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Canadian (TSX) Software Industry Analysis

UpdatedFeb 27, 2026
DataAggregated Company Financials
Companies79
  • 7D7.2%
  • 3M-23.6%
  • 1Y-40.2%
  • YTD-19.3%

The Software industry is up 2.9% in the last week, with Constellation Software up 8.0%. In contrast, the industry has lost 44% in the last 12 months. Looking forward, earnings are forecast to grow by 25% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 27 Feb 2026CA$91.0bCA$26.2b-CA$43,025,223.4942.4x-2115.6x3.5x
Sun, 25 Jan 2026CA$106.2bCA$26.0bCA$138.8m45.2x764.8x4.1x
Tue, 23 Dec 2025CA$122.7bCA$26.1bCA$151.9m49.5x807.6x4.7x
Thu, 20 Nov 2025CA$118.0bCA$26.6bCA$198.3m45.2x595.3x4.4x
Sat, 18 Oct 2025CA$140.6bCA$25.6bCA$256.8m54.9x547.3x5.5x
Mon, 15 Sep 2025CA$153.7bCA$25.4bCA$243.4m65.1x631.4x6.1x
Wed, 13 Aug 2025CA$163.1bCA$25.1bCA$158.9m51.6x1026.5x6.5x
Fri, 11 Jul 2025CA$166.8bCA$24.2bCA$179.2m45.2x930.8x6.9x
Sun, 08 Jun 2025CA$162.7bCA$24.2bCA$155.1m42.6x1049.1x6.7x
Tue, 06 May 2025CA$163.5bCA$23.9bCA$866.6m33.5x188.6x6.8x
Thu, 03 Apr 2025CA$150.9bCA$24.6bCA$447.7m29.1x337x6.1x
Sat, 01 Mar 2025CA$159.6bCA$24.3b-CA$2,368,413,840.0827.2x-67.4x6.6x
Mon, 27 Jan 2025CA$156.6bCA$24.0b-CA$2,401,242,860.7740.8x-65.2x6.5x
Wed, 25 Dec 2024CA$154.2bCA$24.0b-CA$2,411,270,582.5941.9x-64x6.4x
Fri, 22 Nov 2024CA$151.6bCA$23.3b-CA$2,336,531,721.0340.7x-64.9x6.5x
Sun, 20 Oct 2024CA$146.2bCA$22.3b-CA$2,509,370,938.6142.2x-58.3x6.6x
Tue, 17 Sep 2024CA$141.8bCA$22.0b-CA$2,507,428,597.0940.8x-56.5x6.4x
Thu, 15 Aug 2024CA$137.0bCA$22.3b-CA$2,523,514,614.1844.5x-54.3x6.2x
Sat, 13 Jul 2024CA$138.1bCA$21.3b-CA$3,376,358,356.5844.5x-40.9x6.5x
Mon, 10 Jun 2024CA$131.9bCA$21.7b-CA$3,409,641,321.7240.1x-38.7x6.1x
Wed, 08 May 2024CA$130.9bCA$20.9b-CA$3,590,918,191.0647.2x-36.4x6.3x
Fri, 05 Apr 2024CA$127.2bCA$20.8b-CA$4,204,632,033.4928.3x-30.3x6.1x
Sun, 03 Mar 2024CA$126.8bCA$19.9b-CA$2,775,860,333.0224.9x-45.7x6.4x
Tue, 30 Jan 2024CA$123.9bCA$19.8b-CA$3,961,238,672.0027.7x-31.3x6.2x
Thu, 28 Dec 2023CA$117.0bCA$19.7b-CA$4,011,358,422.0027.1x-29.2x5.9x
Sat, 25 Nov 2023CA$110.7bCA$20.2b-CA$4,183,949,233.0043.1x-26.5x5.5x
Mon, 23 Oct 2023CA$98.8bCA$19.5b-CA$4,205,331,232.0054.2x-23.5x5.1x
Wed, 20 Sep 2023CA$101.5bCA$19.2b-CA$4,148,672,089.0055.6x-24.5x5.3x
Fri, 18 Aug 2023CA$101.1bCA$19.4b-CA$4,140,119,985.0056.1x-24.4x5.2x
Sun, 16 Jul 2023CA$102.8bCA$18.2b-CA$3,682,304,301.0072.9x-27.9x5.6x
Tue, 13 Jun 2023CA$101.6bCA$18.1b-CA$3,977,632,885.0069.4x-25.5x5.6x
Thu, 11 May 2023CA$98.9bCA$17.3b-CA$3,303,595,731.0065.2x-29.9x5.7x
Sat, 08 Apr 2023CA$96.0bCA$17.0b-CA$3,331,197,346.0046.9x-28.8x5.6x
Mon, 06 Mar 2023CA$88.6bCA$16.5b-CA$2,465,827,153.0041.4x-35.9x5.4x
Price to Earnings Ratio

-35.9x


Total Market Cap: CA$88.6bTotal Earnings: -CA$2,465,827,153.00Total Revenue: CA$16.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Software Industry Price to Earnings3Y Average 195.2x202420252026
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 3-year average PS ratio of 5.9x is higher than the industry's current PS ratio of 3.4x.
Past Earnings Growth
  • The earnings for companies in the Software industry have improved over the last three years.
  • Revenues for these companies have grown 16% per year.
  • This means that more sales are being generated by these companies overall, and subsequently losses are decreasing too.

