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Canadian (TSX) Materials Sector Analysis

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies1206
  • 7D4.9%
  • 3M22.1%
  • 1Y104.7%
  • YTD100.2%

In the last week, the Materials industry is up 6.5%, with Wheaton Precious Metals leading the way with a 4.9% gain. In the last 12 months, the industry was up 107%. Earnings are forecast to grow by 27% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 25 Dec 2025CA$985.1bCA$209.6bCA$20.7b20.7x47.6x4.7x
Sat, 22 Nov 2025CA$805.0bCA$213.9bCA$22.1b17.9x36.5x3.8x
Mon, 20 Oct 2025CA$843.6bCA$202.8bCA$15.1b20.6x55.9x4.2x
Wed, 17 Sep 2025CA$762.8bCA$200.8bCA$14.6b18.7x52.2x3.8x
Fri, 15 Aug 2025CA$652.8bCA$201.6bCA$14.5b16.7x45.1x3.2x
Sun, 13 Jul 2025CA$615.0bCA$193.1bCA$9.8b15.9x62.9x3.2x
Tue, 10 Jun 2025CA$597.8bCA$194.1bCA$10.1b15.4x59.2x3.1x
Thu, 08 May 2025CA$563.6bCA$192.5bCA$9.1b14.1x61.8x2.9x
Sat, 05 Apr 2025CA$519.0bCA$192.8bCA$7.0b12.3x74.4x2.7x
Mon, 03 Mar 2025CA$506.7bCA$194.0bCA$4.8b12.1x105x2.6x
Wed, 29 Jan 2025CA$490.3bCA$199.3bCA$1.7b14x297x2.5x
Fri, 27 Dec 2024CA$471.8bCA$199.4bCA$1.5b12.8x315.9x2.4x
Sun, 24 Nov 2024CA$500.0bCA$195.0bCA$1.2b13.7x408.4x2.6x
Tue, 22 Oct 2024CA$532.4bCA$193.0bCA$1.5b17.8x357.1x2.8x
Thu, 19 Sep 2024CA$490.9bCA$191.0bCA$1.1b16.7x437.8x2.6x
Sat, 17 Aug 2024CA$470.1bCA$191.6bCA$1.1b15.1x433.6x2.5x
Mon, 15 Jul 2024CA$490.9bCA$191.5bCA$1.1b14.8x449.6x2.6x
Wed, 12 Jun 2024CA$464.3bCA$192.6bCA$976.0m16.6x475.7x2.4x
Fri, 10 May 2024CA$465.6bCA$191.4bCA$1.1b17.6x406.2x2.4x
Sun, 07 Apr 2024CA$449.4bCA$190.5bCA$3.5b17.7x127.6x2.4x
Tue, 05 Mar 2024CA$389.5bCA$191.0bCA$4.6b15x85.5x2x
Thu, 01 Feb 2024CA$410.0bCA$199.8bCA$5.3b13.1x77x2.1x
Sat, 30 Dec 2023CA$428.1bCA$197.9bCA$5.2b14.1x81.8x2.2x
Mon, 27 Nov 2023CA$411.4bCA$201.7bCA$5.4b11.9x76.8x2x
Wed, 25 Oct 2023CA$423.9bCA$204.8bCA$7.4b11x56.9x2.1x
Fri, 22 Sep 2023CA$435.6bCA$202.6bCA$7.5b10.8x58.4x2.1x
Sun, 20 Aug 2023CA$431.1bCA$202.3bCA$7.3b12.1x59.1x2.1x
Tue, 18 Jul 2023CA$460.4bCA$207.3bCA$14.5b11.1x31.9x2.2x
Thu, 15 Jun 2023CA$451.3bCA$208.7bCA$14.6b11.3x30.9x2.2x
Sat, 13 May 2023CA$479.2bCA$211.5bCA$15.4b12.6x31.1x2.3x
Mon, 10 Apr 2023CA$485.2bCA$218.4bCA$21.5b11.8x22.6x2.2x
Wed, 08 Mar 2023CA$446.5bCA$221.6bCA$24.6b11.1x18.1x2x
Fri, 03 Feb 2023CA$477.1bCA$223.1bCA$29.0b11.7x16.5x2.1x
Sun, 01 Jan 2023CA$434.9bCA$225.7bCA$29.4b9.6x14.8x1.9x
Price to Earnings Ratio

14.8x


Total Market Cap: CA$434.9bTotal Earnings: CA$29.4bTotal Revenue: CA$225.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 256.5x202320242025
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 47.8x 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 11% per year over the last three years,
  • Revenues have also declined 2.4% 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 Market2.21%
Materials4.87%
Metals and Mining5.34%
Basic Materials1.25%
Packaging0.81%
Chemicals0.48%
Paper and Forestry Products-1.03%
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 28.3%, 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 58% over the next 5 years.
  • This is better than its past earnings growth rate of 31% per year.
  • In contrast, the Chemicals industry is expected to see its earnings grow by 6.4% 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$166.294.9%
+CA$3.5b		101.3%PE55.1x
ABX Barrick MiningCA$62.063.4%
+CA$3.5b		175.2%PE21.4x
IVN Ivanhoe MinesCA$15.6516.3%
+CA$3.1b		-11.9%PE53.2x
FM First Quantum MineralsCA$36.427.6%
+CA$2.1b		91.7%PE479.5x
PAAS Pan American SilverCA$73.386.5%
+CA$1.9b		146.7%PE35.7x

