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Canadian (TSX) Application Software Industry Analysis

UpdatedMar 28, 2026
DataAggregated Company Financials
Companies70
  • 7D-5.2%
  • 3M-26.9%
  • 1Y-41.6%
  • YTDn/a

Over the last 7 days, the Application Software industry has dropped 4.0%, driven by Constellation Software declining 5.6%. Meanwhile, Abaxx Technologies actually outperformed within the industry, gaining 21% in the last week. However, the industry is down 41% over the past year. As for the next few years, earnings are expected to grow by 25% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 28 Mar 2026CA$87.1bCA$26.3b-CA$210,283,800.0333.2x-414.1x3.3x
Mon, 23 Feb 2026CA$87.4bCA$25.1b-CA$75,711,111.1037.1x-1154.7x3.5x
Wed, 21 Jan 2026CA$103.4bCA$25.3bCA$128.7m41.4x803.6x4.1x
Fri, 19 Dec 2025CA$115.6bCA$25.2bCA$137.9m38.6x837.7x4.6x
Sun, 16 Nov 2025CA$114.2bCA$25.4bCA$217.5m46.8x525.2x4.5x
Tue, 14 Oct 2025CA$135.9bCA$24.6bCA$238.8m55.3x569.1x5.5x
Thu, 11 Sep 2025CA$154.5bCA$24.3bCA$236.0m61.4x654.9x6.3x
Sat, 09 Aug 2025CA$156.2bCA$23.5bCA$287.6m49.3x543.1x6.6x
Mon, 07 Jul 2025CA$161.7bCA$23.1bCA$168.4m41.2x959.9x7x
Wed, 04 Jun 2025CA$160.9bCA$23.2bCA$174.8m41x920.3x6.9x
Fri, 02 May 2025CA$157.5bCA$22.8bCA$473.5m28.5x332.7x6.9x
Sun, 30 Mar 2025CA$145.6bCA$23.5bCA$431.7m22.2x337.3x6.2x
Tue, 25 Feb 2025CA$154.1bCA$22.7b-CA$2,092,729,165.6524.9x-73.6x6.8x
Thu, 23 Jan 2025CA$147.6bCA$22.8b-CA$2,174,449,674.6124.4x-67.9x6.5x
Sat, 21 Dec 2024CA$146.5bCA$22.8b-CA$2,174,431,936.3226.1x-67.4x6.4x
Mon, 18 Nov 2024CA$146.8bCA$22.3b-CA$2,152,579,480.0422.1x-68.2x6.6x
Wed, 16 Oct 2024CA$142.3bCA$21.1b-CA$2,300,621,124.1121.9x-61.9x6.7x
Fri, 13 Sep 2024CA$138.0bCA$20.9b-CA$2,273,646,983.8222.4x-60.7x6.6x
Sun, 11 Aug 2024CA$133.8bCA$21.1b-CA$2,321,200,699.4632.5x-57.6x6.3x
Tue, 09 Jul 2024CA$133.2bCA$20.1b-CA$3,141,324,219.6944.1x-42.4x6.6x
Thu, 06 Jun 2024CA$127.2bCA$20.2b-CA$3,135,184,228.0338.6x-40.6x6.3x
Sat, 04 May 2024CA$122.0bCA$19.4b-CA$3,314,048,273.6335x-36.8x6.3x
Mon, 01 Apr 2024CA$126.1bCA$19.3b-CA$3,932,762,209.6422.2x-32.1x6.5x
Wed, 28 Feb 2024CA$120.8bCA$18.4b-CA$1,906,175,092.4823.6x-63.4x6.5x
Fri, 26 Jan 2024CA$119.1bCA$18.5b-CA$3,180,317,798.0026.3x-37.4x6.4x
Sun, 24 Dec 2023CA$111.4bCA$18.3b-CA$3,235,934,253.0027.2x-34.4x6.1x
Tue, 21 Nov 2023CA$106.1bCA$18.8b-CA$3,398,833,939.0030.3x-31.2x5.6x
Thu, 19 Oct 2023CA$95.4bCA$17.9b-CA$3,399,599,678.0044.3x-28.1x5.3x
Sat, 16 Sep 2023CA$97.3bCA$17.7b-CA$3,362,385,903.0043.6x-28.9x5.5x
Mon, 14 Aug 2023CA$97.5bCA$17.8b-CA$3,401,544,040.0042.3x-28.7x5.5x
Wed, 12 Jul 2023CA$95.7bCA$16.7b-CA$2,919,028,799.0061.6x-32.8x5.7x
Fri, 09 Jun 2023CA$94.5bCA$16.8b-CA$2,974,571,121.0068.2x-31.8x5.6x
Sun, 07 May 2023CA$92.3bCA$16.0b-CA$2,316,670,096.0051.1x-39.8x5.8x
Tue, 04 Apr 2023CA$91.0bCA$15.7b-CA$2,373,233,734.0031.2x-38.4x5.8x
Price to Earnings Ratio

