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Canadian (TSX) Tech Sector Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies115
  • 7D-1.1%
  • 3M-18.0%
  • 1Y-19.9%
  • YTD-16.2%

Over the last 7 days, the Tech industry has dropped 1.1%, driven by Constellation Software declining 5.9%. Meanwhile, Celestica actually outperformed within the industry, gaining 7.2% in the last week. However, the industry is down 20% over the past year. 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, 26 Mar 2026CA$169.3bCA$62.9bCA$2.5b34x67.1x2.7x
Sat, 21 Feb 2026CA$164.4bCA$61.8bCA$2.7b30.5x60.7x2.7x
Mon, 19 Jan 2026CA$194.9bCA$60.6bCA$2.7b25.7x71.8x3.2x
Wed, 17 Dec 2025CA$203.5bCA$60.1bCA$2.7b26.2x75.2x3.4x
Fri, 14 Nov 2025CA$209.2bCA$60.8bCA$2.8b39.3x75.2x3.4x
Sun, 12 Oct 2025CA$215.1bCA$58.6bCA$2.7b39.3x80.6x3.7x
Tue, 09 Sep 2025CA$232.4bCA$58.0bCA$2.7b40.6x87.2x4x
Thu, 07 Aug 2025CA$231.9bCA$57.2bCA$2.6b42.5x87.8x4.1x
Sat, 05 Jul 2025CA$230.1bCA$55.6bCA$2.4b39.2x95.8x4.1x
Mon, 02 Jun 2025CA$221.7bCA$55.8bCA$2.4b33.2x92.5x4x
Wed, 30 Apr 2025CA$212.3bCA$55.3bCA$2.7b26x79.6x3.8x
Fri, 28 Mar 2025CA$204.8bCA$58.6bCA$2.3b21.8x89.7x3.5x
Sun, 23 Feb 2025CA$221.0bCA$57.7b-CA$243,055,296.7324.5x-909.3x3.8x
Tue, 21 Jan 2025CA$211.4bCA$57.0b-CA$431,939,678.7923.2x-489.3x3.7x
Thu, 19 Dec 2024CA$214.6bCA$57.3b-CA$430,008,167.6224.6x-499.1x3.7x
Sat, 16 Nov 2024CA$203.8bCA$56.3b-CA$378,615,340.2422.1x-538.3x3.6x
Mon, 14 Oct 2024CA$196.3bCA$54.1b-CA$570,984,743.6322.8x-343.8x3.6x
Wed, 11 Sep 2024CA$185.6bCA$53.7b-CA$621,213,376.3622.8x-298.8x3.5x
Fri, 09 Aug 2024CA$178.3bCA$53.4b-CA$610,912,548.7522.7x-291.8x3.3x
Sun, 07 Jul 2024CA$181.3bCA$52.3b-CA$1,386,714,862.5831.4x-130.8x3.5x
Tue, 04 Jun 2024CA$175.1bCA$52.5b-CA$1,416,822,340.7827.3x-123.6x3.3x
Thu, 02 May 2024CA$169.9bCA$53.1b-CA$2,076,081,995.3924.5x-81.9x3.2x
Sat, 30 Mar 2024CA$176.7bCA$52.2b-CA$2,926,155,547.6321.3x-60.4x3.4x
Mon, 26 Feb 2024CA$171.3bCA$51.4b-CA$876,986,280.0120.9x-195.3x3.3x
Wed, 24 Jan 2024CA$168.2bCA$52.1b-CA$2,252,204,932.0020.8x-74.7x3.2x
Fri, 22 Dec 2023CA$157.2bCA$51.8b-CA$2,331,885,269.0020.9x-67.4x3x
Sun, 19 Nov 2023CA$153.2bCA$52.8b-CA$2,517,875,263.0022.1x-60.9x2.9x
Tue, 17 Oct 2023CA$142.4bCA$51.2b-CA$2,561,850,715.0024x-55.6x2.8x
Thu, 14 Sep 2023CA$145.5bCA$51.1b-CA$2,585,817,989.0024.6x-56.3x2.8x
Sat, 12 Aug 2023CA$144.3bCA$50.4b-CA$2,667,865,548.0020.5x-54.1x2.9x
Mon, 10 Jul 2023CA$142.7bCA$48.9b-CA$2,367,584,658.0020.6x-60.3x2.9x
Wed, 07 Jun 2023CA$144.5bCA$48.9b-CA$2,640,426,657.0022.9x-54.7x3x
Fri, 05 May 2023CA$135.8bCA$48.2b-CA$1,963,046,642.0023.5x-69.2x2.8x
Sun, 02 Apr 2023CA$135.7bCA$47.0b-CA$2,001,611,440.0029x-67.8x2.9x
Price to Earnings Ratio

