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Canadian (TSX) Tech Sector Analysis

UpdatedApr 12, 2026
DataAggregated Company Financials
Companies115
  • 7D1.7%
  • 3M-17.2%
  • 1Y-11.7%
  • YTD-14.2%

Over the last 7 days, the Tech industry has risen 1.7%, driven by gains from Celestica of 19%. During this same period, the Constellation Software underperformed, falling 6.0%. In contrast, the industry has lost 12% 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
Sun, 12 Apr 2026CA$175.8bCA$62.8bCA$2.5b33.1x69.2x2.8x
Tue, 10 Mar 2026CA$174.4bCA$61.7bCA$2.8b37x62.1x2.8x
Thu, 05 Feb 2026CA$166.2bCA$61.7bCA$2.9b28.1x56.8x2.7x
Sat, 03 Jan 2026CA$201.3bCA$60.1bCA$2.7b21.1x74.5x3.4x
Mon, 01 Dec 2025CA$213.9bCA$60.7bCA$2.7b26.7x78.6x3.5x
Wed, 29 Oct 2025CA$224.0bCA$59.4bCA$2.9b39.3x77.1x3.8x
Fri, 26 Sep 2025CA$219.2bCA$58.4bCA$2.7b38.8x82.1x3.8x
Sun, 24 Aug 2025CA$222.7bCA$58.1bCA$2.6b41x85.9x3.8x
Tue, 22 Jul 2025CA$231.1bCA$55.8bCA$2.4b42.4x96.2x4.1x
Thu, 19 Jun 2025CA$218.2bCA$55.8bCA$2.4b34.1x90.5x3.9x
Sat, 17 May 2025CA$223.7bCA$56.4bCA$3.2b29.4x69.8x4x
Mon, 14 Apr 2025CA$197.7bCA$57.4bCA$2.5b24x79.3x3.4x
Wed, 12 Mar 2025CA$207.6bCA$59.0bCA$2.2b22.4x95.9x3.5x
Fri, 07 Feb 2025CA$231.4bCA$57.8b-CA$290,037,599.0521.8x-797.8x4x
Sun, 05 Jan 2025CA$210.4bCA$57.3b-CA$451,793,942.0124.7x-465.7x3.7x
Tue, 03 Dec 2024CA$213.7bCA$56.3b-CA$383,062,580.7825.7x-557.9x3.8x
Thu, 31 Oct 2024CA$196.5bCA$55.0b-CA$578,299,131.8023.6x-339.8x3.6x
Sat, 28 Sep 2024CA$194.5bCA$53.5b-CA$542,127,089.5422.1x-358.7x3.6x
Mon, 26 Aug 2024CA$189.5bCA$53.6b-CA$606,975,060.8622.1x-312.3x3.5x
Wed, 24 Jul 2024CA$190.7bCA$52.6b-CA$1,426,388,231.0931.2x-133.7x3.6x
Fri, 21 Jun 2024CA$174.6bCA$52.6b-CA$1,385,767,320.1526.7x-126x3.3x
Sun, 19 May 2024CA$175.4bCA$52.4b-CA$1,456,221,464.5630.2x-120.4x3.3x
Tue, 16 Apr 2024CA$173.5bCA$52.8b-CA$2,419,940,898.8521.6x-71.7x3.3x
Thu, 14 Mar 2024CA$174.1bCA$52.1b-CA$2,872,228,420.3121.9x-60.6x3.3x
Sat, 10 Feb 2024CA$168.3bCA$51.2b-CA$993,985,406.8918.8x-169.3x3.3x
Mon, 08 Jan 2024CA$156.1bCA$51.9b-CA$2,232,863,118.0021.2x-69.9x3x
Wed, 06 Dec 2023CA$156.5bCA$52.5b-CA$2,543,512,505.0022.2x-61.5x3x
Fri, 03 Nov 2023CA$140.8bCA$51.7b-CA$2,478,856,207.0023.3x-56.8x2.7x
Sun, 01 Oct 2023CA$142.1bCA$51.1b-CA$2,554,978,378.0023.6x-55.6x2.8x
Tue, 29 Aug 2023CA$144.1bCA$51.2b-CA$2,681,741,981.0024x-53.7x2.8x
Thu, 27 Jul 2023CA$142.9bCA$49.1b-CA$2,467,869,099.0019.9x-57.9x2.9x
Sat, 24 Jun 2023CA$139.3bCA$48.5b-CA$2,606,483,602.0020.5x-53.4x2.9x
Mon, 22 May 2023CA$142.8bCA$48.9b-CA$1,867,410,782.0024.3x-76.5x2.9x
Wed, 19 Apr 2023CA$136.2bCA$46.8b-CA$1,942,921,688.0023.5x-70.1x2.9x
Price to Earnings Ratio

