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Canadian (TSX) Tech Sector Analysis

UpdatedFeb 04, 2026
DataAggregated Company Financials
Companies114
  • 7D-12.0%
  • 3M-25.8%
  • 1Y-28.0%
  • YTD-17.8%

Over the last 7 days, the Tech industry has dropped 12%, driven by Constellation Software declining 14%. Meanwhile, Haivision Systems actually outperformed within the industry, gaining 16% in the last week. Overall the industry is down 28% in 12 months. 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
Wed, 04 Feb 2026CA$171.5bCA$61.6bCA$2.9b28.6x58.3x2.8x
Fri, 02 Jan 2026CA$201.3bCA$60.0bCA$2.7b21x74.5x3.4x
Sun, 30 Nov 2025CA$213.9bCA$60.7bCA$2.7b26.7x78.6x3.5x
Tue, 28 Oct 2025CA$221.2bCA$58.5bCA$2.7b39.3x83x3.8x
Thu, 25 Sep 2025CA$218.2bCA$58.3bCA$2.7b39.8x81.5x3.7x
Sat, 23 Aug 2025CA$217.4bCA$58.1bCA$2.6b41x83.9x3.7x
Mon, 21 Jul 2025CA$231.6bCA$55.9bCA$2.4b41.2x96.3x4.1x
Wed, 18 Jun 2025CA$217.8bCA$55.6bCA$2.4b34.3x90.5x3.9x
Fri, 16 May 2025CA$221.4bCA$56.3bCA$3.2b28.1x69.2x3.9x
Sun, 13 Apr 2025CA$197.7bCA$57.4bCA$2.5b24x79.3x3.4x
Tue, 11 Mar 2025CA$213.4bCA$59.0bCA$2.2b21.7x98.7x3.6x
Thu, 06 Feb 2025CA$226.0bCA$57.8b-CA$312,088,033.9321.8x-724.1x3.9x
Sat, 04 Jan 2025CA$208.7bCA$57.3b-CA$451,790,920.1224.7x-461.9x3.6x
Mon, 02 Dec 2024CA$213.7bCA$56.2b-CA$377,209,074.5325.7x-566.6x3.8x
Wed, 30 Oct 2024CA$194.7bCA$55.1b-CA$580,946,536.1223.4x-335.2x3.5x
Fri, 27 Sep 2024CA$191.5bCA$53.4b-CA$568,091,857.5422.8x-337.1x3.6x
Sun, 25 Aug 2024CA$189.5bCA$53.6b-CA$605,310,244.8622.1x-313.1x3.5x
Tue, 23 Jul 2024CA$188.0bCA$52.6b-CA$1,420,834,448.2331.2x-132.3x3.6x
Thu, 20 Jun 2024CA$174.6bCA$52.6b-CA$1,385,943,226.0626.9x-126x3.3x
Sat, 18 May 2024CA$175.2bCA$52.4b-CA$1,458,011,250.3830.2x-120.2x3.3x
Mon, 15 Apr 2024CA$173.5bCA$52.8b-CA$2,417,740,659.0721.7x-71.7x3.3x
Wed, 13 Mar 2024CA$174.1bCA$52.2b-CA$2,875,388,224.6621.8x-60.5x3.3x
Fri, 09 Feb 2024CA$166.3bCA$51.1b-CA$2,035,625,777.0519x-81.7x3.3x
Sun, 07 Jan 2024CA$156.1bCA$51.9b-CA$2,232,863,118.0021.2x-69.9x3x
Tue, 05 Dec 2023CA$155.1bCA$52.3b-CA$2,422,181,646.0022.4x-64x3x
Thu, 02 Nov 2023CA$139.3bCA$51.9b-CA$2,567,657,758.0022.7x-54.3x2.7x
Sat, 30 Sep 2023CA$141.3bCA$51.1b-CA$2,554,993,386.0023.6x-55.3x2.8x
Mon, 28 Aug 2023CA$144.1bCA$51.2b-CA$2,681,741,981.0024x-53.7x2.8x
Wed, 26 Jul 2023CA$145.3bCA$48.7b-CA$2,512,132,887.0020.3x-57.9x3x
Fri, 23 Jun 2023CA$140.4bCA$48.4b-CA$2,596,318,192.0020.8x-54.1x2.9x
Sun, 21 May 2023CA$142.8bCA$48.9b-CA$1,868,701,746.0024.3x-76.4x2.9x
Tue, 18 Apr 2023CA$137.3bCA$46.8b-CA$1,944,297,317.0025.8x-70.6x2.9x
Thu, 16 Mar 2023CA$133.3bCA$48.3b-CA$1,159,883,674.0023.1x-114.9x2.8x
Sat, 11 Feb 2023CA$134.1bCA$47.5b-CA$857,309,359.0024.7x-156.4x2.8x
Price to Earnings Ratio

