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Canadian (TSX) Materials Sector Analysis

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies1210
  • 7D7.9%
  • 3M48.4%
  • 1Y136.2%
  • YTD24.7%

Over the last 7 days, the Materials industry has risen 7.9%, driven by gains from Wheaton Precious Metals of 11%. This means that the industry has gained 136% 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
Thu, 29 Jan 2026CA$1.2tCA$208.7bCA$20.6b26.8x57.7x5.7x
Sat, 27 Dec 2025CA$985.2bCA$209.5bCA$20.7b20.7x47.6x4.7x
Mon, 24 Nov 2025CA$812.7bCA$213.8bCA$22.1b17.9x36.8x3.8x
Wed, 22 Oct 2025CA$857.3bCA$202.6bCA$15.0b19.4x57x4.2x
Fri, 19 Sep 2025CA$745.1bCA$201.3bCA$14.7b18.3x50.8x3.7x
Sun, 17 Aug 2025CA$656.9bCA$202.0bCA$14.8b16.2x44.4x3.3x
Tue, 15 Jul 2025CA$615.2bCA$193.2bCA$9.8b15.8x62.8x3.2x
Thu, 12 Jun 2025CA$594.9bCA$193.9bCA$10.1b15.2x59.1x3.1x
Sat, 10 May 2025CA$555.0bCA$195.6bCA$10.2b13.4x54.6x2.8x
Mon, 07 Apr 2025CA$481.3bCA$192.8bCA$7.0b12.3x69x2.5x
Wed, 05 Mar 2025CA$499.6bCA$194.1bCA$4.8b12.3x103.7x2.6x
Fri, 31 Jan 2025CA$494.5bCA$200.3bCA$1.7b13.4x295.1x2.5x
Sun, 29 Dec 2024CA$471.1bCA$199.5bCA$1.5b13.1x316x2.4x
Tue, 26 Nov 2024CA$499.7bCA$195.1bCA$1.2b13.7x406.3x2.6x
Thu, 24 Oct 2024CA$540.4bCA$192.0bCA$1.1b17.3x480.7x2.8x
Sat, 21 Sep 2024CA$496.1bCA$190.5bCA$1.1b17x444.3x2.6x
Mon, 19 Aug 2024CA$477.3bCA$191.6bCA$1.1b15.7x439.9x2.5x
Wed, 17 Jul 2024CA$489.2bCA$191.3bCA$1.5b16.1x333.6x2.6x
Fri, 14 Jun 2024CA$449.6bCA$192.5bCA$976.6m16.5x460.4x2.3x
Sun, 12 May 2024CA$474.7bCA$191.6bCA$1.2b17.6x410x2.5x
Tue, 09 Apr 2024CA$449.4bCA$190.4bCA$3.5b18x127.8x2.4x
Thu, 07 Mar 2024CA$390.1bCA$190.2bCA$3.1b14.9x124.5x2.1x
Sat, 03 Feb 2024CA$407.3bCA$199.9bCA$5.3b13.1x76.6x2x
Mon, 01 Jan 2024CA$426.8bCA$197.9bCA$5.2b14x81.4x2.2x
Wed, 29 Nov 2023CA$411.7bCA$201.1bCA$5.3b12.2x77x2x
Fri, 27 Oct 2023CA$419.6bCA$205.3bCA$7.2b11.5x58.5x2x
Sun, 24 Sep 2023CA$433.9bCA$202.6bCA$7.4b10.5x58.4x2.1x
Tue, 22 Aug 2023CA$431.0bCA$202.3bCA$7.3b11.3x59.1x2.1x
Thu, 20 Jul 2023CA$466.9bCA$207.0bCA$14.4b11.4x32.4x2.3x
Sat, 17 Jun 2023CA$450.6bCA$207.4bCA$14.4b11.8x31.3x2.2x
Mon, 15 May 2023CA$479.2bCA$211.4bCA$15.4b12.2x31.1x2.3x
Wed, 12 Apr 2023CA$492.3bCA$217.9bCA$21.4b11.8x23x2.3x
Fri, 10 Mar 2023CA$439.3bCA$222.0bCA$24.7b10.6x17.8x2x
Sun, 05 Feb 2023CA$469.2bCA$223.7bCA$28.9b11.7x16.2x2.1x
Price to Earnings Ratio

