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Canadian (TSX) Materials Sector Analysis

UpdatedFeb 17, 2026
DataAggregated Company Financials
Companies1210
  • 7D0.5%
  • 3M34.1%
  • 1Y111.2%
  • YTD16.1%

The Materials industry has been flat over the last week, but First Quantum Minerals has lost 6.6%. The past year has been better, since the industry has gained 111% in that time. Looking forward, earnings are forecast to grow by 30% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 18 Feb 2026CA$1.1tCA$212.8bCA$21.6b22.9x52.1x5.3x
Fri, 16 Jan 2026CA$1.1tCA$212.2bCA$21.0b23.2x51.7x5.1x
Sun, 14 Dec 2025CA$938.4bCA$210.7bCA$20.8b20.3x45.1x4.5x
Tue, 11 Nov 2025CA$800.4bCA$209.9bCA$19.5b19.3x40.9x3.8x
Thu, 09 Oct 2025CA$840.8bCA$202.1bCA$15.0b21.9x56.1x4.2x
Sat, 06 Sep 2025CA$714.3bCA$202.6bCA$14.8b17.7x48.3x3.5x
Mon, 04 Aug 2025CA$600.2bCA$196.2bCA$11.4b16.6x52.5x3.1x
Wed, 02 Jul 2025CA$594.2bCA$192.4bCA$9.7b15.8x61.1x3.1x
Fri, 30 May 2025CA$574.9bCA$195.3bCA$10.3b14.5x56x2.9x
Sun, 27 Apr 2025CA$549.0bCA$189.9bCA$7.5b13.4x73.2x2.9x
Tue, 25 Mar 2025CA$545.0bCA$193.4bCA$7.0b14.3x77.9x2.8x
Thu, 20 Feb 2025CA$514.4bCA$198.2bCA$5.1b13.4x100.5x2.6x
Sat, 18 Jan 2025CA$485.1bCA$200.0bCA$1.7b13.6x286.3x2.4x
Mon, 16 Dec 2024CA$486.7bCA$197.7bCA$1.4b13.6x344x2.5x
Wed, 13 Nov 2024CA$485.7bCA$194.1bCA$1.3b14.5x381.4x2.5x
Fri, 11 Oct 2024CA$499.3bCA$191.9bCA$1.4b17.2x366.5x2.6x
Sun, 08 Sep 2024CA$449.2bCA$190.5bCA$1.0b15.8x437.9x2.4x
Tue, 06 Aug 2024CA$462.9bCA$193.5bCA$1.5b15.8x317x2.4x
Thu, 04 Jul 2024CA$452.8bCA$191.4bCA$1.0b15.8x443.3x2.4x
Sat, 01 Jun 2024CA$482.0bCA$191.4bCA$707.2m17.7x681.6x2.5x
Mon, 29 Apr 2024CA$463.1bCA$190.7bCA$2.6b17.8x178.7x2.4x
Wed, 27 Mar 2024CA$408.6bCA$191.1bCA$3.5b14x116.6x2.1x
Fri, 23 Feb 2024CA$369.1bCA$188.0bCA$4.4b14.4x84.1x2x
Sun, 21 Jan 2024CA$402.3bCA$200.0bCA$5.3b13.1x75.3x2x
Tue, 19 Dec 2023CA$421.0bCA$199.3bCA$5.3b13.4x79.4x2.1x
Thu, 16 Nov 2023CA$406.4bCA$202.4bCA$5.5b12.5x73.8x2x
Sat, 14 Oct 2023CA$425.7bCA$204.4bCA$7.5b11.2x56.9x2.1x
Mon, 11 Sep 2023CA$437.3bCA$203.3bCA$7.7b11x57x2.2x
Wed, 09 Aug 2023CA$453.0bCA$201.1bCA$7.0b11.9x64.8x2.3x
Fri, 07 Jul 2023CA$436.8bCA$209.1bCA$14.6b10.6x29.8x2.1x
Sun, 04 Jun 2023CA$451.8bCA$209.7bCA$14.8b11.3x30.5x2.2x
Tue, 02 May 2023CA$488.0bCA$215.2bCA$19.1b12x25.6x2.3x
Thu, 30 Mar 2023CA$464.9bCA$219.1bCA$23.1b11.8x20.1x2.1x
Sat, 25 Feb 2023CA$432.8bCA$220.6bCA$24.9b10.8x17.4x2x
Price to Earnings Ratio

