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Canadian (TSX) Tech Sector Analysis

UpdatedJan 15, 2026
DataAggregated Company Financials
Companies116
  • 7D-1.9%
  • 3M-9.8%
  • 1Y-3.5%
  • YTD-0.7%

CGI is up 3.1%, leading the way for the Tech industry, which has gained 2.1%. Meanwhile, Constellation Software actually underperformed within the industry, shrinking 7.1% in the last week. In the past year, the industry is down 3.5%. 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
Thu, 15 Jan 2026CA$207.4bCA$60.5bCA$2.7b25.1x76.4x3.4x
Sat, 13 Dec 2025CA$203.3bCA$60.2bCA$2.7b25.7x75x3.4x
Mon, 10 Nov 2025CA$208.4bCA$60.8bCA$2.8b38.8x74.7x3.4x
Wed, 08 Oct 2025CA$213.9bCA$58.4bCA$2.7b38.8x80.2x3.7x
Fri, 05 Sep 2025CA$225.2bCA$58.1bCA$2.7b40.5x84.4x3.9x
Sun, 03 Aug 2025CA$228.3bCA$57.3bCA$2.6b41.6x88.4x4x
Tue, 01 Jul 2025CA$225.7bCA$55.6bCA$2.4b37.6x94.1x4.1x
Thu, 29 May 2025CA$221.5bCA$56.0bCA$2.4b29x90.8x4x
Sat, 26 Apr 2025CA$210.4bCA$55.4bCA$2.7b26.9x78.8x3.8x
Mon, 24 Mar 2025CA$204.6bCA$58.6bCA$2.2b24.1x93.9x3.5x
Wed, 19 Feb 2025CA$230.4bCA$57.5b-CA$239,675,278.2222.7x-961.3x4x
Fri, 17 Jan 2025CA$207.6bCA$57.2b-CA$443,335,386.3823.2x-468.3x3.6x
Sun, 15 Dec 2024CA$215.4bCA$56.8b-CA$405,954,241.1425.1x-530.7x3.8x
Tue, 12 Nov 2024CA$202.2bCA$56.0b-CA$350,841,481.8423.4x-576.2x3.6x
Thu, 10 Oct 2024CA$191.7bCA$54.0b-CA$565,185,135.1322.8x-339.1x3.6x
Sat, 07 Sep 2024CA$183.2bCA$53.6b-CA$615,341,960.2521.2x-297.8x3.4x
Mon, 05 Aug 2024CA$182.2bCA$53.6b-CA$1,306,832,691.0226.8x-139.4x3.4x
Wed, 03 Jul 2024CA$179.6bCA$52.4b-CA$1,455,856,281.0730.5x-123.4x3.4x
Fri, 31 May 2024CA$174.0bCA$52.6b-CA$1,429,758,246.1327.3x-121.7x3.3x
Sun, 28 Apr 2024CA$173.1bCA$53.1b-CA$2,281,393,552.1126.7x-75.9x3.3x
Tue, 26 Mar 2024CA$172.0bCA$52.3b-CA$2,934,970,131.8221x-58.6x3.3x
Thu, 22 Feb 2024CA$168.7bCA$51.4b-CA$892,530,689.7220.1x-189x3.3x
Sat, 20 Jan 2024CA$167.0bCA$52.1b-CA$2,246,949,887.0020.7x-74.3x3.2x
Mon, 18 Dec 2023CA$160.4bCA$52.0b-CA$2,326,903,617.0022.6x-68.9x3.1x
Wed, 15 Nov 2023CA$149.8bCA$52.6b-CA$2,473,265,388.0022.1x-60.6x2.9x
Fri, 13 Oct 2023CA$144.3bCA$51.4b-CA$2,580,565,372.0022.7x-55.9x2.8x
Sun, 10 Sep 2023CA$144.5bCA$51.3b-CA$2,602,026,183.0023.3x-55.5x2.8x
Tue, 08 Aug 2023CA$142.5bCA$50.0b-CA$3,021,822,288.0021x-47.2x2.8x
Thu, 06 Jul 2023CA$144.5bCA$48.9b-CA$2,372,668,842.0020.8x-60.9x3x
Sat, 03 Jun 2023CA$144.2bCA$48.9b-CA$2,647,605,122.0023.1x-54.5x2.9x
Mon, 01 May 2023CA$138.4bCA$48.2b-CA$1,916,714,002.0023.1x-72.2x2.9x
Wed, 29 Mar 2023CA$130.8bCA$46.6b-CA$1,227,718,400.0028.4x-106.5x2.8x
Fri, 24 Feb 2023CA$133.9bCA$47.8b-CA$1,099,754,550.0023.8x-121.7x2.8x
Sun, 22 Jan 2023CA$129.2bCA$46.3bCA$640.3m24.1x201.8x2.8x
Price to Earnings Ratio

