Has the Canadian Chemicals Industry valuation changed over the past few years?

Investors are pessimistic on the Canadian Chemicals 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 17.9x which is lower than its 3-year average PE of 25.8x. The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.4x.

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

Investors are most optimistic about the Commodity Chemicals industry even though it's trading below its 3-year average PE ratio of 42.4x. Analysts are expecting annual earnings growth of 26.9%, which is higher than its past year's earnings decline of 24.8% per year.

Canadian (TSX) Chemicals Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sun, 20 Sep 2026	CA$67.7b	CA$49.8b	CA$3.8b	13.3x	17.9x	1.4x
Tue, 18 Aug 2026	CA$62.0b	CA$49.4b	CA$3.7b	12.8x	16.6x	1.3x
Thu, 16 Jul 2026	CA$63.5b	CA$48.3b	CA$3.5b	13.7x	18.2x	1.3x
Sat, 13 Jun 2026	CA$61.8b	CA$48.1b	CA$3.5b	13.6x	17.9x	1.3x
Mon, 11 May 2026	CA$62.8b	CA$47.1b	CA$3.5b	10.3x	18.1x	1.3x
Wed, 08 Apr 2026	CA$67.8b	CA$46.3b	CA$3.5b	14.9x	19.1x	1.5x
Fri, 06 Mar 2026	CA$64.8b	CA$45.5b	CA$3.7b	15.8x	17.7x	1.4x
Sun, 01 Feb 2026	CA$58.8b	CA$44.9b	CA$3.0b	17.3x	19.7x	1.3x
Tue, 30 Dec 2025	CA$53.2b	CA$45.1b	CA$3.0b	15.1x	17.7x	1.2x
Thu, 27 Nov 2025	CA$50.2b	CA$46.2b	CA$3.1b	14.5x	16.2x	1.1x
Sat, 25 Oct 2025	CA$50.8b	CA$45.0b	CA$2.5b	11.7x	20.5x	1.1x
Mon, 22 Sep 2025	CA$48.8b	CA$44.4b	CA$2.4b	11.9x	19.9x	1.1x
Wed, 20 Aug 2025	CA$48.3b	CA$44.6b	CA$2.5b	11.1x	19.7x	1.1x
Fri, 18 Jul 2025	CA$47.7b	CA$44.0b	CA$1.1b	10.6x	43.7x	1.1x
Sun, 15 Jun 2025	CA$49.6b	CA$43.5b	CA$1.1b	10.1x	45.6x	1.1x
Tue, 13 May 2025	CA$44.9b	CA$44.7b	CA$1.2b	9.7x	38.9x	1x
Thu, 10 Apr 2025	CA$38.7b	CA$45.4b	CA$1.3b	10.4x	30.7x	0.9x
Sat, 08 Mar 2025	CA$43.6b	CA$46.1b	CA$1.1b	21.2x	38.8x	0.9x
Mon, 03 Feb 2025	CA$46.2b	CA$47.4b	CA$1.2b	23x	38.2x	1x
Wed, 01 Jan 2025	CA$39.9b	CA$46.8b	CA$1.2b	22.5x	33.9x	0.9x
Fri, 29 Nov 2024	CA$40.3b	CA$45.7b	CA$1.1b	22.5x	35.5x	0.9x
Sun, 27 Oct 2024	CA$40.9b	CA$45.6b	CA$1.1b	30x	36.1x	0.9x
Tue, 24 Sep 2024	CA$39.1b	CA$44.6b	CA$1.1b	29.5x	35.8x	0.9x
Thu, 22 Aug 2024	CA$39.4b	CA$44.7b	CA$1.1b	29.9x	36.7x	0.9x
Sat, 20 Jul 2024	CA$43.0b	CA$47.2b	CA$1.2b	22x	35.3x	0.9x
Mon, 17 Jun 2024	CA$43.2b	CA$47.2b	CA$1.2b	23.6x	35.5x	0.9x
Wed, 15 May 2024	CA$47.2b	CA$46.9b	CA$1.2b	25.1x	38.1x	1x
Fri, 12 Apr 2024	CA$45.7b	CA$48.0b	CA$2.0b	21.2x	22.7x	1x
Sun, 10 Mar 2024	CA$42.5b	CA$47.5b	CA$2.1b	17.8x	20.4x	0.9x
Tue, 06 Feb 2024	CA$41.1b	CA$50.3b	CA$3.4b	14.9x	12.1x	0.8x
Thu, 04 Jan 2024	CA$45.1b	CA$49.7b	CA$3.3b	16x	13.5x	0.9x
Sat, 02 Dec 2023	CA$43.1b	CA$50.2b	CA$3.4b	12.6x	12.8x	0.9x
Mon, 30 Oct 2023	CA$45.2b	CA$55.3b	CA$5.5b	7.4x	8.3x	0.8x
Wed, 27 Sep 2023	CA$49.2b	CA$54.2b	CA$5.4b	8.3x	9.1x	0.9x


