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Canadian (TSX) Materials Sector Analysis

UpdatedFeb 05, 2026
DataAggregated Company Financials
Companies1206
  • 7D-8.4%
  • 3M37.5%
  • 1Y105.6%
  • YTD13.6%

Over the last 7 days, the Materials industry has dropped 8.4%, driven by Wheaton Precious Metals declining 9.5%. Meanwhile, 5N Plus actually outperformed within the industry, gaining 42% in the last week. This takes the industry's 12 month performance to a gain of 106%. As for the next few years, earnings are expected to grow by 29% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 05 Feb 2026CA$1.1tCA$210.0bCA$20.7b22.4x53.4x5.3x
Sat, 03 Jan 2026CA$962.8bCA$210.3bCA$20.8b20.8x46.3x4.6x
Mon, 01 Dec 2025CA$912.6bCA$212.5bCA$21.8b19.4x41.9x4.3x
Wed, 29 Oct 2025CA$780.9bCA$202.0bCA$15.9b19.7x49.2x3.9x
Fri, 26 Sep 2025CA$793.4bCA$202.9bCA$14.9b19.8x53.4x3.9x
Sun, 24 Aug 2025CA$677.7bCA$202.2bCA$14.9b16.7x45.6x3.4x
Tue, 22 Jul 2025CA$602.7bCA$193.1bCA$9.7b16.3x61.8x3.1x
Thu, 19 Jun 2025CA$606.6bCA$194.2bCA$9.9b15.6x61.2x3.1x
Sat, 17 May 2025CA$501.6bCA$178.7bCA$7.3b12.8x69x2.8x
Mon, 14 Apr 2025CA$536.5bCA$189.3bCA$6.7b13.3x79.9x2.8x
Wed, 12 Mar 2025CA$499.2bCA$194.1bCA$6.6b12.1x75.4x2.6x
Fri, 07 Feb 2025CA$519.0bCA$198.5bCA$1.7b13.3x305.1x2.6x
Sun, 05 Jan 2025CA$483.2bCA$199.8bCA$1.5b13.5x322x2.4x
Tue, 03 Dec 2024CA$493.9bCA$195.8bCA$1.3b13.7x392.3x2.5x
Thu, 31 Oct 2024CA$533.0bCA$193.2bCA$231.2m17.7x2305.1x2.8x
Sat, 28 Sep 2024CA$515.9bCA$189.6bCA$1.3b16.9x384.7x2.7x
Mon, 26 Aug 2024CA$488.6bCA$190.0bCA$1.1b16.5x442.8x2.6x
Wed, 24 Jul 2024CA$477.2bCA$192.4bCA$1.6b16.3x305.3x2.5x
Fri, 21 Jun 2024CA$450.3bCA$192.0bCA$1.0b17x438.6x2.3x
Sun, 19 May 2024CA$494.6bCA$191.2bCA$656.2m18.1x753.7x2.6x
Tue, 16 Apr 2024CA$453.9bCA$192.5bCA$3.6b18.1x124.5x2.4x
Thu, 14 Mar 2024CA$399.2bCA$189.9bCA$3.5b14.1x113.9x2.1x
Sat, 10 Feb 2024CA$371.1bCA$190.3bCA$6.6b13.4x56.5x2x
Mon, 08 Jan 2024CA$422.0bCA$199.0bCA$5.3b13.8x79.7x2.1x
Wed, 06 Dec 2023CA$420.7bCA$201.3bCA$5.4b12.5x77.9x2.1x
Fri, 03 Nov 2023CA$402.1bCA$202.3bCA$5.6b12.7x72x2x
Sun, 01 Oct 2023CA$424.6bCA$203.7bCA$7.5b11.1x56.8x2.1x
Tue, 29 Aug 2023CA$438.4bCA$202.9bCA$7.4b10.9x59.6x2.2x
Thu, 27 Jul 2023CA$466.4bCA$207.1bCA$14.0b11.8x33.3x2.3x
Sat, 24 Jun 2023CA$436.7bCA$207.3bCA$14.3b11.8x30.5x2.1x
Mon, 22 May 2023CA$469.2bCA$210.7bCA$15.0b11.8x31.2x2.2x
Wed, 19 Apr 2023CA$500.7bCA$217.1bCA$21.3b11.8x23.5x2.3x
Fri, 17 Mar 2023CA$439.5bCA$220.6bCA$23.7b11x18.6x2x
Sun, 12 Feb 2023CA$453.6bCA$223.2bCA$28.7b11.5x15.8x2x
Price to Earnings Ratio