201.8x


Total Market Cap: CA$129.2bTotal Earnings: CA$640.3mTotal Revenue: CA$46.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Tech Sector Price to Earnings3Y Average -119.1x202420252026
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 76.4x which is higher than its 3-year average PE of -119x.
  • The industry is trading close to its 3-year average PS ratio of 3.7x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 62% per year over the last three years.
  • Revenues for these companies have grown 9.3% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

CA Market2.82%
Tech-1.94%
IT3.04%
Electronic Equipment and Components1.88%
Tech Hardware0%0
Communications-0.42%
Semiconductors-2.61%
Software-4.74%
Industry PE
  • Investors are most optimistic about the Software industry which is trading above its 3-year average PE ratio of 183x.
    • Analysts are expecting annual earnings growth of 24.5%, which is higher than its past year's earnings growth of 6.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Electronic Equipment and Components industry, expecting annual earnings growth of 27% 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
GIB.A CGICA$131.373.1%
+CA$843.3m		-15.4%PE17x
CLS CelesticaCA$430.251.5%
+CA$752.3m		179.6%PE49.7x
PNG Kraken RoboticsCA$7.947.9%
+CA$177.8m		188.7%PE147.7x
BITF BitfarmsCA$4.095.7%
+CA$146.5m		71.8%PS6.4x
ACT Aduro Clean TechnologiesCA$20.2521.8%
+CA$120.5m		158.3%PS3046x

Latest News

BITF
CA$4.09
Bitfarms
7D
5.7%
1Y
71.8%
PNG
CA$7.94
Kraken Robotics
7D
7.9%
1Y
188.7%
LSPD
CA$16.16
Lightspeed Commerce
7D
-3.8%
1Y
-24.0%
ENGH
CA$19.73
Enghouse Systems
7D
-3.5%
1Y
-26.2%
LMN
CA$25.55
Lumine Group
7D
-2.7%
1Y
-34.5%

Lumine Group (CVE:LMN) Seems To Use Debt Rather Sparingly

Jan 11
Lumine Group (CVE:LMN) Seems To Use Debt Rather Sparingly
DSG
CA$120.04
Descartes Systems Group
7D
1.1%
1Y
-27.1%

DSG: Softer Freight Cycle And Buyback Plan Will Shape Future Returns

Analysts have trimmed their price target on Descartes Systems Group to about $102 from roughly $112, citing a softer transport cycle, weaker shipment volume data, pressure on peer multiples, and updated assumptions for revenue growth, profit margins, discount rate and future P/E. These factors collectively point to a slightly higher intrinsic value estimate of about $134 per share.
CLS
CA$430.25
Celestica
7D
1.5%
1Y
179.6%

CLS: Index Additions And Share Buybacks Will Support Future Upside

Analysts have trimmed their price target on Celestica, citing slightly lower fair value to about $546.16 and a more moderate future P/E assumption of roughly 34.13, while keeping growth and margin expectations broadly consistent. What's in the News Celestica has been added to the S&P Global 1200 index, increasing its visibility among global index-tracking investors (Index Constituent Adds).
KXS
CA$167.89
Kinaxis
7D
-1.3%
1Y
-3.1%
DCBO
CA$28.09
Docebo
7D
-9.6%
1Y
-54.0%

DCBO: Enterprise Expansion And Higher ARPU Will Support Long-Term Upside

Analysts have adjusted their view on Docebo after a mix of recent research, including a price target cut to US$28 from US$34 and a fresh US$35 target at another firm. This has led to a small tweak in the modeled discount rate and future P/E multiple in our updated assumptions.
GIB.A
CA$131.37
CGI
7D
3.1%
1Y
-15.4%

GIB.A: Future Returns Will Rely On Resilient Organic Execution In Weaker Markets

Analysts have trimmed their price targets on CGI to around C$149 and US$81. This reflects concerns about slower organic growth in certain regions and sectors, as well as the potential downside risk they see for consensus estimates into 2026.
HIVE
CA$4.76
HIVE Digital Technologies
7D
11.7%
1Y
6.3%
ACT
CA$20.25
Aduro Clean Technologies
7D
21.8%
1Y
158.3%
CSU
CA$3,022.95
Constellation Software
7D
-7.1%
1Y
-30.4%

Constellation Software (TSE:CSU) Has A Rock Solid Balance Sheet

Jan 01
Constellation Software (TSE:CSU) Has A Rock Solid Balance Sheet
DDD
CA$1.04
Metavista3D
7D
-20.0%
1Y
-70.8%
DGX
CA$4.52
Digi Power X
7D
20.9%
1Y
94.8%
TOI
CA$117.59
Topicus.com
7D
-7.5%
1Y
-5.7%

Some Investors May Be Worried About Topicus.com's (CVE:TOI) Returns On Capital

Dec 20
Some Investors May Be Worried About Topicus.com's (CVE:TOI) Returns On Capital