CA Market	0.19%
Materials	0.082%
Chemicals	-0.84%
Fertilizers and Agricultural Chemicals	-0.79%
Industrial Gases	-0.90%
Specialty Chemicals	-0.97%
Commodity Chemicals	-1.02%

Company	Last Price	7D	1Y	Valuation
GRA NanoXplore	CA$1.70	24.1% +CA$59.9m	-39.9%	PS2.6x
CHE.UN Chemtrade Logistics Income Fund	CA$14.80	1.0% +CA$16.8m	14.6%	PE11.1x
AUUA Aluula Composites	CA$3.75	7.1% +CA$7.7m	141.9%	PS11.1x
HG HydroGraph Clean Power	CA$4.86	0.4% +CA$7.2m	140.0%	PS10662.9x
ERTH Replenish Nutrients Holding	CA$0.26	8.3% +CA$5.0m	225.0%	PS10.3x

Announcement • Aug 22

Novacium Presents Hydras Process Research on Hydrogen Production and Aluminum Waste Valorization At Com 2026

Novacium SAS research on its proprietary HyDRAS (Hydrogen from Dross and Red Mud for Aluminum Sustainability) process has been accepted for presentation at COM 2026. The presentation is entitled, 'Aluminum Dross and Bauxite Residue Co-Valorization via Hydrogen Production: A New Perspective on Aluminum Sustainability.' The presentation will highlight research conducted by Novacium in collaboration with Université Claude Bernard Lyon 1 /CNRS /LAGEPP and Casthouse Engineering and Technology AG. Black dross and bauxite residue ('red mud') represent two significant waste-management challenges for the aluminum industry. The HyDRAS process combines these two waste streams by using bauxite residue to enhance hydrogen production from the residual aluminum in black dross. Under the test conditions reported in the COM 2026 paper, using bauxite residue more than doubled hydrogen yield and significantly increased the hydrogen production flowrate, compared with tests conducted without an activation agent. This creates the potential for a circular approach in which one aluminum industry residue helps recover value from another while producing hydrogen and potentially recoverable heat. Approximately 175 million tonnes of bauxite residue are generated each year globally, while large-scale beneficial uses remain limited. In Canada, approximately one million tonnes are generated annually in Québec, making the development of new beneficial uses for this material particularly relevant. Building on the results to be presented at COM 2026 and subsequent development work, Novacium believes the HyDRAS process is now ready to advance toward industrial pilot-scale demonstration. The next phase will focus on demonstrating the process under industrially relevant conditions and generating the operating and economic data required to evaluate potential commercial applications. The results provide the technical foundation for this next stage. The work establishes key process parameters and concludes that the results provide a basis for advancing the technology toward industrial applications. Under its exclusive North American licensing agreement with Novacium, HPQ Silicon holds the rights to commercialize Novacium’s hydrogen technologies in Canada, the United States and Mexico. Successful industrial pilot-scale validation of HyDRAS could therefore provide HPQ Silicon with a pathway to evaluate commercial deployment opportunities across North America, including within Québec’s established aluminum industry. The development of beneficial uses for bauxite residue has already attracted public-sector support in Québec. In 2020, the Government of Québec announced a CAD 20 million investment in a more than CAD 90 million circular-economy project aimed specifically at demonstrating the treatment and valorization of bauxite residue at the Vaudreuil site. The project included the construction and operation of a semi-commercial demonstration unit. This objective is also consistent with Québec's broader residual-materials policy, which seeks to maximize the value recovered from residual materials, including their potential use for energy production. Against this backdrop, HyDRAS represents a potentially complementary approach, using bauxite residue to help recover value from black aluminum dross while producing hydrogen.

Canadian (TSX) Chemicals Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

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New minor risk - Shareholder dilution

New major risk - Financial position

Second quarter 2026 earnings released: CA$0.01 loss per share (vs CA$0.008 loss in 2Q 2025)

AirBoss of America Corp. Announces Appointment of Leslie Graves as Director, Effective August 27, 2026

Novacium Presents Hydras Process Research on Hydrogen Production and Aluminum Waste Valorization At Com 2026

New major risk - Revenue and earnings growth

New minor risk - Market cap size

Millennial Potash Corp. Provides Update On Banio Potash Project Exploration And Resource Estimate

Second quarter 2026 earnings released: CA$0.015 loss per share (vs CA$0.013 loss in 2Q 2025)