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Canadian (TSX) Market Analysis & Valuation

UpdatedDec 30, 2025
DataAggregated Company Financials
Companies2201
  • 7D-0.4%
  • 3M5.6%
  • 1Y26.7%
  • YTD25.9%

The market has been flat in the last week, however the Materials sector is down 3.1%. Meanwhile, the market is actually up 27% over the past year. Earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Canadian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 30 Dec 2025CA$4.9tCA$2.1tCA$224.4b16.5x22x2.3x
Thu, 27 Nov 2025CA$4.8tCA$2.1tCA$224.4b16.2x21.3x2.2x
Sat, 25 Oct 2025CA$4.7tCA$2.2tCA$215.4b16.8x21.8x2.2x
Mon, 22 Sep 2025CA$4.7tCA$2.1tCA$208.7b16.4x22.3x2.2x
Wed, 20 Aug 2025CA$4.4tCA$2.1tCA$201.8b15.7x21.8x2.1x
Fri, 18 Jul 2025CA$4.3tCA$2.1tCA$191.9b16.1x22.6x2x
Sun, 15 Jun 2025CA$4.3tCA$2.1tCA$191.5b15.4x22.3x2x
Tue, 13 May 2025CA$4.1tCA$2.1tCA$180.1b14.7x22.6x1.9x
Thu, 10 Apr 2025CA$3.6tCA$2.1tCA$173.6b14.4x20.7x1.7x
Sat, 08 Mar 2025CA$3.9tCA$2.1tCA$173.8b14.8x22.5x1.8x
Mon, 03 Feb 2025CA$3.9tCA$2.1tCA$170.8b14.6x23.1x1.8x
Wed, 01 Jan 2025CA$3.9tCA$2.1tCA$169.1b14.2x22.8x1.8x
Fri, 29 Nov 2024CA$4.0tCA$2.1tCA$166.3b14.7x23.9x1.9x
Sun, 27 Oct 2024CA$3.9tCA$2.1tCA$167.7b15.3x23.3x1.8x
Tue, 24 Sep 2024CA$3.8tCA$2.1tCA$167.5b15.2x22.7x1.8x
Thu, 22 Aug 2024CA$3.7tCA$2.1tCA$169.8b14.9x21.7x1.8x
Sat, 20 Jul 2024CA$3.7tCA$2.1tCA$167.7b13.9x21.8x1.8x
Mon, 17 Jun 2024CA$3.5tCA$2.1tCA$167.4b14.1x20.8x1.7x
Wed, 15 May 2024CA$3.6tCA$2.0tCA$167.8b14.1x21.5x1.8x
Fri, 12 Apr 2024CA$3.6tCA$2.1tCA$174.4b14.1x20.5x1.7x
Sun, 10 Mar 2024CA$3.5tCA$2.1tCA$173.3b13.7x20.1x1.7x
Tue, 06 Feb 2024CA$3.3tCA$2.1tCA$172.9b12.8x19.4x1.6x
Thu, 04 Jan 2024CA$3.4tCA$2.1tCA$173.1b13x19.4x1.6x
Sat, 02 Dec 2023CA$3.2tCA$2.1tCA$176.2b12.3x18.4x1.6x
Mon, 30 Oct 2023CA$3.1tCA$2.1tCA$184.5b11.3x16.5x1.5x
Wed, 27 Sep 2023CA$3.2tCA$2.1tCA$184.4b11.6x17.3x1.5x
Fri, 25 Aug 2023CA$3.2tCA$2.1tCA$185.8b11.4x17.2x1.5x
Sun, 23 Jul 2023CA$3.3tCA$2.1tCA$200.2b11.7x16.5x1.6x
Tue, 20 Jun 2023CA$3.2tCA$2.1tCA$200.3b11.2x16.1x1.5x
Thu, 18 May 2023CA$3.3tCA$2.2tCA$206.3b11x15.9x1.5x
Sat, 15 Apr 2023CA$3.4tCA$2.1tCA$217.2b10.6x15.5x1.6x
Mon, 13 Mar 2023CA$3.2tCA$2.1tCA$220.6b10.8x14.7x1.5x
Wed, 08 Feb 2023CA$3.4tCA$2.1tCA$246.2b11.1x13.8x1.6x
Fri, 06 Jan 2023CA$3.2tCA$2.1tCA$245.9b10.4x13.1x1.6x
Price to Earnings Ratio

13.1x


Total Market Cap: CA$3.2tTotal Earnings: CA$245.9bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20x20242025
Current Market PE
  • Investors are optimistic on the Canadian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 22.0x which is higher than its 3-year average PE of 20.0x.
Past Earnings Growth
  • The earnings for Canadian listed companies have declined 3.0% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Canadian Market?

