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Canadian (TSX) Application Software Industry Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies73
  • 7D2.4%
  • 3M-15.5%
  • 1Y-18.7%
  • YTDn/a

The Application Software industry is up 2.4% in the last week, with Constellation Software up 2.6%. In contrast, the industry has lost 19% in the last 12 months. As for the next few years, earnings are expected to grow by 24% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 12 Jan 2026CA$116.8bCA$25.4bCA$135.6m39.5x861.5x4.6x
Wed, 10 Dec 2025CA$117.7bCA$25.3bCA$141.3m40.7x833.3x4.7x
Fri, 07 Nov 2025CA$123.4bCA$25.0bCA$100.2m52.1x1231.6x4.9x
Sun, 05 Oct 2025CA$137.9bCA$24.5bCA$238.8m54.7x577.8x5.6x
Tue, 02 Sep 2025CA$151.9bCA$24.1bCA$228.8m60.6x664x6.3x
Thu, 31 Jul 2025CA$162.3bCA$23.4bCA$156.2m48.8x1039x6.9x
Sat, 28 Jun 2025CA$157.4bCA$23.3bCA$181.8m40.9x866.1x6.8x
Mon, 26 May 2025CA$157.8bCA$23.2bCA$191.3m34.3x825.1x6.8x
Wed, 23 Apr 2025CA$146.3bCA$22.8bCA$473.4m27.3x309x6.4x
Fri, 21 Mar 2025CA$146.9bCA$23.4bCA$317.0m22.8x463.4x6.3x
Sun, 16 Feb 2025CA$158.1bCA$22.6b-CA$2,081,163,004.3421.2x-76x7x
Tue, 14 Jan 2025CA$142.4bCA$22.8b-CA$2,177,241,450.8922.7x-65.4x6.3x
Thu, 12 Dec 2024CA$153.6bCA$22.5b-CA$2,134,433,109.3525.2x-72x6.8x
Sat, 09 Nov 2024CA$145.8bCA$21.5b-CA$2,026,466,404.5423.4x-71.9x6.8x
Mon, 07 Oct 2024CA$140.5bCA$20.8b-CA$2,270,467,663.4622.4x-61.9x6.7x
Wed, 04 Sep 2024CA$140.5bCA$20.8b-CA$2,268,001,557.1822.3x-61.9x6.8x
Fri, 02 Aug 2024CA$142.0bCA$20.4b-CA$3,168,916,297.7145.4x-44.8x6.9x
Sun, 30 Jun 2024CA$132.0bCA$20.2b-CA$3,150,681,860.8541.9x-41.9x6.5x
Tue, 28 May 2024CA$129.2bCA$20.1b-CA$3,164,409,828.3939.2x-40.8x6.4x
Thu, 25 Apr 2024CA$127.2bCA$19.5b-CA$3,995,551,595.5435.6x-31.8x6.5x
Sat, 23 Mar 2024CA$120.5bCA$19.3b-CA$3,949,120,338.4122.2x-30.5x6.2x
Mon, 19 Feb 2024CA$119.3bCA$18.4b-CA$1,918,703,365.2022.2x-62.2x6.5x
Wed, 17 Jan 2024CA$117.2bCA$18.5b-CA$3,184,567,593.0025.2x-36.8x6.3x
Fri, 15 Dec 2023CA$111.5bCA$18.5b-CA$3,260,005,098.0025.6x-34.2x6x
Sun, 12 Nov 2023CA$102.5bCA$18.9b-CA$3,436,196,029.0046.2x-29.8x5.4x
Tue, 10 Oct 2023CA$97.7bCA$17.9b-CA$3,390,244,122.0043.9x-28.8x5.5x
Thu, 07 Sep 2023CA$98.3bCA$17.9b-CA$3,305,438,016.0044.8x-29.7x5.5x
Sat, 05 Aug 2023CA$96.7bCA$17.0b-CA$2,989,210,899.0043.7x-32.4x5.7x
Mon, 03 Jul 2023CA$98.6bCA$16.7b-CA$2,924,511,938.0062.8x-33.7x5.9x
Wed, 31 May 2023CA$94.5bCA$17.0b-CA$3,093,354,372.0071.3x-30.6x5.6x
Fri, 28 Apr 2023CA$93.6bCA$16.2b-CA$2,297,766,134.0035.8x-40.7x5.8x
Sun, 26 Mar 2023CA$86.8bCA$15.3b-CA$2,419,307,225.0027.1x-35.9x5.7x
Tue, 21 Feb 2023CA$86.2bCA$15.1b-CA$2,100,973,773.0030.4x-41x5.7x
Thu, 19 Jan 2023CA$81.5bCA$14.9b-CA$499,233,832.0024.9x-163.3x5.5x
Price to Earnings Ratio

-163.3x


Total Market Cap: CA$81.5bTotal Earnings: -CA$499,233,832.00Total Revenue: CA$14.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Application Software Industry Price to Earnings3Y Average 153.7x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Application Software industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 861x which is higher than its 3-year average PE of 153x.
  • The 3-year average PS ratio of 6.1x is higher than the industry's current PS ratio of 4.6x.
Past Earnings Growth
  • Total earnings for the Application Software industry have gone up over the last three years, and the industry is now profitable. Revenues have grown 20% per year.
  • This means that more sales are being generated by the industry overall, and subsequently profits are increasing too.

