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Canadian (TSX) Materials Sector Analysis

UpdatedJan 31, 2026
DataAggregated Company Financials
Companies1209
  • 7D-10.0%
  • 3M30.4%
  • 1Y105.0%
  • YTD9.0%

Over the last 7 days, the Materials industry has dropped 10%, driven by Barrick Mining declining 11%. On the other hand 5N Plus is actually up 25%. This takes the industry's 12 month performance to a gain of 105%. 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
Sun, 01 Feb 2026CA$1.2tCA$209.4bCA$20.6b22.2x56.8x5.6x
Tue, 30 Dec 2025CA$962.0bCA$209.8bCA$20.7b20.8x46.4x4.6x
Thu, 27 Nov 2025CA$858.8bCA$213.3bCA$22.0b19x39.1x4x
Sat, 25 Oct 2025CA$801.4bCA$202.7bCA$15.9b20.2x50.3x4x
Mon, 22 Sep 2025CA$774.9bCA$201.2bCA$14.7b19x52.8x3.9x
Wed, 20 Aug 2025CA$655.3bCA$202.6bCA$14.9b14.9x44x3.2x
Fri, 18 Jul 2025CA$607.6bCA$193.7bCA$9.8b15.7x61.7x3.1x
Sun, 15 Jun 2025CA$607.4bCA$193.0bCA$9.8b16x61.9x3.1x
Tue, 13 May 2025CA$569.7bCA$196.2bCA$10.2b13.3x55.8x2.9x
Thu, 10 Apr 2025CA$474.6bCA$191.6bCA$6.9b12.4x69.2x2.5x
Sat, 08 Mar 2025CA$512.3bCA$193.6bCA$5.9b12.2x87.3x2.6x
Mon, 03 Feb 2025CA$503.1bCA$200.8bCA$1.7b13.2x296.6x2.5x
Wed, 01 Jan 2025CA$463.1bCA$199.1bCA$1.5b13.1x316.2x2.3x
Fri, 29 Nov 2024CA$491.1bCA$195.4bCA$1.3b13.6x380.8x2.5x
Sun, 27 Oct 2024CA$528.9bCA$193.1bCA$171.7m17.1x3080.6x2.7x
Tue, 24 Sep 2024CA$498.2bCA$190.5bCA$1.1b17x446.9x2.6x
Thu, 22 Aug 2024CA$485.9bCA$190.8bCA$1.0b15.7x464.6x2.5x
Sat, 20 Jul 2024CA$477.6bCA$191.9bCA$1.6b16.2x305.9x2.5x
Mon, 17 Jun 2024CA$450.1bCA$192.4bCA$1.0b16.6x442.6x2.3x
Wed, 15 May 2024CA$471.5bCA$191.4bCA$1.1b16.4x421.3x2.5x
Fri, 12 Apr 2024CA$457.0bCA$191.5bCA$3.6b18.3x127.7x2.4x
Sun, 10 Mar 2024CA$399.8bCA$190.2bCA$3.4b14.4x117x2.1x
Tue, 06 Feb 2024CA$376.5bCA$191.2bCA$6.7b13.1x55.9x2x
Thu, 04 Jan 2024CA$421.9bCA$198.9bCA$5.3b13.8x79.8x2.1x
Sat, 02 Dec 2023CA$419.1bCA$200.3bCA$5.3b12.9x78.5x2.1x
Mon, 30 Oct 2023CA$424.7bCA$205.7bCA$7.2b11.8x58.7x2.1x
Wed, 27 Sep 2023CA$423.0bCA$203.0bCA$7.5b10.8x56.7x2.1x
Fri, 25 Aug 2023CA$439.9bCA$202.6bCA$7.3b11.6x60.3x2.2x
Sun, 23 Jul 2023CA$460.8bCA$207.6bCA$14.5b11.8x31.8x2.2x
Tue, 20 Jun 2023CA$450.4bCA$207.5bCA$14.4b11.8x31.3x2.2x
Thu, 18 May 2023CA$472.3bCA$210.5bCA$15.0b11.8x31.4x2.2x
Sat, 15 Apr 2023CA$498.7bCA$216.7bCA$21.2b11.8x23.5x2.3x
Mon, 13 Mar 2023CA$436.9bCA$222.2bCA$24.4b10.6x17.9x2x
Wed, 08 Feb 2023CA$466.3bCA$224.0bCA$29.0b11.8x16.1x2.1x
Price to Earnings Ratio