-70.1x


Total Market Cap: CA$136.2bTotal Earnings: -CA$1,942,921,688.00Total Revenue: CA$46.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Tech Sector Price to Earnings3Y Average -110.5x202420252026
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 69.2x which is higher than its 3-year average PE of -110x.
  • The 3-year average PS ratio of 3.7x is higher than the industry's current PS ratio of 2.8x.
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 10% 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 Market2.05%
Tech1.72%
Electronic Equipment and Components17.28%
Tech Hardware0%0
Semiconductors0%0
Communications-0.19%
Software-5.16%
IT-6.22%
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 31.5%, which is lower than the prior year's growth of 65.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Communications industry, expecting annual earnings growth of 36% 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 9.2% 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
CLS CelesticaCA$486.2818.5%
+CA$8.7b		342.4%PE48.5x
BB BlackBerryCA$5.3010.0%
+CA$271.3m		20.5%PE42.3x
XNDU Xanadu Quantum TechnologiesCA$12.447.3%
+CA$253.7m		n/aPS777.3x
BLN Blackline SafetyCA$8.9226.5%
+CA$162.8m		32.1%PS5.1x
ABXX Abaxx TechnologiesCA$56.608.1%
+CA$156.4m		520.6%PS1989.4x

Latest News

KXS
CA$134.02
Kinaxis
7D
-6.5%
1Y
-18.2%

KXS: AI Supply Chain Acceleration And Agent Workflows Will Support Future Upside

Analysts have trimmed their price targets on Kinaxis to CA$200. This reflects updated assumptions around discount rates and long term P/E levels, while maintaining a constructive view on the stock.
BB
CA$5.30
BlackBerry
7D
10.0%
1Y
20.5%
CLS
CA$486.28
Celestica
7D
18.5%
1Y
342.4%
LSPD
CA$11.72
Lightspeed Commerce
7D
-5.4%
1Y
-7.7%
GRID
CA$5.85
Tantalus Systems Holding
7D
30.0%
1Y
214.5%

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

Analysts have inched their average price target for Tantalus Systems higher to CA$7.06 from CA$6.97, citing fresh coverage with an Outperform rating and a CA$7.00 target, along with ongoing refinement of fair value and P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts point to the fresh Outperform rating as a signal of confidence that Tantalus Systems can execute on its business plan well enough to support the current CA$7.06 average price target.
BLN
CA$8.92
Blackline Safety
7D
26.5%
1Y
32.1%
DSG
CA$87.31
Descartes Systems Group
7D
-12.2%
1Y
-38.2%
CSU
CA$2,295.18
Constellation Software
7D
-6.0%
1Y
-49.6%

AI Reinvestment Risks And Acquisition Pressures Will Still Support Long Term Earnings Potential

Catalysts About Constellation Software Constellation Software acquires, owns and operates vertical market software businesses that provide mission critical solutions to customers around the world. What are the underlying business or industry changes driving this perspective?
DCBO
CA$20.36
Docebo
7D
-14.5%
1Y
-50.7%

DCBO: Buybacks And Solid Bookings Are Expected To Support Upside Repricing

Narrative update Analysts have trimmed their average price targets on Docebo, with recent cuts such as Scotiabank moving to CA$25 from CA$32, Morgan Stanley to CA$26 from CA$28, and Stifel to CA$28 from CA$34. These revisions reflect expectations for softer near-term organic subscription growth and contract headwinds, even as analysts point to solid gross bookings and a core business that appears healthier than the headline metrics suggest.
GIB.A
CA$96.51
CGI
7D
-6.3%
1Y
-31.8%

GIB.A: Future Upside Will Rely On AI Led Public Sector Contracts

Analyst price targets on CGI have been adjusted in a mixed way, with some firms trimming their views by CA$5 to CA$7 and others lifting targets by CA$8, as analysts factor in modest tweaks to the discount rate, revenue growth, profit margin, and future P/E assumptions. Analyst Commentary Recent research updates on CGI reflect a split view, with some analysts trimming price targets and others lifting them as they recalibrate models for discount rates, revenue outlook, margins, and P/E assumptions.
ABXX
CA$56.60
Abaxx Technologies
7D
8.1%
1Y
520.6%
XNDU
CA$12.44
Xanadu Quantum Technologies
7D
7.3%
1Y
n/a
LMN
CA$21.60
Lumine Group
7D
-6.1%
1Y
-45.1%
TOI
CA$91.51
Topicus.com
7D
-5.0%
1Y
-36.9%
HIVE
CA$2.90
HIVE Digital Technologies
7D
7.8%
1Y
41.5%