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Canadian (TSX) Tech Sector Analysis

UpdatedJan 12, 2026
DataAggregated Company Financials
Companies116
  • 7D2.5%
  • 3M-6.6%
  • 1Y0.8%
  • YTD2.5%

The Tech industry is up 2.5% in the last week, with Constellation Software up 3.6%. Overall in the last year, the industry is flat. Looking forward, earnings are forecast to grow by 23% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 12 Jan 2026CA$205.2bCA$60.6bCA$2.7b26.1x75.5x3.4x
Wed, 10 Dec 2025CA$211.3bCA$60.4bCA$2.7b27.6x77.7x3.5x
Fri, 07 Nov 2025CA$220.9bCA$60.4bCA$2.7b39.3x80.9x3.7x
Sun, 05 Oct 2025CA$215.2bCA$58.4bCA$2.7b39.3x80.7x3.7x
Tue, 02 Sep 2025CA$221.6bCA$57.8bCA$2.7b41.4x83.5x3.8x
Thu, 31 Jul 2025CA$235.3bCA$56.8bCA$2.6b43.2x91.9x4.1x
Sat, 28 Jun 2025CA$223.2bCA$55.8bCA$2.4b37x91.3x4x
Mon, 26 May 2025CA$218.3bCA$55.8bCA$2.4b29.2x89.8x3.9x
Wed, 23 Apr 2025CA$200.5bCA$57.2bCA$2.5b25.5x80.1x3.5x
Fri, 21 Mar 2025CA$205.8bCA$58.6bCA$2.2b24.1x94.5x3.5x
Sun, 16 Feb 2025CA$230.4bCA$57.5b-CA$237,371,893.9222x-970.6x4x
Tue, 14 Jan 2025CA$205.0bCA$54.6b-CA$284,737,902.2523x-720x3.8x
Thu, 12 Dec 2024CA$213.5bCA$56.6b-CA$388,444,386.7724.6x-549.5x3.8x
Sat, 09 Nov 2024CA$202.5bCA$55.4b-CA$264,001,643.6824.3x-766.9x3.7x
Mon, 07 Oct 2024CA$192.1bCA$53.6b-CA$549,162,065.6922.8x-349.8x3.6x
Wed, 04 Sep 2024CA$190.5bCA$53.5b-CA$611,737,125.4621.4x-311.5x3.6x
Fri, 02 Aug 2024CA$193.7bCA$53.5b-CA$1,332,737,324.0026.6x-145.3x3.6x
Sun, 30 Jun 2024CA$179.3bCA$52.3b-CA$1,436,554,880.2429x-124.8x3.4x
Tue, 28 May 2024CA$178.9bCA$52.5b-CA$1,445,885,659.2732x-123.7x3.4x
Thu, 25 Apr 2024CA$176.3bCA$52.7b-CA$2,396,034,878.7522.9x-73.6x3.3x
Sat, 23 Mar 2024CA$172.0bCA$52.3b-CA$2,942,861,826.4421x-58.5x3.3x
Mon, 19 Feb 2024CA$169.8bCA$51.3b-CA$876,527,088.0020.3x-193.7x3.3x
Wed, 17 Jan 2024CA$165.1bCA$52.2b-CA$2,261,595,630.0021.1x-73x3.2x
Fri, 15 Dec 2023CA$160.0bCA$52.1b-CA$2,320,853,995.0021.3x-68.9x3.1x
Sun, 12 Nov 2023CA$148.7bCA$52.8b-CA$2,499,953,787.0020.4x-59.5x2.8x
Tue, 10 Oct 2023CA$144.2bCA$51.3b-CA$2,574,147,157.0022.9x-56x2.8x
Thu, 07 Sep 2023CA$146.4bCA$51.3b-CA$2,608,223,863.0023.5x-56.1x2.9x
Sat, 05 Aug 2023CA$142.5bCA$50.0b-CA$2,354,671,706.0021x-60.5x2.9x
Mon, 03 Jul 2023CA$145.8bCA$48.9b-CA$2,352,131,232.0021x-62x3x
Wed, 31 May 2023CA$141.1bCA$49.2b-CA$2,753,184,103.0025.7x-51.2x2.9x
Fri, 28 Apr 2023CA$138.3bCA$47.9b-CA$1,893,239,595.0023.6x-73x2.9x
Sun, 26 Mar 2023CA$129.2bCA$46.8b-CA$1,230,935,087.0024.9x-105x2.8x
Tue, 21 Feb 2023CA$136.2bCA$47.8b-CA$897,511,948.0024.7x-151.7x2.8x
Thu, 19 Jan 2023CA$129.2bCA$46.6bCA$639.9m24x201.9x2.8x
Price to Earnings Ratio

