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Canadian (TSX) Software Industry Analysis

UpdatedJun 25, 2026
DataAggregated Company Financials
Companies78
  • 7D-1.9%
  • 3M18.3%
  • 1Y-35.3%
  • YTD-9.1%

Over the last 7 days, the Software industry has dropped 1.9%, driven by a pullback from Xanadu Quantum Technologies of 12%. The industry has fallen 35% in the last year. As for the next few years, earnings are expected to grow by 19% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 25 Jun 2026CA$108.2bCA$28.2bCA$909.1m33.6x119x3.8x
Sat, 23 May 2026CA$105.3bCA$27.4bCA$889.3m35.9x118.4x3.8x
Mon, 20 Apr 2026CA$97.8bCA$26.6b-CA$104,889,243.0240.1x-932.7x3.7x
Wed, 18 Mar 2026CA$95.6bCA$26.9b-CA$179,435,798.3438.7x-532.7x3.5x
Fri, 13 Feb 2026CA$87.6bCA$25.9bCA$158.8m35.3x551.5x3.4x
Sun, 11 Jan 2026CA$121.6bCA$26.4bCA$148.7m48.4x817.3x4.6x
Tue, 09 Dec 2025CA$123.4bCA$26.3bCA$153.3m52.3x805x4.7x
Thu, 06 Nov 2025CA$127.5bCA$25.8bCA$275.1m54.1x463.7x4.9x
Sat, 04 Oct 2025CA$140.9bCA$25.5bCA$260.0m54.7x542.1x5.5x
Mon, 01 Sep 2025CA$156.5bCA$25.1bCA$235.3m60.6x664.9x6.2x
Wed, 30 Jul 2025CA$167.0bCA$24.4bCA$166.3m51.9x1004.3x6.9x
Fri, 27 Jun 2025CA$162.3bCA$24.2bCA$183.1m45.6x886.1x6.7x
Sun, 25 May 2025CA$162.3bCA$24.2bCA$165.8m34.7x979.3x6.7x
Tue, 22 Apr 2025CA$152.4bCA$23.9bCA$447.1m27.3x340.9x6.4x
Thu, 20 Mar 2025CA$149.4bCA$24.7bCA$90.1m26.7x1658.4x6x
Sat, 15 Feb 2025CA$164.7bCA$23.8b-CA$2,307,848,907.2028.7x-71.4x6.9x
Mon, 13 Jan 2025CA$146.8bCA$24.1b-CA$2,415,562,875.3140.8x-60.8x6.1x
Wed, 11 Dec 2024CA$158.8bCA$23.7b-CA$2,348,122,622.3343.5x-67.6x6.7x
Fri, 08 Nov 2024CA$147.3bCA$22.5b-CA$2,235,369,284.5456.4x-65.9x6.5x
Sun, 06 Oct 2024CA$143.3bCA$22.0b-CA$2,472,230,572.6341.3x-58x6.5x
Tue, 03 Sep 2024CA$143.4bCA$21.8b-CA$2,493,692,195.9544.7x-57.5x6.6x
Thu, 01 Aug 2024CA$145.5bCA$21.5b-CA$3,403,294,941.8945.7x-42.7x6.8x
Sat, 29 Jun 2024CA$134.7bCA$21.3b-CA$3,438,481,648.4742.8x-39.2x6.3x
Mon, 27 May 2024CA$132.5bCA$21.6b-CA$3,427,213,387.5256.7x-38.7x6.1x
Wed, 24 Apr 2024CA$130.7bCA$20.9b-CA$4,250,876,423.5736.6x-30.7x6.3x
Fri, 22 Mar 2024CA$124.1bCA$20.7b-CA$4,787,905,942.8429.4x-25.9x6x
Sun, 18 Feb 2024CA$122.7bCA$19.8b-CA$2,760,192,796.8524.5x-44.5x6.2x
Tue, 16 Jan 2024CA$121.1bCA$19.9b-CA$3,969,178,192.0028.2x-30.5x6.1x
Thu, 14 Dec 2023CA$114.3bCA$20.0b-CA$4,067,843,366.0025.9x-28.1x5.7x
Sat, 11 Nov 2023CA$103.7bCA$20.4b-CA$4,251,663,907.0046.2x-24.4x5.1x
Mon, 09 Oct 2023CA$101.8bCA$19.4b-CA$4,197,369,549.0055.5x-24.3x5.2x
Wed, 06 Sep 2023CA$105.1bCA$19.4b-CA$4,111,403,107.0059x-25.6x5.4x
Fri, 04 Aug 2023CA$101.0bCA$18.4b-CA$3,760,309,044.0058.6x-26.9x5.5x
Sun, 02 Jul 2023CA$104.1bCA$18.2b-CA$3,684,545,078.0074.3x-28.2x5.7x
Price to Earnings Ratio

