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Canadian (TSX) Gold Industry Analysis

UpdatedSep 12, 2026
DataAggregated Company Financials
Companies346
  • 7D-1.8%
  • 3M19.5%
  • 1Y43.1%
  • YTDn/a

Over the last 7 days, the Gold industry has dropped 1.8%, driven by declines in Kinross Gold and Barrick Mining of 5.4% and 2.3%, respectively. In the past year, the industry has gained 43%. Looking forward, earnings are forecast to grow by 12% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 13 Sep 2026CA$683.1bCA$116.5bCA$36.7b14.3x18.6x5.9x
Tue, 11 Aug 2026CA$647.5bCA$112.7bCA$34.9b14.1x18.6x5.7x
Thu, 09 Jul 2026CA$559.3bCA$111.2bCA$32.8b13.2x17x5x
Sat, 06 Jun 2026CA$624.1bCA$109.5bCA$32.2b13.9x19.4x5.7x
Mon, 04 May 2026CA$606.7bCA$94.9bCA$25.7b16.1x23.6x6.4x
Wed, 01 Apr 2026CA$609.6bCA$95.7bCA$24.5b17.1x24.9x6.4x
Fri, 27 Feb 2026CA$775.8bCA$93.0bCA$23.1b24.3x33.6x8.3x
Sun, 25 Jan 2026CA$742.3bCA$85.1bCA$17.0b27.8x43.7x8.7x
Tue, 23 Dec 2025CA$619.3bCA$85.4bCA$17.0b22.1x36.4x7.3x
Thu, 20 Nov 2025CA$532.6bCA$86.5bCA$17.9b21.6x29.7x6.2x
Sat, 18 Oct 2025CA$577.6bCA$79.2bCA$13.0b29.2x44.4x7.3x
Mon, 15 Sep 2025CA$489.1bCA$79.8bCA$12.6b25x38.7x6.1x
Wed, 13 Aug 2025CA$399.9bCA$77.9bCA$13.1b20.6x30.6x5.1x
Fri, 11 Jul 2025CA$362.9bCA$72.6bCA$9.5b19.7x38.2x5x
Sun, 08 Jun 2025CA$345.7bCA$68.1bCA$9.0b18.3x38.5x5.1x
Tue, 06 May 2025CA$311.0bCA$64.6bCA$7.4b16.3x41.8x4.8x
Thu, 03 Apr 2025CA$307.9bCA$65.8bCA$7.5b17x41.3x4.7x
Sat, 01 Mar 2025CA$270.8bCA$64.9bCA$5.5b14x48.9x4.2x
Mon, 27 Jan 2025CA$252.9bCA$61.4bCA$2.8b17.3x89.7x4.1x
Wed, 25 Dec 2024CA$234.1bCA$61.6bCA$2.8b13.8x82.8x3.8x
Fri, 22 Nov 2024CA$243.7bCA$59.7bCA$2.6b15.3x94x4.1x
Sun, 20 Oct 2024CA$267.6bCA$55.6bCA$1.5b19.7x174.7x4.8x
Tue, 17 Sep 2024CA$249.9bCA$55.1bCA$1.4b18.2x176.2x4.5x
Thu, 15 Aug 2024CA$231.4bCA$55.4bCA$1.4b19.5x166.7x4.2x
Sat, 13 Jul 2024CA$233.1bCA$54.6bCA$1.3b24.3x180.1x4.3x
Mon, 10 Jun 2024CA$210.6bCA$55.1bCA$1.3b21x167.3x3.8x
Wed, 08 May 2024CA$212.5bCA$54.6bCA$2.1b20x99.1x3.9x
Fri, 05 Apr 2024CA$206.6bCA$53.6bCA$2.0b18.4x104.7x3.9x
Sun, 03 Mar 2024CA$174.1bCA$54.1bCA$3.4b15x51.1x3.2x
Tue, 30 Jan 2024CA$190.4bCA$55.7bCA$569.0m12.9x334.6x3.4x
Thu, 28 Dec 2023CA$206.4bCA$54.9bCA$598.7m17x344.8x3.8x
Sat, 25 Nov 2023CA$197.5bCA$56.5bCA$669.7m13.3x294.9x3.5x
Mon, 23 Oct 2023CA$203.7bCA$55.0bCA$499.2m15.6x408.1x3.7x
Wed, 20 Sep 2023CA$201.2bCA$53.2bCA$493.4m14x407.8x3.8x
Price to Earnings Ratio

407.8x


Total Market Cap: CA$201.2bTotal Earnings: CA$493.4mTotal Revenue: CA$53.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Gold Industry Price to Earnings3Y Average 103.5x202420252026
Current Industry PE
  • Investors are pessimistic on the Canadian Gold 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 18.6x which is lower than its 3-year average PE of 104x.
  • The 3-year average PS ratio of 5.0x is lower than the industry's current PS ratio of 5.9x.
Past Earnings Growth
  • The earnings for companies in the Gold industry have grown 317% per year over the last three years.
  • Revenues for these companies have grown 30% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does Canadian Gold compare with similar industries?