201.9x


Total Market Cap: CA$129.2bTotal Earnings: CA$639.9mTotal Revenue: CA$46.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Tech Sector Price to Earnings3Y Average -118.8x202420252026
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 75.5x which is higher than its 3-year average PE of -119x.
  • The industry is trading close to its 3-year average PS ratio of 3.7x.
Past Earnings Growth
  • The earnings for companies in the Information Technology industry have grown 62% per year over the last three years.
  • Revenues for these companies have grown 9.2% 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 Market1.46%
Tech2.50%
IT4.25%
Software2.42%
Electronic Equipment and Components2.11%
Tech Hardware0%0
Communications-1.51%
Semiconductors-6.48%
Industry PE
  • Investors are most optimistic about the Software industry which is trading above its 3-year average PE ratio of 180x.
    • Analysts are expecting annual earnings growth of 24.5%, 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 27% 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 9.2% 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
CSU Constellation SoftwareCA$3.32k3.6%
+CA$2.5b		-22.7%PE73.7x
CLS CelesticaCA$420.384.1%
+CA$1.9b		190.9%PE48.6x
GIB.A CGICA$130.734.3%
+CA$1.2b		-15.8%PE16.9x
DSG Descartes Systems GroupCA$121.824.8%
+CA$478.1m		-23.7%PE48.4x
KXS KinaxisCA$177.446.6%
+CA$304.3m		4.2%PE102.2x

Latest News

CVO
CA$7.06
Coveo Solutions
7D
11.2%
1Y
15.7%

Estimating The Fair Value Of Coveo Solutions Inc. (TSE:CVO)

Jan 12
Estimating The Fair Value Of Coveo Solutions Inc. (TSE:CVO)
LMN
CA$26.16
Lumine Group
7D
-3.5%
1Y
-33.5%

Lumine Group (CVE:LMN) Seems To Use Debt Rather Sparingly

Jan 11
Lumine Group (CVE:LMN) Seems To Use Debt Rather Sparingly
DSG
CA$121.82
Descartes Systems Group
7D
4.8%
1Y
-23.7%

DSG: Softer Freight Cycle And Buyback Plan Will Shape Future Returns

Analysts have trimmed their price target on Descartes Systems Group to about $102 from roughly $112, citing a softer transport cycle, weaker shipment volume data, pressure on peer multiples, and updated assumptions for revenue growth, profit margins, discount rate and future P/E. These factors collectively point to a slightly higher intrinsic value estimate of about $134 per share.
PNG
CA$7.90
Kraken Robotics
7D
10.8%
1Y
188.3%

Kraken Robotics Inc. (CVE:PNG) Stocks Shoot Up 28% But Its P/S Still Looks Reasonable

Jan 09
Kraken Robotics Inc. (CVE:PNG) Stocks Shoot Up 28% But Its P/S Still Looks Reasonable
CLS
CA$420.38
Celestica
7D
4.1%
1Y
190.9%

CLS: Index Additions And Share Buybacks Will Support Future Upside

Analysts have trimmed their price target on Celestica, citing slightly lower fair value to about $546.16 and a more moderate future P/E assumption of roughly 34.13, while keeping growth and margin expectations broadly consistent. What's in the News Celestica has been added to the S&P Global 1200 index, increasing its visibility among global index-tracking investors (Index Constituent Adds).
ISTK
CA$1.21
Intellistake Technologies
7D
-20.9%
1Y
611.8%
KXS
CA$177.44
Kinaxis
7D
6.6%
1Y
4.2%
DCBO
CA$30.38
Docebo
7D
-3.3%
1Y
-49.6%

DCBO: Enterprise Expansion And Higher ARPU Will Support Long-Term Upside

Analysts have adjusted their view on Docebo after a mix of recent research, including a price target cut to US$28 from US$34 and a fresh US$35 target at another firm. This has led to a small tweak in the modeled discount rate and future P/E multiple in our updated assumptions.
BITF
CA$3.90
Bitfarms
7D
-1.3%
1Y
75.7%

BITF: Panther Creek Project Financing Will Drive Future AI And HPC Expansion

Narrative Update The analyst price target on Bitfarms has been revised higher to $7.00 from a prior range around $3.00, as analysts factor in updated assumptions for high performance computing and AI related power demand, modestly adjust discount rates and profitability expectations, and point to the company's growing project pipeline as support for the new valuation framework. Analyst Commentary Recent research updates point to a more constructive stance on Bitfarms, with higher price targets tied to the company’s growing high performance computing and AI infrastructure plans and financing progress.
QNC
CA$4.62
Quantum eMotion
7D
-8.2%
1Y
633.3%
GIB.A
CA$130.73
CGI
7D
4.3%
1Y
-15.8%

GIB.A: Future Returns Will Rely On Resilient Organic Execution In Weaker Markets

Analysts have trimmed their price targets on CGI to around C$149 and US$81. This reflects concerns about slower organic growth in certain regions and sectors, as well as the potential downside risk they see for consensus estimates into 2026.
BTQ
CA$7.08
BTQ Technologies
7D
-6.1%
1Y
99.4%
HIVE
CA$4.35
HIVE Digital Technologies
7D
6.1%
1Y
2.8%
CSU
CA$3,324.75
Constellation Software
7D
3.6%
1Y
-22.7%

Constellation Software (TSE:CSU) Has A Rock Solid Balance Sheet

Jan 01
Constellation Software (TSE:CSU) Has A Rock Solid Balance Sheet
TCS
CA$29.55
Tecsys
7D
-5.8%
1Y
-32.4%
ABXX
CA$45.06
Abaxx Technologies
7D
-6.1%
1Y
275.5%