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Canadian (TSX) Materials Sector Analysis

UpdatedJul 23, 2026
DataAggregated Company Financials
Companies1228
  • 7D3.5%
  • 3M-10.5%
  • 1Y50.3%
  • YTD-1.6%

In the last week, the Materials industry is up 3.5%, with Barrick Mining leading the way, up 4.6%. In the same time, West Fraser Timber was down 5.6%. This takes the industry's 12 month performance to a gain of 50%. Earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 24 Jul 2026CA$932.2bCA$246.9bCA$38.0b14.3x24.5x3.8x
Sun, 21 Jun 2026CA$992.4bCA$248.1bCA$38.1b14.2x26x4x
Tue, 19 May 2026CA$1.0tCA$241.4bCA$37.1b16.1x27.8x4.3x
Thu, 16 Apr 2026CA$1.1tCA$221.8bCA$29.5b18.8x38.2x5.1x
Sat, 14 Mar 2026CA$1.1tCA$223.2bCA$28.5b17x39.1x5x
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
Price to Earnings Ratio

40.9x


Total Market Cap: CA$463.9bTotal Earnings: CA$11.3bTotal Revenue: CA$203.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 259.2x202420252026
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 24.5x which is lower than its 3-year average PE of 259x.
  • The 3-year average PS ratio of 5.5x is higher than the industry's current PS ratio of 3.8x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have grown 50% per year over the last three years.
  • Revenues for these companies have grown 6.8% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

CA Market0.29%
Materials3.55%
Basic Materials4.69%
Metals and Mining4.03%
Packaging1.27%
Chemicals-0.066%
Paper and Forestry Products-4.02%
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 279x.
    • Analysts are expecting annual earnings growth of 17.7%, which is lower than the prior year's growth of 136.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Paper and Forestry Products industry, expecting annual earnings growth of 50% over the next 5 years.
  • However this is lower than its past earnings growth rate of 71% per year.
  • In contrast, the Packaging industry is expected to see its earnings grow by 3.4% 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
ABX Barrick MiningCA$52.316.9%
+CA$5.6b		78.0%PE10.2x
FNV Franco-NevadaCA$301.738.3%
+CA$4.5b		35.9%PE30.2x
WPM Wheaton Precious MetalsCA$154.975.8%
+CA$3.9b		20.8%PE27.8x
TECK.B Teck ResourcesCA$84.187.3%
+CA$2.8b		75.6%PE22.3x
LUN Lundin MiningCA$36.247.9%
+CA$2.3b		159.2%PE18.5x

Latest News

CCL.B
CA$89.11
CCL Industries
7D
-3.5%
1Y
13.0%
LUN
CA$36.24
Lundin Mining
7D
7.9%
1Y
159.2%
ABX
CA$52.31
Barrick Mining
7D
6.9%
1Y
78.0%
Narrative Update • Jul 22

ABX: Buyback And North American Spin Off Plan Will Drive Future Upside

Barrick Mining's analyst price target has been revised to CA$68 from CA$72. Analysts point to moderated revenue growth expectations, a slightly higher discount rate, and a lower future P/E assumption, partly offset by a small improvement in projected profit margins.
GORO
CA$3.28
Goldgroup Mining
7D
-38.1%
1Y
-27.4%
FNV
CA$301.73
Franco-Nevada
7D
8.3%
1Y
35.9%
Narrative Update • Jul 21

FNV: Cobre Panama Restart And Mixed Commodity Outlook Will Shape Outlook

Franco-Nevada's analyst price target has been trimmed to about CA$271 from roughly CA$280 as analysts factor in lower gold price assumptions, mixed near term sector conditions, and updated commodity forecasts, while still seeing relatively strong margins for many gold producers. Analyst Commentary Recent research on Franco-Nevada points to a more cautious tone, with several firms cutting price targets as they refresh gold and silver price assumptions and factor in tougher operating conditions for miners.
NEO
CA$37.48
Neo Performance Materials
7D
-4.1%
1Y
124.3%
Narrative Update • Jul 21

NEO: Raised 2026 EBITDA Guidance And Rare Metals Pricing Will Drive Rerating

Neo Performance Materials has seen its analyst price target raised to CA$50.76 from CA$39.63. Analysts cite updated assumptions for revenue growth, profit margins and valuation, along with a series of recent target increases from CA$26 to as high as CA$60 in Street research.
HMMC
CA$5.29
Hemlo Mining
7D
-6.7%
1Y
968.7%
ELD
CA$45.04
Eldorado Gold
7D
14.4%
1Y
61.3%
Narrative Update • Jul 20

ELD: Share Buybacks Will Support Future Returns Despite Near Term Production Softness

Analysts have revised their fair value estimate for Eldorado Gold, lifting the implied price target from about CA$44.41 to roughly CA$47.00, citing updated assumptions around revenue growth, profit margins, discount rates, and future P/E expectations. What’s in the News for Eldorado Gold Eldorado Gold reported first quarter 2026 gold production of 100,358 ounces, down from 115,893 ounces in first quarter 2025, with lower tonnes and ore grade stacked at Kisladag and lower ore grade at Efemcukuru, partially offset by higher grade and recoveries at Olympias and Lamaque.
TECK.B
CA$84.18
Teck Resources
7D
7.3%
1Y
75.6%
WPM
CA$154.97
Wheaton Precious Metals
7D
5.8%
1Y
20.8%
CFP
CA$13.90
Canfor
7D
-4.6%
1Y
-1.1%
SJ
CA$75.95
Stella-Jones
7D
-4.4%
1Y
-5.7%
LAR
CA$8.55
Lithium Argentina
7D
-5.9%
1Y
105.5%
FM
CA$39.05
First Quantum Minerals
7D
4.4%
1Y
63.1%
Narrative Update • Jul 10

FM: Fair Value View Balances Cobre Panama Clarity And Margin Resilience

Analysts have lifted the fair value estimate for First Quantum Minerals to CA$40.73, reflecting a higher assumed future P/E of 20.0x and slightly stronger profit margins. Recent Street price targets, ranging roughly from CA$41 to CA$55, highlight differing views on the potential impact of Cobre Panama and updated risk assumptions.
WFG
CA$94.05
West Fraser Timber
7D
-6.6%
1Y
-2.9%
CGG
CA$29.79
China Gold International Resources
7D
18.6%
1Y
141.4%