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Canadian (TSX) Tech Sector Analysis

UpdatedFeb 21, 2026
DataAggregated Company Financials
Companies115
  • 7D4.0%
  • 3M-15.7%
  • 1Y-23.4%
  • YTD-16.5%

In the last week, the Tech industry is up 4.0%, with Constellation Software up 5.5%. Meanwhile, Abaxx Technologies actually underperformed within the industry, shrinking 7.8% in the last week. In contrast, the industry has lost 23% in the last 12 months. Earnings are forecast to grow by 25% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 21 Feb 2026CA$164.4bCA$61.8bCA$2.7b30.5x60.7x2.7x
Mon, 19 Jan 2026CA$194.9bCA$60.6bCA$2.7b25.7x71.8x3.2x
Wed, 17 Dec 2025CA$203.5bCA$60.1bCA$2.7b26.2x75.2x3.4x
Fri, 14 Nov 2025CA$209.2bCA$60.8bCA$2.8b39.3x75.2x3.4x
Sun, 12 Oct 2025CA$215.1bCA$58.6bCA$2.7b39.3x80.6x3.7x
Tue, 09 Sep 2025CA$232.4bCA$58.0bCA$2.7b40.6x87.2x4x
Thu, 07 Aug 2025CA$231.9bCA$57.2bCA$2.6b42.5x87.8x4.1x
Sat, 05 Jul 2025CA$230.1bCA$55.6bCA$2.4b39.2x95.8x4.1x
Mon, 02 Jun 2025CA$221.7bCA$55.8bCA$2.4b33.2x92.5x4x
Wed, 30 Apr 2025CA$212.3bCA$55.3bCA$2.7b26x79.6x3.8x
Fri, 28 Mar 2025CA$204.8bCA$58.6bCA$2.3b21.8x89.7x3.5x
Sun, 23 Feb 2025CA$221.0bCA$57.7b-CA$243,055,296.7324.5x-909.3x3.8x
Tue, 21 Jan 2025CA$211.4bCA$57.0b-CA$431,939,678.7923.2x-489.3x3.7x
Thu, 19 Dec 2024CA$214.6bCA$57.3b-CA$430,008,167.6224.6x-499.1x3.7x
Sat, 16 Nov 2024CA$203.8bCA$56.3b-CA$378,615,340.2422.1x-538.3x3.6x
Mon, 14 Oct 2024CA$196.3bCA$54.1b-CA$570,984,743.6322.8x-343.8x3.6x
Wed, 11 Sep 2024CA$185.6bCA$53.7b-CA$621,213,376.3622.8x-298.8x3.5x
Fri, 09 Aug 2024CA$178.3bCA$53.4b-CA$610,912,548.7522.7x-291.8x3.3x
Sun, 07 Jul 2024CA$181.3bCA$52.3b-CA$1,386,714,862.5831.4x-130.8x3.5x
Tue, 04 Jun 2024CA$175.1bCA$52.5b-CA$1,416,822,340.7827.3x-123.6x3.3x
Thu, 02 May 2024CA$169.9bCA$53.1b-CA$2,076,081,995.3924.5x-81.9x3.2x
Sat, 30 Mar 2024CA$176.7bCA$52.2b-CA$2,926,155,547.6321.3x-60.4x3.4x
Mon, 26 Feb 2024CA$171.3bCA$51.4b-CA$876,986,280.0120.9x-195.3x3.3x
Wed, 24 Jan 2024CA$168.2bCA$52.1b-CA$2,252,204,932.0020.8x-74.7x3.2x
Fri, 22 Dec 2023CA$157.2bCA$51.8b-CA$2,331,885,269.0020.9x-67.4x3x
Sun, 19 Nov 2023CA$153.2bCA$52.8b-CA$2,517,875,263.0022.1x-60.9x2.9x
Tue, 17 Oct 2023CA$142.4bCA$51.2b-CA$2,561,850,715.0024x-55.6x2.8x
Thu, 14 Sep 2023CA$145.5bCA$51.1b-CA$2,585,817,989.0024.6x-56.3x2.8x
Sat, 12 Aug 2023CA$144.3bCA$50.4b-CA$2,667,865,548.0020.5x-54.1x2.9x
Mon, 10 Jul 2023CA$142.7bCA$48.9b-CA$2,367,584,658.0020.6x-60.3x2.9x
Wed, 07 Jun 2023CA$144.5bCA$48.9b-CA$2,640,426,657.0022.9x-54.7x3x
Fri, 05 May 2023CA$135.8bCA$48.2b-CA$1,963,046,642.0023.5x-69.2x2.8x
Sun, 02 Apr 2023CA$135.7bCA$47.0b-CA$2,001,611,440.0029x-67.8x2.9x
Tue, 28 Feb 2023CA$132.6bCA$47.9b-CA$1,095,951,162.0023.6x-121x2.8x
Price to Earnings Ratio

