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Canadian (TSX) Materials Sector Analysis

UpdatedJan 09, 2026
DataAggregated Company Financials
Companies1210
  • 7D5.8%
  • 3M21.2%
  • 1Y101.9%
  • YTD5.7%

Over the last 7 days, the Materials industry has risen 5.4%, driven by gains from Barrick Mining of 10%. This takes the industry's 12 month performance to a gain of 103%. Looking forward, earnings are forecast to grow by 25% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 09 Jan 2026CA$1.0tCA$211.8bCA$21.0b21.6x48.4x4.8x
Sun, 07 Dec 2025CA$901.7bCA$210.6bCA$21.4b19.6x42.2x4.3x
Tue, 04 Nov 2025CA$796.4bCA$204.7bCA$16.7b19.3x47.6x3.9x
Thu, 02 Oct 2025CA$827.4bCA$202.0bCA$14.9b20.9x55.4x4.1x
Sat, 30 Aug 2025CA$684.7bCA$201.2bCA$14.7b17.2x46.5x3.4x
Mon, 28 Jul 2025CA$615.8bCA$193.3bCA$10.0b16.2x61.8x3.2x
Wed, 25 Jun 2025CA$594.4bCA$193.6bCA$10.0b15.2x59.7x3.1x
Fri, 23 May 2025CA$520.9bCA$177.6bCA$7.2b13x72.6x2.9x
Sun, 20 Apr 2025CA$550.4bCA$188.8bCA$6.6b13.9x83.3x2.9x
Tue, 18 Mar 2025CA$535.0bCA$192.8bCA$6.6b13.2x81.1x2.8x
Thu, 13 Feb 2025CA$520.1bCA$199.2bCA$4.7b13.5x111.5x2.6x
Sat, 11 Jan 2025CA$494.3bCA$199.6bCA$1.5b13.5x329.4x2.5x
Mon, 09 Dec 2024CA$492.4bCA$196.8bCA$1.3b13.8x379.3x2.5x
Wed, 06 Nov 2024CA$508.2bCA$190.0bCA$220.4m14.9x2306.4x2.7x
Fri, 04 Oct 2024CA$506.5bCA$190.1bCA$1.4b16.3x370.5x2.7x
Sun, 01 Sep 2024CA$480.2bCA$189.6bCA$1.0b17.2x476.5x2.5x
Tue, 30 Jul 2024CA$474.6bCA$193.0bCA$1.5b17.5x318x2.5x
Thu, 27 Jun 2024CA$450.5bCA$192.1bCA$1.0b15.8x439.8x2.3x
Sat, 25 May 2024CA$476.9bCA$191.8bCA$636.6m18.1x749.1x2.5x
Mon, 22 Apr 2024CA$455.0bCA$192.2bCA$3.6b18.2x125.1x2.4x
Wed, 20 Mar 2024CA$404.1bCA$191.0bCA$3.6b13.4x111.7x2.1x
Fri, 16 Feb 2024CA$365.4bCA$190.8bCA$8.4b13.4x43.3x1.9x
Sun, 14 Jan 2024CA$419.6bCA$199.5bCA$5.3b13.4x78.9x2.1x
Tue, 12 Dec 2023CA$409.6bCA$201.1bCA$5.4b12.8x75.9x2x
Thu, 09 Nov 2023CA$404.4bCA$202.3bCA$5.4b12.5x74.7x2x
Sat, 07 Oct 2023CA$419.3bCA$204.5bCA$7.5b11x55.8x2.1x
Mon, 04 Sep 2023CA$453.8bCA$202.9bCA$7.6b11.3x59.4x2.2x
Wed, 02 Aug 2023CA$463.6bCA$203.7bCA$11.3b13.2x41x2.3x
Fri, 30 Jun 2023CA$438.4bCA$207.9bCA$14.5b10.5x30.2x2.1x
Sun, 28 May 2023CA$447.2bCA$211.8bCA$15.1b12.7x29.6x2.1x
Tue, 25 Apr 2023CA$489.6bCA$218.7bCA$21.5b11.8x22.8x2.2x
Thu, 23 Mar 2023CA$454.7bCA$220.7bCA$23.6b11x19.3x2.1x
Sat, 18 Feb 2023CA$445.6bCA$222.2bCA$25.6b11.6x17.4x2x
Mon, 16 Jan 2023CA$469.5bCA$224.0bCA$29.2b11x16.1x2.1x
Price to Earnings Ratio

16.1x


Total Market Cap: CA$469.5bTotal Earnings: CA$29.2bTotal Revenue: CA$224.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Materials Sector Price to Earnings3Y Average 257x202420252026
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 48.8x 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 10% 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 Market1.76%
Materials5.84%
Metals and Mining6.27%
Paper and Forestry Products2.97%
Packaging1.86%
Chemicals0.97%
Basic Materials0.63%
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 26.4%, 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 6.6% 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
ABX Barrick MiningCA$65.7910.0%
+CA$10.1b		184.4%PE22.4x
FNV Franco-NevadaCA$312.649.9%
+CA$5.4b		71.1%PE47.3x
K Kinross GoldCA$42.8410.8%
+CA$5.0b		179.1%PE21.2x
WPM Wheaton Precious MetalsCA$171.596.3%
+CA$4.6b		103.7%PE56.1x
AGI Alamos GoldCA$57.708.9%
+CA$2.0b		105.3%PE32.4x

Latest News

SXGC
CA$9.58
Southern Cross Gold Consolidated
7D
-9.5%
1Y
n/a
CS
CA$13.58
Capstone Copper
7D
-1.5%
1Y
47.1%