16.1x


Total Market Cap: CA$466.3bTotal Earnings: CA$29.0bTotal Revenue: CA$224.0bTotal 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 56.8x 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 5.6x.
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 2.3% 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-3.80%
Materials-10.01%
Paper and Forestry Products-2.51%
Chemicals-2.65%
Basic Materials-3.21%
Packaging-5.03%
Metals and Mining-10.57%
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 30.0%, 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
VNP 5N PlusCA$24.0824.5%
+CA$422.2m		211.1%PE35.8x
IVN Ivanhoe MinesCA$17.221.5%
+CA$370.7m		10.3%PE58.9x
NGEX NGEx MineralsCA$28.164.5%
+CA$264.3m		115.8%PB46.4x
AOT.H Ascot ResourcesCA$1.70-2.3%
CA$248.4m		-82.3%PS594.5x
LUN Lundin MiningCA$34.350.8%
+CA$230.7m		199.2%PE101.6x

Latest News

TRX
CA$2.18
TRX Gold
7D
40.6%
1Y
373.9%
AGI
CA$50.46
Alamos Gold
7D
-15.2%
1Y
66.0%
K
CA$42.88
Kinross Gold
7D
-15.8%
1Y
161.9%
LUG
CA$102.08
Lundin Gold
7D
-15.6%
1Y
183.6%
AG
CA$28.35
First Majestic Silver
7D
-18.6%
1Y
242.4%

AG: Production Expansion, Exploration Progress And Tighter Margins Will Define Fairly Priced Outlook

Analysts have raised their price target for First Majestic Silver from US$27.50 to US$36.00, citing updated assumptions that include a significant change in projected revenue growth, a lower expected profit margin, and a reduced future P/E multiple. What's in the News Issued new consolidated production guidance for 2026, with expected output of 13.0 million to 14.4 million ounces of silver, 116,000 to 129,000 ounces of gold, 34 million to 38 million pounds of lead, 52 million to 58 million pounds of zinc, and 1.1 million to 1.3 million pounds of copper (corporate guidance).
VNP
CA$24.08
5N Plus
7D
24.5%
1Y
211.1%
AOT.H
CA$1.70
Ascot Resources
7D
-2.3%
1Y
-82.3%
IVN
CA$17.22
Ivanhoe Mines
7D
1.5%
1Y
10.3%
GSKR
CA$3.94
Goldsky Resources
7D
31.6%
1Y
102.8%
LUN
CA$34.35
Lundin Mining
7D
0.8%
1Y
199.2%
FNV
CA$318.74
Franco-Nevada
7D
-9.1%
1Y
61.3%

Franco-Nevada Corporation's (TSE:FNV) Shares Climb 28% But Its Business Is Yet to Catch Up

Jan 29
Franco-Nevada Corporation's (TSE:FNV) Shares Climb 28% But Its Business Is Yet to Catch Up
PAAS
CA$74.19
Pan American Silver
7D
-16.0%
1Y
120.1%

Sustained Silver at ~US$100/oz Drives Explosive Leverage and Re-Rating for PAAS

Pan American Silver (PAAS) stands to benefit enormously from a structural shift in the silver market, where I expect the price to stabilize long-term around US$100 per ounce (or higher), driven by persistent supply deficits (Silver Institute forecasts ongoing shortfalls through 2027+), surging industrial demand (solar PV, EVs, electronics, and AI-related applications consuming ever-larger volumes), and renewed monetary/investment interest amid inflation/geopolitical risks. Unlike conservative analyst models that often embed long-term silver assumptions of US$25–35/oz (leading to muted cash flow projections and lower fair values), my base case assumes silver averages ~US$100 over the forecast period.
ABX
CA$62.24
Barrick Mining
7D
-11.0%
1Y
162.0%

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$73.08
Teck Resources
7D
0.6%
1Y
23.1%
WPM
CA$179.39
Wheaton Precious Metals
7D
-10.4%
1Y
97.8%

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.
NGEX
CA$28.16
NGEx Minerals
7D
4.5%
1Y
115.8%