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Canadian (TSX) Tech Sector Analysis

UpdatedDec 18, 2025
DataAggregated Company Financials
Companies112
  • 7D-6.3%
  • 3M-12.3%
  • 1Y-3.1%
  • YTD-3.7%

Over the last 7 days, the Tech industry has dropped 6.3%, driven by Celestica declining 21%. Overall the industry is down 3.1% in 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
Fri, 19 Dec 2025CA$200.0bCA$60.2bCA$2.7b25.7x73.8x3.3x
Sun, 16 Nov 2025CA$201.9bCA$60.7bCA$2.8b23.9x71.7x3.3x
Tue, 14 Oct 2025CA$215.1bCA$58.6bCA$2.7b39.3x80.6x3.7x
Thu, 11 Sep 2025CA$232.1bCA$58.2bCA$2.7b39.7x87x4x
Sat, 09 Aug 2025CA$227.4bCA$57.3bCA$2.7b44.4x85.4x4x
Mon, 07 Jul 2025CA$229.5bCA$55.6bCA$2.4b39.2x95.5x4.1x
Wed, 04 Jun 2025CA$221.6bCA$55.8bCA$2.4b33.2x92.1x4x
Fri, 02 May 2025CA$211.9bCA$55.6bCA$2.7b26x79x3.8x
Sun, 30 Mar 2025CA$200.8bCA$58.6bCA$2.3b20.3x87.4x3.4x
Tue, 25 Feb 2025CA$221.0bCA$57.7b-CA$246,604,941.4924.5x-896.3x3.8x
Thu, 23 Jan 2025CA$213.5bCA$57.2b-CA$440,859,438.1823.9x-484.3x3.7x
Sat, 21 Dec 2024CA$206.4bCA$57.2b-CA$445,931,363.5326x-462.8x3.6x
Mon, 18 Nov 2024CA$202.4bCA$56.4b-CA$388,938,457.4722.1x-520.4x3.6x
Wed, 16 Oct 2024CA$196.1bCA$54.1b-CA$574,482,339.8822.8x-341.3x3.6x
Fri, 13 Sep 2024CA$188.3bCA$53.6b-CA$617,757,229.9022.3x-304.7x3.5x
Sun, 11 Aug 2024CA$181.9bCA$54.0b-CA$648,884,803.1122.1x-280.3x3.4x
Tue, 09 Jul 2024CA$181.3bCA$52.3b-CA$1,388,488,931.7631.4x-130.6x3.5x
Thu, 06 Jun 2024CA$174.5bCA$52.6b-CA$1,415,053,543.3027.2x-123.3x3.3x
Sat, 04 May 2024CA$169.8bCA$53.0b-CA$1,575,106,146.6124.5x-107.8x3.2x
Mon, 01 Apr 2024CA$176.7bCA$52.2b-CA$2,926,160,052.5821.3x-60.4x3.4x
Wed, 28 Feb 2024CA$171.7bCA$51.5b-CA$880,643,774.5320.8x-195x3.3x
Fri, 26 Jan 2024CA$168.0bCA$52.2b-CA$2,253,508,073.0020.7x-74.6x3.2x
Sun, 24 Dec 2023CA$159.2bCA$51.8b-CA$2,313,360,931.0020.9x-68.8x3.1x
Tue, 21 Nov 2023CA$153.2bCA$52.8b-CA$2,490,224,025.0022.1x-61.5x2.9x
Thu, 19 Oct 2023CA$141.4bCA$51.4b-CA$2,585,081,288.0023.6x-54.7x2.7x
Sat, 16 Sep 2023CA$145.5bCA$51.0b-CA$2,659,845,505.0023.3x-54.7x2.9x
Mon, 14 Aug 2023CA$144.4bCA$51.0b-CA$2,696,463,906.0020.5x-53.5x2.8x
Wed, 12 Jul 2023CA$142.5bCA$48.8b-CA$2,345,261,400.0021.3x-60.8x2.9x
Fri, 09 Jun 2023CA$140.8bCA$48.8b-CA$2,631,191,681.0022.6x-53.5x2.9x
Sun, 07 May 2023CA$136.8bCA$48.0b-CA$1,925,161,283.0024.3x-71.1x2.9x
Tue, 04 Apr 2023CA$135.0bCA$46.8b-CA$1,983,489,404.0028.1x-68.1x2.9x
Thu, 02 Mar 2023CA$131.8bCA$48.0b-CA$1,115,627,850.0024x-118.2x2.7x
Sat, 28 Jan 2023CA$131.5bCA$46.9bCA$649.0m24.1x202.6x2.8x
Mon, 26 Dec 2022CA$120.0bCA$46.7bCA$632.3m21.2x189.7x2.6x
Price to Earnings Ratio

