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Canadian (TSX) Materials Sector Analysis

UpdatedFeb 09, 2026
DataAggregated Company Financials
Companies1208
  • 7D1.5%
  • 3M27.4%
  • 1Y100.6%
  • YTD10.7%

Over the last 7 days, the Materials industry has risen 1.5%, driven by gains from Wheaton Precious Metals of 3.6%. In the same time, Eldorado Gold was down 8.8%. In the last 12 months, the industry was up 101%. Earnings are forecast to grow by 27% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 09 Feb 2026CA$1.1tCA$213.0bCA$22.6b22x47.4x5x
Wed, 07 Jan 2026CA$994.6bCA$211.2bCA$20.9b22.4x47.6x4.7x
Fri, 05 Dec 2025CA$907.5bCA$212.2bCA$21.6b20x42x4.3x
Sun, 02 Nov 2025CA$796.4bCA$204.4bCA$16.7b19.4x47.7x3.9x
Tue, 30 Sep 2025CA$813.8bCA$201.7bCA$14.9b20.5x54.6x4x
Thu, 28 Aug 2025CA$688.6bCA$201.8bCA$14.8b16.7x46.5x3.4x
Sat, 26 Jul 2025CA$616.3bCA$193.0bCA$9.7b16.1x63.8x3.2x
Mon, 23 Jun 2025CA$596.6bCA$193.8bCA$9.9b15.3x60.4x3.1x
Wed, 21 May 2025CA$499.8bCA$178.1bCA$7.3b13x68.9x2.8x
Fri, 18 Apr 2025CA$557.0bCA$188.8bCA$6.6b13.9x84.3x3x
Sun, 16 Mar 2025CA$535.0bCA$193.6bCA$6.6b13.5x80.9x2.8x
Tue, 11 Feb 2025CA$518.7bCA$198.5bCA$1.7b13.7x304.4x2.6x
Thu, 09 Jan 2025CA$482.1bCA$199.1bCA$1.5b13.6x324x2.4x
Sat, 07 Dec 2024CA$497.0bCA$196.8bCA$1.3b13.8x383.1x2.5x
Mon, 04 Nov 2024CA$510.2bCA$191.1bCA$284.3m15.2x1794.7x2.7x
Wed, 02 Oct 2024CA$501.0bCA$189.4bCA$1.4b16.2x368.8x2.6x
Fri, 30 Aug 2024CA$475.6bCA$189.7bCA$1.0b17.4x463.4x2.5x
Sun, 28 Jul 2024CA$474.6bCA$192.8bCA$1.5b16.3x316.1x2.5x
Tue, 25 Jun 2024CA$451.6bCA$191.7bCA$1.0b16.3x445.4x2.4x
Thu, 23 May 2024CA$500.0bCA$192.1bCA$664.7m17x752.2x2.6x
Sat, 20 Apr 2024CA$453.5bCA$192.4bCA$3.7b18x124.2x2.4x
Mon, 18 Mar 2024CA$412.5bCA$190.7bCA$3.6b13.4x115.4x2.2x
Wed, 14 Feb 2024CA$362.6bCA$191.4bCA$6.6b12.9x54.7x1.9x
Fri, 12 Jan 2024CA$415.6bCA$199.3bCA$5.3b13.3x78.2x2.1x
Sun, 10 Dec 2023CA$414.2bCA$201.3bCA$5.4b12.8x76.6x2.1x
Tue, 07 Nov 2023CA$415.1bCA$201.2bCA$5.3b12.4x77.6x2.1x
Thu, 05 Oct 2023CA$414.2bCA$204.8bCA$7.5b10.9x54.9x2x
Sat, 02 Sep 2023CA$453.7bCA$202.9bCA$7.6b11.3x59.5x2.2x
Mon, 31 Jul 2023CA$463.9bCA$203.1bCA$11.3b12.4x40.9x2.3x
Wed, 28 Jun 2023CA$438.9bCA$207.2bCA$14.3b11.8x30.6x2.1x
Fri, 26 May 2023CA$451.4bCA$211.7bCA$15.1b11.8x29.9x2.1x
Sun, 23 Apr 2023CA$487.7bCA$218.7bCA$21.5b11.8x22.7x2.2x
Tue, 21 Mar 2023CA$458.2bCA$220.2bCA$23.6b11x19.4x2.1x
Thu, 16 Feb 2023CA$448.7bCA$222.4bCA$26.0b10.2x17.3x2x
Price to Earnings Ratio

17.3x


Total Market Cap: CA$448.7bTotal Earnings: CA$26.0bTotal Revenue: CA$222.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 258x202420252026
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 47.4x which is lower than its 3-year average PE of 258x.
  • The industry is trading close to its 3-year average PS ratio of 5.1x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 4.5% 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 Market2.10%
Materials1.55%
Paper and Forestry Products7.51%
Packaging4.96%
Metals and Mining1.45%
Basic Materials0.59%
Chemicals0.38%
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 29.3%, 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.
  • 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 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
WPM Wheaton Precious MetalsCA$185.903.6%
+CA$3.0b		96.6%PE61.7x
AGI Alamos GoldCA$54.888.8%
+CA$1.9b		73.1%PE31.3x
K Kinross GoldCA$43.812.2%
+CA$1.1b		158.2%PE22x
AII Almonty IndustriesCA$19.2825.2%
+CA$1.1b		572.9%PS178.6x
TECK.B Teck ResourcesCA$75.152.8%
+CA$1.0b		22.2%PE29.5x