-28.2x


Total Market Cap: CA$104.1bTotal Earnings: -CA$3,684,545,078.00Total Revenue: CA$18.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Software Industry Price to Earnings3Y Average 153.6x202420252026
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 industry is trading at a PE ratio of 119x which is lower than its 3-year average PE of 154x.
  • The 3-year average PS ratio of 5.7x 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 16% 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-1.81%
Tech-2.64%
Software-1.88%
Systems Software-1.69%
Application Software-1.89%
Industry PE
  • Investors are most optimistic about the Systems Software industry which is trading above its 3-year average PE ratio of 108x.
    • Analysts are expecting annual earnings growth of 19.3%, which is lower than the prior year's growth of 98.5% per year.
  • Investors are most pessimistic about the Application Software industry, which is trading below its 3-year average of 152x.
Forecasted Growth
  • Analysts are most optimistic on the Systems Software industry, expecting annual earnings growth of 19% over the next 5 years.
  • However this is lower than its past earnings growth rate of 99% per year.
  • In contrast, the Application Software industry is expected to see its earnings grow by 19% 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
LSPD Lightspeed CommerceCA$13.734.4%
+CA$79.9m		-11.9%PS1.1x
HIVE HIVE Digital TechnologiesCA$5.894.8%
+CA$72.2m		140.4%PS3.7x
CVO Coveo SolutionsCA$4.327.2%
+CA$26.9m		-42.4%PS1.9x
DMGI DMG Blockchain SolutionsCA$0.6719.6%
+CA$22.8m		191.3%PS3.3x
DCBO DoceboCA$24.392.5%
+CA$15.2m		-34.6%PE12.6x

Latest News

BB
CA$12.26
BlackBerry
7D
-1.8%
1Y
83.0%
DSG
CA$96.64
Descartes Systems Group
7D
-2.6%
1Y
-30.0%
KXS
CA$149.90
Kinaxis
7D
-1.7%
1Y
-25.9%
Narrative Update • Jun 22

KXS: AI Supply Chain Partnerships And Orchestration Will Support Future Upside

Analysts have nudged their fair value estimate for Kinaxis to roughly CA$207 per share, reflecting a modest increase in Street price targets, including CIBC's move to CA$205, as well as updated assumptions for revenue growth, profit margins and future P/E levels. Analyst Commentary Recent Street research on Kinaxis shows a mix of optimism and caution, with several price target revisions in both directions as analysts reassess growth assumptions, execution risks and appropriate P/E levels.
HIVE
CA$5.89
HIVE Digital Technologies
7D
4.8%
1Y
140.4%
ABXX
CA$35.00
Abaxx Technologies
7D
-2.8%
1Y
175.8%
XNDU
CA$16.83
Xanadu Quantum Technologies
7D
-12.3%
1Y
n/a
CVO
CA$4.32
Coveo Solutions
7D
7.2%
1Y
-42.4%
Narrative Update • Jun 13

CVO: AI Partnerships And Commerce Expansion Will Support Future Repricing

Analysts have trimmed their fair value estimate for Coveo Solutions to about CA$10.01 from CA$11.08, in line with recent cuts to Street price targets into the CA$6 to CA$9 range as they update assumptions on growth, margins and future P/E multiples. Analyst Commentary Bullish analysts are trimming their price targets but still see room for upside compared with where the stock has recently been trading, which keeps the broader research tone constructive despite the headline cuts.
LSPD
CA$13.73
Lightspeed Commerce
7D
4.4%
1Y
-11.9%
Narrative Update • Jun 12

LSPD: Share Repurchases And AI Rollout Will Support Medium Term Repricing

Narrative Update: Lightspeed Commerce Price Target Reset Analysts have lowered the central price target for Lightspeed Commerce to CA$25.00 from CA$29.25, reflecting updated models that factor in softer medium term growth assumptions, lower projected profit margins, a higher discount rate, and a much higher assumed future P/E multiple, alongside mixed views on the impact of recent divestitures and guidance. Analyst Commentary Recent research on Lightspeed Commerce shows a cluster of reduced price targets, but the tone is not uniformly negative.
CSU
CA$2,868.91
Constellation Software
7D
-0.4%
1Y
-41.6%
AXE
CA$0.14
Acceleware
7D
16.7%
1Y
16.7%
DCBO
CA$24.39
Docebo
7D
2.5%
1Y
-34.6%
Narrative Update • Jun 07

DCBO: Recalibrated Earnings Assumptions And Platform Rollout Are Expected To Reward Patience

Analysts have adjusted their CA$ price target on Docebo to reflect revised assumptions around discount rates, revenue growth, profit margin and future P/E. This suggests a recalibration of the stock's risk and earnings profile rather than a major shift in overall fair value.
LMN
CA$22.18
Lumine Group
7D
-2.1%
1Y
-51.0%
DMGI
CA$0.67
DMG Blockchain Solutions
7D
19.6%
1Y
191.3%
TOI
CA$94.00
Topicus.com
7D
-6.6%
1Y
-42.5%
CYBT
CA$0.18
Cybeats Technologies
7D
12.5%
1Y
63.6%
IMP
CA$1.02
Intermap Technologies
7D
9.7%
1Y
-54.1%