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Canadian (TSX) Tech Sector Analysis

UpdatedMar 28, 2026
DataAggregated Company Financials
Companies115
  • 7D-1.9%
  • 3M-21.1%
  • 1Y-19.1%
  • YTD-19.3%

Over the last 7 days, the Tech industry has dropped 1.9%, driven by a pullback from Constellation Software of 5.6%. On the other hand Celestica is actually up 5.3%. The industry has fallen 19% in the last year. Earnings are forecast to grow by 24% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 29 Mar 2026CA$162.8bCA$63.3bCA$2.5b33.2x64.4x2.6x
Tue, 24 Feb 2026CA$166.8bCA$61.9bCA$2.7b30.4x61.5x2.7x
Thu, 22 Jan 2026CA$186.7bCA$60.4bCA$2.7b25.4x69x3.1x
Sat, 20 Dec 2025CA$198.3bCA$60.3bCA$2.7b24.5x73x3.3x
Mon, 17 Nov 2025CA$201.9bCA$60.7bCA$2.8b23.9x71.7x3.3x
Wed, 15 Oct 2025CA$215.1bCA$58.7bCA$2.7b39.3x80.5x3.7x
Fri, 12 Sep 2025CA$228.0bCA$58.1bCA$2.7b39.4x85.4x3.9x
Sun, 10 Aug 2025CA$227.1bCA$57.8bCA$2.5b44.4x90.1x3.9x
Tue, 08 Jul 2025CA$229.5bCA$55.7bCA$2.4b38.8x95.4x4.1x
Thu, 05 Jun 2025CA$222.0bCA$55.7bCA$2.4b33.4x92.3x4x
Sat, 03 May 2025CA$212.3bCA$55.5bCA$3.1b26.6x67.8x3.8x
Mon, 31 Mar 2025CA$200.8bCA$58.6bCA$2.3b20.3x87.4x3.4x
Wed, 26 Feb 2025CA$219.8bCA$57.9b-CA$251,236,385.4724.9x-874.9x3.8x
Fri, 24 Jan 2025CA$216.5bCA$57.2b-CA$434,935,860.6423.3x-497.7x3.8x
Sun, 22 Dec 2024CA$208.3bCA$57.2b-CA$441,614,430.5326x-471.6x3.6x
Tue, 19 Nov 2024CA$203.0bCA$56.4b-CA$388,938,457.4723.4x-521.9x3.6x
Thu, 17 Oct 2024CA$195.3bCA$54.0b-CA$570,460,350.4622.9x-342.3x3.6x
Sat, 14 Sep 2024CA$188.5bCA$53.7b-CA$619,421,373.0922.7x-304.3x3.5x
Mon, 12 Aug 2024CA$181.9bCA$54.0b-CA$648,884,803.1122.1x-280.3x3.4x
Wed, 10 Jul 2024CA$183.4bCA$52.3b-CA$1,387,090,489.3531.4x-132.2x3.5x
Fri, 07 Jun 2024CA$177.1bCA$52.6b-CA$1,409,664,203.6327x-125.6x3.4x
Sun, 05 May 2024CA$173.0bCA$53.0b-CA$1,574,142,904.2323.8x-109.9x3.3x
Tue, 02 Apr 2024CA$176.7bCA$52.3b-CA$2,935,091,342.6121.8x-60.2x3.4x
Thu, 29 Feb 2024CA$172.0bCA$51.6b-CA$886,735,492.1520x-193.9x3.3x
Sat, 27 Jan 2024CA$168.6bCA$52.1b-CA$2,246,820,765.0020.2x-75.1x3.2x
Mon, 25 Dec 2023CA$159.2bCA$51.8b-CA$2,305,763,197.0020.9x-69x3.1x
Wed, 22 Nov 2023CA$153.1bCA$52.8b-CA$2,489,666,282.0022.6x-61.5x2.9x
Fri, 20 Oct 2023CA$141.9bCA$51.4b-CA$2,586,221,852.0022.7x-54.9x2.8x
Sun, 17 Sep 2023CA$147.5bCA$51.1b-CA$2,650,174,678.0023.3x-55.7x2.9x
Tue, 15 Aug 2023CA$143.2bCA$51.0b-CA$2,633,851,870.0020.5x-54.4x2.8x
Thu, 13 Jul 2023CA$142.5bCA$48.7b-CA$2,332,533,701.0021.3x-61.1x2.9x
Sat, 10 Jun 2023CA$141.2bCA$48.8b-CA$2,629,950,597.0022.6x-53.7x2.9x
Mon, 08 May 2023CA$136.8bCA$47.9b-CA$1,924,331,176.0024.3x-71.1x2.9x
Wed, 05 Apr 2023CA$136.1bCA$46.9b-CA$1,988,326,854.0028.5x-68.4x2.9x
Price to Earnings Ratio