17.4x


Total Market Cap: CA$432.8bTotal Earnings: CA$24.9bTotal Revenue: CA$220.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 258.3x202420252026
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 52.1x 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 4.5% 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 Market0.41%
Materials0.47%
Packaging1.49%
Chemicals1.48%
Metals and Mining0.43%
Basic Materials-0.47%
Paper and Forestry Products-1.52%
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 31.3%, which is lower than the prior year's growth of 79.5% 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 8.8% 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
ELD Eldorado GoldCA$61.884.9%
+CA$580.3m		202.0%PE24.2x
CCL.B CCL IndustriesCA$87.681.4%
+CA$209.6m		24.4%PE18.7x
RBX Robex ResourcesCA$6.9210.7%
+CA$185.2m		171.4%PS9.7x
BSX Belo Sun MiningCA$0.9965.0%
+CA$178.8m		340.0%PB28x
FOM Foran MiningCA$6.924.5%
+CA$169.1m		67.6%PB3.4x

Latest News

WPM
CA$193.98
Wheaton Precious Metals
7D
-1.0%
1Y
98.9%
FNV
CA$340.36
Franco-Nevada
7D
-1.6%
1Y
70.5%
BSX
CA$0.99
Belo Sun Mining
7D
65.0%
1Y
340.0%
EDV
CA$82.69
Endeavour Mining
7D
0.6%
1Y
161.8%
FOM
CA$6.92
Foran Mining
7D
4.5%
1Y
67.6%
AG
CA$29.37
First Majestic Silver
7D
-9.0%
1Y
284.9%

AG: Future Production Outlook And New Discoveries Will Drive Bullish Repricing

Analysts have lifted their price target on First Majestic Silver from about CA$12.50 to CA$35.00, citing updated assumptions for higher revenue growth, wider profit margins, and a lower future P/E multiple as the key drivers of the change. What's in the News Issued new consolidated production guidance for 2026, with expected silver output of 13.0 million to 14.4 million ounces, gold of 116,000 to 129,000 ounces, lead of 34 million to 38 million pounds, zinc of 52 million to 58 million pounds, and copper of 1.1 million to 1.3 million pounds (Key Developments).
RBX
CA$6.92
Robex Resources
7D
10.7%
1Y
171.4%
FM
CA$35.53
First Quantum Minerals
7D
-8.3%
1Y
82.8%
GMIN
CA$48.18
G Mining Ventures
7D
1.2%
1Y
212.5%
CCL.B
CA$87.68
CCL Industries
7D
1.4%
1Y
24.4%

CCL.B: Recent Buyback And Higher Street Conviction Will Support Future Upside

The updated analyst price target for CCL Industries edges up to about C$98 from roughly C$97.80, as analysts factor in research that includes higher targets in the C$94 to C$103 range, along with modest tweaks to fair value, discount rate, revenue growth, profit margin and future P/E assumptions. Analyst Commentary Recent research on CCL Industries points to a mix of optimism and caution, with several firms revising their price targets in the C$94 to C$103 range and at least one downgrade balancing the tone.
ELD
CA$61.88
Eldorado Gold
7D
4.9%
1Y
202.0%

ELD: Rising Reserves And Buybacks Will Conceal Mounting Overvaluation Risk

Analysts have lifted their price target on Eldorado Gold by about US$5.47, reflecting updated views on fair value, growth expectations, and profitability assumptions for the company. What's in the News Eldorado Gold has initiated a regular quarterly dividend program, with an initial dividend of US$0.075 per common share payable on March 13, 2026, to shareholders of record on February 27, 2026 (Dividend Initiation).
IVN
CA$16.08
Ivanhoe Mines
7D
-8.8%
1Y
-1.2%

IVN: Higher Metals Price Assumptions Will Support Multi Year Copper Production Ramp

Narrative Update The analyst price target for Ivanhoe Mines has been lifted by about $0.94, with analysts pointing to refreshed sector price forecasts, an updated fair value of $23.80, a slightly higher discount rate of 7.48% and a modestly higher future P/E of 35.06x as key drivers of the change. Analyst Commentary Recent Street research on Ivanhoe Mines has leaned positive, with several bullish analysts lifting their price targets and pointing to refreshed sector assumptions to support higher valuation levels.
AGI
CA$59.08
Alamos Gold
7D
-3.6%
1Y
83.3%

AGI: Buyback And Rising Earnings Confidence Will Drive Bullish Upside

Narrative Update on Alamos Gold Analysts have lifted their price targets on Alamos Gold, with recent C$6, $5 and $3 upward revisions contributing to a higher implied fair value of 70.95. This is supported by updated assumptions for revenue growth, profit margin and future P/E.
ARTG
CA$36.98
Artemis Gold
7D
-10.9%
1Y
129.0%
HG
CA$3.64
HydroGraph Clean Power
7D
10.3%
1Y
970.6%
PAAS
CA$76.40
Pan American Silver
7D
-5.0%
1Y
118.2%

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.