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Canadian (TSX) Software Industry Analysis

UpdatedJan 31, 2026
DataAggregated Company Financials
Companies79
  • 7D-9.5%
  • 3M-29.5%
  • 1Y-40.2%
  • YTD-19.1%

Over the last 7 days, the Software industry has dropped 9.5%, driven by Constellation Software declining 9.6%. However, the industry is down 40% over the past year. 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
Sun, 01 Feb 2026CA$97.3bCA$25.9bCA$121.3m36.2x802.6x3.8x
Tue, 30 Dec 2025CA$121.8bCA$26.0bCA$149.9m49.2x812.6x4.7x
Thu, 27 Nov 2025CA$123.9bCA$26.6bCA$139.5m47.7x888.3x4.7x
Sat, 25 Oct 2025CA$137.1bCA$25.6bCA$255.7m55.9x536.3x5.4x
Mon, 22 Sep 2025CA$154.7bCA$25.3bCA$244.3m60.4x633.2x6.1x
Wed, 20 Aug 2025CA$153.0bCA$25.3bCA$238.6m48x641.3x6x
Fri, 18 Jul 2025CA$168.1bCA$24.3bCA$176.6m55x951.8x6.9x
Sun, 15 Jun 2025CA$159.6bCA$24.1bCA$154.9m42.6x1030.6x6.6x
Tue, 13 May 2025CA$167.6bCA$24.1bCA$965.7m34x173.5x6.9x
Thu, 10 Apr 2025CA$140.5bCA$24.2bCA$447.7m27.4x313.8x5.8x
Sat, 08 Mar 2025CA$157.7bCA$24.4b-CA$120,898,204.2926.4x-1304.1x6.5x
Mon, 03 Feb 2025CA$159.0bCA$24.3b-CA$2,430,394,011.1241.4x-65.4x6.5x
Wed, 01 Jan 2025CA$151.9bCA$24.0b-CA$2,408,266,940.8942.4x-63.1x6.3x
Fri, 29 Nov 2024CA$157.8bCA$23.5b-CA$2,352,357,642.5946.8x-67.1x6.7x
Sun, 27 Oct 2024CA$142.3bCA$22.4b-CA$2,523,868,954.9242.3x-56.4x6.3x
Tue, 24 Sep 2024CA$144.5bCA$22.0b-CA$2,501,950,147.8740.8x-57.7x6.6x
Thu, 22 Aug 2024CA$140.8bCA$22.1b-CA$2,498,323,442.2438.8x-56.4x6.4x
Sat, 20 Jul 2024CA$140.7bCA$21.5b-CA$3,409,058,223.8947x-41.3x6.6x
Mon, 17 Jun 2024CA$131.3bCA$21.7b-CA$3,393,225,124.1540.2x-38.7x6.1x
Wed, 15 May 2024CA$129.6bCA$21.5b-CA$3,523,746,602.6748.9x-36.8x6x
Fri, 12 Apr 2024CA$128.8bCA$20.9b-CA$4,242,321,687.6822.8x-30.4x6.2x
Sun, 10 Mar 2024CA$125.2bCA$20.6b-CA$4,785,941,246.5526.6x-26.2x6.1x
Tue, 06 Feb 2024CA$120.5bCA$19.7b-CA$3,951,748,504.6725.8x-30.5x6.1x
Thu, 04 Jan 2024CA$113.1bCA$19.8b-CA$3,950,643,603.0026.1x-28.6x5.7x
Sat, 02 Dec 2023CA$110.3bCA$19.9b-CA$4,154,026,216.0030.4x-26.6x5.5x
Mon, 30 Oct 2023CA$94.8bCA$19.7b-CA$4,245,098,148.0068.1x-22.3x4.8x
Wed, 27 Sep 2023CA$98.3bCA$19.3b-CA$4,168,194,250.0053.8x-23.6x5.1x
Fri, 25 Aug 2023CA$101.1bCA$19.4b-CA$4,162,018,560.0057.2x-24.3x5.2x
Sun, 23 Jul 2023CA$104.6bCA$18.2b-CA$3,860,894,248.0073.2x-27.1x5.8x
Tue, 20 Jun 2023CA$100.9bCA$17.9b-CA$3,943,966,465.0072.8x-25.6x5.6x
Thu, 18 May 2023CA$98.6bCA$18.0b-CA$3,221,185,101.0064.1x-30.6x5.5x
Sat, 15 Apr 2023CA$97.9bCA$16.9b-CA$3,301,052,564.0049x-29.7x5.8x
Mon, 13 Mar 2023CA$86.7bCA$16.8b-CA$2,571,687,211.0040.7x-33.7x5.2x
Wed, 08 Feb 2023CA$89.6bCA$16.3b-CA$2,266,575,739.0034.3x-39.5x5.5x
Price to Earnings Ratio

