Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Canadian (TSX) Materials Sector Analysis

UpdatedJan 20, 2026
DataAggregated Company Financials
Companies1209
  • 7D3.6%
  • 3M37.2%
  • 1Y116.3%
  • YTD14.3%

The Materials industry has gained 3.6% in the last week and Wheaton Precious Metals up 7.2%. Meanwhile, Alamos Gold actually underperformed within the industry, shrinking 7.6% in the last week. In the last 12 months, the industry was up 116%. As for the next few years, earnings are expected to grow by 26% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 20 Jan 2026CA$1.1tCA$211.9bCA$21.0b23.4x51.5x5.1x
Thu, 18 Dec 2025CA$932.3bCA$210.9bCA$20.8b19.4x44.7x4.4x
Sat, 15 Nov 2025CA$845.1bCA$212.3bCA$22.3b18.3x37.9x4x
Mon, 13 Oct 2025CA$832.9bCA$202.6bCA$15.1b21.7x55.3x4.1x
Wed, 10 Sep 2025CA$744.8bCA$202.7bCA$14.8b17.9x50.3x3.7x
Fri, 08 Aug 2025CA$634.6bCA$196.3bCA$13.0b16.9x48.7x3.2x
Sun, 06 Jul 2025CA$614.4bCA$192.3bCA$9.7b16.1x63.4x3.2x
Tue, 03 Jun 2025CA$571.0bCA$194.2bCA$10.1b15.1x56.6x2.9x
Thu, 01 May 2025CA$548.1bCA$189.1bCA$7.4b13.2x74.1x2.9x
Sat, 29 Mar 2025CA$547.2bCA$194.0bCA$6.9b14.4x78.8x2.8x
Mon, 24 Feb 2025CA$507.8bCA$191.2bCA$4.4b12.9x114.7x2.7x
Wed, 22 Jan 2025CA$495.6bCA$198.7bCA$1.7b13.7x300.1x2.5x
Fri, 20 Dec 2024CA$463.8bCA$199.2bCA$1.5b13.2x317.2x2.3x
Sun, 17 Nov 2024CA$472.3bCA$196.3bCA$1.4b13.9x337.7x2.4x
Tue, 15 Oct 2024CA$513.1bCA$192.1bCA$1.4b17.2x366.7x2.7x
Thu, 12 Sep 2024CA$463.2bCA$190.5bCA$1.0b15.4x450.3x2.4x
Sat, 10 Aug 2024CA$444.9bCA$191.2bCA$1.1b15.5x420.3x2.3x
Mon, 08 Jul 2024CA$471.2bCA$191.4bCA$1.0b15.7x457.1x2.5x
Wed, 05 Jun 2024CA$477.6bCA$191.9bCA$1.0b16.2x477.4x2.5x
Fri, 03 May 2024CA$452.8bCA$191.5bCA$2.2b18x208.2x2.4x
Sun, 31 Mar 2024CA$425.9bCA$190.1bCA$3.7b14.6x116.4x2.2x
Tue, 27 Feb 2024CA$369.5bCA$190.1bCA$4.9b14.4x75.7x1.9x
Thu, 25 Jan 2024CA$409.6bCA$200.7bCA$5.4b12.9x76.1x2x
Sat, 23 Dec 2023CA$431.2bCA$197.9bCA$5.2b13.8x82.4x2.2x
Mon, 20 Nov 2023CA$408.6bCA$202.5bCA$5.4b12.4x76.1x2x
Wed, 18 Oct 2023CA$434.9bCA$204.3bCA$7.5b11.3x58.3x2.1x
Fri, 15 Sep 2023CA$439.1bCA$202.0bCA$7.6b11.4x57.9x2.2x
Sun, 13 Aug 2023CA$455.4bCA$201.5bCA$7.2b11.2x63.1x2.3x
Tue, 11 Jul 2023CA$447.0bCA$208.2bCA$14.5b10.9x30.7x2.1x
Thu, 08 Jun 2023CA$453.8bCA$209.0bCA$14.7b11.5x30.8x2.2x
Sat, 06 May 2023CA$495.0bCA$211.0bCA$16.8b13.2x29.5x2.3x
Mon, 03 Apr 2023CA$470.5bCA$218.4bCA$21.4b11.8x22x2.2x
Wed, 01 Mar 2023CA$445.8bCA$220.5bCA$24.7b11x18.1x2x
Fri, 27 Jan 2023CA$479.7bCA$223.2bCA$29.1b11x16.5x2.1x
Price to Earnings Ratio