-156.4x


Total Market Cap: CA$134.1bTotal Earnings: -CA$857,309,359.00Total Revenue: CA$47.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Tech Sector Price to Earnings3Y Average -121.6x202420252026
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 58.3x which is higher than its 3-year average PE of -122x.
  • 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 9.0% 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-1.91%
Tech-11.96%
Communications2.09%
Tech Hardware0%0
Semiconductors-6.94%
IT-9.30%
Electronic Equipment and Components-9.82%
Software-14.01%
Industry PE
  • Investors are most optimistic about the Software industry which is trading above its 3-year average PE ratio of 199x.
    • Analysts are expecting annual earnings growth of 24.7%, which is higher than its past year's earnings growth of 12.9% 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
HAI Haivision SystemsCA$8.9416.0%
+CA$33.4m		78.4%PE2120.6x
CTRL Edge Total IntelligenceCA$0.9233.3%
+CA$20.2m		58.6%PS25x
DCBO DoceboCA$26.002.2%
+CA$15.8m		-56.4%PE24.3x
FTG Firan Technology GroupCA$15.743.7%
+CA$14.1m		89.2%PE28.6x
VCM Vecima NetworksCA$10.155.2%
+CA$12.2m		-21.3%PS0.9x

Latest News

GIB.A
CA$108.70
CGI
7D
-9.4%
1Y
-35.7%
TOI
CA$93.38
Topicus.com
7D
-15.7%
1Y
-33.5%

Risks Still Elevated At These Prices As Topicus.com Inc. (CVE:TOI) Shares Dive 25%

Feb 04
Risks Still Elevated At These Prices As Topicus.com Inc. (CVE:TOI) Shares Dive 25%
KXS
CA$123.00
Kinaxis
7D
-15.8%
1Y
-27.9%

Kinaxis Inc.'s (TSE:KXS) Stock Retreats 28% But Earnings Haven't Escaped The Attention Of Investors

Feb 04
Kinaxis Inc.'s (TSE:KXS) Stock Retreats 28% But Earnings Haven't Escaped The Attention Of Investors
CSU
CA$2,288.91
Constellation Software
7D
-13.7%
1Y
-52.3%

Constellation Software Inc.'s (TSE:CSU) 29% Cheaper Price Remains In Tune With Earnings

Feb 04
Constellation Software Inc.'s (TSE:CSU) 29% Cheaper Price Remains In Tune With Earnings
CLS
CA$405.55
Celestica
7D
-10.3%
1Y
114.5%
DSG
CA$90.43
Descartes Systems Group
7D
-18.3%
1Y
-45.5%
LSPD
CA$13.44
Lightspeed Commerce
7D
-15.0%
1Y
-35.0%
FTG
CA$15.74
Firan Technology Group
7D
3.7%
1Y
89.2%

FTG: Higher Margin Outlook Will Support Increased Equity Value Potential

Analysts have raised their price target for Firan Technology Group to $17.50 from $15.33, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E, which they say better reflect the company’s current risk and earnings profile. Valuation Changes Fair Value: The updated price target has risen from CA$15.33 to CA$17.50, representing a modest upward adjustment in the implied equity value.
GSI
CA$1.73
Gatekeeper Systems
7D
4.2%
1Y
280.2%
HAI
CA$8.94
Haivision Systems
7D
16.0%
1Y
78.4%

HAI: Fair Value View Will Rely On 2026 Guidance Execution

Analysts have lifted their price target on Haivision Systems from $7.63 to $8.13, citing updated views on fair value, discount rate, revenue growth, profit margin and future P/E assumptions reflected in recent research. Analyst Commentary Bullish Takeaways Bullish analysts see the higher price target as better aligned with their refreshed view of fair value, given updated assumptions on revenue growth and profit margins.
DCBO
CA$26.00
Docebo
7D
2.2%
1Y
-56.4%
DDD
CA$1.00
Metavista3D
7D
5.3%
1Y
-40.5%
LMN
CA$20.30
Lumine Group
7D
-12.5%
1Y
-48.8%
CTRL
CA$0.92
Edge Total Intelligence
7D
33.3%
1Y
58.6%
STC
CA$6.69
Sangoma Technologies
7D
4.4%
1Y
-36.3%
VCM
CA$10.15
Vecima Networks
7D
5.2%
1Y
-21.3%