189.7x


Total Market Cap: CA$120.0bTotal Earnings: CA$632.3mTotal Revenue: CA$46.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Tech Sector Price to Earnings3Y Average -116.2x202320242025
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 73.8x which is higher than its 3-year average PE of -116x.
  • The 3-year average PS ratio of 3.7x is higher than the industry's current PS ratio of 3.3x.
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 8.9% 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 Market-1.04%
Tech-6.28%
Semiconductors35.35%
Communications4.35%
IT2.41%
Tech Hardware0%0
Software-1.55%
Electronic Equipment and Components-20.25%
Industry PE
  • Investors are most optimistic about the Software industry which is trading above its 3-year average PE ratio of 159x.
    • Analysts are expecting annual earnings growth of 27.8%, which is higher than its past year's earnings growth of 12.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Software industry, expecting annual earnings growth of 28% over the next 5 years.
  • This is better than its past earnings growth rate of 13% per year.
  • In contrast, the IT industry is expected to see its earnings grow by 9.3% 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$127.332.4%
+CA$655.1m		-18.9%PE16.7x
QNC Quantum eMotionCA$4.0235.4%
+CA$226.3m		813.6%PB33.9x
TOI Topicus.comCA$123.002.1%
+CA$210.8m		11.0%PE243.4x
ET Evertz TechnologiesCA$14.6110.9%
+CA$108.7m		20.3%PE17.2x
CVO Coveo SolutionsCA$6.9113.5%
+CA$78.6m		4.7%PS3.4x

Latest News

HIVE
CA$3.68
HIVE Digital Technologies
7D
-16.6%
1Y
-26.1%
CVO
CA$6.91
Coveo Solutions
7D
13.5%
1Y
4.7%

CVO: AI Demand And Cost Discipline Will Drive Shares Higher

Analysts have trimmed their price targets on Coveo Solutions, with the average moving lower in line with reduced fair value estimates to roughly C$13 from about C$15. They cite a slightly higher discount rate and more conservative profitability assumptions, despite firmer revenue growth expectations.
ENGH
CA$21.33
Enghouse Systems
7D
5.9%
1Y
-21.6%
CLS
CA$380.07
Celestica
7D
-21.1%
1Y
186.1%
CMG
CA$5.18
Computer Modelling Group
7D
4.9%
1Y
-51.6%
LSPD
CA$16.25
Lightspeed Commerce
7D
-5.8%
1Y
-27.6%

LSPD: Execution Risk Will Likely Cap Upside Despite Guidance Raise

Analysts have trimmed their price target on Lightspeed Commerce from approximately $18 to about $14 per share, citing slower projected revenue growth, slightly lower profit margins, and a more conservative earnings multiple, despite ongoing strategic progress. Analyst Commentary Bearish analysts highlight that the latest reset in expectations reflects lingering uncertainty around Lightspeed Commerce's ability to translate its strategic progress into consistent, high-quality earnings growth.
ET
CA$14.61
Evertz Technologies
7D
10.9%
1Y
20.3%
DGX
CA$3.26
Digi Power X
7D
-37.1%
1Y
19.0%
GIB.A
CA$127.33
CGI
7D
2.4%
1Y
-18.9%
DSG
CA$122.63
Descartes Systems Group
7D
-4.8%
1Y
-26.1%
ABXX
CA$45.50
Abaxx Technologies
7D
0.8%
1Y
311.4%
LMN
CA$26.28
Lumine Group
7D
-4.9%
1Y
-37.0%
PNG
CA$5.67
Kraken Robotics
7D
-10.0%
1Y
132.4%

Kraken Robotics' (CVE:PNG) Promising Earnings May Rest On Soft Foundations

Dec 04
Kraken Robotics' (CVE:PNG) Promising Earnings May Rest On Soft Foundations
BITF
CA$3.21
Bitfarms
7D
-20.7%
1Y
23.5%

BITF: Project Level Financing Will Accelerate Expansion Of AI And HPC Campus

Analysts have lifted their Bitfarms price target to $7 from about $3, reflecting higher fair value estimates tied to accelerating AI and high performance computing demand, as well as expanded project-level financing for its growing data center pipeline. Analyst Commentary Bullish analysts highlight that the higher price target reflects improved conviction in Bitfarms' ability to monetize accelerating demand for high performance computing and AI infrastructure.
TOI
CA$123.00
Topicus.com
7D
2.1%
1Y
11.0%

Are Investors Undervaluing Topicus.com Inc. (CVE:TOI) By 43%?

Nov 27
Are Investors Undervaluing Topicus.com Inc. (CVE:TOI) By 43%?
QNC
CA$4.02
Quantum eMotion
7D
35.4%
1Y
813.6%