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Canadian (TSX) Materials Sector Analysis

UpdatedJan 25, 2026
DataAggregated Company Financials
Companies1207
  • 7D7.7%
  • 3M47.4%
  • 1Y127.7%
  • YTD20.8%

In the last week, the Materials industry is up 7.7%, with Wheaton Precious Metals leading the way with a 6.4% gain. In the last 12 months, the industry was up 128%. Looking forward, 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
Mon, 26 Jan 2026CA$1.2tCA$209.9bCA$20.7b24.8x56.2x5.6x
Wed, 24 Dec 2025CA$988.9bCA$209.8bCA$20.7b20.6x47.8x4.7x
Fri, 21 Nov 2025CA$841.2bCA$214.0bCA$22.1b17.8x38.1x3.9x
Sun, 19 Oct 2025CA$843.6bCA$202.8bCA$15.1b20.6x55.9x4.2x
Tue, 16 Sep 2025CA$758.3bCA$201.0bCA$14.6b18.3x51.8x3.8x
Thu, 14 Aug 2025CA$649.6bCA$199.7bCA$15.0b16.8x43.2x3.3x
Sat, 12 Jul 2025CA$607.0bCA$192.9bCA$9.8b15.7x62.2x3.1x
Mon, 09 Jun 2025CA$597.8bCA$194.2bCA$10.1b15.4x59.2x3.1x
Wed, 07 May 2025CA$546.8bCA$190.3bCA$8.0b13.3x68.7x2.9x
Fri, 04 Apr 2025CA$539.0bCA$191.3bCA$6.8b12.8x78.8x2.8x
Sun, 02 Mar 2025CA$506.7bCA$194.0bCA$4.9b12.1x102.8x2.6x
Tue, 28 Jan 2025CA$499.5bCA$199.1bCA$1.7b14.1x301.9x2.5x
Thu, 26 Dec 2024CA$471.8bCA$198.9bCA$1.5b12.9x318x2.4x
Sat, 23 Nov 2024CA$498.3bCA$195.0bCA$1.2b13.4x409.1x2.6x
Mon, 21 Oct 2024CA$532.3bCA$192.7bCA$1.5b18.1x358.6x2.8x
Wed, 18 Sep 2024CA$491.1bCA$190.8bCA$1.1b16.8x439.8x2.6x
Fri, 16 Aug 2024CA$461.5bCA$192.1bCA$1.1b15.2x409.3x2.4x
Sun, 14 Jul 2024CA$490.9bCA$191.5bCA$1.1b14.8x449.6x2.6x
Tue, 11 Jun 2024CA$464.3bCA$192.7bCA$985.0m16.2x471.3x2.4x
Thu, 09 May 2024CA$465.6bCA$192.7bCA$2.2b18.1x210.3x2.4x
Sat, 06 Apr 2024CA$445.3bCA$190.5bCA$3.5b17.7x126.4x2.3x
Mon, 04 Mar 2024CA$382.3bCA$190.8bCA$4.6b14.4x83.8x2x
Wed, 31 Jan 2024CA$410.6bCA$199.4bCA$5.3b13.2x77.5x2.1x
Fri, 29 Dec 2023CA$433.9bCA$197.6bCA$5.2b13.8x83.2x2.2x
Sun, 26 Nov 2023CA$411.4bCA$201.7bCA$5.4b11.9x76.8x2x
Tue, 24 Oct 2023CA$423.9bCA$204.8bCA$7.4b11x56.9x2.1x
Thu, 21 Sep 2023CA$445.0bCA$202.5bCA$7.5b11x59.7x2.2x
Sat, 19 Aug 2023CA$431.3bCA$202.3bCA$7.3b11.1x59.1x2.1x
Mon, 17 Jul 2023CA$460.5bCA$207.6bCA$14.5b10.8x31.8x2.2x
Wed, 14 Jun 2023CA$450.9bCA$208.4bCA$14.6b11.5x31x2.2x
Fri, 12 May 2023CA$476.4bCA$210.8bCA$15.5b12.1x30.8x2.3x
Sun, 09 Apr 2023CA$481.2bCA$218.4bCA$21.4b11.8x22.4x2.2x
Tue, 07 Mar 2023CA$457.4bCA$220.1bCA$24.4b11.4x18.7x2.1x
Thu, 02 Feb 2023CA$484.7bCA$222.8bCA$29.0b12.1x16.7x2.2x
Price to Earnings Ratio

