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Canadian (TSX) Materials Sector Analysis

UpdatedMar 10, 2026
DataAggregated Company Financials
Companies1211
  • 7D-10.5%
  • 3M22.8%
  • 1Y117.0%
  • YTD15.7%

Over the last 7 days, the Materials industry has dropped 11%, driven by pullbacks in Wheaton Precious Metals and Barrick Mining of 11% and 10.0%, respectively. On the other hand HydroGraph Clean Power is actually up 18%. In the past year, the industry has gained 109%. As for the next few years, earnings are expected to grow by 25% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 10 Mar 2026CA$1.1tCA$220.0bCA$27.4b17.5x40.9x5.1x
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
Price to Earnings Ratio

18.6x


Total Market Cap: CA$439.5bTotal Earnings: CA$23.7bTotal Revenue: CA$220.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 258.7x202420252026
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 40.9x which is lower than its 3-year average PE of 259x.
  • The industry is trading close to its 3-year average PS ratio of 5.2x.
Past Earnings Growth
  • The earnings for companies in the Materials industry have grown 4.9% 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 Market-4.27%
Materials-10.49%
Chemicals-0.25%
Paper and Forestry Products-1.25%
Basic Materials-1.68%
Packaging-5.40%
Metals and Mining-11.30%
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 26.5%, which is lower than the prior year's growth of 84.2% 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 grow by 3.9% 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
HG HydroGraph Clean PowerCA$9.5018.0%
+CA$556.9m		2,735.8%PS38923.9x
FMT Fuerte MetalsCA$11.708.5%
+CA$117.2m		1,260.5%PB195x
QIMC Quebec Innovative MaterialsCA$1.9353.2%
+CA$87.4m		1,384.6%n/a
IFOS ItafosCA$3.5114.3%
+CA$85.0m		66.4%PE3.9x
VMET Versamet RoyaltiesCA$14.435.8%
+CA$83.4m		n/aPS57.1x

Latest News

QIMC
CA$1.93
Quebec Innovative Materials
7D
53.2%
1Y
1,384.6%
LUN
CA$35.27
Lundin Mining
7D
-15.6%
1Y
186.1%

LUN: Future Returns Will Reflect Copper Cycles And Wider Earnings Uncertainty

The Lundin Mining analyst price target has been revised higher to CA$37.25 from CA$36.05, reflecting updated analyst views that incorporate Street research indicating stronger revenue growth, wider profit margins and a modestly adjusted future P/E outlook. Analyst Commentary Recent Street research presents a mixed but generally constructive view on Lundin Mining, with several firms adjusting price targets and ratings in response to updated revenue, margin and P/E assumptions.
FNV
CA$357.39
Franco-Nevada
7D
-5.9%
1Y
72.5%

Franco-Nevada Corporation (FNV): The High-Margin Gold Proxy – Anticipating the 2025 Year-End Results.

Franco-Nevada (FNV) remains the premier "gold-focused royalty and streaming" vehicle, trading at $352.86 CAD on the Toronto Stock Exchange as of the March 6, 2026, market close. Headquartered in Toronto, Ontario, the company operates a business model that is the envy of the mining world: it provides upfront capital to miners in exchange for a percentage of future production, allowing it to capture the full upside of rising gold prices without exposure to the crushing operational inflation or labor strikes that plague traditional miners.
TECK.B
CA$69.21
Teck Resources
7D
-11.5%
1Y
28.2%
PAAS
CA$82.26
Pan American Silver
7D
-10.3%
1Y
143.5%
ABX
CA$62.27
Barrick Mining
7D
-10.0%
1Y
137.1%

ABX: Planned Business Split Will Pressure Shares Despite Higher P/E Multiple

Analysts have adjusted their fair value estimate for Barrick Mining to CA$50.72 from CA$47.98, reflecting updated assumptions on revenue growth, profit margins, discount rates, and future P/E expectations. What's in the News Barrick Mining reported fourth quarter 2025 production of 871,000 ounces of gold and 62,000 tonnes of copper, and full year 2025 production of 3,255,000 ounces of gold and 220,000 tonnes of copper, compared with 3,911,000 ounces of gold and 195,000 tonnes of copper a year earlier (company announcement of operating results).
HG
CA$9.50
HydroGraph Clean Power
7D
18.0%
1Y
2,735.8%
IFOS
CA$3.51
Itafos
7D
14.3%
1Y
66.4%
CVW
CA$0.99
CVW Sustainable Royalties
7D
0%
1Y
23.8%
K
CA$44.18
Kinross Gold
7D
-12.1%
1Y
189.7%

K: Higher Future P/E Will Likely Overstate Benefits Of Ongoing Projects

Analysts have lifted their Kinross Gold price target from about CA$17.51 to roughly CA$24.28, citing updated assumptions for discount rate, revenue growth, profit margin, and future P/E that collectively reshape their valuation outlook. What's in the News Approved a quarterly dividend of $0.04 per common share for the fourth quarter of 2025, payable on March 26, 2026, to shareholders of record on March 11, 2026, with the payout classified as an eligible dividend for Canadian tax purposes and subject to withholding for non residents (Key Developments).
WPM
CA$201.03
Wheaton Precious Metals
7D
-11.3%
1Y
99.7%

WPM: Long Term Metal Price Assumptions Will Restrain Upside Potential

The analyst price target for Wheaton Precious Metals has been revised slightly higher to CA$188. Analysts linked their updated views to refreshed 2026 metal price forecasts and company guidance that was broadly in line with expectations.
RECE
CA$3.75
Resource Centrix HoldingsInc
7D
25.0%
1Y
n/a
FM
CA$32.52
First Quantum Minerals
7D
-19.1%
1Y
92.5%
RML
CA$1.18
Rusoro Mining
7D
12.4%
1Y
25.5%
VMET
CA$14.43
Versamet Royalties
7D
5.8%
1Y
n/a
FMT
CA$11.70
Fuerte Metals
7D
8.5%
1Y
1,260.5%