported by recent mixed target revisions from BMO Capital, Canaccord, Scotiabank and Veritas. Analyst Commentary Recent Street research shows a mix of revisions, but the common thread is that most price targets cluster in a relatively tight CA$115 to CA$125 range.
VMET
CA$17.20
Versamet Royalties
7D
14.1%
1Y
n/a
MX
CA$82.67
Methanex
7D
3.4%
1Y
92.7%