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Canadian (TSX) Materials Sector Analysis

UpdatedFeb 26, 2026
DataAggregated Company Financials
Companies1207
  • 7D8.6%
  • 3M35.1%
  • 1Y127.9%
  • YTD25.5%

Over the last 7 days, the Materials industry has risen 8.6%, driven by gains in Wheaton Precious Metals and Lundin Mining of 8.5% and 22%, respectively. This means that the industry has gained 128% over the past year. 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
Thu, 26 Feb 2026CA$1.2tCA$219.8bCA$27.9b19.9x43.5x5.5x
Sat, 24 Jan 2026CA$1.1tCA$209.9bCA$20.7b24.8x55x5.4x
Mon, 22 Dec 2025CA$963.2bCA$211.0bCA$20.9b19.8x46.1x4.6x
Wed, 19 Nov 2025CA$829.4bCA$212.5bCA$22.0b18.1x37.7x3.9x
Fri, 17 Oct 2025CA$885.9bCA$203.2bCA$15.1b22x58.5x4.4x
Sun, 14 Sep 2025CA$759.1bCA$202.5bCA$14.6b18.3x51.9x3.7x
Tue, 12 Aug 2025CA$645.0bCA$198.4bCA$14.1b16.1x45.8x3.3x
Thu, 10 Jul 2025CA$602.9bCA$193.1bCA$9.8b15.8x61.6x3.1x
Sat, 07 Jun 2025CA$605.3bCA$194.1bCA$10.1b15.4x60.1x3.1x
Mon, 05 May 2025CA$539.8bCA$190.7bCA$8.1b12.8x66.8x2.8x
Wed, 02 Apr 2025CA$539.1bCA$193.9bCA$6.9b14.1x77.6x2.8x
Fri, 28 Feb 2025CA$515.5bCA$193.7bCA$4.8b12.6x107.1x2.7x
Sun, 26 Jan 2025CA$499.5bCA$198.8bCA$1.6b14.6x303.1x2.5x
Tue, 24 Dec 2024CA$467.4bCA$199.0bCA$1.5b13.2x315.9x2.3x
Thu, 21 Nov 2024CA$491.4bCA$195.0bCA$1.3b14.1x392.5x2.5x
Sat, 19 Oct 2024CA$517.4bCA$192.7bCA$1.5b18.1x348.5x2.7x
Mon, 16 Sep 2024CA$491.2bCA$190.7bCA$1.1b16.2x454.7x2.6x
Wed, 14 Aug 2024CA$461.0bCA$191.5bCA$1.1b16.1x401.8x2.4x
Fri, 12 Jul 2024CA$476.9bCA$191.5bCA$1.0b14.9x462.4x2.5x
Sun, 09 Jun 2024CA$459.4bCA$192.7bCA$994.9m16.4x461.7x2.4x
Tue, 07 May 2024CA$461.6bCA$191.7bCA$2.1b18.4x216.8x2.4x
Thu, 04 Apr 2024CA$435.1bCA$189.9bCA$3.5b17.3x124.2x2.3x
Sat, 02 Mar 2024CA$375.0bCA$190.8bCA$4.5b14.4x82.9x2x
Mon, 29 Jan 2024CA$409.5bCA$199.9bCA$5.3b12.8x77.2x2x
Wed, 27 Dec 2023CA$431.2bCA$197.9bCA$5.2b13.8x82.4x2.2x
Fri, 24 Nov 2023CA$411.8bCA$202.4bCA$5.4b11.8x76.3x2x
Sun, 22 Oct 2023CA$429.3bCA$204.9bCA$7.5b11x57.6x2.1x
Tue, 19 Sep 2023CA$449.0bCA$201.9bCA$7.5b11.4x59.7x2.2x
Thu, 17 Aug 2023CA$432.4bCA$202.2bCA$7.3b11.3x59.1x2.1x
Sat, 15 Jul 2023CA$460.4bCA$207.6bCA$14.5b10.8x31.8x2.2x
Mon, 12 Jun 2023CA$449.8bCA$208.8bCA$14.6b11.8x30.8x2.2x
Wed, 10 May 2023CA$495.6bCA$211.0bCA$16.7b12.7x29.7x2.3x
Fri, 07 Apr 2023CA$480.9bCA$218.0bCA$21.4b11.8x22.5x2.2x
Sun, 05 Mar 2023CA$463.7bCA$219.8bCA$24.5b11.4x19x2.1x
Price to Earnings Ratio

19x


Total Market Cap: CA$463.7bTotal Earnings: CA$24.5bTotal Revenue: CA$219.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 258.5x202420252026
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 43.5x 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 Market2.40%
Materials8.58%
Metals and Mining9.31%
Basic Materials5.60%
Chemicals3.63%
Packaging0.11%
Paper and Forestry Products-6.45%
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 25.0%, 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 8.7% 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$215.248.5%
+CA$7.6b		113.5%PE71.3x
LUN Lundin MiningCA$42.9221.9%
+CA$6.6b		263.1%PE25.6x
FNV Franco-NevadaCA$376.468.1%
+CA$5.5b		86.5%PE57.7x
AG First Majestic SilverCA$40.2129.8%
+CA$4.6b		391.0%PE87.9x
FM First Quantum MineralsCA$40.9512.7%
+CA$3.8b		130.8%PS4.7x

Latest News

AG
CA$40.21
First Majestic Silver
7D
29.8%
1Y
391.0%
LUN
CA$42.92
Lundin Mining
7D
21.9%
1Y
263.1%
PAAS
CA$87.94
Pan American Silver
7D
10.6%
1Y
145.0%
AGI
CA$68.40
Alamos Gold
7D
14.2%
1Y
102.5%
WPK
CA$47.51
Winpak
7D
-5.9%
1Y
8.1%
LUG
CA$122.00
Lundin Gold
7D
13.6%
1Y
192.7%
FM
CA$40.95
First Quantum Minerals
7D
12.7%
1Y
130.8%
WFG
CA$88.81
West Fraser Timber
7D
-9.5%
1Y
-21.1%

WFG: Impairment Charge And Upgraded Outlook Will Support Future Upside Potential

Analysts have lifted their price target on West Fraser Timber from about CA$107.92 to roughly CA$110.49, citing updated assumptions around revenue growth, profit margins, a slightly lower discount rate, and recent positive research attention on the stock. Analyst Commentary Recent research attention on West Fraser Timber has focused on how updated assumptions feed into the company’s valuation, with some analysts taking a more constructive view on the risk and reward profile.
ELD
CA$60.75
Eldorado Gold
7D
-5.4%
1Y
193.3%

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.
IVN
CA$15.48
Ivanhoe Mines
7D
-4.4%
1Y
6.0%

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$376.46
Franco-Nevada
7D
8.1%
1Y
86.5%
SJ
CA$95.60
Stella-Jones
7D
-2.0%
1Y
37.3%

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.
WPM
CA$215.24
Wheaton Precious Metals
7D
8.5%
1Y
113.5%

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.
CAS
CA$12.71
Cascades
7D
-9.2%
1Y
11.1%
CAMB
CA$1.62
Cambria Gold Mines
7D
-19.8%
1Y
-69.1%
CFP
CA$13.49
Canfor
7D
-8.5%
1Y
-11.3%

Canfor Corporation's (TSE:CFP) P/S Still Appears To Be Reasonable

Jan 03
Canfor Corporation's (TSE:CFP) P/S Still Appears To Be Reasonable