-121x


Total Market Cap: CA$132.6bTotal Earnings: -CA$1,095,951,162.00Total Revenue: CA$47.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Tech Sector Price to Earnings3Y Average -118.2x202420252026
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 60.7x which is higher than its 3-year average PE of -118x.
  • 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 8.9% 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 Market1.43%
Tech3.98%
Semiconductors28.87%
Communications7.37%
Electronic Equipment and Components5.45%
Software3.80%
IT0.22%
Tech Hardware0%0
Industry PE
  • Investors are most optimistic about the Communications industry even though it's trading below its 3-year average PE ratio of 232x.
    • 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$2.49k5.5%
+CA$2.8b		-48.6%PE56.1x
CLS CelesticaCA$401.175.1%
+CA$2.2b		136.4%PE40.5x
TOI Topicus.comCA$90.005.5%
+CA$393.4m		-35.8%PE178.7x
LMN Lumine GroupCA$19.496.5%
+CA$305.4m		-49.8%PE37.1x
PNG Kraken RoboticsCA$8.2711.9%
+CA$270.0m		243.2%PE154x

Latest News

PNG
CA$8.27
Kraken Robotics
7D
11.9%
1Y
243.2%
FTG
CA$18.92
Firan Technology Group
7D
23.7%
1Y
133.3%
GRID
CA$5.00
Tantalus Systems Holding
7D
-6.4%
1Y
182.5%
CSU
CA$2,486.52
Constellation Software
7D
5.5%
1Y
-48.6%
HIVE
CA$2.92
HIVE Digital Technologies
7D
-3.6%
1Y
-17.7%
TOI
CA$90.00
Topicus.com
7D
5.5%
1Y
-35.8%
LMN
CA$19.49
Lumine Group
7D
6.5%
1Y
-49.8%
RAIL
CA$0.42
Railtown AI Technologies
7D
-19.2%
1Y
-12.5%
ABXX
CA$40.60
Abaxx Technologies
7D
-7.8%
1Y
263.1%
DSG
CA$91.78
Descartes Systems Group
7D
2.5%
1Y
-42.4%

DSG: Freight Headwinds And Buyback Plan Will Shape Bullish Upside Potential

Analysts have reduced their average 12 month price target on Descartes Systems Group to CA$134.07, with recent cuts from firms such as Scotiabank, Wolfe Research and Morgan Stanley offset by upgrades that point to a potential inflection in growth and relatively low valuation levels. Analyst Commentary Recent research paints a mixed picture for Descartes Systems Group, with some analysts leaning more positive on the long term setup while others are trimming expectations in the near term.
DCBO
CA$23.47
Docebo
7D
-9.0%
1Y
-58.1%

DCBO: Rebased Profitability Assumptions Will Support Future Upside Repricing

Analysts have trimmed their price targets on Docebo, with our fair value estimate moving from about US$46.46 to US$43.15 as they factor in slightly lower profit margin assumptions, a marginally higher discount rate, and updated P/E expectations following recent target cuts at several firms. Analyst Commentary Recent research on Docebo has centered on valuation reset rather than ratings changes, with several firms revising their price targets lower and aligning expectations with updated P/E assumptions and discount rates.
CLS
CA$401.17
Celestica
7D
5.1%
1Y
136.4%

CLS: Index Inclusions And AI Storage Platform Will Support Future Upside

Analysts have raised their fair value estimate for Celestica from US$555.29 to US$556.49, citing updated assumptions around revenue growth, profit margins, discount rate, and future P/E as the main drivers of the new target. 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 growth of 51% at the midpoint (Corporate guidance).
BITF
CA$2.79
Bitfarms
7D
-4.8%
1Y
49.2%

BITF: Liquidity Progress And Clearer Crypto Rules Will Support Future Expansion

Narrative Update: Bitfarms Analyst Price Target Shift Analysts have trimmed their price target on Bitfarms by a small amount to reflect increased focus on liquidity risk and a less supportive regulatory backdrop for crypto, while keeping only minor adjustments to the discount rate, revenue growth, profit margin, and future P/E assumptions. Analyst Commentary Recent research commentary on Bitfarms has shifted toward risk control, with a particular focus on liquidity and the policy backdrop for crypto.
BTQ
CA$3.50
BTQ Technologies
7D
-6.4%
1Y
-0.6%
IMP
CA$1.70
Intermap Technologies
7D
-9.1%
1Y
-33.1%

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
QNC
CA$5.49
Quantum eMotion
7D
28.9%
1Y
603.8%