16.2x


Total Market Cap: CA$469.2bTotal Earnings: CA$28.9bTotal Revenue: CA$223.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 257.6x202420252026
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 57.7x which is lower than its 3-year average PE of 258x.
  • The 3-year average PS ratio of 5.1x is lower than the industry's current PS ratio of 5.7x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have declined 11% per year over the last three years,
  • Revenues have also declined 2.3% 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 Market1.18%
Materials7.88%
Metals and Mining8.61%
Chemicals1.50%
Paper and Forestry Products-0.48%
Packaging-2.71%
Basic Materials-6.48%
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 29.9%, which is lower than the prior year's growth of 63.9% 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
WPM Wheaton Precious MetalsCA$211.6011.2%
+CA$9.7b		142.7%PE70.7x
ABX Barrick MiningCA$71.865.9%
+CA$6.8b		212.2%PE25x
PAAS Pan American SilverCA$89.3113.0%
+CA$4.3b		174.0%PE43.8x
IVN Ivanhoe MinesCA$18.8114.7%
+CA$3.4b		18.6%PE64.6x
K Kinross GoldCA$51.565.6%
+CA$3.3b		221.2%PE26.1x

Latest News

LUN
CA$36.18
Lundin Mining
7D
-1.3%
1Y
206.6%
FNV
CA$363.32
Franco-Nevada
7D
4.1%
1Y
92.1%

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
WPK
CA$43.87
Winpak
7D
-2.9%
1Y
-0.9%

Winpak (TSE:WPK) Has More To Do To Multiply In Value Going Forward

Jan 29
Winpak (TSE:WPK) Has More To Do To Multiply In Value Going Forward
CGG
CA$43.09
China Gold International Resources
7D
19.5%
1Y
420.4%
PAAS
CA$89.31
Pan American Silver
7D
13.0%
1Y
174.0%

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.
SHL
CA$0.39
Homeland Nickel
7D
-44.3%
1Y
1,200.0%
AG
CA$35.55
First Majestic Silver
7D
15.8%
1Y
343.3%
WFG
CA$96.02
West Fraser Timber
7D
-1.6%
1Y
-24.0%

WFG: Mill Closures And Impairment Will Shape Future Earnings Resilience

Narrative Update: West Fraser Timber Analysts have nudged their price target for West Fraser Timber higher to reflect modest tweaks to the discount rate and long term assumptions, while keeping fair value broadly aligned with updated expectations for a slightly richer future P/E multiple. Analyst Commentary Recent Street research around West Fraser Timber has been relatively limited in detail, but the latest upgrade suggests shifting sentiment among some coverage.
CCL.B
CA$84.21
CCL Industries
7D
-3.2%
1Y
14.9%

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.
K
CA$51.56
Kinross Gold
7D
5.6%
1Y
221.2%
IVN
CA$18.81
Ivanhoe Mines
7D
14.7%
1Y
18.6%

IVN: Higher Metals Price Assumptions Will Support Major Copper Production Ramp

Analysts have lifted their price targets on Ivanhoe Mines by roughly C$3 to reflect updated fair value estimates of about $22.86 versus $20.66 previously, citing refreshed metals price forecasts and a mixed macro backdrop, with softer Chinese demand but potential offset from recovering demand in the U.S. and Europe. Analyst Commentary Bullish analysts are framing the recent price target moves as a reset of fair value that better reflects updated metals price assumptions and Ivanhoe Mines' project portfolio.
ABX
CA$71.86
Barrick Mining
7D
5.9%
1Y
212.2%

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.
NCX
CA$2.82
NorthIsle Copper and Gold
7D
-8.7%
1Y
519.8%
WPM
CA$211.60
Wheaton Precious Metals
7D
11.2%
1Y
142.7%

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.
ETG
CA$2.78
Entrée Resources
7D
-14.7%
1Y
12.6%
MX
CA$64.77
Methanex
7D
-3.1%
1Y
-9.9%

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.