-67.8x


Total Market Cap: CA$135.7bTotal Earnings: -CA$2,001,611,440.00Total Revenue: CA$47.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Tech Sector Price to Earnings3Y Average -112.8x202420252026
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 67.1x which is higher than its 3-year average PE of -113x.
  • 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 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 Market-2.66%
Tech-1.09%
Electronic Equipment and Components5.82%
IT0.41%
Tech Hardware0%0
Communications-1.08%
Semiconductors-2.02%
Software-4.66%
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$417.6111.0%
+CA$4.8b		233.3%PE41.7x
GIB.A CGICA$100.021.8%
+CA$374.4m		-30.1%PE12.8x
ABXX Abaxx TechnologiesCA$45.1022.6%
+CA$305.2m		358.3%PS3127.8x
KXS KinaxisCA$138.781.8%
+CA$66.4m		-12.3%PE39.3x
ENGH Enghouse SystemsCA$16.264.0%
+CA$33.8m		-40.0%PE12.8x

Latest News

CLS
CA$417.61
Celestica
7D
11.0%
1Y
233.3%
KXS
CA$138.78
Kinaxis
7D
1.8%
1Y
-12.3%
DCBO
CA$24.90
Docebo
7D
-8.3%
1Y
-42.8%

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.
CSU
CA$2,406.75
Constellation Software
7D
-6.3%
1Y
-48.2%

AI Adoption And Minority Stakes Will Reshape This Vertical Software Compounder

Catalysts About Constellation Software Constellation Software acquires and operates vertical market software businesses that provide mission critical solutions across many industries worldwide. What are the underlying business or industry changes driving this perspective?
DGX
CA$3.25
Digi Power X
7D
-1.2%
1Y
97.0%
ABXX
CA$45.10
Abaxx Technologies
7D
22.6%
1Y
358.3%
GIB.A
CA$100.02
CGI
7D
1.8%
1Y
-30.1%

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$3.06
Bitfarms
7D
-3.5%
1Y
114.0%

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.
ENGH
CA$16.26
Enghouse Systems
7D
4.0%
1Y
-40.0%

ENGH: Share Repurchases And Dividend Policy Will Support Future Upside Potential

Enghouse Systems' updated Analyst Price Target has shifted from CA$21.25 to CA$18.13 as analysts factor in lower fair value estimates, along with more cautious assumptions for revenue growth, profit margins and future P/E multiples, as reflected in recent Street target cuts to CA$17, CA$18.50 and CA$20. Analyst Commentary Recent Street commentary on Enghouse Systems centers on lower price targets in a relatively tight range of CA$17 to CA$20, with ratings clustered around Hold, Neutral and Sector Perform.
BLN
CA$7.31
Blackline Safety
7D
4.4%
1Y
12.8%
QNC
CA$3.18
Quantum eMotion
7D
-14.5%
1Y
396.9%
PNG
CA$9.03
Kraken Robotics
7D
-6.0%
1Y
260.5%
DSG
CA$96.76
Descartes Systems Group
7D
-0.9%
1Y
-34.5%
LMN
CA$22.00
Lumine Group
7D
-9.8%
1Y
-46.4%
TOI
CA$95.14
Topicus.com
7D
-2.0%
1Y
-33.8%
ENA
CA$3.20
Enablence Technologies
7D
48.1%
1Y
113.3%