CA Market-0.39%
Telecom1.69%
Real Estate0.40%
Financials0.36%
Energy0.33%
Industrials0.24%
Consumer Staples0.15%
Utilities0.12%
Tech0.009%
Consumer Discretionary-0.14%
Healthcare-1.57%
Materials-3.10%
Sector PE
  • Investors favour the Tech sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 24.6%, which is higher than its past year's earnings growth of 15.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 66% over the next 5 years.
  • This is better than its past earnings growth rate of 9.5% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline 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 Price7D1YValuationSector
TD Toronto-Dominion BankCA$129.591.3%
+CA$2.7b		70.0%PB1.8xFinancials
RY Royal Bank of CanadaCA$235.180.7%
+CA$2.3b		35.9%PB2.6xFinancials
CNQ Canadian Natural ResourcesCA$45.492.3%
+CA$2.1b		4.7%PE14.2xEnergy
ENB EnbridgeCA$65.331.4%
+CA$2.0b		8.0%PE25.5xEnergy
BN BrookfieldCA$64.041.1%
+CA$1.6b		16.3%PE126.3xFinancials
See more

Market Insights

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Latest News

TD
CA$129.59
Toronto-Dominion Bank
7D
1.3%
1Y
70.0%

TD: Future Will Balance U.S. Asset Cap Risks And Capital Returns

Analysts have nudged their average price target for Toronto Dominion Bank higher by about C$3 to roughly C$128, citing improving profit margin expectations, a slightly lower assumed future price to earnings multiple, and continued momentum in strategic execution despite lingering regulatory overhangs. Analyst Commentary Recent Street research reflects a generally constructive stance toward Toronto Dominion Bank, with a series of incremental price target increases clustered around the bank's investor day and subsequent updates.
EQX
CA$19.15
Equinox Gold
7D
-6.2%
1Y
164.5%
BMO
CA$179.81
Bank of Montreal
7D
0.8%
1Y
28.8%

BMO: Future Returns Will Balance U.S. Credit Recovery And Capital Deployment

The analyst price target for Bank of Montreal has nudged higher by about C$1 to roughly C$182, as analysts factor in slightly stronger long term earnings power supported by rising Street targets, even as they temper expectations for further upside because much of the U.S. credit improvement is already reflected in the share price. Analyst Commentary Street research on Bank of Montreal reflects a more balanced stance, with recent target hikes offset by rating downgrades as the stock recovers from prior U.S. credit issues.
BN
CA$64.04
Brookfield
7D
1.1%
1Y
16.3%
RY
CA$235.18
Royal Bank of Canada
7D
0.7%
1Y
35.9%

RY: Future Returns Will Depend On Diversified Mix Amid Measured Upgrade Momentum

The analyst price target for Royal Bank of Canada has been modestly increased from about C$229 to roughly C$233, as analysts factor in stronger expected revenue growth, slightly higher profit margins, and the bank’s resilient positioning relative to peers. Analyst Commentary Bullish analysts highlight that the recent uptick in the consensus price target reflects growing confidence in Royal Bank of Canada’s earnings trajectory and its ability to outgrow peers on a risk adjusted basis.
ABX
CA$60.30
Barrick Mining
7D
-3.6%
1Y
170.5%

ABX: Activist Spin Off, Governance Shifts And Payout Actions Will Shape Outlook

Analysts have raised their price target on Barrick Mining by approximately 5 percent to about $65 per share, citing slightly lower discount rate assumptions along with modestly stronger expectations for revenue growth, profit margins, and a still attractive future P/E multiple. What's in the News Barrick has agreed to explore a potential spin off of its premier North American mining assets into a separately listed NewCo following pressure from activist investor Elliott Investment Management, targeting the company’s valuation gap and geopolitical risk profile (company announcement).
SU
CA$59.91
Suncor Energy
7D
1.4%
1Y
16.8%