-39.5x


Total Market Cap: CA$89.6bTotal Earnings: -CA$2,266,575,739.00Total Revenue: CA$16.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Software Industry Price to Earnings3Y Average 196.9x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Software industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 803x which is higher than its 3-year average PE of 196x.
  • The 3-year average PS ratio of 5.9x 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 17% 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-3.80%
Tech-8.11%
Software-9.46%
Application Software-9.40%
Systems Software-10.93%
Industry PE
  • Investors are most optimistic about the Application Software industry which is trading above its 3-year average PE ratio of 171x.
    • Analysts are expecting annual earnings growth of 24.5%, which is higher than its past year's earnings growth of 6.9% per year.
  • Investors are most pessimistic about the Systems Software industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 67.5x.
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
DCBO DoceboCA$26.634.5%
+CA$32.8m		-56.2%PE24.9x
URAI Inturai VenturesCA$0.3941.8%
+CA$12.8m		420.0%n/a
IMP Intermap TechnologiesCA$1.764.8%
+CA$5.8m		-28.2%PS5.7x
THNC Thinkific LabsCA$2.034.1%
+CA$5.4m		-34.3%PE381.2x
KAS Dynamite BlockchainCA$0.06518.2%
+CA$3.1m		-43.5%PS4968.3x

Latest News

KXS
CA$137.50
Kinaxis
7D
-7.8%
1Y
-17.8%

KXS: Share Buybacks And New CEO Will Support Future Upside

Analysts have trimmed their fair value estimate for Kinaxis from about $227.33 to $219.45 as they factor in updated assumptions around discount rates, revenue growth, profit margins, and a lower projected future P/E multiple. What's in the News Kinaxis appointed Razat Gaurav as Chief Executive Officer effective January 12, 2026.
DSG
CA$101.69
Descartes Systems Group
7D
-9.1%
1Y
-39.6%
DCBO
CA$26.63
Docebo
7D
4.5%
1Y
-56.2%
LMN
CA$22.43
Lumine Group
7D
-8.8%
1Y
-41.8%
SPAI
CA$0.95
Sparc Al
7D
5.6%
1Y
295.8%
THNC
CA$2.03
Thinkific Labs
7D
4.1%
1Y
-34.3%

THNC: Share Buybacks And Neutral Rating Outlook May Support Future Upside

Analysts have reduced their fair value estimate for Thinkific Labs from about $5.01 to roughly $4.19 per share. This reflects a lower price target following a recent downgrade to Market Perform and updated assumptions for growth, margins, discount rate, and future P/E.
BTQ
CA$4.75
BTQ Technologies
7D
-25.5%
1Y
6.0%
BITF
CA$3.16
Bitfarms
7D
-16.4%
1Y
49.1%

BITF: Delayed Market Structure Rules Will Support Future AI And HPC Expansion

Analysts have reduced their Bitfarms price target to about US$8.48, reflecting slightly higher assumed discount rates and a marginally richer forward P/E multiple as they factor in ongoing uncertainty around potential delays in crypto related market structure legislation. Analyst Commentary Bullish Takeaways Bullish analysts see the updated US$8.48 target as still reflecting upside potential if crypto related legislation eventually provides clearer market structure, which could support higher sustained earnings to justify a richer P/E multiple.
SYAI
CA$0.09
Syntheia
7D
20.0%
1Y
-37.9%
CSU
CA$2,512.96
Constellation Software
7D
-9.6%
1Y
-47.1%
IMP
CA$1.76
Intermap Technologies
7D
4.8%
1Y
-28.2%

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
TRBE
CA$0.25
Tribe Property Technologies
7D
8.7%
1Y
-46.8%

Is Tribe Property Technologies (CVE:TRBE) Using Too Much Debt?

Dec 30
Is Tribe Property Technologies (CVE:TRBE) Using Too Much Debt?
KAS
CA$0.065
Dynamite Blockchain
7D
18.2%
1Y
-43.5%
TOI
CA$101.00
Topicus.com
7D
-9.2%
1Y
-25.9%

Some Investors May Be Worried About Topicus.com's (CVE:TOI) Returns On Capital

Dec 20
Some Investors May Be Worried About Topicus.com's (CVE:TOI) Returns On Capital
ABXX
CA$41.80
Abaxx Technologies
7D
-13.8%
1Y
277.3%
URAI
CA$0.39
Inturai Ventures
7D
41.8%
1Y
420.0%