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Canadian (TSX) Tech Sector Analysis

UpdatedMar 01, 2026
DataAggregated Company Financials
Companies115
  • 7D-0.8%
  • 3M-19.8%
  • 1Y-23.4%
  • YTD-17.2%

The Tech industry has been flat over the last week, but Celestica has lost 5.6%. As for the longer term, the industry has declined 24% in the last year. Earnings are forecast to grow by 23% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 01 Mar 2026CA$165.6bCA$61.8bCA$2.7b36.6x60.4x2.7x
Tue, 27 Jan 2026CA$187.7bCA$60.0bCA$2.7b26.6x69.2x3.1x
Thu, 25 Dec 2025CA$204.9bCA$59.9bCA$2.7b22.8x75.8x3.4x
Sat, 22 Nov 2025CA$195.9bCA$61.1bCA$2.7b24.1x71.5x3.2x
Mon, 20 Oct 2025CA$217.1bCA$58.6bCA$2.7b39.3x81.4x3.7x
Wed, 17 Sep 2025CA$225.1bCA$57.9bCA$2.7b40.1x84.4x3.9x
Fri, 15 Aug 2025CA$222.5bCA$58.0bCA$2.5b42x88x3.8x
Sun, 13 Jul 2025CA$227.3bCA$55.8bCA$2.4b37.3x94.5x4.1x
Tue, 10 Jun 2025CA$219.6bCA$55.7bCA$2.4b33.4x91.3x3.9x
Thu, 08 May 2025CA$213.7bCA$55.5bCA$3.2b27x66.8x3.9x
Sat, 05 Apr 2025CA$196.5bCA$58.2bCA$2.5b22.2x78.2x3.4x
Mon, 03 Mar 2025CA$218.5bCA$58.3b-CA$277,080,723.6925.5x-788.7x3.7x
Wed, 29 Jan 2025CA$211.4bCA$57.2b-CA$440,343,796.3522.1x-480.1x3.7x
Fri, 27 Dec 2024CA$211.8bCA$57.3b-CA$446,060,495.0225.7x-474.7x3.7x
Sun, 24 Nov 2024CA$208.6bCA$56.1b-CA$377,419,606.1426.6x-552.8x3.7x
Tue, 22 Oct 2024CA$196.7bCA$54.2b-CA$582,306,948.4023.4x-337.8x3.6x
Thu, 19 Sep 2024CA$190.5bCA$53.7b-CA$619,786,121.3321.4x-307.4x3.5x
Sat, 17 Aug 2024CA$188.1bCA$53.9b-CA$597,001,500.4721.9x-315.1x3.5x
Mon, 15 Jul 2024CA$186.6bCA$52.3b-CA$1,386,278,445.5531.4x-134.6x3.6x
Wed, 12 Jun 2024CA$177.4bCA$52.8b-CA$1,418,152,102.4227.2x-125.1x3.4x
Fri, 10 May 2024CA$177.1bCA$51.8b-CA$1,598,594,537.8928x-110.8x3.4x
Sun, 07 Apr 2024CA$175.1bCA$52.4b-CA$2,348,848,626.7921.6x-74.6x3.3x
Tue, 05 Mar 2024CA$174.9bCA$51.6b-CA$878,917,135.7820.3x-199x3.4x
Thu, 01 Feb 2024CA$173.1bCA$52.2b-CA$2,184,194,436.0019.7x-79.3x3.3x
Sat, 30 Dec 2023CA$160.2bCA$51.8b-CA$2,309,675,549.0020.4x-69.4x3.1x
Mon, 27 Nov 2023CA$153.1bCA$52.5b-CA$2,463,918,320.0022.6x-62.1x2.9x
Wed, 25 Oct 2023CA$140.4bCA$51.4b-CA$2,576,770,322.0021.9x-54.5x2.7x
Fri, 22 Sep 2023CA$140.1bCA$51.0b-CA$2,638,336,659.0024.4x-53.1x2.7x
Sun, 20 Aug 2023CA$140.7bCA$51.2b-CA$2,665,768,810.0022.5x-52.8x2.8x
Tue, 18 Jul 2023CA$145.1bCA$48.7b-CA$2,339,910,358.0021.4x-62x3x
Thu, 15 Jun 2023CA$143.3bCA$48.8b-CA$2,642,305,504.0022.1x-54.2x2.9x
Sat, 13 May 2023CA$137.3bCA$48.3b-CA$1,897,469,906.0021.7x-72.4x2.8x
Mon, 10 Apr 2023CA$135.2bCA$47.0b-CA$1,971,201,783.0027x-68.6x2.9x
Wed, 08 Mar 2023CA$132.0bCA$48.3b-CA$1,130,640,113.0024.8x-116.8x2.7x
Price to Earnings Ratio

