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Canadian (TSX) Materials Sector Analysis

UpdatedMar 01, 2026
DataAggregated Company Financials
Companies1207
  • 7D8.6%
  • 3M35.2%
  • 1Y139.2%
  • YTD29.4%

Over the last 7 days, the Materials industry has risen 8.5%, driven by gains from Wheaton Precious Metals of 8.1%. This takes the industry's 12 month performance to a gain of 139%. Looking forward, earnings are forecast to grow by 23% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 01 Mar 2026CA$1.3tCA$219.6bCA$27.7b20.5x45.3x5.7x
Tue, 27 Jan 2026CA$1.2tCA$210.5bCA$20.8b26.1x56x5.5x
Thu, 25 Dec 2025CA$985.1bCA$209.6bCA$20.7b20.7x47.6x4.7x
Sat, 22 Nov 2025CA$805.0bCA$213.9bCA$22.1b17.9x36.5x3.8x
Mon, 20 Oct 2025CA$843.6bCA$202.8bCA$15.1b20.6x55.9x4.2x
Wed, 17 Sep 2025CA$762.8bCA$200.8bCA$14.6b18.7x52.2x3.8x
Fri, 15 Aug 2025CA$652.8bCA$201.6bCA$14.5b16.7x45.1x3.2x
Sun, 13 Jul 2025CA$615.0bCA$193.1bCA$9.8b15.9x62.9x3.2x
Tue, 10 Jun 2025CA$597.8bCA$194.1bCA$10.1b15.4x59.2x3.1x
Thu, 08 May 2025CA$563.6bCA$192.5bCA$9.1b14.1x61.8x2.9x
Sat, 05 Apr 2025CA$519.0bCA$192.8bCA$7.0b12.3x74.4x2.7x
Mon, 03 Mar 2025CA$506.7bCA$194.0bCA$4.8b12.1x105x2.6x
Wed, 29 Jan 2025CA$490.3bCA$199.3bCA$1.7b14x297x2.5x
Fri, 27 Dec 2024CA$471.8bCA$199.4bCA$1.5b12.8x315.9x2.4x
Sun, 24 Nov 2024CA$500.0bCA$195.0bCA$1.2b13.7x408.4x2.6x
Tue, 22 Oct 2024CA$532.4bCA$193.0bCA$1.5b17.8x357.1x2.8x
Thu, 19 Sep 2024CA$490.9bCA$191.0bCA$1.1b16.7x437.8x2.6x
Sat, 17 Aug 2024CA$470.1bCA$191.6bCA$1.1b15.1x433.6x2.5x
Mon, 15 Jul 2024CA$490.9bCA$191.5bCA$1.1b14.8x449.6x2.6x
Wed, 12 Jun 2024CA$464.3bCA$192.6bCA$976.0m16.6x475.7x2.4x
Fri, 10 May 2024CA$465.6bCA$191.4bCA$1.1b17.6x406.2x2.4x
Sun, 07 Apr 2024CA$449.4bCA$190.5bCA$3.5b17.7x127.6x2.4x
Tue, 05 Mar 2024CA$389.5bCA$191.0bCA$4.6b15x85.5x2x
Thu, 01 Feb 2024CA$410.0bCA$199.8bCA$5.3b13.1x77x2.1x
Sat, 30 Dec 2023CA$428.1bCA$197.9bCA$5.2b14.1x81.8x2.2x
Mon, 27 Nov 2023CA$411.4bCA$201.7bCA$5.4b11.9x76.8x2x
Wed, 25 Oct 2023CA$423.9bCA$204.8bCA$7.4b11x56.9x2.1x
Fri, 22 Sep 2023CA$435.6bCA$202.6bCA$7.5b10.8x58.4x2.1x
Sun, 20 Aug 2023CA$431.1bCA$202.3bCA$7.3b12.1x59.1x2.1x
Tue, 18 Jul 2023CA$460.4bCA$207.3bCA$14.5b11.1x31.9x2.2x
Thu, 15 Jun 2023CA$451.3bCA$208.7bCA$14.6b11.3x30.9x2.2x
Sat, 13 May 2023CA$479.2bCA$211.5bCA$15.4b12.6x31.1x2.3x
Mon, 10 Apr 2023CA$485.2bCA$218.4bCA$21.5b11.8x22.6x2.2x
Wed, 08 Mar 2023CA$446.5bCA$221.6bCA$24.6b11.1x18.1x2x
Price to Earnings Ratio

