Canadian (TSX) Software Industry Analysis

Industry Valuation and Performance

Has the Canadian Software Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 21 Jul 2026	CA$107.2b	CA$28.0b	CA$857.6m	35.1x	125x	3.8x
Thu, 18 Jun 2026	CA$111.8b	CA$28.0b	CA$904.1m	34.6x	123.7x	4x
Sat, 16 May 2026	CA$99.2b	CA$27.3b	CA$77.4m	34.2x	1282.7x	3.6x
Mon, 13 Apr 2026	CA$88.1b	CA$26.9b	-CA$104,497,599.73	33.7x	-842.7x	3.3x
Wed, 11 Mar 2026	CA$106.2b	CA$26.7b	-CA$186,339,232.83	40.9x	-570.1x	4x
Fri, 06 Feb 2026	CA$92.5b	CA$26.0b	CA$168.6m	37.5x	548.6x	3.6x
Sun, 04 Jan 2026	CA$118.7b	CA$26.1b	CA$143.6m	47.1x	826.8x	4.6x
Tue, 02 Dec 2025	CA$125.3b	CA$26.5b	CA$148.8m	50.7x	842.3x	4.7x
Thu, 30 Oct 2025	CA$138.8b	CA$25.5b	CA$254.3m	54.7x	545.8x	5.4x
Sat, 27 Sep 2025	CA$140.4b	CA$25.5b	CA$262.2m	55.1x	535.3x	5.5x
Mon, 25 Aug 2025	CA$157.5b	CA$25.3b	CA$240.1m	55.9x	655.8x	6.2x
Wed, 23 Jul 2025	CA$168.0b	CA$24.1b	CA$173.7m	55x	966.8x	7x
Fri, 20 Jun 2025	CA$161.5b	CA$24.2b	CA$157.9m	41.1x	1023x	6.7x
Sun, 18 May 2025	CA$168.7b	CA$24.6b	CA$932.9m	34.3x	180.8x	6.9x
Tue, 15 Apr 2025	CA$147.7b	CA$23.9b	CA$440.0m	28.7x	335.8x	6.2x
Thu, 13 Mar 2025	CA$152.8b	CA$24.8b	CA$99.7m	25.8x	1532.1x	6.2x
Sat, 08 Feb 2025	CA$163.6b	CA$23.9b	-CA$2,374,788,050.99	40.4x	-68.9x	6.8x
Mon, 06 Jan 2025	CA$152.4b	CA$24.1b	-CA$2,417,393,302.56	42.3x	-63x	6.3x
Wed, 04 Dec 2024	CA$159.5b	CA$23.5b	-CA$2,348,608,737.81	43.8x	-67.9x	6.8x
Fri, 01 Nov 2024	CA$144.5b	CA$22.5b	-CA$2,530,379,399.10	40.8x	-57.1x	6.4x
Sun, 29 Sep 2024	CA$143.4b	CA$21.9b	-CA$2,462,920,457.84	39.1x	-58.2x	6.5x
Tue, 27 Aug 2024	CA$142.9b	CA$21.9b	-CA$2,512,781,832.99	43.6x	-56.9x	6.5x
Thu, 25 Jul 2024	CA$144.6b	CA$21.6b	-CA$3,424,936,021.45	47.4x	-42.2x	6.7x
Sat, 22 Jun 2024	CA$129.4b	CA$21.6b	-CA$3,385,284,807.12	39.3x	-38.2x	6x
Mon, 20 May 2024	CA$130.0b	CA$21.5b	-CA$3,426,759,742.54	40.7x	-37.9x	6x
Wed, 17 Apr 2024	CA$126.4b	CA$21.1b	-CA$4,286,036,157.83	32.8x	-29.5x	6x
Fri, 15 Mar 2024	CA$124.6b	CA$20.7b	-CA$4,798,256,497.49	28.9x	-26x	6x
Sun, 11 Feb 2024	CA$121.7b	CA$19.7b	-CA$2,884,020,939.07	25x	-42.2x	6.2x
Tue, 09 Jan 2024	CA$113.7b	CA$19.8b	-CA$3,949,360,170.00	27.3x	-28.8x	5.7x
Thu, 07 Dec 2023	CA$113.9b	CA$20.2b	-CA$4,236,109,399.00	26.3x	-26.9x	5.6x
Sat, 04 Nov 2023	CA$101.9b	CA$19.7b	-CA$4,386,307,501.00	68.6x	-23.2x	5.2x
Mon, 02 Oct 2023	CA$100.7b	CA$19.3b	-CA$4,177,310,018.00	54.9x	-24.1x	5.2x
Wed, 30 Aug 2023	CA$103.4b	CA$19.4b	-CA$4,159,368,357.00	59.1x	-24.9x	5.3x
Fri, 28 Jul 2023	CA$103.5b	CA$18.2b	-CA$3,856,901,010.00	71.2x	-26.8x	5.7x

Current Industry PE

Investors are pessimistic on the Canadian Software industry, indicating that they anticipate long term growth rates will be lower than they have historically.

