Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Canadian (TSX) Application Software Industry Analysis

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies71
  • 7D1.9%
  • 3M-24.2%
  • 1Y-43.3%
  • YTDn/a

In the last week, the Application Software industry is up 1.9%, with Constellation Software up 4.7%. Meanwhile, Tiny actually underperformed within the industry, shrinking 6.6% in the last week. However, the industry is down 43% over the past year. As for the next few years, earnings are expected to grow by 22% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 03 Mar 2026CA$89.1bCA$25.2b-CA$29,235,203.8736.6x-3047.3x3.5x
Thu, 29 Jan 2026CA$98.0bCA$24.8bCA$122.6m39.2x799.1x3.9x
Sat, 27 Dec 2025CA$116.6bCA$25.0bCA$136.7m38.7x853.1x4.7x
Mon, 24 Nov 2025CA$114.9bCA$25.6bCA$133.4m48.2x861.2x4.5x
Wed, 22 Oct 2025CA$130.6bCA$24.6bCA$234.8m56.1x556.1x5.3x
Fri, 19 Sep 2025CA$146.2bCA$24.3bCA$238.1m60.4x614x6x
Sun, 17 Aug 2025CA$147.9bCA$24.3bCA$229.6m47x644x6.1x
Tue, 15 Jul 2025CA$160.0bCA$23.3bCA$166.0m41.8x964x6.9x
Thu, 12 Jun 2025CA$156.8bCA$23.2bCA$172.0m39.6x911.8x6.8x
Sat, 10 May 2025CA$165.1bCA$23.0bCA$990.7m30.3x166.7x7.2x
Mon, 07 Apr 2025CA$139.2bCA$23.3bCA$483.9m25.3x287.7x6x
Wed, 05 Mar 2025CA$153.3bCA$23.1b-CA$2,122,286,637.3926.7x-72.2x6.6x
Fri, 31 Jan 2025CA$153.0bCA$22.9b-CA$2,187,937,421.1824.8x-69.9x6.7x
Sun, 29 Dec 2024CA$149.1bCA$22.8b-CA$2,176,313,352.3025.5x-68.5x6.5x
Tue, 26 Nov 2024CA$151.0bCA$22.2b-CA$2,140,185,146.6628x-70.5x6.8x
Thu, 24 Oct 2024CA$142.6bCA$21.2b-CA$2,308,798,196.0422.4x-61.8x6.7x
Sat, 21 Sep 2024CA$142.6bCA$20.9b-CA$2,269,114,929.9223.3x-62.8x6.8x
Mon, 19 Aug 2024CA$138.1bCA$21.1b-CA$2,278,363,993.2032x-60.6x6.6x
Wed, 17 Jul 2024CA$138.4bCA$20.2b-CA$3,155,245,156.7144.4x-43.9x6.8x
Fri, 14 Jun 2024CA$127.9bCA$20.2b-CA$3,142,887,515.2936.8x-40.7x6.3x
Sun, 12 May 2024CA$126.6bCA$20.0b-CA$3,279,078,660.6835.5x-38.6x6.3x
Tue, 09 Apr 2024CA$124.8bCA$19.3b-CA$3,946,092,987.0921.8x-31.6x6.5x
Thu, 07 Mar 2024CA$118.8bCA$18.6b-CA$3,935,977,017.4724.6x-30.2x6.4x
Sat, 03 Feb 2024CA$122.8bCA$18.4b-CA$3,166,866,643.0026.2x-38.8x6.7x
Mon, 01 Jan 2024CA$111.6bCA$18.3b-CA$3,229,732,753.0026.8x-34.6x6.1x
Wed, 29 Nov 2023CA$107.1bCA$18.7b-CA$3,371,139,659.0044.3x-31.8x5.7x
Fri, 27 Oct 2023CA$92.1bCA$18.1b-CA$3,418,229,127.0042.6x-26.9x5.1x
Sun, 24 Sep 2023CA$93.6bCA$17.7b-CA$3,355,721,451.0041.2x-27.9x5.3x
Tue, 22 Aug 2023CA$95.1bCA$17.8b-CA$3,356,633,103.0042.8x-28.3x5.3x
Thu, 20 Jul 2023CA$100.4bCA$16.6b-CA$3,082,567,139.0063.5x-32.6x6x
Sat, 17 Jun 2023CA$96.0bCA$16.7b-CA$2,963,001,768.0061.6x-32.4x5.8x
Mon, 15 May 2023CA$91.4bCA$16.1b-CA$2,216,864,602.0052x-41.2x5.7x
Wed, 12 Apr 2023CA$92.7bCA$15.7b-CA$2,324,414,371.0031.2x-39.9x5.9x
Fri, 10 Mar 2023CA$85.1bCA$15.4b-CA$2,394,427,895.0029.9x-35.5x5.5x
Price to Earnings Ratio

-35.5x


Total Market Cap: CA$85.1bTotal Earnings: -CA$2,394,427,895.00Total Revenue: CA$15.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Application Software Industry Price to Earnings3Y Average 163.7x202420252026
Current Industry PE
  • Investors are pessimistic on the Canadian Application Software industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The 3-year average PS ratio of 6.0x is higher than the industry's current PS ratio of 3.5x.
Past Earnings Growth
  • The earnings for companies in the Application Software industry have improved over the last three years.
  • Revenues for these companies have grown 18% per year.
  • This means that more sales are being generated by these companies overall, and subsequently losses are decreasing too.

