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Canadian (TSX) Tech Sector Analysis

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies115
  • 7D0.2%
  • 3M-15.3%
  • 1Y-14.0%
  • YTD-6.4%

Over the last 7 days, the Tech industry has remained flat, although notably Celestica gained 9.1%. Unfortunately though, the industry is down 14% over the past 12 months. Looking forward, 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
Thu, 29 Jan 2026CA$187.7bCA$59.9bCA$2.7b29x68.9x3.1x
Sat, 27 Dec 2025CA$204.9bCA$59.9bCA$2.7b22.8x75.8x3.4x
Mon, 24 Nov 2025CA$198.3bCA$61.1bCA$2.7b24.1x72.7x3.2x
Wed, 22 Oct 2025CA$214.6bCA$58.6bCA$2.7b39.3x80.5x3.7x
Fri, 19 Sep 2025CA$223.8bCA$58.0bCA$2.7b40.1x83.8x3.9x
Sun, 17 Aug 2025CA$217.7bCA$58.0bCA$2.6b42.1x83.9x3.8x
Tue, 15 Jul 2025CA$227.3bCA$55.8bCA$2.4b37.5x94.5x4.1x
Thu, 12 Jun 2025CA$219.0bCA$55.7bCA$2.4b34.8x91.1x3.9x
Sat, 10 May 2025CA$222.4bCA$55.8bCA$3.2b26.5x68.9x4x
Mon, 07 Apr 2025CA$189.9bCA$58.2bCA$2.5b22.2x75.6x3.3x
Wed, 05 Mar 2025CA$212.7bCA$58.4b-CA$265,214,339.2724.5x-802.2x3.6x
Fri, 31 Jan 2025CA$217.5bCA$58.2b-CA$329,335,614.2822.2x-660.4x3.7x
Sun, 29 Dec 2024CA$210.8bCA$57.3b-CA$446,473,467.7725.5x-472.2x3.7x
Tue, 26 Nov 2024CA$208.6bCA$56.1b-CA$376,906,447.1226.6x-553.5x3.7x
Thu, 24 Oct 2024CA$195.1bCA$54.2b-CA$582,384,372.7924.1x-335.1x3.6x
Sat, 21 Sep 2024CA$193.0bCA$53.6b-CA$580,473,882.8623x-332.6x3.6x
Mon, 19 Aug 2024CA$188.1bCA$53.9b-CA$597,243,500.4721.9x-314.9x3.5x
Wed, 17 Jul 2024CA$188.3bCA$52.4b-CA$1,402,003,656.4831.7x-134.3x3.6x
Fri, 14 Jun 2024CA$175.8bCA$52.7b-CA$1,415,927,803.1027.2x-124.2x3.3x
Sun, 12 May 2024CA$174.0bCA$52.4b-CA$1,568,925,964.0327.7x-110.9x3.3x
Tue, 09 Apr 2024CA$175.1bCA$52.4b-CA$2,345,448,816.5821.1x-74.7x3.3x
Thu, 07 Mar 2024CA$170.8bCA$51.5b-CA$2,895,278,101.4221.5x-59x3.3x
Sat, 03 Feb 2024CA$174.6bCA$52.4b-CA$2,180,120,385.0019.7x-80.1x3.3x
Mon, 01 Jan 2024CA$159.4bCA$51.8b-CA$2,295,862,492.0020.4x-69.4x3.1x
Wed, 29 Nov 2023CA$153.9bCA$52.4b-CA$2,446,546,458.0022.7x-62.9x2.9x
Fri, 27 Oct 2023CA$135.9bCA$51.8b-CA$2,562,023,146.0022.6x-53.1x2.6x
Sun, 24 Sep 2023CA$140.2bCA$51.0b-CA$2,637,799,261.0024.1x-53.1x2.7x
Tue, 22 Aug 2023CA$140.7bCA$51.2b-CA$2,665,297,026.0022.5x-52.8x2.8x
Thu, 20 Jul 2023CA$147.6bCA$48.7b-CA$2,513,439,522.0021.6x-58.7x3x
Sat, 17 Jun 2023CA$142.2bCA$48.5b-CA$2,608,564,630.0021.1x-54.5x2.9x
Mon, 15 May 2023CA$137.3bCA$48.3b-CA$1,896,480,535.0021.7x-72.4x2.8x
Wed, 12 Apr 2023CA$137.0bCA$46.9b-CA$1,962,289,019.0029.7x-69.8x2.9x
Fri, 10 Mar 2023CA$135.6bCA$48.4b-CA$1,191,492,529.0024.5x-113.8x2.8x
Sun, 05 Feb 2023CA$135.9bCA$47.5bCA$656.8m23.8x207x2.9x
Price to Earnings Ratio