The industry is trading at a PE ratio of 125x which is lower than its 3-year average PE of 157x.

The 3-year average PS ratio of 5.6x is higher than the industry's current PS ratio of 3.8x.

Past Earnings Growth

Total earnings for the Software industry have gone up over the last three years, and the industry is now profitable. Revenues have grown 15% 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 industry?


CA Market	-0.75%
Tech	-5.30%
Software	-3.11%
Application Software	-1.75%
Systems Software	-16.26%

Industry PE

Investors are most optimistic about the Systems Software industry which is trading above its 3-year average PE ratio of 121x.

Analysts are expecting annual earnings growth of 25.7%, which is lower than the prior year's growth of 247.3% per year.

Investors are most pessimistic about the Application Software industry, which is trading below its 3-year average of 155x.

Forecasted Growth

Analysts are most optimistic on the Systems Software industry, expecting annual earnings growth of 26% over the next 5 years.
However this is lower than its past earnings growth rate of 247% per year.

In contrast, the Application Software industry is expected to see its earnings grow by 20% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
XNDU Xanadu Quantum Technologies	CA$15.23	2.6% +CA$113.4m	n/a	PS478.9x
TOI Topicus.com	CA$93.04	0.8% +CA$61.8m	-51.5%	PE155.3x
LMN Lumine Group	CA$22.15	1.0% +CA$53.9m	-57.4%	PE34.5x
DSG Descartes Systems Group	CA$103.59	0.6% +CA$44.6m	-27.3%	PE35.8x
PKK Tenet Fintech Group	CA$0.17	73.7% +CA$26.6m	n/a	PS2.8x

Aduro Clean Technologies And ECOCE Advance Mexico Plastics Collaboration To HCT Testing

Aduro Clean Technologies Inc. announced that its collaboration with ECOCE, A.C. has advanced to the next phase following completion of Phase 1 feedstock mapping and stream selection. Selected post-consumer flexible plastic packaging streams in Mexico are now moving into a Hydrochemolytic Technology test campaign to evaluate their conversion into liquid hydrocarbon products for downstream circular plastics applications. The collaboration is structured as a phased, data-driven evaluation of flexible plastic packaging collected through recovery systems in Mexico. Phase 1 drew on ECOCE’s ongoing national feedstock mapping program, conducted for its member companies, from which the parties completed the selection of candidate material streams for the next stage of work. Led by ECOCE, the mapping identified multiple post-consumer flexible packaging streams and assessed them for estimated availability, collection routes, physical form, contamination profile, and preparation requirements. The work identified candidate streams with sufficient available volume to support an industrially relevant evaluation and with material characteristics that warrant advancement to HCT testing. Flexible plastic packaging is one of the most difficult material categories to manage within existing recycling systems. These streams can include polyethylene, polypropylene, and multilayer packaging formats, along with inks, adhesives, mixed structures, small formats, and varying levels of contamination. For flexible packaging streams that are not well suited to mechanical or physical recycling, the collaboration is evaluating whether HCT can provide a route to recover hydrocarbon value from these materials and help return them to the plastics value chain. ECOCE has identified flexible plastic packaging as a major and growing material category in Mexico, with available data indicating that approximately 1,500,000 tonnes of flexible plastic packaging are generated annually in the country. Phase 1 has built on that market context by mapping candidate flexible and multilayer plastic packaging waste streams, including material categories, collection routes, geographic sourcing, and indicative contamination levels. The materials mapped through Phase 1 include flexible polypropylene packaging, flexible polyethylene packaging, and multilayer flexible packaging, including common post-consumer formats such as snack and cookie wrappers, grocery and bread bags, seed and grain packaging, pet food packaging, cold-cut and dairy packaging, and resealable pouch formats. The objective is to build an evidence-based understanding of how selected flexible packaging streams can move through a circular value chain: from post-consumer collection and characterization, through feedstock preparation and HCT conversion, to liquid hydrocarbon products for evaluation by petrochemical and polymer value chains. With Phase 1 complete and the next-phase testing program defined, the collaboration now moves into HCT testing of selected material streams. Aduro will begin with lab-scale evaluation to assess how selected Mexican flexible and multilayer plastic waste streams respond to HCT, including processability, product characteristics, yield, residues, contaminant behaviour, and mass balance. Successful lab-scale results will inform progression to Phase 3 testing on the Next Generation Process Pilot Plant to support scale-up assessment, customer evaluation, and future commercial analysis. Results from the next phase will give Aduro Clean Technologies Inc. and ECOCE, A.C. the technical and economic evidence to help assess material suitability, product quality, scale-up requirements, and future commercial options for returning difficult-to-recycle flexible packaging to the plastics value chain.

Canadian (TSX) Software Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

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Aduro Clean Technologies And ECOCE Advance Mexico Plastics Collaboration To HCT Testing

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