-38.4x


Total Market Cap: CA$91.0bTotal Earnings: -CA$2,373,233,734.00Total Revenue: CA$15.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Application Software Industry Price to Earnings3Y Average 156.5x202420252026
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 3.3x.
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 19% 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 Market2.21%
Tech-1.92%
Software-5.07%
Application Software-5.20%
Systems Software-1.93%
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
ABXX Abaxx TechnologiesCA$46.2021.4%
+CA$299.3m		369.0%PS3204.1x
CMG Computer Modelling GroupCA$3.998.7%
+CA$25.8m		-50.1%PE18.8x
ONE 01 QuantumCA$0.4118.6%
+CA$7.0m		53.7%PS43.6x
XTAO.U xTAOUS$0.7027.3%
+US$4.3m		n/aPS102.1x
IMP Intermap TechnologiesCA$1.396.1%
+CA$5.8m		-32.5%PS4.4x

Latest News

ABXX
CA$46.20
Abaxx Technologies
7D
21.4%
1Y
369.0%
CSU
CA$2,358.89
Constellation Software
7D
-5.6%
1Y
-48.3%
DSG
CA$96.72
Descartes Systems Group
7D
-2.9%
1Y
-32.6%

DSG: AI Logistics Execution And Organic Reacceleration Will Drive Future Upside

Analysts have trimmed Street price targets for Descartes Systems Group, with several reductions in the CA$82 to CA$105 range, as they factor in peer multiple compression while also highlighting steady EBITDA growth targets, organic growth acceleration and renewed interest following a stronger Q4 print. Analyst Commentary Recent research updates on Descartes Systems Group combine lower price targets with relatively constructive views on execution, profitability and growth.
CMG
CA$3.99
Computer Modelling Group
7D
8.7%
1Y
-50.1%
KXS
CA$136.07
Kinaxis
7D
-1.2%
1Y
-12.3%
IMP
CA$1.39
Intermap Technologies
7D
6.1%
1Y
-32.5%
DCBO
CA$23.10
Docebo
7D
-13.2%
1Y
-45.0%

DCBO: Buybacks And Bookings Strength Will Support Future Upside Repricing

Analysts have reset expectations on Docebo, with several firms trimming their price targets into a CA$25 to CA$28 range. They cited softer near term organic subscription growth, headwinds from the AWS contract roll off and Dayforce churn, and a need to see more proof around execution despite recent strength in gross bookings.
THNC
CA$1.49
Thinkific Labs
7D
4.9%
1Y
-46.4%

THNC: Upmarket Enterprise Focus And Buybacks Will Support Future Repricing

Analysts have trimmed their average price target for Thinkific Labs from CA$2.25 to CA$2.00, citing reduced fair value estimates, a higher discount rate, more modest revenue growth assumptions, and updated expectations for profit margins and future P/E levels, as reflected in recent research from CIBC and Canaccord. Analyst Commentary Analysts are recalibrating their views on Thinkific Labs, with recent research pointing to both potential opportunities and clear execution risks as the company focuses more on larger, higher-value enterprise customers.
CLIP
CA$0.24
Clip Money
7D
22.5%
1Y
22.5%
BITF
CA$2.74
Bitfarms
7D
-10.5%
1Y
128.3%

BITF: Liquidity Management Will Drive Upside As U.S. Crypto Rules Develop

Analysts now place their average Bitfarms price target at CA$6.99, a level similar to prior estimates. They factor liquidity concerns and uncertainty around crypto market structure legislation into their valuation framework.
ONE
CA$0.41
01 Quantum
7D
18.6%
1Y
53.7%
LMN
CA$21.34
Lumine Group
7D
-11.0%
1Y
-48.9%
TOI
CA$90.84
Topicus.com
7D
-6.8%
1Y
-37.3%
BTCW
CA$0.09
Bitcoin Well
7D
12.5%
1Y
-28.0%
HIVE
CA$2.55
HIVE Digital Technologies
7D
-8.3%
1Y
18.6%
XTAO.U
US$0.70
xTAO
7D
27.3%
1Y
n/a