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Canadian (TSX) Materials Sector Analysis

UpdatedJan 30, 2026
DataAggregated Company Financials
Companies1208
  • 7D2.3%
  • 3M44.8%
  • 1Y123.6%
  • YTD21.1%

In the last week, the Materials industry is up 2.3%, with Teck Resources leading the way with a 11% gain. In the last 12 months, the industry was up 124%. Earnings are forecast to grow by 28% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 30 Jan 2026CA$1.2tCA$207.9bCA$20.4b24.8x59.1x5.8x
Sun, 28 Dec 2025CA$985.2bCA$209.5bCA$20.7b20.7x47.6x4.7x
Tue, 25 Nov 2025CA$813.9bCA$214.0bCA$22.1b18x36.8x3.8x
Thu, 23 Oct 2025CA$790.9bCA$202.2bCA$15.0b19.5x52.8x3.9x
Sat, 20 Sep 2025CA$747.2bCA$201.2bCA$14.7b18.8x50.9x3.7x
Mon, 18 Aug 2025CA$656.8bCA$202.0bCA$14.8b15.7x44.4x3.3x
Wed, 16 Jul 2025CA$614.6bCA$193.5bCA$9.8b16x62.5x3.2x
Fri, 13 Jun 2025CA$596.5bCA$193.2bCA$10.0b15.5x59.6x3.1x
Sun, 11 May 2025CA$569.6bCA$195.6bCA$10.2b13.4x56.1x2.9x
Tue, 08 Apr 2025CA$481.3bCA$193.0bCA$7.0b11.9x68.9x2.5x
Thu, 06 Mar 2025CA$498.5bCA$192.8bCA$4.7b12.8x105.2x2.6x
Sat, 01 Feb 2025CA$509.6bCA$200.8bCA$1.7b13.2x301.1x2.5x
Mon, 30 Dec 2024CA$471.1bCA$199.5bCA$1.5b13.1x315.8x2.4x
Wed, 27 Nov 2024CA$491.2bCA$196.0bCA$1.3b13.9x380.8x2.5x
Fri, 25 Oct 2024CA$533.7bCA$191.0b-CA$232,536,014.0217.1x-2294.9x2.8x
Sun, 22 Sep 2024CA$498.2bCA$190.5bCA$1.1b17x446.9x2.6x
Tue, 20 Aug 2024CA$477.3bCA$191.2bCA$1.1b15.8x443.9x2.5x
Thu, 18 Jul 2024CA$497.9bCA$191.5bCA$1.5b16.1x338.6x2.6x
Sat, 15 Jun 2024CA$449.4bCA$192.4bCA$975.7m16.6x460.6x2.3x
Mon, 13 May 2024CA$474.7bCA$191.6bCA$1.1b17.6x412.9x2.5x
Wed, 10 Apr 2024CA$448.7bCA$190.3bCA$3.5b18x127.5x2.4x
Fri, 08 Mar 2024CA$398.9bCA$189.8bCA$3.4b15.3x118.5x2.1x
Sun, 04 Feb 2024CA$407.3bCA$199.9bCA$5.3b13.1x76.6x2x
Tue, 02 Jan 2024CA$426.8bCA$197.9bCA$5.2b14x81.4x2.2x
Thu, 30 Nov 2023CA$420.2bCA$201.3bCA$5.4b12.6x78x2.1x
Sat, 28 Oct 2023CA$424.3bCA$205.7bCA$7.1b11.3x59.4x2.1x
Mon, 25 Sep 2023CA$433.9bCA$202.6bCA$7.4b10.5x58.4x2.1x
Wed, 23 Aug 2023CA$436.0bCA$202.4bCA$7.3b11.3x59.7x2.2x
Fri, 21 Jul 2023CA$460.6bCA$207.1bCA$14.4b11.4x31.9x2.2x
Sun, 18 Jun 2023CA$450.6bCA$207.4bCA$14.4b11.8x31.3x2.2x
Tue, 16 May 2023CA$483.9bCA$210.5bCA$15.1b12.4x32.1x2.3x
Thu, 13 Apr 2023CA$493.7bCA$217.6bCA$21.4b12x23.1x2.3x
Sat, 11 Mar 2023CA$436.9bCA$222.2bCA$24.4b10.6x17.9x2x
Mon, 06 Feb 2023CA$469.3bCA$223.7bCA$28.9b11.7x16.2x2.1x
Price to Earnings Ratio