CA Market-1.85%
Materials-1.95%
Metals and Mining-2.08%
Gold-1.81%
Aluminum0%0
Diversified Metals and Mining-1.63%
Copper-2.83%
Precious Metals and Minerals-4.59%
Steel-5.14%
Silver-5.23%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
CGG China Gold International ResourcesCA$47.804.0%
+CA$733.4m		93.1%PE17.7x
ELD Eldorado GoldCA$60.621.8%
+CA$279.1m		55.8%PE18.4x
FNV Franco-NevadaCA$369.010.3%
+CA$200.6m		32.8%PE34.7x
GMIN G Mining VenturesCA$52.010.8%
+CA$121.5m		114.1%PE30.3x
HMMC Hemlo MiningCA$8.385.0%
+CA$118.5m		581.3%PE110x

Latest News

WDO
CA$35.06
Wesdome Gold Mines
7D
2.4%
1Y
79.4%
HMMC
CA$8.38
Hemlo Mining
7D
5.0%
1Y
581.3%
AGI
CA$49.80
Alamos Gold
7D
-2.7%
1Y
9.1%
Narrative Update • Sep 10

AGI: Island District Strength Will Offset Young-Davidson And Commodity Headwinds

The updated analyst price target for Alamos Gold moves slightly lower to about CA$66 from roughly CA$67, as analysts factor in reduced commodity price assumptions and recent operational issues, while still recognizing strong margins and supportive P/E valuations. Analyst Commentary Recent research on Alamos Gold points to a more cautious tone on near term execution and commodity pricing, while still highlighting supportive profitability and valuation compared with peers in the gold space.
LUG
CA$93.00
Lundin Gold
7D
-6.9%
1Y
5.5%
LGD
CA$2.05
Liberty Gold
7D
9.6%
1Y
236.1%
EQX
CA$17.16
Equinox Gold
7D
-3.3%
1Y
16.7%
Narrative Update • Sep 09

EQX: OLA Integration And South Railroad Decision Will Support Medium Term Re Rating

Equinox Gold's updated analyst price target has shifted to CA$24 to CA$27, reflecting a series of target reductions by major firms that still highlight Outperform views based on expectations around gold price consolidation, cost control, and capital allocation. Analyst Commentary Recent research on Equinox Gold points to a cluster of reduced yet still supportive price targets.
ELD
CA$60.62
Eldorado Gold
7D
1.8%
1Y
55.8%
OMG
CA$2.80
Omai Gold Mines
7D
5.7%
1Y
171.8%
GMIN
CA$52.01
G Mining Ventures
7D
0.8%
1Y
114.1%
EDV
CA$84.75
Endeavour Mining
7D
-3.9%
1Y
59.0%
ABX
CA$60.52
Barrick Mining
7D
-2.3%
1Y
50.5%
Narrative Update • Sep 03

ABX: Capital-Intensive Spinoff Plans Will Pressure Future Share Returns

Analysts have nudged their fair value estimate for Barrick Mining higher, lifting the implied long term price target from about CA$32.46 to roughly CA$33.69. Updated assumptions point to a lower future P/E multiple, with stronger projected profit margins offsetting more measured revenue growth expectations.
FNV
CA$369.01
Franco-Nevada
7D
0.3%
1Y
32.8%
BTO
CA$7.46
B2Gold
7D
-3.9%
1Y
19.9%
Narrative Update • Sep 03

BTO: Future Upside Will Rely On Fekola Regional Production Expansion

Analysts have revised their fair value estimate for B2Gold to CA$11.06 from CA$10.05, reflecting updated assumptions on discount rate, revenue growth, profit margin and future P/E. What’s in the News for B2Gold B2Gold has attracted renewed investor attention following strong operational performance, an improved gold production outlook and progress on its Fekola Regional growth plans in Mali.
CGG
CA$47.80
China Gold International Resources
7D
4.0%
1Y
93.1%
K
CA$40.39
Kinross Gold
7D
-5.4%
1Y
25.4%
Narrative Update • Aug 25

K: Cash Returns And Investment Grade Rating Will Support Future Upside Potential

Analysts have lowered their price target for Kinross Gold to CA$52.78 from CA$61.02 as they now apply a slightly higher discount rate, expect more modest revenue growth and profit margins, and use a higher future P/E multiple in their valuation work. What's in the News for Kinross Gold Riley Gold Corp.
PAAS
CA$69.74
Pan American Silver
7D
-1.8%
1Y
37.3%