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Canadian (TSX) Materials Sector Analysis

UpdatedJan 23, 2026
DataAggregated Company Financials
Companies1208
  • 7D4.8%
  • 3M39.8%
  • 1Y122.9%
  • YTD17.9%

Over the last 7 days, the Materials industry has risen 4.8%, and Kinross Gold contributed the most with a gain of 9.3%. During this same period, the First Quantum Minerals underperformed, falling 5.9%. This means that the industry has gained 123% over the past year. Looking forward, 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
Fri, 23 Jan 2026CA$1.1tCA$210.9bCA$20.9b25.1x53.4x5.3x
Sun, 21 Dec 2025CA$962.1bCA$211.0bCA$20.9b19.8x46.1x4.6x
Tue, 18 Nov 2025CA$840.6bCA$213.1bCA$21.9b18.1x38.4x3.9x
Thu, 16 Oct 2025CA$863.8bCA$203.1bCA$15.1b21.4x57.2x4.3x
Sat, 13 Sep 2025CA$760.7bCA$202.5bCA$14.6b18.3x52x3.8x
Mon, 11 Aug 2025CA$645.1bCA$198.1bCA$14.0b16x45.9x3.3x
Wed, 09 Jul 2025CA$619.8bCA$193.1bCA$9.8b15.8x63.5x3.2x
Fri, 06 Jun 2025CA$598.9bCA$193.8bCA$10.0b15.5x59.7x3.1x
Sun, 04 May 2025CA$539.8bCA$190.7bCA$8.1b12.9x66.9x2.8x
Tue, 01 Apr 2025CA$537.4bCA$194.7bCA$7.1b13.3x75.3x2.8x
Thu, 27 Feb 2025CA$507.2bCA$192.6bCA$4.7b13x107.6x2.6x
Sat, 25 Jan 2025CA$495.2bCA$198.8bCA$1.6b14.6x300.3x2.5x
Mon, 23 Dec 2024CA$467.4bCA$199.0bCA$1.5b13.2x316.3x2.3x
Wed, 20 Nov 2024CA$484.7bCA$195.0bCA$1.4b14.6x355.2x2.5x
Fri, 18 Oct 2024CA$513.9bCA$192.5bCA$1.4b17.2x364.1x2.7x
Sun, 15 Sep 2024CA$491.2bCA$190.7bCA$1.1b16.2x454.7x2.6x
Tue, 13 Aug 2024CA$446.7bCA$191.4bCA$1.1b15.6x422.9x2.3x
Thu, 11 Jul 2024CA$467.3bCA$191.3bCA$1.0b15.4x454.8x2.4x
Sat, 08 Jun 2024CA$476.7bCA$192.6bCA$985.9m17x483.6x2.5x
Mon, 06 May 2024CA$453.2bCA$191.8bCA$2.1b17.9x211.6x2.4x
Wed, 03 Apr 2024CA$431.7bCA$190.3bCA$3.5b16.4x125x2.3x
Fri, 01 Mar 2024CA$369.0bCA$190.9bCA$4.5b14.1x81.8x1.9x
Sun, 28 Jan 2024CA$409.5bCA$199.9bCA$5.3b12.8x77.2x2x
Tue, 26 Dec 2023CA$431.2bCA$197.9bCA$5.2b13.8x82.4x2.2x
Thu, 23 Nov 2023CA$410.1bCA$202.4bCA$5.4b12.1x76.5x2x
Sat, 21 Oct 2023CA$429.3bCA$204.9bCA$7.5b11x57.6x2.1x
Mon, 18 Sep 2023CA$451.6bCA$202.2bCA$7.5b11.5x59.9x2.2x
Wed, 16 Aug 2023CA$434.7bCA$201.9bCA$7.3b11.1x59.8x2.2x
Fri, 14 Jul 2023CA$460.8bCA$206.5bCA$14.4b10.6x32.1x2.2x
Sun, 11 Jun 2023CA$449.7bCA$208.8bCA$14.6b11.8x30.7x2.2x
Tue, 09 May 2023CA$495.4bCA$210.9bCA$16.8b13.2x29.5x2.3x
Thu, 06 Apr 2023CA$480.4bCA$217.7bCA$21.3b11.8x22.5x2.2x
Sat, 04 Mar 2023CA$463.7bCA$219.8bCA$24.5b11.4x19x2.1x
Mon, 30 Jan 2023CA$476.3bCA$223.1bCA$29.0b11.2x16.4x2.1x
Price to Earnings Ratio