Industry Comparison

How does Canadian Application Software compare with similar industries?

CA Market1.94%
Tech2.48%
Software2.37%
Application Software2.43%
Systems Software0.97%
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$3.32k2.6%
+CA$1.8b		-22.2%PE73.7x
DSG Descartes Systems GroupCA$121.824.2%
+CA$417.9m		-24.3%PE48.4x
BITF BitfarmsCA$3.909.2%
+CA$197.3m		68.1%PS6.1x
KXS KinaxisCA$177.443.2%
+CA$153.4m		4.0%PE102x
HIVE HIVE Digital TechnologiesCA$4.3516.3%
+CA$145.2m		-0.5%PE21.6x

Latest News

LMN
CA$26.16
Lumine Group
7D
-3.1%
1Y
-34.2%

Lumine Group (CVE:LMN) Seems To Use Debt Rather Sparingly

Jan 11
Lumine Group (CVE:LMN) Seems To Use Debt Rather Sparingly
DSG
CA$121.82
Descartes Systems Group
7D
4.2%
1Y
-24.3%

DSG: Softer Freight Cycle And Buyback Plan Will Shape Future Returns

Analysts have trimmed their price target on Descartes Systems Group to about $102 from roughly $112, citing a softer transport cycle, weaker shipment volume data, pressure on peer multiples, and updated assumptions for revenue growth, profit margins, discount rate and future P/E. These factors collectively point to a slightly higher intrinsic value estimate of about $134 per share.
QBTQ
CA$1.25
SuperQ Quantum Computing
7D
-10.7%
1Y
733.3%
KXS
CA$177.44
Kinaxis
7D
3.2%
1Y
4.0%
LSPD
CA$16.98
Lightspeed Commerce
7D
5.2%
1Y
-20.5%

LSPD: Legal Settlement And Margin Pressure Will Likely Restrict Future Upside

Analysts have adjusted their price target on Lightspeed Commerce, reflecting updated views on revenue growth, profit margin potential and future P/E assumptions. This should be seen as a recalibration rather than a dramatic reset in expectations.
DCBO
CA$30.38
Docebo
7D
-1.3%
1Y
-50.2%

DCBO: Enterprise Expansion And Higher ARPU Will Support Long-Term Upside

Analysts have adjusted their view on Docebo after a mix of recent research, including a price target cut to US$28 from US$34 and a fresh US$35 target at another firm. This has led to a small tweak in the modeled discount rate and future P/E multiple in our updated assumptions.
BITF
CA$3.90
Bitfarms
7D
9.2%
1Y
68.1%

BITF: Panther Creek Project Financing Will Drive Future AI And HPC Expansion

Narrative Update The analyst price target on Bitfarms has been revised higher to $7.00 from a prior range around $3.00, as analysts factor in updated assumptions for high performance computing and AI related power demand, modestly adjust discount rates and profitability expectations, and point to the company's growing project pipeline as support for the new valuation framework. Analyst Commentary Recent research updates point to a more constructive stance on Bitfarms, with higher price targets tied to the company’s growing high performance computing and AI infrastructure plans and financing progress.
HIVE
CA$4.35
HIVE Digital Technologies
7D
16.3%
1Y
-0.5%
NCI
CA$1.32
NTG Clarity Networks
7D
-5.7%
1Y
-15.4%

NCI: Full Year 2025 Revenue Guidance Will Support Bullish Outlook

Analysts have adjusted their fair value estimate for NTG Clarity Networks from $5.00 to $3.75 after revising their assumptions for discount rate, revenue growth, profit margin, and future P/E. What's in the News NTG Clarity Networks issued earnings guidance for the full year 2025, giving investors a reference point for expectations.
ACT
CA$18.04
Aduro Clean Technologies
7D
23.1%
1Y
116.0%
CSU
CA$3,324.75
Constellation Software
7D
2.6%
1Y
-22.2%

Constellation Software (TSE:CSU) Has A Rock Solid Balance Sheet

Jan 01
Constellation Software (TSE:CSU) Has A Rock Solid Balance Sheet
TOI
CA$125.91
Topicus.com
7D
0.7%
1Y
5.4%

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
RAIL
CA$0.34
Railtown AI Technologies
7D
-9.5%
1Y
-43.2%
QSE
CA$0.57
Quantum Secure Encryption
7D
-8.1%
1Y
-45.2%
ABXX
CA$45.06
Abaxx Technologies
7D
-10.6%
1Y
275.5%