16.2x


Total Market Cap: CA$469.3bTotal Earnings: CA$28.9bTotal Revenue: CA$223.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 257.7x202420252026
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 59.1x which is lower than its 3-year average PE of 258x.
  • The 3-year average PS ratio of 5.1x is lower than the industry's current PS ratio of 5.8x.
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 Market-0.049%
Materials2.25%
Metals and Mining2.50%
Chemicals2.00%
Paper and Forestry Products-1.43%
Basic Materials-1.89%
Packaging-6.33%
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 30.1%, which is lower than the prior year's growth of 71.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Basic Materials industry, expecting annual earnings growth of 48% over the next 5 years.
  • This is better than its past earnings growth rate of 31% per year.
  • In contrast, the Packaging industry is expected to see its earnings growth to stay flat 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$78.6711.4%
+CA$3.9b		30.3%PE30.9x
ABX Barrick MiningCA$70.193.4%
+CA$3.9b		192.6%PE24.5x
LUN Lundin MiningCA$37.1613.7%
+CA$3.8b		216.5%PE111x
IVN Ivanhoe MinesCA$18.7415.8%
+CA$3.6b		15.3%PE64.7x
WPM Wheaton Precious MetalsCA$205.433.6%
+CA$3.3b		124.7%PE69x

Latest News

IVN
CA$18.74
Ivanhoe Mines
7D
15.8%
1Y
15.3%
CS
CA$16.66
Capstone Copper
7D
17.9%
1Y
98.1%
GMIN
CA$45.92
G Mining Ventures
7D
-6.4%
1Y
227.8%
LUN
CA$37.16
Lundin Mining
7D
13.7%
1Y
216.5%
AGI
CA$56.75
Alamos Gold
7D
-2.5%
1Y
84.9%
TFPM
CA$50.50
Triple Flag Precious Metals
7D
-5.9%
1Y
114.3%

TFPM: Refreshed Metal Forecasts And Buybacks Will Shape Future Earnings Balance

Narrative Update: Triple Flag Precious Metals The updated analyst price target for Triple Flag Precious Metals has moved higher to reflect a refreshed fair value of about 57.37. Analysts point to revised commodity forecasts and adjustments to key inputs such as the discount rate, revenue growth, profit margin, and future P/E assumptions, as seen in recent target increases from several firms.
CCL.B
CA$81.26
CCL Industries
7D
-8.3%
1Y
10.4%

CCL.B: Higher Street Conviction And Buyback Activity Will Support Upside Potential

We are nudging our analyst price target for CCL Industries up from C$97.30 to C$97.80. This reflects the recent series of higher Street targets from CIBC, Stifel, RBC Capital and TD Securities, as analysts factor in updated assumptions on growth, margins and P/E multiples.
K
CA$49.32
Kinross Gold
7D
-2.3%
1Y
196.9%
HBM
CA$36.26
Hudbay Minerals
7D
9.0%
1Y
195.3%

HBM: Future Returns Will Reflect Critical Status And Long Dated Copper Execution Risks

Hudbay Minerals' analyst price targets have moved higher, with the fair value estimate rising by about $5 to $32.92, as analysts factor in updated growth and profitability assumptions, alongside a series of recent Buy ratings and target hikes from major firms. Analyst Commentary Recent Street research on Hudbay Minerals has centered on refreshed models, higher price targets in both Canadian dollars and U.S. dollars, and new or resumed positive coverage.
ABX
CA$70.19
Barrick Mining
7D
3.4%
1Y
192.6%

ABX: Future Corporate Split Will Weigh On Shares Despite Stronger Outlook

Analysts have raised their price target on Barrick Mining from US$31.15 to US$42.23, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple as the key drivers of the revised outlook. What's in the News Barrick Mining plans a leadership change in the finance team, with board member Helen Cai set to become Chief Financial Officer on March 1, 2026, following the departure of current CFO Graham Shuttleworth after the 2025 year end results.
TECK.B
CA$78.67
Teck Resources
7D
11.4%
1Y
30.3%
WPM
CA$205.43
Wheaton Precious Metals
7D
3.6%
1Y
124.7%

WPM: Precious Metals Streams And Geopolitical Tensions Will Support Future Upside

Analysts have lifted their price targets on Wheaton Precious Metals into the low US$130s, with the updated fair value estimate of about US$259. This change is supported by expectations for stronger revenue growth, higher profit margins, a slightly higher discount rate, and a lower future P/E assumption.
NGD
CA$16.33
New Gold
7D
-6.1%
1Y
272.0%

NGD: Fairly Valued Outlook As Raised P/E Assumptions Support Future Upside

Analysts have raised their price target on New Gold to C$12.50 from C$11.50, citing updated assumptions around growth, profitability and future P/E that support a higher valuation range for the shares. Analyst Commentary Recent research points to a higher valuation range for New Gold, with the new C$12.50 price target anchored to updated assumptions on growth, profitability and future P/E expectations.
FM
CA$41.72
First Quantum Minerals
7D
7.7%
1Y
118.4%
SEA
CA$45.18
Seabridge Gold
7D
-11.4%
1Y
148.4%
PPTA
CA$43.23
Perpetua Resources
7D
-10.1%
1Y
151.6%