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Canadian (TSX) Software Industry Analysis

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies80
  • 7D0.6%
  • 3M-14.3%
  • 1Y-22.0%
  • YTD-20.8%

The Software industry has been flat over the last week, but BlackBerry has lost 7.3%. As for the longer term, the industry has declined 22% in the last year. As for the next few years, earnings are expected to grow by 27% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 25 Dec 2025CA$121.6bCA$26.0bCA$149.2m49.3x814.8x4.7x
Sat, 22 Nov 2025CA$118.1bCA$26.7bCA$156.2m49.5x755.6x4.4x
Mon, 20 Oct 2025CA$139.3bCA$25.6bCA$256.8m54.9x542.3x5.4x
Wed, 17 Sep 2025CA$152.1bCA$25.2bCA$245.2m60.6x620x6x
Fri, 15 Aug 2025CA$155.3bCA$25.2bCA$169.4m50.6x917.1x6.2x
Sun, 13 Jul 2025CA$165.5bCA$24.3bCA$175.8m44.7x941.4x6.8x
Tue, 10 Jun 2025CA$162.7bCA$24.2bCA$155.2m43.4x1048.8x6.7x
Thu, 08 May 2025CA$162.1bCA$23.8bCA$940.7m33.7x172.4x6.8x
Sat, 05 Apr 2025CA$148.1bCA$24.4bCA$454.2m26.6x326.1x6.1x
Mon, 03 Mar 2025CA$161.3bCA$24.3b-CA$2,356,334,331.0827.2x-68.4x6.6x
Wed, 29 Jan 2025CA$154.4bCA$24.1b-CA$2,409,119,158.6841.3x-64.1x6.4x
Fri, 27 Dec 2024CA$154.2bCA$24.1b-CA$2,410,500,910.6441.9x-64x6.4x
Sun, 24 Nov 2024CA$153.9bCA$23.3b-CA$2,339,543,194.2641.7x-65.8x6.6x
Tue, 22 Oct 2024CA$146.2bCA$22.3b-CA$2,514,396,782.7242.8x-58.2x6.5x
Thu, 19 Sep 2024CA$143.1bCA$22.1b-CA$2,511,370,543.4240.5x-57x6.5x
Sat, 17 Aug 2024CA$140.7bCA$22.2b-CA$2,515,120,115.3143.3x-55.9x6.3x
Mon, 15 Jul 2024CA$139.8bCA$21.3b-CA$3,376,358,475.0244.5x-41.4x6.6x
Wed, 12 Jun 2024CA$132.5bCA$21.7b-CA$3,396,782,261.0339.7x-39x6.1x
Fri, 10 May 2024CA$132.3bCA$20.9b-CA$3,565,449,753.1050.2x-37.1x6.3x
Sun, 07 Apr 2024CA$128.2bCA$20.8b-CA$4,215,476,356.8523.1x-30.4x6.2x
Tue, 05 Mar 2024CA$125.7bCA$20.0b-CA$2,778,506,496.9024.7x-45.3x6.3x
Thu, 01 Feb 2024CA$126.5bCA$19.9b-CA$3,965,785,082.0026.8x-31.9x6.4x
Sat, 30 Dec 2023CA$116.4bCA$19.7b-CA$4,027,123,215.0026.8x-28.9x5.9x
Mon, 27 Nov 2023CA$110.3bCA$20.2b-CA$4,184,054,927.0043.1x-26.4x5.5x
Wed, 25 Oct 2023CA$98.4bCA$19.5b-CA$4,200,599,218.0054.1x-23.4x5.1x
Fri, 22 Sep 2023CA$99.0bCA$19.3b-CA$4,159,247,795.0053x-23.8x5.1x
Sun, 20 Aug 2023CA$99.7bCA$19.4b-CA$4,146,860,650.0056.2x-24x5.1x
Tue, 18 Jul 2023CA$102.8bCA$18.2b-CA$3,674,538,788.0074x-28x5.7x
Thu, 15 Jun 2023CA$101.8bCA$18.0b-CA$3,975,106,276.0071.1x-25.6x5.6x
Sat, 13 May 2023CA$96.4bCA$17.4b-CA$3,221,932,773.0064.8x-29.9x5.5x
Mon, 10 Apr 2023CA$96.0bCA$17.0b-CA$3,331,219,099.0046.9x-28.8x5.6x
Wed, 08 Mar 2023CA$86.8bCA$16.7b-CA$2,489,254,856.0040.2x-34.9x5.2x
Fri, 03 Feb 2023CA$90.0bCA$16.1b-CA$678,864,878.0030x-132.6x5.6x
Sun, 01 Jan 2023CA$79.4bCA$16.3b-CA$672,893,177.0029.6x-118x4.9x
Price to Earnings Ratio