16.5x


Total Market Cap: CA$479.7bTotal Earnings: CA$29.1bTotal Revenue: CA$223.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 257.3x202420252026
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 51.5x which is lower than its 3-year average PE of 257x.
  • The industry is trading close to its 3-year average PS ratio of 5.0x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 10% 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 Market0.93%
Materials3.56%
Chemicals8.42%
Paper and Forestry Products4.65%
Metals and Mining3.41%
Basic Materials-2.20%
Packaging-2.34%
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 28.0%, which is lower than the prior year's growth of 63.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Basic Materials industry, expecting annual earnings growth of 58% over the next 5 years.
  • This is better than its past earnings growth rate of 31% per year.
  • In contrast, the Chemicals industry is expected to see its earnings grow by 6.1% 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$191.227.2%
+CA$5.8b		127.5%PE62.5x
FNV Franco-NevadaCA$348.198.6%
+CA$5.3b		88.0%PE52.6x
NTR NutrienCA$92.2912.0%
+CA$4.8b		23.5%PE17.8x
K Kinross GoldCA$48.295.6%
+CA$3.1b		219.8%PE23.9x
ABX Barrick MiningCA$69.001.3%
+CA$1.5b		197.3%PE23.4x

Latest News

ABX
CA$69.00
Barrick Mining
7D
1.3%
1Y
197.3%
WPM
CA$191.22
Wheaton Precious Metals
7D
7.2%
1Y
127.5%

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.
DSV
CA$10.12
Discovery Silver
7D
12.9%
1Y
954.2%
SGD
CA$17.31
Snowline Gold
7D
-4.6%
1Y
222.3%
AG
CA$30.87
First Majestic Silver
7D
10.1%
1Y
264.9%
AGI
CA$54.56
Alamos Gold
7D
-7.6%
1Y
91.6%
CGG
CA$34.27
China Gold International Resources
7D
11.2%
1Y
328.9%
IVN
CA$16.20
Ivanhoe Mines
7D
-3.1%
1Y
-4.7%
K
CA$48.29
Kinross Gold
7D
5.6%
1Y
219.8%
MX
CA$63.75
Methanex
7D
-3.2%
1Y
-11.5%

MX: Mixed Research Views Suggest Balanced Outlook On 2025 Production Guidance

The analyst price target for Methanex has shifted lower to around $62 from about $76, as analysts rework their models around a higher assumed future P/E, slightly faster revenue growth, and more conservative margin expectations in light of recent mixed research, including a Raymond James downgrade and incremental target hikes from UBS, Scotiabank, and CIBC. Analyst Commentary Recent research on Methanex reflects a split view, with some analysts more constructive on the company’s ability to execute and create value, while others are increasingly cautious about risks to the story.
NGEX
CA$27.33
NGEx Minerals
7D
-8.2%
1Y
85.3%
CCL.B
CA$84.75
CCL Industries
7D
-3.1%
1Y
18.2%

CCL.B: Higher Street Conviction And Completed Buyback Will Shape Steady Share Outlook

Analysts have lifted their average price target on CCL Industries to about C$99, up from around C$93. This reflects a series of recent target increases across the Street, while key model inputs such as fair value and growth assumptions remain broadly unchanged.
NEXG
CA$1.76
NeXGold Mining
7D
-0.6%
1Y
170.8%
ERO
CA$41.61
Ero Copper
7D
-3.3%
1Y
98.9%

ERO: Gold Windfall And Critical Mineral Status Will Guide Balanced Outlook

Narrative Update The analyst price target for Ero Copper has moved higher to reflect a fair value of about $38, with analysts citing recent target increases across the Street and updated expectations for revenue growth, margins and future P/E following the surprise gold windfall disclosure. Analyst Commentary Recent Street research on Ero Copper reflects a mix of optimism around new gold related upside and caution around execution risk and current valuation.
NTR
CA$92.29
Nutrien
7D
12.0%
1Y
23.5%

NTR: Fertilizer Cycle Concerns Will Pressure Shares Despite Recent Buybacks

Narrative Update Analysts have nudged their consolidated price target for Nutrien down by about $2 to $64. This reflects updated views that factor in more cautious fertilizer and agriculture setups, modestly lower assumed revenue growth, a slightly higher profit margin profile, and a reduced future P/E multiple in their models.
FNV
CA$348.19
Franco-Nevada
7D
8.6%
1Y
88.0%

FNV: Future Royalty Cash Flows Will Reflect Strong Precious Metal Pricing

The updated analyst price target for Franco-Nevada reflects a modest uplift in fair value to about $346, as analysts balance higher valuation multiples on cash-flowing royalty assets and stronger precious metals pricing with more cautious sentiment linked to recent gold price volatility. Analyst Commentary Recent Street research on Franco-Nevada shows a split view, with some analysts lifting targets and ratings based on royalty asset quality and commodity pricing, while others point to sentiment risk around gold price volatility.