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Canadian (TSX) Tech Sector Analysis

UpdatedFeb 27, 2026
DataAggregated Company Financials
Companies115
  • 7D2.5%
  • 3M-20.7%
  • 1Y-20.3%
  • YTD-15.2%

The Tech industry is up 2.5% in the last week, with Constellation Software up 8.0%. In contrast, the industry has lost 20% in the last 12 months. As for the next few years, earnings are expected to grow by 23% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 27 Feb 2026CA$165.9bCA$62.0bCA$2.7b37.5x60.9x2.7x
Sun, 25 Jan 2026CA$187.8bCA$60.0bCA$2.7b27.4x69.3x3.1x
Tue, 23 Dec 2025CA$204.0bCA$60.1bCA$2.7b24.3x75.2x3.4x
Thu, 20 Nov 2025CA$198.2bCA$61.0bCA$2.8b23.4x71.3x3.3x
Sat, 18 Oct 2025CA$218.9bCA$58.6bCA$2.7b39.3x82.1x3.7x
Mon, 15 Sep 2025CA$225.9bCA$58.2bCA$2.7b39.5x84.6x3.9x
Wed, 13 Aug 2025CA$230.3bCA$57.8bCA$2.5b45.6x91.2x4x
Fri, 11 Jul 2025CA$229.1bCA$55.7bCA$2.4b37.6x95.2x4.1x
Sun, 08 Jun 2025CA$219.6bCA$55.7bCA$2.4b32.9x91.3x3.9x
Tue, 06 May 2025CA$215.1bCA$55.5bCA$3.1b26.7x69.1x3.9x
Thu, 03 Apr 2025CA$201.7bCA$58.5bCA$2.5b24.6x80.4x3.4x
Sat, 01 Mar 2025CA$219.1bCA$58.3b-CA$289,160,232.6925.5x-757.7x3.8x
Mon, 27 Jan 2025CA$219.0bCA$57.1b-CA$433,871,228.8223.2x-504.8x3.8x
Wed, 25 Dec 2024CA$211.7bCA$57.2b-CA$448,101,285.0026.8x-472.5x3.7x
Fri, 22 Nov 2024CA$205.5bCA$56.1b-CA$373,997,936.0924.8x-549.4x3.7x
Sun, 20 Oct 2024CA$196.7bCA$54.2b-CA$578,076,351.7124.5x-340.3x3.6x
Tue, 17 Sep 2024CA$189.3bCA$53.7b-CA$616,678,306.9622.8x-306.9x3.5x
Thu, 15 Aug 2024CA$183.0bCA$54.0b-CA$604,055,934.6422.1x-302.9x3.4x
Sat, 13 Jul 2024CA$184.6bCA$52.3b-CA$1,386,277,396.5531.4x-133.1x3.5x
Mon, 10 Jun 2024CA$176.3bCA$52.8b-CA$1,431,754,539.8726.7x-123.1x3.3x
Wed, 08 May 2024CA$176.4bCA$53.1b-CA$1,561,179,088.9724.4x-113x3.3x
Fri, 05 Apr 2024CA$174.4bCA$52.3b-CA$2,338,773,644.0122.8x-74.6x3.3x
Sun, 03 Mar 2024CA$175.5bCA$51.5b-CA$876,631,685.4220.2x-200.3x3.4x
Tue, 30 Jan 2024CA$169.7bCA$52.0b-CA$2,238,496,009.0020.6x-75.8x3.3x
Thu, 28 Dec 2023CA$160.8bCA$51.7b-CA$2,292,589,766.0020.9x-70.2x3.1x
Sat, 25 Nov 2023CA$153.6bCA$52.5b-CA$2,463,812,626.0022.6x-62.3x2.9x
Mon, 23 Oct 2023CA$140.5bCA$51.4b-CA$2,581,319,038.0022.4x-54.4x2.7x
Wed, 20 Sep 2023CA$143.8bCA$50.9b-CA$2,629,532,720.0024.3x-54.7x2.8x
Fri, 18 Aug 2023CA$142.5bCA$51.1b-CA$2,659,095,381.0021.3x-53.6x2.8x
Sun, 16 Jul 2023CA$145.1bCA$48.8b-CA$2,347,699,650.0021.6x-61.8x3x
Tue, 13 Jun 2023CA$143.2bCA$48.8b-CA$2,643,670,054.0022.1x-54.2x2.9x
Thu, 11 May 2023CA$139.3bCA$48.0b-CA$1,993,565,266.0022.1x-69.9x2.9x
Sat, 08 Apr 2023CA$135.2bCA$47.0b-CA$1,971,089,065.0027x-68.6x2.9x
Mon, 06 Mar 2023CA$134.4bCA$48.0b-CA$1,107,702,963.0025.4x-121.4x2.8x
Price to Earnings Ratio

-121.4x


Total Market Cap: CA$134.4bTotal Earnings: -CA$1,107,702,963.00Total Revenue: CA$48.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Tech Sector Price to Earnings3Y Average -117.2x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Information Technology industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 60.9x which is higher than its 3-year average PE of -117x.
  • The 3-year average PS ratio of 3.7x is higher than the industry's current PS ratio of 2.7x.
Past Earnings Growth
  • Total earnings for the Information Technology industry have gone up over the last three years, and the industry is now profitable. Revenues have grown 8.8% per year.
  • This means that more sales are being generated by the industry overall, and subsequently profits are increasing too.