-116.8x


Total Market Cap: CA$132.0bTotal Earnings: -CA$1,130,640,113.00Total Revenue: CA$48.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Tech Sector Price to Earnings3Y Average -116.8x202420252026
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 61.6x 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 8.7% 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 Market1.82%
Tech-0.76%
Software1.93%
Communications0.67%
Tech Hardware0%0
IT-2.07%
Electronic Equipment and Components-4.88%
Semiconductors-10.20%
Industry PE
  • Investors are most optimistic about the Communications industry even though it's trading below its 3-year average PE ratio of 234x.
    • Analysts are expecting annual earnings growth of 24.5%, 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 9.1% 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$2.52k1.4%
+CA$723.5m		-49.5%PE57x
LMN Lumine GroupCA$21.238.9%
+CA$446.5m		-42.4%PE40.5x
TOI Topicus.comCA$93.744.2%
+CA$311.7m		-33.0%PE116x
KXS KinaxisCA$129.514.3%
+CA$146.8m		-17.9%PE75.3x
BTQ BTQ TechnologiesCA$4.5429.7%
+CA$145.6m		44.6%PS1124.2x

Latest News

FTG
CA$21.57
Firan Technology Group
7D
14.0%
1Y
181.2%
KXS
CA$129.51
Kinaxis
7D
4.3%
1Y
-17.9%

KXS: AI Supply Chain Platform And New CEO Will Support Future Upside

Kinaxis' updated analyst price target has been trimmed by CA$40, as analysts factor in more tempered revenue growth assumptions along with steadier profit margin and P/E expectations reflected in recent research. Analyst Commentary Analysts lowering their price target by CA$40 are largely reacting to updated assumptions around how fast Kinaxis can grow revenue, while keeping profit margin and P/E expectations relatively steady.
LMN
CA$21.23
Lumine Group
7D
8.9%
1Y
-42.4%
TOI
CA$93.74
Topicus.com
7D
4.2%
1Y
-33.0%
GRID
CA$4.54
Tantalus Systems Holding
7D
-9.2%
1Y
152.2%

GRID: Future Upside Will Be Driven By Improved Risk Profile And Grid Modernization

Analysts lifted their price target on Tantalus Systems Holding by CA$1, citing updated assumptions for fair value and discount rate, along with a slightly lower future P/E outlook. Analyst Commentary Bullish Takeaways Bullish analysts see the CA$1 price target lift as a reflection of updated fair value work that better aligns the stock with their current assumptions.
CLS
CA$378.78
Celestica
7D
-5.6%
1Y
145.2%

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$90.22
Descartes Systems Group
7D
-1.7%
1Y
-44.1%

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.
CVO
CA$5.72
Coveo Solutions
7D
-5.5%
1Y
-14.9%
CSU
CA$2,520.66
Constellation Software
7D
1.4%
1Y
-49.5%

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.
LSPD
CA$12.31
Lightspeed Commerce
7D
-3.9%
1Y
-32.6%

LSPD: Product Execution And Margin Discipline Will Support Long-Term Upside Potential

Analysts have reduced their average price target for Lightspeed Commerce to about CA$19.24 from CA$19.78, citing slightly higher discount rate assumptions and updated P/E expectations, while revenue growth and profit margin inputs remain broadly consistent. Analyst Commentary Recent research updates show a cluster of reductions in Lightspeed Commerce price targets, often framed as adjustments to models and sector views rather than company specific revisions to revenue or margin assumptions.
GIB.A
CA$99.76
CGI
7D
-2.1%
1Y
-33.5%

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$8.50
Kraken Robotics
7D
2.8%
1Y
274.4%
BITF
CA$3.00
Bitfarms
7D
7.5%
1Y
74.4%

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.
BTQ
CA$4.54
BTQ Technologies
7D
29.7%
1Y
44.6%
BB
CA$4.63
BlackBerry
7D
-1.7%
1Y
-32.1%
QNC
CA$4.93
Quantum eMotion
7D
-10.2%
1Y
625.0%