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Canadian (TSX) Software Industry Analysis

UpdatedApr 12, 2026
DataAggregated Company Financials
Companies78
  • 7D-5.2%
  • 3M-28.1%
  • 1Y-40.7%
  • YTD-25.9%

Over the last 7 days, the Software industry has dropped 5.2%, driven by Constellation Software declining 6.0%. On the other hand BlackBerry is actually up 10.0%. Overall the industry is down 41% in 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
Mon, 13 Apr 2026CA$88.1bCA$26.9b-CA$104,497,599.7333.7x-842.7x3.3x
Wed, 11 Mar 2026CA$106.2bCA$26.7b-CA$186,339,232.8340.9x-570.1x4x
Fri, 06 Feb 2026CA$92.5bCA$26.0bCA$168.6m37.5x548.6x3.6x
Sun, 04 Jan 2026CA$118.7bCA$26.1bCA$143.6m47.1x826.8x4.6x
Tue, 02 Dec 2025CA$125.3bCA$26.5bCA$148.8m50.7x842.3x4.7x
Thu, 30 Oct 2025CA$138.8bCA$25.5bCA$254.3m54.7x545.8x5.4x
Sat, 27 Sep 2025CA$140.4bCA$25.5bCA$262.2m55.1x535.3x5.5x
Mon, 25 Aug 2025CA$157.5bCA$25.3bCA$240.1m55.9x655.8x6.2x
Wed, 23 Jul 2025CA$168.0bCA$24.1bCA$173.7m55x966.8x7x
Fri, 20 Jun 2025CA$161.5bCA$24.2bCA$157.9m41.1x1023x6.7x
Sun, 18 May 2025CA$168.7bCA$24.6bCA$932.9m34.3x180.8x6.9x
Tue, 15 Apr 2025CA$147.7bCA$23.9bCA$440.0m28.7x335.8x6.2x
Thu, 13 Mar 2025CA$152.8bCA$24.8bCA$99.7m25.8x1532.1x6.2x
Sat, 08 Feb 2025CA$163.6bCA$23.9b-CA$2,374,788,050.9940.4x-68.9x6.8x
Mon, 06 Jan 2025CA$152.4bCA$24.1b-CA$2,417,393,302.5642.3x-63x6.3x
Wed, 04 Dec 2024CA$159.5bCA$23.5b-CA$2,348,608,737.8143.8x-67.9x6.8x
Fri, 01 Nov 2024CA$144.5bCA$22.5b-CA$2,530,379,399.1040.8x-57.1x6.4x
Sun, 29 Sep 2024CA$143.4bCA$21.9b-CA$2,462,920,457.8439.1x-58.2x6.5x
Tue, 27 Aug 2024CA$142.9bCA$21.9b-CA$2,512,781,832.9943.6x-56.9x6.5x
Thu, 25 Jul 2024CA$144.6bCA$21.6b-CA$3,424,936,021.4547.4x-42.2x6.7x
Sat, 22 Jun 2024CA$129.4bCA$21.6b-CA$3,385,284,807.1239.3x-38.2x6x
Mon, 20 May 2024CA$130.0bCA$21.5b-CA$3,426,759,742.5440.7x-37.9x6x
Wed, 17 Apr 2024CA$126.4bCA$21.1b-CA$4,286,036,157.8332.8x-29.5x6x
Fri, 15 Mar 2024CA$124.6bCA$20.7b-CA$4,798,256,497.4928.9x-26x6x
Sun, 11 Feb 2024CA$121.7bCA$19.7b-CA$2,884,020,939.0725x-42.2x6.2x
Tue, 09 Jan 2024CA$113.7bCA$19.8b-CA$3,949,360,170.0027.3x-28.8x5.7x
Thu, 07 Dec 2023CA$113.9bCA$20.2b-CA$4,236,109,399.0026.3x-26.9x5.6x
Sat, 04 Nov 2023CA$101.9bCA$19.7b-CA$4,386,307,501.0068.6x-23.2x5.2x
Mon, 02 Oct 2023CA$100.7bCA$19.3b-CA$4,177,310,018.0054.9x-24.1x5.2x
Wed, 30 Aug 2023CA$103.4bCA$19.4b-CA$4,159,368,357.0059.1x-24.9x5.3x
Fri, 28 Jul 2023CA$103.5bCA$18.2b-CA$3,856,901,010.0071.2x-26.8x5.7x
Sun, 25 Jun 2023CA$99.2bCA$17.9b-CA$3,938,982,418.0070.1x-25.2x5.5x
Tue, 23 May 2023CA$101.1bCA$18.0b-CA$3,195,413,664.0068.8x-31.7x5.6x
Thu, 20 Apr 2023CA$96.1bCA$17.0b-CA$3,316,785,034.0044.6x-29x5.7x
Price to Earnings Ratio