Industry Trends

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

CA Market2.71%
Tech2.53%
Software7.18%
Semiconductors4.89%
Communications0.59%
Tech Hardware0%0
IT-0.82%
Electronic Equipment and Components-3.61%
Industry PE
  • Investors are most optimistic about the Communications industry even though it's trading below its 3-year average PE ratio of 233x.
    • Analysts are expecting annual earnings growth of 24.6%, which is higher than its past year's earnings decline of 1.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Electronic Equipment and Components industry, expecting annual earnings growth of 31% over the next 5 years.
  • However this is lower than its past earnings growth rate of 85% per year.
  • In contrast, the IT industry is expected to see its earnings grow by 9.2% 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
CSU Constellation SoftwareCA$2.61k8.0%
+CA$4.1b		-46.7%PE58.8x
LMN Lumine GroupCA$22.2519.4%
+CA$926.4m		-40.7%PE42.4x
TOI Topicus.comCA$94.506.9%
+CA$509.2m		-32.7%PE116.8x
BTQ BTQ TechnologiesCA$5.2951.1%
+CA$250.6m		68.5%PS1309.9x
PNG Kraken RoboticsCA$8.868.3%
+CA$208.7m		288.6%PE165x

Latest News

LMN
CA$22.25
Lumine Group
7D
19.4%
1Y
-40.7%
TOI
CA$94.50
Topicus.com
7D
6.9%
1Y
-32.7%
CLS
CA$381.67
Celestica
7D
-4.5%
1Y
144.7%

CLS: Index Additions And Raised 2026 Outlook Will Support Future Upside

Analysts have nudged their fair value estimate for Celestica to CA$570.53 from CA$556.49, citing updated assumptions around discount rate, revenue growth, profit margin and a slightly higher future P/E multiple. What's in the News Celestica issued earnings guidance for the first quarter of 2026, projecting revenue between US$3.85b and US$4.15b, with midpoint guidance implying 51% growth (corporate guidance).
DSG
CA$92.84
Descartes Systems Group
7D
2.7%
1Y
-41.7%

DSG: Freight Recovery Signals And Buyback Program Will Drive Future Upside

Analysts have trimmed their average price target on Descartes Systems Group by CA$20, citing sector wide target resets and a more cautious read on transport and software conditions, even as some see an improving setup for the company. Analyst Commentary Recent research on Descartes Systems Group shows a split view, with some analysts becoming more constructive on the stock while others reset expectations in light of sector headwinds and transport data.
URAI
CA$0.24
Inturai Ventures
7D
-33.3%
1Y
50.0%
CSU
CA$2,607.72
Constellation Software
7D
8.0%
1Y
-46.7%

Constellation Software: The Fortress the AI Panic Forgot to Account For

Headline: Constellation Software (CSU): Why the AI Sell-off is a Category Error (and a Generational Buy) The market is currently punishing Constellation Software by applying a "generic AI disruption" narrative that fundamentally misunderstands the DNA of the business. Investors are pricing CSU as if it were a commodity software play, when in reality, it is a holding company for critical digital infrastructure.
GIB.A
CA$100.21
CGI
7D
-0.8%
1Y
-37.1%

GIB.A: Future Returns Will Rely On Buybacks And Steady Execution

Analyst price targets for CGI have been adjusted slightly, with a modest net change centered around CA$ level updates as firms recalibrate for a higher discount rate, make a small tweak to assumed future P/E, and incorporate fresh research from CIBC, Canaccord, TD Securities and Scotiabank. Analyst Commentary Recent research updates show a mixed but generally constructive view on CGI, with some firms trimming their price targets while others have raised theirs or reiterated constructive ratings after transferring coverage.
PNG
CA$8.86
Kraken Robotics
7D
8.3%
1Y
288.6%
BITF
CA$3.18
Bitfarms
7D
11.6%
1Y
100.0%

BITF: Liquidity Management And Emerging Crypto Rules Will Support Future Upside

Analysts have revised their Bitfarms price target to CA$8.48, reflecting slightly higher discount rate assumptions and updated views on revenue growth, margins, and future P/E in light of liquidity concerns and ongoing regulatory uncertainty around crypto market structure. Analyst Commentary Bullish Takeaways Bullish analysts see the revised CA$8.48 target as still allowing room for execution on revenue growth and margin initiatives, provided liquidity pressures are managed carefully.
KXS
CA$129.45
Kinaxis
7D
4.9%
1Y
-19.4%

AI Supply Chain Adoption Risks Will Persist Yet Eventually Support A Healthier Business Mix

Catalysts About Kinaxis Kinaxis provides cloud-based supply chain planning and orchestration software for large enterprises globally. What are the underlying business or industry changes driving this perspective?
GRID
CA$4.77
Tantalus Systems Holding
7D
-8.1%
1Y
165.0%
WERX
CA$1.22
Fintechwerx International Software Services
7D
-20.3%
1Y
467.4%
TINY
CA$6.75
Tiny
7D
-7.2%
1Y
-39.7%

Tiny Ltd. (TSE:TINY) Not Doing Enough For Some Investors As Its Shares Slump 27%

Feb 10
Tiny Ltd. (TSE:TINY) Not Doing Enough For Some Investors As Its Shares Slump 27%
BTQ
CA$5.29
BTQ Technologies
7D
51.1%
1Y
68.5%
IMP
CA$1.48
Intermap Technologies
7D
-14.9%
1Y
-33.3%

Intermap Technologies Corporation's (TSE:IMP) Stock Retreats 25% But Revenues Haven't Escaped The Attention Of Investors

Jan 10
Intermap Technologies Corporation's (TSE:IMP) Stock Retreats 25% But Revenues Haven't Escaped The Attention Of Investors
CYBE
CA$1.92
CyberCatch Holdings
7D
-17.6%
1Y
249.1%