207x


Total Market Cap: CA$135.9bTotal Earnings: CA$656.8mTotal Revenue: CA$47.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Tech Sector Price to Earnings3Y Average -120.8x202420252026
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 68.9x which is higher than its 3-year average PE of -121x.
  • The 3-year average PS ratio of 3.7x is higher than the industry's current PS ratio of 3.1x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 61% per year over the last three years.
  • Revenues for these companies have grown 8.1% 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 Market1.18%
Tech0.22%
Semiconductors11.78%
Electronic Equipment and Components9.34%
Communications3.24%
Tech Hardware0%0
Software-3.36%
IT-3.75%
Industry PE
  • Investors are most optimistic about the Software industry which is trading above its 3-year average PE ratio of 194x.
    • Analysts are expecting annual earnings growth of 24.9%, which is higher than its past year's earnings growth of 6.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Electronic Equipment and Components industry, expecting annual earnings growth of 28% 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 9.4% 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$467.129.1%
+CA$4.5b		222.2%PE55.3x
PNG Kraken RoboticsCA$8.9719.3%
+CA$444.9m		226.2%PE167x
QNC Quantum eMotionCA$5.2211.8%
+CA$120.2m		703.1%PB44.6x
ACT Aduro Clean TechnologiesCA$19.998.3%
+CA$51.2m		142.6%PS2179.2x
FTG Firan Technology GroupCA$15.9814.1%
+CA$49.8m		92.8%PE29x

Latest News

CLS
CA$467.12
Celestica
7D
9.1%
1Y
222.2%
GIB.A
CA$117.09
CGI
7D
-3.8%
1Y
-29.3%
LMN
CA$22.72
Lumine Group
7D
-5.3%
1Y
-40.2%
PNG
CA$8.97
Kraken Robotics
7D
19.3%
1Y
226.2%
DSG
CA$108.17
Descartes Systems Group
7D
-4.3%
1Y
-35.3%

DSG: Freight Slowdown And Share Buyback Will Shape Bullish Upside Potential

Analysts have modestly adjusted their price targets on Descartes Systems Group, with recent cuts such as Barclays trimming its target to $105 from $106 and Wolfe Research moving to $102 from $112. These changes reflect mixed views on transport cycle data and shipment volumes, along with expectations for steadier software demand into 2026.
BTQ
CA$5.35
BTQ Technologies
7D
-21.2%
1Y
14.1%
HAI
CA$8.40
Haivision Systems
7D
17.0%
1Y
68.0%
LSPD
CA$15.55
Lightspeed Commerce
7D
1.8%
1Y
-25.5%

LSPD: Sector Reset And Legal Overhang Will Likely Constrain Future Upside

Analysts have trimmed their 12 month price target on Lightspeed Commerce to $14 from $15, citing updated sector assumptions and a refreshed outlook for software stocks into 2026. Analyst Commentary Bearish analysts cutting the 12 month price target to $14 are signaling a more guarded stance on Lightspeed Commerce, even as they see room for software stocks to re-rate into 2026.
BITF
CA$3.55
Bitfarms
7D
-5.3%
1Y
71.5%

BITF: Delayed Market Structure Rules Will Support Future AI And HPC Expansion

Analysts have reduced their Bitfarms price target to about US$8.48, reflecting slightly higher assumed discount rates and a marginally richer forward P/E multiple as they factor in ongoing uncertainty around potential delays in crypto related market structure legislation. Analyst Commentary Bullish Takeaways Bullish analysts see the updated US$8.48 target as still reflecting upside potential if crypto related legislation eventually provides clearer market structure, which could support higher sustained earnings to justify a richer P/E multiple.
CSU
CA$2,640.06
Constellation Software
7D
-2.5%
1Y
-44.1%
ACT
CA$19.99
Aduro Clean Technologies
7D
8.3%
1Y
142.6%
FTG
CA$15.98
Firan Technology Group
7D
14.1%
1Y
92.8%
KXS
CA$144.46
Kinaxis
7D
-3.1%
1Y
-15.0%
QNC
CA$5.22
Quantum eMotion
7D
11.8%
1Y
703.1%
TOI
CA$105.69
Topicus.com
7D
-6.9%
1Y
-20.0%

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Dec 20
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ET
CA$14.68
Evertz Technologies
7D
2.6%
1Y
12.4%