-29x


Total Market Cap: CA$96.1bTotal Earnings: -CA$3,316,785,034.00Total Revenue: CA$17.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Software Industry Price to Earnings3Y Average 162.4x202420252026
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 5.8x is higher than the industry's current PS ratio of 3.3x.
Past Earnings Growth
  • The earnings for companies in the Software industry have improved over the last three years.
  • Revenues for these companies have grown 17% 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 Market2.05%
Tech1.72%
Software-5.16%
Systems Software6.68%
Application Software-5.67%
Industry PE
  • Investors are most optimistic about the Systems Software industry which is trading above its 3-year average PE ratio of 88.6x.
    • Analysts are expecting annual earnings growth of 20.6%, which is lower than the prior year's growth of 98.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Application Software industry, expecting annual earnings growth of 25% over the next 5 years.
  • This is better than its past earnings decline of 7.7% per year.
  • In contrast, the Systems Software industry is expected to see its earnings grow by 21% 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
BB BlackBerryCA$5.3010.0%
+CA$271.3m		20.5%PE42.3x
ABXX Abaxx TechnologiesCA$56.608.1%
+CA$156.4m		520.6%PS1989.4x
KEEL Keel InfrastructureCA$2.956.9%
+CA$114.5m		163.4%n/a
HIVE HIVE Digital TechnologiesCA$2.907.8%
+CA$53.2m		41.5%PS2.1x
NDA Neptune Digital AssetsCA$0.9818.1%
+CA$19.2m		-31.0%PS73.1x

Latest News

KXS
CA$134.02
Kinaxis
7D
-6.5%
1Y
-18.2%

KXS: AI Supply Chain Acceleration And Agent Workflows Will Support Future Upside

Analysts have trimmed their price targets on Kinaxis to CA$200. This reflects updated assumptions around discount rates and long term P/E levels, while maintaining a constructive view on the stock.
DGX
CA$3.25
Digi Power X
7D
8.7%
1Y
132.1%
BB
CA$5.30
BlackBerry
7D
10.0%
1Y
20.5%
LSPD
CA$11.72
Lightspeed Commerce
7D
-5.4%
1Y
-7.7%
DSG
CA$87.31
Descartes Systems Group
7D
-12.2%
1Y
-38.2%
CSU
CA$2,295.18
Constellation Software
7D
-6.0%
1Y
-49.6%

AI Reinvestment Risks And Acquisition Pressures Will Still Support Long Term Earnings Potential

Catalysts About Constellation Software Constellation Software acquires, owns and operates vertical market software businesses that provide mission critical solutions to customers around the world. What are the underlying business or industry changes driving this perspective?
DCBO
CA$20.36
Docebo
7D
-14.5%
1Y
-50.7%

DCBO: Buybacks And Solid Bookings Are Expected To Support Upside Repricing

Narrative update Analysts have trimmed their average price targets on Docebo, with recent cuts such as Scotiabank moving to CA$25 from CA$32, Morgan Stanley to CA$26 from CA$28, and Stifel to CA$28 from CA$34. These revisions reflect expectations for softer near-term organic subscription growth and contract headwinds, even as analysts point to solid gross bookings and a core business that appears healthier than the headline metrics suggest.
ABXX
CA$56.60
Abaxx Technologies
7D
8.1%
1Y
520.6%
BTQ
CA$3.32
BTQ Technologies
7D
-7.8%
1Y
58.1%
TCS
CA$29.89
Tecsys
7D
3.6%
1Y
-25.5%
LMN
CA$21.60
Lumine Group
7D
-6.1%
1Y
-45.1%
TOI
CA$91.51
Topicus.com
7D
-5.0%
1Y
-36.9%
HIVE
CA$2.90
HIVE Digital Technologies
7D
7.8%
1Y
41.5%
NDA
CA$0.98
Neptune Digital Assets
7D
18.1%
1Y
-31.0%
FTRC
CA$0.27
FUTR
7D
60.6%
1Y
10.4%