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Canadian (TSX) Materials Sector Analysis

UpdatedFeb 24, 2026
DataAggregated Company Financials
Companies1209
  • 7D5.4%
  • 3M36.5%
  • 1Y123.4%
  • YTD22.4%

Lundin Mining is up 14%, leading the way for the Materials industry, which has gained 2.6%. In the last 12 months, the industry was up 119%. Earnings are forecast to grow by 24% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Feb 2026CA$1.2tCA$220.0bCA$27.9b19.4x41.4x5.3x
Thu, 22 Jan 2026CA$1.1tCA$211.4bCA$20.9b24x53.7x5.3x
Sat, 20 Dec 2025CA$940.5bCA$211.0bCA$20.9b19.6x45x4.5x
Mon, 17 Nov 2025CA$842.4bCA$212.8bCA$21.9b18.5x38.5x4x
Wed, 15 Oct 2025CA$833.4bCA$203.1bCA$15.1b21.6x55.2x4.1x
Fri, 12 Sep 2025CA$752.8bCA$202.4bCA$14.6b18.5x51.5x3.7x
Sun, 10 Aug 2025CA$645.1bCA$198.1bCA$14.0b16x45.9x3.3x
Tue, 08 Jul 2025CA$614.4bCA$192.9bCA$9.7b16.3x63x3.2x
Thu, 05 Jun 2025CA$596.2bCA$194.0bCA$10.0b15.1x59.4x3.1x
Sat, 03 May 2025CA$538.8bCA$190.4bCA$8.1b12.9x66.4x2.8x
Mon, 31 Mar 2025CA$537.3bCA$194.0bCA$6.9b13.6x77.5x2.8x
Wed, 26 Feb 2025CA$509.5bCA$192.2bCA$4.7b13.2x108.8x2.7x
Fri, 24 Jan 2025CA$493.3bCA$199.1bCA$1.7b13.6x298x2.5x
Sun, 22 Dec 2024CA$467.4bCA$199.0bCA$1.5b13.2x322.1x2.3x
Tue, 19 Nov 2024CA$477.7bCA$196.3bCA$1.4b14x341.6x2.4x
Thu, 17 Oct 2024CA$512.8bCA$192.0bCA$1.4b17.4x365.1x2.7x
Sat, 14 Sep 2024CA$482.8bCA$190.7bCA$1.1b16.2x447.1x2.5x
Mon, 12 Aug 2024CA$447.0bCA$191.2bCA$1.1b15.5x425x2.3x
Wed, 10 Jul 2024CA$467.6bCA$191.4bCA$1.0b15.6x453.6x2.4x
Fri, 07 Jun 2024CA$466.6bCA$191.9bCA$975.0m17.4x478.5x2.4x
Sun, 05 May 2024CA$453.2bCA$191.8bCA$2.1b17.9x211.4x2.4x
Tue, 02 Apr 2024CA$425.9bCA$190.3bCA$3.6b15.3x118.4x2.2x
Thu, 29 Feb 2024CA$370.2bCA$191.0bCA$4.5b14.2x82.7x1.9x
Sat, 27 Jan 2024CA$410.9bCA$199.9bCA$5.3b12.9x77.5x2.1x
Mon, 25 Dec 2023CA$431.2bCA$197.9bCA$5.2b13.8x82.4x2.2x
Wed, 22 Nov 2023CA$408.6bCA$202.6bCA$5.4b12.3x76.1x2x
Fri, 20 Oct 2023CA$431.3bCA$205.0bCA$7.5b11.2x57.5x2.1x
Sun, 17 Sep 2023CA$451.6bCA$202.2bCA$7.5b11.5x59.9x2.2x
Tue, 15 Aug 2023CA$448.2bCA$201.8bCA$7.3b10.7x61.5x2.2x
Thu, 13 Jul 2023CA$458.1bCA$207.2bCA$14.4b10.8x31.7x2.2x
Sat, 10 Jun 2023CA$449.7bCA$208.8bCA$14.6b11.6x30.7x2.2x
Mon, 08 May 2023CA$495.0bCA$211.1bCA$16.8b13.1x29.5x2.3x
Wed, 05 Apr 2023CA$484.4bCA$217.6bCA$21.3b11.8x22.7x2.2x
Fri, 03 Mar 2023CA$456.9bCA$219.8bCA$24.5b11.5x18.7x2.1x
Price to Earnings Ratio