Industry Comparison

How does Canadian Application Software compare with similar industries?

CA Market1.82%
Tech-0.76%
Software1.93%
Application Software1.89%
Systems Software2.66%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
CSU Constellation SoftwareCA$2.57k6.6%
+CA$3.4b		-47.2%PE57.9x
DSG Descartes Systems GroupCA$92.147.1%
+CA$526.2m		-42.3%PE37.3x
TOI Topicus.comCA$94.086.2%
+CA$460.0m		-32.6%PE117.5x
LMN Lumine GroupCA$20.878.1%
+CA$402.9m		-43.3%PE39.7x
KXS KinaxisCA$129.008.3%
+CA$274.3m		-19.9%PE74.8x

Latest News

KXS
CA$129.00
Kinaxis
7D
8.3%
1Y
-19.9%

KXS: AI Supply Chain Platform And New CEO Will Support Future Upside

Kinaxis' updated analyst price target has been trimmed by CA$40, as analysts factor in more tempered revenue growth assumptions along with steadier profit margin and P/E expectations reflected in recent research. Analyst Commentary Analysts lowering their price target by CA$40 are largely reacting to updated assumptions around how fast Kinaxis can grow revenue, while keeping profit margin and P/E expectations relatively steady.
LMN
CA$20.87
Lumine Group
7D
8.1%
1Y
-43.3%
TOI
CA$94.08
Topicus.com
7D
6.2%
1Y
-32.6%
DSG
CA$92.14
Descartes Systems Group
7D
7.1%
1Y
-42.3%

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.
MATA
CA$0.09
Matador Technologies
7D
-28.0%
1Y
-70.0%
URAI
CA$0.23
Inturai Ventures
7D
-16.1%
1Y
88.0%
CVO
CA$5.58
Coveo Solutions
7D
-3.0%
1Y
-15.1%
DND
CA$4.38
Dye & Durham
7D
21.7%
1Y
-63.8%

DND: Ongoing Business Review And Governance Reset Will Support Future Repricing

Analysts have trimmed their average price target for Dye & Durham to CA$5.00, citing lower fair value estimates and more cautious revenue growth assumptions, in line with recent target cuts and Market Perform ratings from the Street. Analyst Commentary Recent research updates on Dye & Durham have centered on price target resets and a cautious stance on new capital deployment into the shares, reflecting a focus on execution risks and ongoing questions around the company’s financial position.
CSU
CA$2,566.65
Constellation Software
7D
6.6%
1Y
-47.2%

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

Headline: Constellation Software (CSU): Why the AI Sell-off is a Category Error (and a Generational Buy) The market is currently punishing Constellation Software by applying a "generic AI disruption" narrative that fundamentally misunderstands the DNA of the business. Investors are pricing CSU as if it were a commodity software play, when in reality, it is a holding company for critical digital infrastructure.
LSPD
CA$12.64
Lightspeed Commerce
7D
3.6%
1Y
-28.2%

LSPD: Product Execution And Margin Discipline Will Support Long-Term Upside Potential

Analysts have reduced their average price target for Lightspeed Commerce to about CA$19.24 from CA$19.78, citing slightly higher discount rate assumptions and updated P/E expectations, while revenue growth and profit margin inputs remain broadly consistent. Analyst Commentary Recent research updates show a cluster of reductions in Lightspeed Commerce price targets, often framed as adjustments to models and sector views rather than company specific revisions to revenue or margin assumptions.
BITF
CA$2.95
Bitfarms
7D
5.7%
1Y
83.2%

BITF: Liquidity Management And Emerging Crypto Rules Will Support Future Upside

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.
WERX
CA$1.11
Fintechwerx International Software Services
7D
-20.7%
1Y
n/a
TINY
CA$6.70
Tiny
7D
-4.3%
1Y
-39.3%

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%
QBTQ
CA$1.07
SuperQ Quantum Computing
7D
-10.8%
1Y
435.0%
IMP
CA$1.40
Intermap Technologies
7D
-8.5%
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
BEW
CA$0.91
BeWhere Holdings
7D
-5.2%
1Y
44.4%