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Canadian (TSX) Tech Sector Analysis

UpdatedMar 05, 2026
DataAggregated Company Financials
Companies115
  • 7D1.7%
  • 3M-19.4%
  • 1Y-21.7%
  • YTD-15.8%

Over the last 7 days, the Tech industry has risen 1.7%, driven by gains from Constellation Software of 7.8%. During this same period, the Celestica underperformed, falling 8.3%. In contrast, the industry has lost 22% 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
Thu, 05 Mar 2026CA$167.0bCA$61.8bCA$2.7b37.4x60.8x2.7x
Sat, 31 Jan 2026CA$175.9bCA$61.6bCA$2.9b25.7x61.2x2.9x
Mon, 29 Dec 2025CA$204.9bCA$59.9bCA$2.7b22.8x75.8x3.4x
Wed, 26 Nov 2025CA$209.8bCA$61.1bCA$2.7b21.9x76.8x3.4x
Fri, 24 Oct 2025CA$213.1bCA$58.5bCA$2.7b38.8x80x3.6x
Sun, 21 Sep 2025CA$228.5bCA$58.0bCA$2.7b39.6x85.6x3.9x
Tue, 19 Aug 2025CA$217.7bCA$58.0bCA$2.6b42x83.9x3.8x
Thu, 17 Jul 2025CA$227.5bCA$55.8bCA$2.4b37.9x94.6x4.1x
Sat, 14 Jun 2025CA$221.0bCA$55.5bCA$2.4b33.7x91.9x4x
Mon, 12 May 2025CA$219.7bCA$55.8bCA$3.2b26.5x68.1x3.9x
Wed, 09 Apr 2025CA$189.6bCA$58.2bCA$2.5b21.3x75.3x3.3x
Fri, 07 Mar 2025CA$214.9bCA$58.1b-CA$250,850,241.4521.7x-856.5x3.7x
Sun, 02 Feb 2025CA$224.0bCA$58.3b-CA$337,105,034.3822.1x-664.6x3.8x
Tue, 31 Dec 2024CA$210.8bCA$57.1b-CA$439,876,248.6725.6x-479.3x3.7x
Thu, 28 Nov 2024CA$211.4bCA$56.3b-CA$390,990,919.7125.7x-540.7x3.8x
Sat, 26 Oct 2024CA$195.1bCA$55.0b-CA$572,110,843.1624.1x-341x3.5x
Mon, 23 Sep 2024CA$191.5bCA$53.6b-CA$580,473,685.6123x-330x3.6x
Wed, 21 Aug 2024CA$187.9bCA$53.8b-CA$587,785,750.7222.1x-319.7x3.5x
Fri, 19 Jul 2024CA$188.3bCA$52.5b-CA$1,410,403,637.7231.8x-133.5x3.6x
Sun, 16 Jun 2024CA$175.8bCA$52.7b-CA$1,391,174,741.7328.1x-126.3x3.3x
Tue, 14 May 2024CA$173.1bCA$52.4b-CA$1,560,329,476.8728.5x-110.9x3.3x
Thu, 11 Apr 2024CA$176.4bCA$52.6b-CA$2,381,795,374.1520.9x-74.1x3.4x
Sat, 09 Mar 2024CA$174.6bCA$52.2b-CA$2,875,996,625.2921.5x-60.7x3.3x
Mon, 05 Feb 2024CA$174.6bCA$52.4b-CA$2,180,113,557.0019.7x-80.1x3.3x
Wed, 03 Jan 2024CA$156.4bCA$51.9b-CA$2,317,322,382.0021.3x-67.5x3x
Fri, 01 Dec 2023CA$154.2bCA$52.3b-CA$2,449,707,727.0022.7x-62.9x2.9x
Sun, 29 Oct 2023CA$135.7bCA$51.9b-CA$2,571,490,786.0021.7x-52.8x2.6x
Tue, 26 Sep 2023CA$140.3bCA$50.9b-CA$2,632,396,384.0024.3x-53.3x2.8x
Thu, 24 Aug 2023CA$144.7bCA$51.1b-CA$2,669,648,712.0023.8x-54.2x2.8x
Sat, 22 Jul 2023CA$146.3bCA$48.8b-CA$2,521,579,089.0020.5x-58x3x
Mon, 19 Jun 2023CA$142.2bCA$48.5b-CA$2,608,373,443.0021.1x-54.5x2.9x
Wed, 17 May 2023CA$139.1bCA$48.8b-CA$1,895,025,612.0021.7x-73.4x2.8x
Fri, 14 Apr 2023CA$137.5bCA$46.7b-CA$1,931,534,515.0026.3x-71.2x2.9x
Sun, 12 Mar 2023CA$132.8bCA$48.5b-CA$1,188,945,464.0022.8x-111.7x2.7x
Price to Earnings Ratio

-111.7x


Total Market Cap: CA$132.8bTotal Earnings: -CA$1,188,945,464.00Total Revenue: CA$48.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Tech Sector Price to Earnings3Y Average -116.2x202420252026
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 60.8x 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 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 8.4% 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 Market-0.89%
Tech1.70%
Software6.40%
IT2.57%
Communications0.20%
Tech Hardware0%0
Electronic Equipment and Components-7.20%
Semiconductors-11.28%
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 24.6%, which is higher than its past year's earnings growth of 10.9% 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$2.65k7.8%
+CA$4.0b		-46.9%PE59.9x
TOI Topicus.comCA$100.4211.5%
+CA$863.4m		-28.8%PE126.2x
GIB.A CGICA$99.602.6%
+CA$533.9m		-33.2%PE12.7x
DSG Descartes Systems GroupCA$93.035.2%
+CA$394.7m		-41.5%PE37.7x
LMN Lumine GroupCA$21.545.3%
+CA$277.2m		-40.7%PE41.1x

Latest News

KXS
CA$130.09
Kinaxis
7D
5.9%
1Y
-18.8%
ABXX
CA$39.90
Abaxx Technologies
7D
-4.9%
1Y
271.5%
DSG
CA$93.03
Descartes Systems Group
7D
5.2%
1Y
-41.5%
DND
CA$5.09
Dye & Durham
7D
28.5%
1Y
-61.3%
CVO
CA$5.21
Coveo Solutions
7D
-10.8%
1Y
-15.0%
FTG
CA$20.37
Firan Technology Group
7D
-3.9%
1Y
177.9%

FTG: Lower Discount Rate And Firmer Margins Will Shape Measured Upside Potential

Analysts have raised their CA$17.50 price target on Firan Technology Group to about CA$21.67, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E as key drivers of the higher valuation. What's in the News Firan Technology Group reported that from September 25, 2025 to November 30, 2025, it repurchased 0 shares for CA$0 million under its buyback program.
CLS
CA$369.19
Celestica
7D
-8.3%
1Y
183.2%
LMN
CA$21.54
Lumine Group
7D
5.3%
1Y
-40.7%
TOI
CA$100.42
Topicus.com
7D
11.5%
1Y
-28.8%
CSU
CA$2,650.66
Constellation Software
7D
7.8%
1Y
-46.9%

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$99.60
CGI
7D
2.6%
1Y
-33.2%

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$9.15
Kraken Robotics
7D
6.0%
1Y
310.3%
BITF
CA$3.07
Bitfarms
7D
-2.8%
1Y
80.6%

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.
ACT
CA$15.41
Aduro Clean Technologies
7D
-2.3%
1Y
118.0%
BTQ
CA$4.58
BTQ Technologies
7D
-13.4%
1Y
65.0%
QNC
CA$4.56
Quantum eMotion
7D
-11.3%
1Y
575.6%