16.4x


Total Market Cap: CA$476.3bTotal Earnings: CA$29.0bTotal Revenue: CA$223.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 257.4x202420252026
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 53.4x 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 Market0.70%
Materials4.82%
Metals and Mining5.25%
Basic Materials2.15%
Packaging1.87%
Paper and Forestry Products1.63%
Chemicals-0.24%
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 29.4%, 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 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
K Kinross GoldCA$50.479.3%
+CA$5.2b		233.8%PE25.1x
WPM Wheaton Precious MetalsCA$198.255.3%
+CA$4.5b		133.9%PE65.2x
FNV Franco-NevadaCA$356.286.6%
+CA$4.3b		91.4%PE54.2x
PAAS Pan American SilverCA$85.079.6%
+CA$3.2b		171.0%PE41.1x
AG First Majestic SilverCA$33.3618.0%
+CA$2.5b		313.4%PE174x

Latest News

AG
CA$33.36
First Majestic Silver
7D
18.0%
1Y
313.4%

New Forecasts: Here's What Analysts Think The Future Holds For First Majestic Silver Corp. (TSE:AG)

Jan 23
New Forecasts: Here's What Analysts Think The Future Holds For First Majestic Silver Corp. (TSE:AG)
K
CA$50.47
Kinross Gold
7D
9.3%
1Y
233.8%
IMG
CA$27.59
IAMGOLD
7D
13.0%
1Y
231.2%
LUN
CA$32.67
Lundin Mining
7D
-4.5%
1Y
167.3%
GMIN
CA$49.06
G Mining Ventures
7D
19.3%
1Y
271.7%
LUG
CA$119.17
Lundin Gold
7D
-0.7%
1Y
242.1%
NTR
CA$93.92
Nutrien
7D
-0.4%
1Y
21.4%
PAAS
CA$85.07
Pan American Silver
7D
9.6%
1Y
171.0%
FNV
CA$356.28
Franco-Nevada
7D
6.6%
1Y
91.4%

FNV: Future Royalty Cash Flows Will Balance Metals Strength And Sentiment Risks

Analysts have nudged their price targets on Franco-Nevada higher, using an updated fair value framework and making small adjustments to discount rate, revenue growth, profit margin and future P/E assumptions to reflect stronger support from persistently firm precious metals pricing and steady royalty cash flows. Analyst Commentary Recent research on Franco-Nevada reflects a mix of optimism around precious metals exposure and royalty cash flows, alongside some caution tied to sentiment and commodity price volatility.
TECK.B
CA$70.60
Teck Resources
7D
-2.8%
1Y
13.3%
ABX
CA$67.88
Barrick Mining
7D
-1.6%
1Y
198.8%
WPM
CA$198.25
Wheaton Precious Metals
7D
5.3%
1Y
133.9%

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.
NGD
CA$17.39
New Gold
7D
20.2%
1Y
328.3%

NGD: Fairly Valued Outlook As Raised P/E Assumptions Support Future Upside

Analysts have raised their price target on New Gold to C$12.50 from C$11.50, citing updated assumptions around growth, profitability and future P/E that support a higher valuation range for the shares. Analyst Commentary Recent research points to a higher valuation range for New Gold, with the new C$12.50 price target anchored to updated assumptions on growth, profitability and future P/E expectations.
FM
CA$38.75
First Quantum Minerals
7D
-5.9%
1Y
103.3%
IVN
CA$16.19
Ivanhoe Mines
7D
-1.4%
1Y
-2.6%
NGEX
CA$26.24
NGEx Minerals
7D
-7.4%
1Y
85.6%