Latest News

IVN
CA$15.65
Ivanhoe Mines
7D
16.3%
1Y
-11.9%

After Leaping 27% Ivanhoe Mines Ltd. (TSE:IVN) Shares Are Not Flying Under The Radar

Dec 24
After Leaping 27% Ivanhoe Mines Ltd. (TSE:IVN) Shares Are Not Flying Under The Radar
TCL.A
CA$22.70
Transcontinental
7D
-1.3%
1Y
22.5%

TCL.A: Future Printing Agreements Will Drive M&A And Shareholder Upside

Analysts have modestly raised their price target on Transcontinental to approximately $27.14 from about $26.86 per share, citing a higher long term valuation multiple despite weaker near term revenue growth expectations and a slightly softer profit margin outlook. What's in the News TC Transcontinental and The Globe and Mail renewed their long standing partnership with a new 10 year printing agreement, extending a 40 year relationship that is the longest in Canadian newspaper printing history (company announcement).
ABX
CA$62.06
Barrick Mining
7D
3.4%
1Y
175.2%

ABX: Activist Spin Off, Governance Shifts And Payout Actions Will Shape Outlook

Analysts have raised their price target on Barrick Mining by approximately 5 percent to about $65 per share, citing slightly lower discount rate assumptions along with modestly stronger expectations for revenue growth, profit margins, and a still attractive future P/E multiple. What's in the News Barrick has agreed to explore a potential spin off of its premier North American mining assets into a separately listed NewCo following pressure from activist investor Elliott Investment Management, targeting the company’s valuation gap and geopolitical risk profile (company announcement).
WFG
CA$82.61
West Fraser Timber
7D
-2.6%
1Y
-34.4%

WFG: Mill Closures And Buybacks Will Drive Stronger Margins Ahead

Analysts have modestly reduced their price target on West Fraser Timber, trimming fair value expectations by about $9 per share as slightly softer revenue growth and valuation assumptions more than offset a small improvement in projected profit margins. Analyst Commentary Analyst sentiment on West Fraser Timber remains mixed, with recent target cuts driven more by valuation discipline than a sharp change in the fundamental outlook.
DBG
CA$0.92
Doubleview Gold
7D
-12.4%
1Y
196.8%
SVM
CA$11.75
Silvercorp Metals
7D
-2.0%
1Y
169.5%
NTR
CA$86.84
Nutrien
7D
-0.5%
1Y
35.8%

NTR Is Expected To Benefit From Potential Upside In Fertilizer Pricing

Analysts have modestly reduced their price target on Nutrien to approximately $113 from about $97, citing a tougher near term backdrop for farmers, slightly lower growth and margin expectations, and a more balanced risk reward profile after the stock's strong run. Analyst Commentary Recent Street research reflects a mixed but generally constructive stance on Nutrien, with several firms trimming price targets modestly while maintaining positive ratings.
K
CA$40.05
Kinross Gold
7D
3.9%
1Y
195.8%

K: Future Earnings Multiple Expansion Will Likely Overstate Underlying Profitability

Analysts have raised their fair value estimate for Kinross Gold from approximately $12.50 to about $17.05 per share. They cite expectations for moderating revenue declines, slightly higher long run profit margins, and a marginally richer future earnings multiple, even after factoring in a higher discount rate.
NOU
CA$3.63
Nouveau Monde Graphite
7D
-14.6%
1Y
56.5%
PAAS
CA$73.38
Pan American Silver
7D
6.5%
1Y
146.7%
AGI
CA$55.03
Alamos Gold
7D
6.1%
1Y
108.5%

AGI: Stronger Fourth Quarter Output Is Expected To Drive Bullish Upside

Analysts have modestly raised their price target on Alamos Gold to approximately 64.44 dollars from about 63.99 dollars, citing expectations for faster revenue growth, improved profit margins, and a slightly lower future price to earnings multiple. What's in the News Updated 2025 guidance now calls for full year gold production of 560,000 to 580,000 ounces, narrowed from the prior 580,000 to 630,000 ounce range.
DSV
CA$8.78
Discovery Silver
7D
-4.4%
1Y
1,119.4%
WPM
CA$166.29
Wheaton Precious Metals
7D
4.9%
1Y
101.3%

WPM Will Navigate Higher Metal Price Expectations Amid Mixed Macro Backdrop

Analysts have lifted their price targets for Wheaton Precious Metals into the low to mid $130 range, citing higher long term precious metal price forecasts, resilient demand amid macro headwinds, and ongoing capital returns and M&A momentum as support for a higher fair value, despite slightly lower growth and margin expectations. Analyst Commentary Recent Street research has highlighted a broadly constructive outlook for Wheaton Precious Metals, with multiple price target increases across North American and international markets.
FNV
CA$295.07
Franco-Nevada
7D
2.7%
1Y
72.9%

FNV: Future Royalty Cash Flows Will Benefit From Strong Precious Metal Prices

Analysts have modestly lowered their blended price target on Franco-Nevada by approximately $20 to around $225 per share. This reflects a balance between stronger royalty-driven cash flow potential amid firm commodity prices and heightened market volatility, as well as softer investor sentiment following the recent gold pullback.
VMET
CA$12.13
Versamet Royalties
7D
-2.6%
1Y
n/a
FM
CA$36.42
First Quantum Minerals
7D
7.6%
1Y
91.7%