15.8x


Total Market Cap: CA$453.6bTotal Earnings: CA$28.7bTotal Revenue: CA$223.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 257.9x202420252026
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 258x.
  • The industry is trading close to its 3-year average PS ratio of 5.1x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 10% per year over the last three years,
  • Revenues have also declined 2.0% 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-1.32%
Materials-8.37%
Paper and Forestry Products10.05%
Basic Materials5.04%
Packaging2.58%
Chemicals2.05%
Metals and Mining-9.37%
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 30.6%, 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$27.6841.7%
+CA$726.0m		262.3%PE41x
WFG West Fraser TimberCA$104.939.3%
+CA$698.1m		-13.3%PS1.1x
SJ Stella-JonesCA$99.2612.7%
+CA$611.2m		42.4%PE16x
AII Almonty IndustriesCA$18.2610.9%
+CA$507.5m		616.1%PS169.1x
MX MethanexCA$70.068.2%
+CA$409.1m		-6.2%PE18.6x

Latest News

NTR
CA$97.62
Nutrien
7D
0.6%
1Y
31.7%
MX
CA$70.06
Methanex
7D
8.2%
1Y
-6.2%
WFG
CA$104.93
West Fraser Timber
7D
9.3%
1Y
-13.3%
K
CA$45.10
Kinross Gold
7D
-8.6%
1Y
164.5%

K: Future Mine Expansions And Buybacks Will Support A Higher Share Price

The analyst price target for Kinross Gold has been revised higher from US$35.03 to US$59.97, with analysts tying this move to updated assumptions for revenue growth, profit margins, the discount rate, and future P/E multiples. What's in the News Completed share repurchase of 9,945,047 shares, representing 0.82% of the company, for US$258.5 million between October 1, 2025 and December 31, 2025 under the existing buyback program (Key Developments).
LUC
CA$0.26
Lucara Diamond
7D
6.1%
1Y
-26.8%
WPM
CA$191.49
Wheaton Precious Metals
7D
-9.5%
1Y
102.8%

WPM: New Gold Streams And Supportive Western Demand Will Drive Future Upside

Analysts have nudged their price targets for Wheaton Precious Metals higher, reflecting updated fair value estimates of about $260, small adjustments to the discount rate and long term margin and growth assumptions, as well as a series of recent target increases from major firms such as UBS, Scotiabank, Canaccord and BofA. Analyst Commentary Recent Street research has generally leaned constructive on Wheaton Precious Metals, with several firms updating their price targets and reaffirming positive views on the company despite a mixed macro backdrop for commodities.
LUG
CA$105.79
Lundin Gold
7D
-13.0%
1Y
167.6%

LUG: Future Upside Will Depend On Sustained Mine Performance And Exploration

Analysts have lifted their fair value estimate for Lundin Gold to $128 from $125, reflecting updated assumptions for revenue growth, profit margins and future P/E multiples in light of several recent price target increases across the Street. Analyst Commentary Recent Street research has clustered around higher price targets for Lundin Gold, with multiple firms raising their C$ views in close succession.
FM
CA$37.57
First Quantum Minerals
7D
-9.8%
1Y
95.8%

Cobre Panamá Uncertainty And Rising Zambian Costs Will Pressure Margins And Future Cash Flows

Catalysts About First Quantum Minerals First Quantum Minerals is a global mining company focused on producing copper, nickel and gold from operations in Zambia, Panama, Turkey, Finland and other jurisdictions. What are the underlying business or industry changes driving this perspective?
CGG
CA$33.74
China Gold International Resources
7D
-21.7%
1Y
277.0%
SJ
CA$99.26
Stella-Jones
7D
12.7%
1Y
42.4%

Is Stella-Jones (TSE:SJ) A Risky Investment?

Jan 30
Is Stella-Jones (TSE:SJ) A Risky Investment?
VNP
CA$27.68
5N Plus
7D
41.7%
1Y
262.3%
FNV
CA$326.27
Franco-Nevada
7D
-7.7%
1Y
61.1%

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$78.57
Pan American Silver
7D
-12.0%
1Y
119.7%

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.
CCL.B
CA$86.09
CCL Industries
7D
2.2%
1Y
20.7%

CCL.B: Higher Street Conviction And Buyback Activity Will Support Upside Potential

We are nudging our analyst price target for CCL Industries up from C$97.30 to C$97.80. This reflects the recent series of higher Street targets from CIBC, Stifel, RBC Capital and TD Securities, as analysts factor in updated assumptions on growth, margins and P/E multiples.
AII
CA$18.26
Almonty Industries
7D
10.9%
1Y
616.1%
ABX
CA$65.74
Barrick Mining
7D
-6.3%
1Y
167.1%

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.