18.1x


Total Market Cap: CA$446.5bTotal Earnings: CA$24.6bTotal Revenue: CA$221.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 258.5x202420252026
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 44.8x which is lower than its 3-year average PE of 259x.
  • The industry is trading close to its 3-year average PS ratio of 5.2x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have grown 4.3% 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 Market1.82%
Materials8.55%
Metals and Mining9.01%
Chemicals5.49%
Basic Materials3.85%
Packaging3.24%
Paper and Forestry Products-2.50%
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 24.4%, which is lower than the prior year's growth of 85.9% 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 grow by 2.2% 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
WPM Wheaton Precious MetalsCA$222.278.1%
+CA$7.5b		122.5%PE73.9x
ABX Barrick MiningCA$69.215.5%
+CA$6.0b		169.7%PE17x
K Kinross GoldCA$50.4210.2%
+CA$5.6b		225.3%PE18.6x
LUG Lundin GoldCA$128.5718.9%
+CA$4.9b		222.6%PE28.8x
FNV Franco-NevadaCA$381.247.0%
+CA$4.8b		84.6%PE58.6x

Latest News

LUN
CA$43.46
Lundin Mining
7D
9.9%
1Y
275.0%
LUG
CA$128.57
Lundin Gold
7D
18.9%
1Y
222.6%
CAMB
CA$1.50
Cambria Gold Mines
7D
-12.8%
1Y
-72.7%
AG
CA$43.64
First Majestic Silver
7D
15.8%
1Y
463.1%

AG: Rich Multiple And Weaker Margins Will Pressure Future Repricing

Analysts have reset their price target on First Majestic Silver to CA$35.00, reflecting updated views on revenue growth, profit margins and a higher future P/E assumption, while keeping their fair value estimate steady at CA$35.00. What's in the News The board declared a cash dividend of $0.0083 per common share for the fourth quarter of 2025, payable on or about March 16, 2026, to shareholders of record on February 27, 2026 (company announcement).
SJ
CA$93.61
Stella-Jones
7D
-4.1%
1Y
35.3%
WPK
CA$48.18
Winpak
7D
-7.4%
1Y
18.6%
CAS
CA$12.03
Cascades
7D
-14.1%
1Y
7.2%
ABX
CA$69.21
Barrick Mining
7D
5.5%
1Y
169.7%
AGI
CA$73.93
Alamos Gold
7D
12.8%
1Y
123.6%
WFG
CA$90.56
West Fraser Timber
7D
-1.6%
1Y
-21.2%

WFG: Impairment Charge And Upgraded Outlook Will Support Future Upside Potential

Analysts have lifted their price target on West Fraser Timber from about CA$107.92 to roughly CA$110.49, citing updated assumptions around revenue growth, profit margins, a slightly lower discount rate, and recent positive research attention on the stock. Analyst Commentary Recent research attention on West Fraser Timber has focused on how updated assumptions feed into the company’s valuation, with some analysts taking a more constructive view on the risk and reward profile.
K
CA$50.42
Kinross Gold
7D
10.2%
1Y
225.3%
TECK.B
CA$80.11
Teck Resources
7D
-1.5%
1Y
37.6%
IVN
CA$15.60
Ivanhoe Mines
7D
-2.3%
1Y
13.6%

IVN: Rising Metals Assumptions Will Support Long Term Copper Output Expansion

Ivanhoe Mines' updated analyst price target edges higher to CA$23.99 from CA$23.80. This reflects analysts' mixed adjustments to revenue growth, margins, future P/E assumptions and recent research that includes both higher cost expectations and refreshed price targets across the Street.
FNV
CA$381.24
Franco-Nevada
7D
7.0%
1Y
84.6%
CHE.UN
CA$15.43
Chemtrade Logistics Income Fund
7D
-4.4%
1Y
48.9%

CHE.UN: Future Distribution Increases Will Support Upside From Current Levels

Narrative Update on Chemtrade Logistics Income Fund Analysts have revised their CA$ price target for Chemtrade Logistics Income Fund to CA$18.39, reflecting updated assumptions for discount rate, revenue growth, profit margin, and future P/E, while keeping their fair value view unchanged. Analyst Commentary Analysts updating their work on Chemtrade Logistics Income Fund are using the revised CA$18.39 price target as a reference point for both upside potential and execution risk.
WPM
CA$222.27
Wheaton Precious Metals
7D
8.1%
1Y
122.5%

WPM: Fair Value Case Balances Higher Metal Assumptions And Execution Risks

The analyst price target for Wheaton Precious Metals has been raised by CA$19.86. Analysts cite refreshed valuation work that incorporates updated revenue growth, profit margin and P/E assumptions reflected in recent target increases from firms such as Stifel, CIBC, UBS, Scotiabank, Canaccord and BofA.