Latest News

ABX
CA$61.75
Barrick Mining
7D
-0.8%
1Y
153.8%
ELD
CA$53.27
Eldorado Gold
7D
-8.8%
1Y
168.0%

ELD: Rising Reserves And Buybacks Will Conceal Mounting Overvaluation Risk

Analysts have lifted their price target on Eldorado Gold by about US$5.47, reflecting updated views on fair value, growth expectations, and profitability assumptions for the company. What's in the News Eldorado Gold has initiated a regular quarterly dividend program, with an initial dividend of US$0.075 per common share payable on March 13, 2026, to shareholders of record on February 27, 2026 (Dividend Initiation).
LUN
CA$33.45
Lundin Mining
7D
-2.6%
1Y
173.5%

LUN: Future Returns Will Reflect Metals Cycles Legal Overhang And Capital Deployment

The analyst price target for Lundin Mining has been lifted by about $1.93, reflecting updated assumptions around higher revenue growth expectations, a slightly increased discount rate, modestly lower profit margin forecasts, and a small upward adjustment to future P/E that align with recent target changes from several firms. Analyst Commentary Recent Street research on Lundin Mining shows a mix of optimism and caution, with several firms revisiting their models and price targets across both North American dollar and Swedish krona listings.
WPM
CA$185.90
Wheaton Precious Metals
7D
3.6%
1Y
96.6%
ERO
CA$41.82
Ero Copper
7D
-8.5%
1Y
119.2%
IVN
CA$16.81
Ivanhoe Mines
7D
-2.4%
1Y
3.8%

IVN: Higher Metals Price Assumptions Will Support Multi Year Copper Production Ramp

Narrative Update The analyst price target for Ivanhoe Mines has been lifted by about $0.94, with analysts pointing to refreshed sector price forecasts, an updated fair value of $23.80, a slightly higher discount rate of 7.48% and a modestly higher future P/E of 35.06x as key drivers of the change. Analyst Commentary Recent Street research on Ivanhoe Mines has leaned positive, with several bullish analysts lifting their price targets and pointing to refreshed sector assumptions to support higher valuation levels.
EDV
CA$78.38
Endeavour Mining
7D
5.4%
1Y
155.5%
AGI
CA$54.88
Alamos Gold
7D
8.8%
1Y
73.1%

AGI: Buyback And Rising Earnings Confidence Will Drive Bullish Upside

Narrative Update on Alamos Gold Analysts have lifted their price targets on Alamos Gold, with recent C$6, $5 and $3 upward revisions contributing to a higher implied fair value of 70.95. This is supported by updated assumptions for revenue growth, profit margin and future P/E.
FNV
CA$317.34
Franco-Nevada
7D
-0.4%
1Y
57.2%

FNV: Future Royalty Cash Flows Will Support Rising Dividend And Metals Sentiment

Analysts have raised their price target for Franco-Nevada by about $13. This reflects updated assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E, following recent target increases from several firms alongside a downgrade from one broker.
TECK.B
CA$75.15
Teck Resources
7D
2.8%
1Y
22.2%
K
CA$43.81
Kinross Gold
7D
2.2%
1Y
158.2%

K: Future Mine Expansions And Buybacks Will Support A Higher Share Price

The analyst price target for Kinross Gold has been revised higher from US$35.03 to US$59.97, with analysts tying this move to updated assumptions for revenue growth, profit margins, the discount rate, and future P/E multiples. What's in the News Completed share repurchase of 9,945,047 shares, representing 0.82% of the company, for US$258.5 million between October 1, 2025 and December 31, 2025 under the existing buyback program (Key Developments).
IMG
CA$26.14
IAMGOLD
7D
5.8%
1Y
185.7%

IMG: Higher Production And Richer P/E Multiple Will Support Future Upside Potential

Analysts have raised their price target for IAMGOLD from US$25.73 to US$32.54, citing updated views on fair value, revised profit margin assumptions, and expectations for a higher future P/E multiple. What's in the News IAMGOLD reported consolidated gold production of 242,400 ounces for the fourth quarter of 2025, compared with 176,700 ounces a year earlier (Key Developments).
FOM
CA$6.04
Foran Mining
7D
-8.3%
1Y
53.7%
AG
CA$30.06
First Majestic Silver
7D
6.0%
1Y
274.3%
FM
CA$37.36
First Quantum Minerals
7D
-2.9%
1Y
87.6%

Cobre Panamá Uncertainty And Rising Zambian Costs Will Pressure Margins And Future Cash Flows

Catalysts About First Quantum Minerals First Quantum Minerals is a global mining company focused on producing copper, nickel and gold from operations in Zambia, Panama, Turkey, Finland and other jurisdictions. What are the underlying business or industry changes driving this perspective?
AII
CA$19.28
Almonty Industries
7D
25.2%
1Y
572.9%