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Canadian (TSX) Materials Sector Analysis

UpdatedFeb 21, 2026
DataAggregated Company Financials
Companies1209
  • 7D2.5%
  • 3M40.1%
  • 1Y118.7%
  • YTD19.0%

Lundin Mining is up 14%, leading the way for the Materials industry, which has gained 2.5%. This means that the industry has gained 119% over the past year. Looking forward, earnings are forecast to grow by 26% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 21 Feb 2026CA$1.1tCA$218.8bCA$26.1b18.8x43.5x5.2x
Mon, 19 Jan 2026CA$1.1tCA$212.4bCA$21.1b23.1x51.4x5.1x
Wed, 17 Dec 2025CA$934.8bCA$210.5bCA$20.8b19.7x44.9x4.4x
Fri, 14 Nov 2025CA$862.1bCA$211.7bCA$21.6b19.3x39.8x4.1x
Sun, 12 Oct 2025CA$832.9bCA$202.6bCA$15.1b21.7x55.3x4.1x
Tue, 09 Sep 2025CA$732.8bCA$202.1bCA$14.7b18x49.7x3.6x
Thu, 07 Aug 2025CA$629.8bCA$195.7bCA$11.5b16.7x54.6x3.2x
Sat, 05 Jul 2025CA$613.0bCA$192.3bCA$9.7b16.1x63.3x3.2x
Mon, 02 Jun 2025CA$571.1bCA$194.4bCA$10.2b14.7x55.9x2.9x
Wed, 30 Apr 2025CA$550.4bCA$189.6bCA$7.4b13.3x74x2.9x
Fri, 28 Mar 2025CA$540.6bCA$193.4bCA$6.7b14.5x80.5x2.8x
Sun, 23 Feb 2025CA$506.6bCA$191.2bCA$4.4b12.9x114.4x2.6x
Tue, 21 Jan 2025CA$490.0bCA$198.4bCA$1.6b13.6x298.2x2.5x
Thu, 19 Dec 2024CA$479.1bCA$199.7bCA$1.5b13.4x326.5x2.4x
Sat, 16 Nov 2024CA$474.9bCA$195.9bCA$1.3b13.9x357.9x2.4x
Mon, 14 Oct 2024CA$513.1bCA$192.1bCA$1.4b17.2x366.7x2.7x
Wed, 11 Sep 2024CA$453.7bCA$190.9bCA$1.0b15.6x438x2.4x
Fri, 09 Aug 2024CA$434.4bCA$190.7bCA$1.5b15.3x285.9x2.3x
Sun, 07 Jul 2024CA$470.6bCA$191.4bCA$1.0b15.7x456.5x2.5x
Tue, 04 Jun 2024CA$479.8bCA$191.5bCA$727.3m17.6x659.7x2.5x
Thu, 02 May 2024CA$451.7bCA$191.7bCA$2.1b17.8x210.3x2.4x
Sat, 30 Mar 2024CA$425.8bCA$190.0bCA$3.9b14.3x108.2x2.2x
Mon, 26 Feb 2024CA$374.1bCA$189.8bCA$5.0b14.4x74.2x2x
Wed, 24 Jan 2024CA$402.5bCA$200.1bCA$5.3b13.4x75.3x2x
Fri, 22 Dec 2023CA$423.7bCA$198.2bCA$5.2b13.8x80.8x2.1x
Sun, 19 Nov 2023CA$409.9bCA$202.5bCA$5.4b12.4x76.2x2x
Tue, 17 Oct 2023CA$429.1bCA$204.0bCA$7.4b11.1x57.6x2.1x
Thu, 14 Sep 2023CA$439.1bCA$202.4bCA$7.6b11.2x57.7x2.2x
Sat, 12 Aug 2023CA$455.4bCA$201.5bCA$7.2b11.2x63.1x2.3x
Mon, 10 Jul 2023CA$442.3bCA$208.2bCA$14.5b11x30.4x2.1x
Wed, 07 Jun 2023CA$454.4bCA$209.4bCA$14.8b11.4x30.7x2.2x
Fri, 05 May 2023CA$492.6bCA$214.7bCA$18.7b13x26.4x2.3x
Sun, 02 Apr 2023CA$470.5bCA$218.4bCA$21.4b11.7x22x2.2x
Tue, 28 Feb 2023CA$438.7bCA$219.9bCA$24.9b11.4x17.6x2x
Price to Earnings Ratio

17.6x


Total Market Cap: CA$438.7bTotal Earnings: CA$24.9bTotal Revenue: CA$219.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 258.3x202420252026
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 43.5x 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
  • Both revenue and earnings for companies in the Materials industry have remained mostly flat over the last three years.
  • This means that sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Industry Trends

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

CA Market1.43%
Materials2.46%
Metals and Mining2.64%
Chemicals1.86%
Basic Materials1.82%
Packaging1.80%
Paper and Forestry Products-5.31%
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 27.4%, which is lower than the prior year's growth of 85.3% 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 decline by 8.7% 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
LUN Lundin MiningCA$39.5513.6%
+CA$4.1b		234.6%PE116.5x
PAAS Pan American SilverCA$88.5912.1%
+CA$4.0b		154.6%PE27.9x
WPM Wheaton Precious MetalsCA$205.653.5%
+CA$3.2b		112.3%PE68.1x
AG First Majestic SilverCA$37.7020.5%
+CA$3.2b		376.6%PE82.1x
FNV Franco-NevadaCA$356.433.7%
+CA$2.4b		80.7%PE54.6x

Latest News

FNV
CA$356.43
Franco-Nevada
7D
3.7%
1Y
80.7%
K
CA$45.75
Kinross Gold
7D
-2.4%
1Y
192.9%
AG
CA$37.70
First Majestic Silver
7D
20.5%
1Y
376.6%
ELD
CA$58.84
Eldorado Gold
7D
-8.8%
1Y
208.7%
FOM
CA$6.65
Foran Mining
7D
-8.7%
1Y
66.7%
HBM
CA$34.19
Hudbay Minerals
7D
-3.9%
1Y
238.5%
LUN
CA$39.55
Lundin Mining
7D
13.6%
1Y
234.6%
AGI
CA$65.55
Alamos Gold
7D
6.4%
1Y
102.8%
PAAS
CA$88.59
Pan American Silver
7D
12.1%
1Y
154.6%
NGD
CA$16.69
New Gold
7D
10.5%
1Y
315.2%
CS
CA$14.02
Capstone Copper
7D
-11.6%
1Y
71.0%

CS: Future Production And Cost Improvements Will Support Share Outperformance

Our fair value estimate for Capstone Copper has risen from CA$15.42 to CA$17.16, reflecting analysts' recent adjustments to price targets and updated views on the timing of production and cost improvements. Analyst Commentary Recent Street research on Capstone Copper shows a mix of optimism about long term growth potential and caution around execution timing, which helps explain the shift in fair value estimates and price targets.
NDM
CA$1.78
Northern Dynasty Minerals
7D
-39.7%
1Y
89.4%
WPM
CA$205.65
Wheaton Precious Metals
7D
3.5%
1Y
112.3%

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.
WFG
CA$92.00
West Fraser Timber
7D
-8.1%
1Y
-18.0%
FM
CA$37.71
First Quantum Minerals
7D
4.1%
1Y
117.5%
IVN
CA$15.97
Ivanhoe Mines
7D
-6.4%
1Y
6.7%

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.