16.7x


Total Market Cap: CA$484.7bTotal Earnings: CA$29.0bTotal Revenue: CA$222.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 257.5x202420252026
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 56.2x 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 declined 11% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

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

CA Market1.21%
Materials7.66%
Metals and Mining8.11%
Basic Materials6.35%
Chemicals4.04%
Packaging1.59%
Paper and Forestry Products1.19%
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 29.1%, 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 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$200.266.4%
+CA$5.4b		132.7%PE66.3x
K Kinross GoldCA$50.928.8%
+CA$4.9b		232.2%PE25.5x
PAAS Pan American SilverCA$88.3415.0%
+CA$4.9b		174.4%PE42.9x
ABX Barrick MiningCA$69.963.2%
+CA$3.7b		202.2%PE24.1x
IMG IAMGOLDCA$28.6919.8%
+CA$2.7b		230.5%PE35x

Latest News

AG
CA$34.82
First Majestic Silver
7D
16.5%
1Y
330.9%
PAAS
CA$88.34
Pan American Silver
7D
15.0%
1Y
174.4%
IMG
CA$28.69
IAMGOLD
7D
19.8%
1Y
230.5%
NTR
CA$97.11
Nutrien
7D
5.1%
1Y
28.3%

NTR: Higher Fertilizer Pricing And Buybacks Will Support Future Upside

Our analyst price target for Nutrien edges slightly lower to about $112.49 from $113.03, as analysts weigh mixed sector commentary on fertilizer and agriculture markets against recent target adjustments and an updated future P/E assumption of roughly 20.2x. Analyst Commentary Recent Street research on Nutrien reflects mixed sector views but a generally supportive tone on the company, with several bullish analysts adjusting targets and ratings while acknowledging a more cautious backdrop for fertilizers and agriculture.
LUN
CA$34.08
Lundin Mining
7D
-2.9%
1Y
174.4%

LUN: Future Returns Will Hinge On Metals Cycles Versus Legal And Macro Risks

The updated analyst price target for Lundin Mining has shifted higher to reflect a fair value move from $28.28 to $32.34, as analysts factor in refreshed commodity price forecasts, a slightly lower discount rate of 7.21% and higher expected future P/E multiples, even as they incorporate more cautious assumptions on revenue growth and profit margins. Analyst Commentary Recent Street research on Lundin Mining shows a mix of optimism and caution, with several firms adjusting price targets in different currencies and maintaining a range of ratings from Buy and Outperform to Neutral and Equal Weight.
K
CA$50.92
Kinross Gold
7D
8.8%
1Y
232.2%
NG
CA$13.57
NovaGold Resources
7D
-2.6%
1Y
214.8%
ABX
CA$69.96
Barrick Mining
7D
3.2%
1Y
202.2%

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.
FNV
CA$350.61
Franco-Nevada
7D
3.5%
1Y
87.8%

FNV: Future Royalty Cash Flows Will Balance Metals Strength And Sentiment Risks

Analysts have nudged their price targets on Franco-Nevada higher, using an updated fair value framework and making small adjustments to discount rate, revenue growth, profit margin and future P/E assumptions to reflect stronger support from persistently firm precious metals pricing and steady royalty cash flows. Analyst Commentary Recent research on Franco-Nevada reflects a mix of optimism around precious metals exposure and royalty cash flows, alongside some caution tied to sentiment and commodity price volatility.
MLP
CA$2.80
Millennial Potash
7D
-15.9%
1Y
600.0%
WPM
CA$200.26
Wheaton Precious Metals
7D
6.4%
1Y
132.7%

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.
NGEX
CA$26.94
NGEx Minerals
7D
-1.8%
1Y
85.4%
VNP
CA$19.34
5N Plus
7D
-5.4%
1Y
117.3%

VNP: Index Additions And Leadership Plan Are Expected To Support Further Upside

Analysts have lifted their price target on 5N Plus to C$24 from C$19, and our refreshed assumptions show a slightly lower fair value estimate alongside modest tweaks to the discount rate, revenue growth, profit margin and future P/E expectations that align with this updated view. Analyst Commentary Bullish Takeaways Bullish analysts see the higher C$24 price target as consistent with their view that the shares can support a richer valuation multiple than before, given current assumptions on earnings and P/E.
LIF
CA$30.61
Labrador Iron Ore Royalty
7D
-2.2%
1Y
-0.7%
APXC
CA$2.98
Apex Critical Metals
7D
-17.5%
1Y
242.5%
VMET
CA$14.75
Versamet Royalties
7D
-6.1%
1Y
n/a