SU: Double Digit Free Cash Flow Yield Will Support Strong Capital Returns

The analyst price target for Suncor Energy has been nudged higher to approximately C$66.70 from about C$66.50, as analysts factor in stronger sustaining free cash flow yields and updated multi year guidance that supports a modestly higher valuation multiple despite slightly softer growth and margin assumptions. Analyst Commentary Bullish analysts highlight that Suncor's valuation is increasingly supported by a double digit sustaining free cash flow yield, which screens attractively versus peers and underpins the modest upward revision in the consolidated price target.
K
CA$38.62
Kinross Gold
7D
-4.3%
1Y
189.3%

K: Future Earnings Multiple Expansion Will Likely Overstate Underlying Profitability

Analysts have raised their fair value estimate for Kinross Gold from approximately $12.50 to about $17.05 per share. They cite expectations for moderating revenue declines, slightly higher long run profit margins, and a marginally richer future earnings multiple, even after factoring in a higher discount rate.
PAAS
CA$71.51
Pan American Silver
7D
-3.1%
1Y
145.9%
AGI
CA$53.27
Alamos Gold
7D
-4.4%
1Y
100.9%

AGI: Stronger Fourth Quarter Output Is Expected To Drive Bullish Upside

Analysts have modestly raised their price target on Alamos Gold to approximately 64.44 dollars from about 63.99 dollars, citing expectations for faster revenue growth, improved profit margins, and a slightly lower future price to earnings multiple. What's in the News Updated 2025 guidance now calls for full year gold production of 560,000 to 580,000 ounces, narrowed from the prior 580,000 to 630,000 ounce range.
WPM
CA$160.76
Wheaton Precious Metals
7D
-4.4%
1Y
98.7%

WPM Will Navigate Higher Metal Price Expectations Amid Mixed Macro Backdrop

Analysts have lifted their price targets for Wheaton Precious Metals into the low to mid $130 range, citing higher long term precious metal price forecasts, resilient demand amid macro headwinds, and ongoing capital returns and M&A momentum as support for a higher fair value, despite slightly lower growth and margin expectations. Analyst Commentary Recent Street research has highlighted a broadly constructive outlook for Wheaton Precious Metals, with multiple price target increases across North American and international markets.
ENB
CA$65.33
Enbridge
7D
1.4%
1Y
8.0%

ENB: Future Returns Will Depend On U.S. Investment Shift And Dividend Durability

Enbridge's fair value estimate has nudged higher to approximately C$71.07 from about C$70.45, as analysts gradually lift price targets across the midstream peer group while factoring in slightly softer revenue growth, broadly stable margins, and a modestly higher future P/E multiple. Analyst Commentary Recent Street research on Enbridge reflects a generally constructive but still balanced stance, with incremental price target increases clustered in the mid C$60s to around C$70 and rating language that largely reinforces a hold or market perform view.
FNV
CA$284.65
Franco-Nevada
7D
-3.7%
1Y
69.6%

FNV: Future Royalty Cash Flows Will Benefit From Strong Precious Metal Prices

Analysts have modestly lowered their blended price target on Franco-Nevada by approximately $20 to around $225 per share. This reflects a balance between stronger royalty-driven cash flow potential amid firm commodity prices and heightened market volatility, as well as softer investor sentiment following the recent gold pullback.
CNQ
CA$45.49
Canadian Natural Resources
7D
2.3%
1Y
4.7%
FFH
CA$2,618.19
Fairfax Financial Holdings
7D
2.5%
1Y
31.4%

FFH Will Face Mounting Execution Risks At Current Elevated Share Price

Analysts have moderately trimmed their price target on Fairfax Financial Holdings, lowering it to C$2,900 from C$3,050. This reflects the incorporation of slightly softer long term revenue growth, profit margin expectations, and a lower future P/E multiple into their valuation models, while still maintaining a broadly positive outlook.
LUG
CA$114.46
Lundin Gold
7D
-5.0%
1Y
275.6%

LUG: Rising Gold And Silver Price Forecasts Will Drive Stronger Outlook

Lundin Gold's analyst price target has been raised significantly, from about C$85 to roughly C$125, as analysts factor in sharply higher long term gold and silver price assumptions along with stronger expected revenue growth and profitability. Analyst Commentary Bullish analysts are highlighting Lundin Gold as a key beneficiary of structurally higher precious metal price assumptions, pointing to meaningful upside to both earnings and net asset value under revised scenarios.