-118x


Total Market Cap: CA$79.4bTotal Earnings: -CA$672,893,177.00Total Revenue: CA$16.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Software Industry Price to Earnings3Y Average 164.9x202320242025
Current Industry PE
  • Investors are optimistic on the Canadian Software industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 815x which is higher than its 3-year average PE of 165x.
  • The 3-year average PS ratio of 5.9x is higher than the industry's current PS ratio of 4.7x.
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 17% 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 Market2.21%
Tech3.14%
Software0.60%
Application Software0.93%
Systems Software-6.36%
Industry PE
  • Investors are most optimistic about the Application Software industry which is trading above its 3-year average PE ratio of 137x.
    • Analysts are expecting annual earnings growth of 27.2%, which is higher than its past year's earnings growth of 0.8% per year.
  • Investors are most pessimistic about the Systems Software industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 54.2x.
Forecasted Growth
  • Analysts are most optimistic on the Systems Software industry, expecting annual earnings growth of 33% over the next 5 years.
  • However this is lower than its past earnings growth rate of 111% per year.
  • In contrast, the Application Software industry is expected to see its earnings grow by 27% 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
TOI Topicus.comCA$126.522.9%
+CA$293.4m		7.1%PE251.6x
LMN Lumine GroupCA$27.354.1%
+CA$274.6m		-35.1%PE52.1x
ABXX Abaxx TechnologiesCA$53.0016.5%
+CA$270.4m		383.6%PS2352.8x
BITF BitfarmsCA$3.6614.0%
+CA$269.1m		49.4%PS5.8x
LSPD Lightspeed CommerceCA$16.712.8%
+CA$62.6m		-26.0%PS1.4x

Latest News

HIVE
CA$3.89
HIVE Digital Technologies
7D
5.7%
1Y
-14.1%
ACT
CA$15.11
Aduro Clean Technologies
7D
-10.4%
1Y
86.5%
LMN
CA$27.35
Lumine Group
7D
4.1%
1Y
-35.1%

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TOI
CA$126.52
Topicus.com
7D
2.9%
1Y
7.1%

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Dec 20
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BB
CA$5.46
BlackBerry
7D
-7.3%
1Y
-3.4%
IMP
CA$1.96
Intermap Technologies
7D
-15.5%
1Y
-21.3%
CSU
CA$3,316.17
Constellation Software
7D
0.04%
1Y
-27.1%
ENGH
CA$20.48
Enghouse Systems
7D
-4.0%
1Y
-25.0%
ISTK
CA$1.80
Intellistake Technologies
7D
-5.3%
1Y
1,900.0%
BITF
CA$3.66
Bitfarms
7D
14.0%
1Y
49.4%

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Analysts have modestly lifted their price target on Bitfarms to about $7.00, reflecting slightly higher long term growth and profitability expectations as the company accelerates its AI and high performance computing buildout and expands its project pipeline. Analyst Commentary Recent research notes highlight that bullish analysts view Bitfarms as a direct beneficiary of surging AI and high performance computing demand, with updated sector assumptions driving substantial upward revisions to both price targets and long term earnings forecasts.
TINY
CA$9.38
Tiny
7D
-5.3%
1Y
-21.8%
LSPD
CA$16.71
Lightspeed Commerce
7D
2.8%
1Y
-26.0%

LSPD: Execution Risk Will Likely Cap Upside Despite Guidance Raise

Analysts have trimmed their price target on Lightspeed Commerce from approximately $18 to about $14 per share, citing slower projected revenue growth, slightly lower profit margins, and a more conservative earnings multiple, despite ongoing strategic progress. Analyst Commentary Bearish analysts highlight that the latest reset in expectations reflects lingering uncertainty around Lightspeed Commerce's ability to translate its strategic progress into consistent, high-quality earnings growth.
DGX
CA$3.68
Digi Power X
7D
12.9%
1Y
42.6%
DSG
CA$121.96
Descartes Systems Group
7D
-0.5%
1Y
-26.8%
ABXX
CA$53.00
Abaxx Technologies
7D
16.5%
1Y
383.6%
BTQ
CA$8.13
BTQ Technologies
7D
-7.2%
1Y
175.6%