Industry Trends

Which industries have driven the changes within the Canadian Tech industry?

CA Market2.71%
Tech2.53%
Software7.18%
Application Software7.21%
Systems Software6.49%
Industry PE
  • Investors are most optimistic about the Systems Software industry which is trading above its 3-year average PE ratio of 74.3x.
    • Analysts are expecting annual earnings growth of 32.9%, which is lower than the prior year's growth of 111.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Systems Software industry, expecting annual earnings growth of 33% over the next 5 years.
  • However this is lower than its past earnings growth rate of 111% per year.
  • In contrast, the Application Software industry is expected to see its earnings grow by 25% 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$2.61k8.0%
+CA$4.1b		-46.7%PE58.8x
LMN Lumine GroupCA$22.2519.4%
+CA$926.4m		-40.7%PE42.4x
TOI Topicus.comCA$94.506.9%
+CA$509.2m		-32.7%PE116.8x
BTQ BTQ TechnologiesCA$5.2951.1%
+CA$250.6m		68.5%PS1309.9x
DSG Descartes Systems GroupCA$92.842.7%
+CA$206.4m		-41.7%PE37.5x

Latest News

LMN
CA$22.25
Lumine Group
7D
19.4%
1Y
-40.7%
TOI
CA$94.50
Topicus.com
7D
6.9%
1Y
-32.7%
DSG
CA$92.84
Descartes Systems Group
7D
2.7%
1Y
-41.7%

DSG: Freight Recovery Signals And Buyback Program Will Drive Future Upside

Analysts have trimmed their average price target on Descartes Systems Group by CA$20, citing sector wide target resets and a more cautious read on transport and software conditions, even as some see an improving setup for the company. Analyst Commentary Recent research on Descartes Systems Group shows a split view, with some analysts becoming more constructive on the stock while others reset expectations in light of sector headwinds and transport data.
ABXX
CA$41.95
Abaxx Technologies
7D
-2.0%
1Y
297.6%
URAI
CA$0.24
Inturai Ventures
7D
-33.3%
1Y
50.0%
CSU
CA$2,607.72
Constellation Software
7D
8.0%
1Y
-46.7%

Constellation Software: The Fortress the AI Panic Forgot to Account For

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SYZ
CA$3.87
Sylogist
7D
-9.6%
1Y
-59.3%
BITF
CA$3.18
Bitfarms
7D
11.6%
1Y
100.0%

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Analysts have revised their Bitfarms price target to CA$8.48, reflecting slightly higher discount rate assumptions and updated views on revenue growth, margins, and future P/E in light of liquidity concerns and ongoing regulatory uncertainty around crypto market structure. Analyst Commentary Bullish Takeaways Bullish analysts see the revised CA$8.48 target as still allowing room for execution on revenue growth and margin initiatives, provided liquidity pressures are managed carefully.
KXS
CA$129.45
Kinaxis
7D
4.9%
1Y
-19.4%

AI Supply Chain Adoption Risks Will Persist Yet Eventually Support A Healthier Business Mix

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WERX
CA$1.22
Fintechwerx International Software Services
7D
-20.3%
1Y
467.4%
RAIL
CA$0.43
Railtown AI Technologies
7D
-8.5%
1Y
13.2%
TINY
CA$6.75
Tiny
7D
-7.2%
1Y
-39.7%

Tiny Ltd. (TSE:TINY) Not Doing Enough For Some Investors As Its Shares Slump 27%

Feb 10
Tiny Ltd. (TSE:TINY) Not Doing Enough For Some Investors As Its Shares Slump 27%
BTQ
CA$5.29
BTQ Technologies
7D
39.6%
1Y
59.8%
BB
CA$4.80
BlackBerry
7D
1.7%
1Y
-30.2%
IMP
CA$1.48
Intermap Technologies
7D
-14.9%
1Y
-33.3%

Intermap Technologies Corporation's (TSE:IMP) Stock Retreats 25% But Revenues Haven't Escaped The Attention Of Investors

Jan 10
Intermap Technologies Corporation's (TSE:IMP) Stock Retreats 25% But Revenues Haven't Escaped The Attention Of Investors
CYBE
CA$1.92
CyberCatch Holdings
7D
-17.6%
1Y
249.1%