18.7x


Total Market Cap: CA$456.9bTotal Earnings: CA$24.5bTotal Revenue: CA$219.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 258.4x202420252026
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 41.5x 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
  • The earnings for companies in the Materials industry have grown 4.4% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

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

CA Market1.52%
Materials5.38%
Metals and Mining5.83%
Basic Materials3.79%
Packaging2.84%
Chemicals2.65%
Paper and Forestry Products-7.91%
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 25.4%, which is lower than the prior year's growth of 85.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Basic Materials industry, expecting annual earnings growth of 48% over the next 5 years.
  • 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 8.5% 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$213.547.5%
+CA$6.7b		117.5%PE70.6x
LUN Lundin MiningCA$41.6319.6%
+CA$5.8b		247.5%PE24.8x
FNV Franco-NevadaCA$371.167.9%
+CA$5.3b		86.3%PE56.8x
PAAS Pan American SilverCA$89.3613.1%
+CA$4.4b		154.4%PE28.1x
AG First Majestic SilverCA$39.2025.3%
+CA$4.0b		385.7%PE85.5x

Latest News

ELD
CA$60.16
Eldorado Gold
7D
-6.7%
1Y
198.7%

ELD: Dividend Launch And Buybacks Will Mask Weaker Profitability Outlook

Analysts have adjusted their price target on Eldorado Gold to CA$46.23 from CA$45.34. This reflects updated assumptions around discount rate, revenue growth, profit margins and future P/E expectations.
LUN
CA$41.63
Lundin Mining
7D
19.6%
1Y
247.5%

LUN: Future Returns Will Reflect Copper Cycles Legal Overhang And Share Buybacks

Our fair value estimate for Lundin Mining has moved to CA$36.05 from CA$34.26 as analysts adjust price targets, with some cuts alongside several target increases, while also reflecting updated assumptions for revenue growth, profit margins, discount rate and future P/E. Analyst Commentary Recent Street research on Lundin Mining shows a mix of optimism and caution, with several firms adjusting price targets in both directions and updating ratings.
AG
CA$39.20
First Majestic Silver
7D
25.3%
1Y
385.7%
ABX
CA$67.59
Barrick Mining
7D
3.5%
1Y
159.6%
AGI
CA$68.08
Alamos Gold
7D
10.5%
1Y
105.9%
PAAS
CA$89.36
Pan American Silver
7D
13.1%
1Y
154.4%
IVN
CA$15.05
Ivanhoe Mines
7D
-11.8%
1Y
2.6%

IVN: Rising Metals Assumptions Will Support Long Term Copper Output Expansion

Ivanhoe Mines' updated analyst price target edges higher to CA$23.99 from CA$23.80. This reflects analysts' mixed adjustments to revenue growth, margins, future P/E assumptions and recent research that includes both higher cost expectations and refreshed price targets across the Street.
FNV
CA$371.16
Franco-Nevada
7D
7.9%
1Y
86.3%
EQX
CA$24.48
Equinox Gold
7D
13.7%
1Y
152.4%
SJ
CA$94.60
Stella-Jones
7D
-4.2%
1Y
37.5%

SJ: Utility Modernization And Acquisitions Will Shape A Steadily Fairly Valued Profile

Analysts have nudged their price target on Stella Jones slightly higher to about CA$97 from roughly CA$96, reflecting modest tweaks to fair value estimates, a slightly lower discount rate, and a marginally higher assumed future P/E multiple. Valuation Changes Fair Value: CA$96.06 adjusted to CA$97.17, a small move higher reflecting modest model changes.
FOM
CA$6.87
Foran Mining
7D
-5.6%
1Y
73.5%
ASM
CA$12.06
Avino Silver & Gold Mines
7D
-9.5%
1Y
515.3%

ASM: Future Returns Will Lag Despite Strong La Preciosa Drilling Progress

Analysts have trimmed their average price target on Avino Silver & Gold Mines by CA$0.50 to CA$8.95 as they factor in updated assumptions for revenue growth, profit margins and a higher anticipated future P/E multiple. What's in the News Reported results from six drill holes at La Preciosa, completing the 2025 drill program of 14 holes and about 3,500 metres.
CS
CA$13.75
Capstone Copper
7D
-13.3%
1Y
64.9%

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$1.87
Northern Dynasty Minerals
7D
-36.6%
1Y
112.5%
WPM
CA$213.54
Wheaton Precious Metals
7D
7.5%
1Y
117.5%

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$90.00
West Fraser Timber
7D
-10.1%
1Y
-18.9%