CS: Higher Precious Metal Prices Will Support Future Share Outperformance

Analysts have kept our fair value estimate for Capstone Copper steady while incorporating a modestly lower discount rate and slightly higher revenue growth assumptions. These adjustments help explain recent Street price targets clustering in the C$13 to C$17 range.
FVL
CA$1.51
Freegold Ventures
7D
-6.2%
1Y
75.6%
K
CA$42.84
Kinross Gold
7D
10.8%
1Y
179.1%

K: Future P/E Compression Will Likely Reveal Weaker Underlying Profitability

Analysts have raised their price target on Kinross Gold to US$17.06, citing updated assumptions for stronger revenue growth, higher profit margins, and a lower expected future P/E multiple. What's in the News Kinross Gold issued new production guidance, expecting fourth quarter output to be slightly lower than 0.5 million gold equivalent ounces and to finish 2025 slightly above the midpoint of its annual guidance range of 2.0 million (+/- 5%) attributable gold equivalent ounces (Corporate guidance).
AGI
CA$57.70
Alamos Gold
7D
8.9%
1Y
105.3%

AGI: Share Buybacks And Stronger Fourth Quarter Output Will Support Bullish Upside

Analysts now set a modestly higher price target range for Alamos Gold, reflecting small adjustments to their fair value estimate, discount rate, and assumed future P/E multiple, while keeping revenue growth and profit margin expectations broadly in line with prior views. What's in the News Board of Directors authorizes a new share buyback plan on December 22, 2025, signaling continued use of repurchases as a capital allocation tool (Key Developments).
FNV
CA$312.64
Franco-Nevada
7D
9.9%
1Y
71.1%

FNV: Future Royalty Cash Flows Will Reflect Strong Precious Metal Pricing

The updated analyst price target for Franco-Nevada reflects a modest uplift in fair value to about $346, as analysts balance higher valuation multiples on cash-flowing royalty assets and stronger precious metals pricing with more cautious sentiment linked to recent gold price volatility. Analyst Commentary Recent Street research on Franco-Nevada shows a split view, with some analysts lifting targets and ratings based on royalty asset quality and commodity pricing, while others point to sentiment risk around gold price volatility.
APM
CA$9.42
Andean Precious Metals
7D
-3.5%
1Y
653.6%

APM: Steady Ore Sourcing And Expanded Drilling Will Support Balanced Prospects

Analysts have revised their price target on Andean Precious Metals to US$10.39 per share, reflecting updated assumptions around the discount rate, long term revenue growth, profit margin and future P/E multiple. What's in the News Silver Elephant Mining Corp.
TECK.B
CA$68.46
Teck Resources
7D
4.2%
1Y
11.9%

TECK.B: Cautious Outlook Will Hinge On Execution Of Critical Minerals Projects

Our fair value estimate for Teck Resources has been reduced from $50.00 to about $45.79 as analysts adjust price targets and ratings in response to more cautious views on revenue growth, profitability, and required returns. Analyst Commentary Recent Street research on Teck Resources reflects a more cautious stance, with several bearish analysts trimming price targets and reducing ratings as they reassess the risk and reward trade off.
WPM
CA$171.59
Wheaton Precious Metals
7D
6.3%
1Y
103.7%

WPM: Higher Gold Price Assumptions And New Streams Will Drive Long-Term Upside

Analysts have raised their price target on Wheaton Precious Metals by roughly US$8 to reflect updated commodity price forecasts, higher assumed revenue growth and margins, and a lower future P/E multiple, based on recent research updates from BofA, Scotiabank, Stifel and Berenberg. Analyst Commentary Bullish Takeaways Bullish analysts are lifting price targets across multiple currencies, which signals greater confidence in Wheaton Precious Metals' ability to support higher valuation levels under updated commodity price assumptions.
GMIN
CA$39.63
G Mining Ventures
7D
-4.5%
1Y
200.2%
BRC
CA$1.23
Blackrock Silver
7D
-10.9%
1Y
203.7%
ABX
CA$65.79
Barrick Mining
7D
10.0%
1Y
184.4%

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).
EDV
CA$77.61
Endeavour Mining
7D
9.8%
1Y
190.8%

EDV: Elevated Gold Prices Will Support 25% Output Expansion Amid West African Risks

The analyst price target for Endeavour Mining has been raised to C$77 from C$73 as analysts factor in higher long term gold price assumptions, improving profit margins, and a more supportive sector outlook despite ongoing geopolitical risks. Analyst Commentary Recent Street research reflects a broadly constructive stance on Endeavour Mining, with multiple firms lifting their valuation frameworks in response to higher long term gold price assumptions and updated production growth outlooks.
NTR
CA$82.93
Nutrien
7D
-2.1%
1Y
19.9%

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.
LUN
CA$31.15
Lundin Mining
7D
5.6%
1Y
140.7%

LUN: Future Returns Will Weigh Metal Price Cycles Against Legal Overhang Risks

The analyst price target for Lundin Mining has been raised from approximately $24.55 to about $27.52, as analysts factor in stronger expected revenue growth and improved profit margins despite a mixed macro backdrop for metals and mining. Analyst Commentary Analyst sentiment toward Lundin Mining remains broadly constructive, with a series of recent target price revisions reflecting both stronger company specific fundamentals and a still challenging macro backdrop for metals.
SGD
CA$17.04
Snowline Gold
7D
-1.8%
1Y
220.3%