-68.4x


Total Market Cap: CA$136.1bTotal Earnings: -CA$1,988,326,854.00Total Revenue: CA$46.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Tech Sector Price to Earnings3Y Average -112.3x202420252026
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 64.4x which is higher than its 3-year average PE of -112x.
  • The 3-year average PS ratio of 3.7x is higher than the industry's current PS ratio of 2.6x.
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 11% 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 Market2.21%
Tech-1.92%
Electronic Equipment and Components4.31%
Tech Hardware0%0
Communications-0.52%
IT-0.97%
Software-5.07%
Semiconductors-12.80%
Industry PE
  • Investors are most optimistic about the Electronic Equipment and Components industry even though it's trading below its 3-year average PE ratio of 134x.
    • Analysts are expecting annual earnings growth of 29.7%, which is lower than the prior year's growth of 84.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Communications industry, expecting annual earnings growth of 34% over the next 5 years.
  • This is better than its past earnings growth rate of 2.8% 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
CLS CelesticaCA$388.665.3%
+CA$2.2b		228.4%PE38.7x
ABXX Abaxx TechnologiesCA$46.2021.4%
+CA$299.3m		369.0%PS3204.1x
CMG Computer Modelling GroupCA$3.998.7%
+CA$25.8m		-50.1%PE18.8x
FTG Firan Technology GroupCA$17.394.1%
+CA$17.4m		128.8%PE33.5x
QTRH QuarterhillCA$1.1612.6%
+CA$15.5m		-21.1%PS0.6x

Latest News

ABXX
CA$46.20
Abaxx Technologies
7D
21.4%
1Y
369.0%
CSU
CA$2,358.89
Constellation Software
7D
-5.6%
1Y
-48.3%
FTG
CA$17.39
Firan Technology Group
7D
4.1%
1Y
128.8%
GRID
CA$4.44
Tantalus Systems Holding
7D
3.0%
1Y
122.0%

GRID: Future Upside Will Be Driven By New Coverage And Grid Modernization

Analysts recently nudged their average price target on Tantalus Systems higher to around CA$7, citing fresh coverage and target increases that reflect updated assumptions for fair value, discount rate, growth, margins, and future P/E. Analyst Commentary Bullish Takeaways Bullish analysts see the CA$7 price target as aligned with their updated view of fair value, suggesting they are comfortable with the company’s current execution and assumptions for future margins and P/E.
DSG
CA$96.72
Descartes Systems Group
7D
-2.9%
1Y
-32.6%

DSG: AI Logistics Execution And Organic Reacceleration Will Drive Future Upside

Analysts have trimmed Street price targets for Descartes Systems Group, with several reductions in the CA$82 to CA$105 range, as they factor in peer multiple compression while also highlighting steady EBITDA growth targets, organic growth acceleration and renewed interest following a stronger Q4 print. Analyst Commentary Recent research updates on Descartes Systems Group combine lower price targets with relatively constructive views on execution, profitability and growth.
QTRH
CA$1.16
Quarterhill
7D
12.6%
1Y
-21.1%

Quarterhill Inc. (TSE:QTRH) Just Reported And Analysts Have Been Lifting Their Price Targets

Mar 26
Quarterhill Inc. (TSE:QTRH) Just Reported And Analysts Have Been Lifting Their Price Targets
CMG
CA$3.99
Computer Modelling Group
7D
8.7%
1Y
-50.1%
CLS
CA$388.66
Celestica
7D
5.3%
1Y
228.4%

CLS: AI Platform Collaboration And 2026 Outlook Will Support Further Upside

Analysts have made a modest adjustment to their CA$ price target on Celestica, reflecting an updated view of inputs such as discount rate, revenue growth, profit margin, and future P/E assumptions that remain broadly consistent with prior estimates. What's in the News Celestica and AMD agreed to collaborate on the Helios rack-scale AI platform, pairing AMD compute with Celestica’s networking switch design and manufacturing for Open Compute Project, Open-Rack-Wide systems targeting large AI clusters, with initial availability planned for late 2026 (Key Developments).
DCBO
CA$23.10
Docebo
7D
-13.2%
1Y
-45.0%

DCBO: Buybacks And Bookings Strength Will Support Future Upside Repricing

Analysts have reset expectations on Docebo, with several firms trimming their price targets into a CA$25 to CA$28 range. They cited softer near term organic subscription growth, headwinds from the AWS contract roll off and Dayforce churn, and a need to see more proof around execution despite recent strength in gross bookings.
GIB.A
CA$98.72
CGI
7D
-1.0%
1Y
-29.8%

GIB.A: Future Upside Will Rely On Buybacks And Arctic AI Contracts

Analyst price targets for CGI have been adjusted in a mixed fashion, with some firms trimming estimates by CA$5 to CA$7 and others lifting them by CA$8. Analysts are reassessing the stock using slightly lower discount rate and P/E assumptions while keeping long term growth and margin expectations broadly unchanged.
BITF
CA$2.74
Bitfarms
7D
-10.5%
1Y
128.3%

BITF: Liquidity Management Will Drive Upside As U.S. Crypto Rules Develop

Analysts now place their average Bitfarms price target at CA$6.99, a level similar to prior estimates. They factor liquidity concerns and uncertainty around crypto market structure legislation into their valuation framework.
PNG
CA$8.20
Kraken Robotics
7D
-8.2%
1Y
228.0%
LMN
CA$21.34
Lumine Group
7D
-11.0%
1Y
-48.9%
TOI
CA$90.84
Topicus.com
7D
-6.8%
1Y
-37.3%
ENA
CA$3.00
Enablence Technologies
7D
13.2%
1Y
100.0%
DDD
CA$0.63
Metavista3D
7D
14.5%
1Y
-74.1%