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Canadian (TSX) Market Analysis & Valuation

UpdatedMar 21, 2026
DataAggregated Company Financials
Companies2199
  • 7D-3.7%
  • 3M0.1%
  • 1Y25.6%
  • YTD-0.9%

Over the last 7 days, the market has dropped 3.7%, driven by a loss of 14% in the Materials sector. In the last year, the market is actually up 26%. Looking forward, earnings are forecast to grow by 10% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 21 Mar 2026CA$5.0tCA$2.1tCA$238.9b15.6x20.9x2.3x
Mon, 16 Feb 2026CA$5.2tCA$2.1tCA$228.5b17.4x22.9x2.4x
Wed, 14 Jan 2026CA$5.1tCA$2.1tCA$225.0b16.9x22.7x2.4x
Fri, 12 Dec 2025CA$4.9tCA$2.1tCA$224.8b16.1x21.7x2.3x
Sun, 09 Nov 2025CA$4.7tCA$2.1tCA$220.4b16.3x21.1x2.2x
Tue, 07 Oct 2025CA$4.8tCA$2.2tCA$209.3b16.7x22.7x2.2x
Thu, 04 Sep 2025CA$4.5tCA$2.1tCA$208.5b16.2x21.6x2.1x
Sat, 02 Aug 2025CA$4.3tCA$2.1tCA$194.6b15.8x22.2x2x
Mon, 30 Jun 2025CA$4.2tCA$2.1tCA$191.7b15.7x22.1x2x
Wed, 28 May 2025CA$4.2tCA$2.1tCA$191.7b14.7x21.7x2x
Fri, 25 Apr 2025CA$3.9tCA$2.1tCA$173.1b15.1x22.6x1.9x
Sun, 23 Mar 2025CA$4.0tCA$2.1tCA$173.4b14.9x22.9x1.9x
Tue, 18 Feb 2025CA$4.0tCA$2.1tCA$168.6b15x23.9x1.9x
Thu, 16 Jan 2025CA$3.8tCA$2.1tCA$170.9b14.5x22.4x1.8x
Sat, 14 Dec 2024CA$4.0tCA$2.1tCA$169.3b14.4x23.4x1.9x
Mon, 11 Nov 2024CA$3.9tCA$2.1tCA$167.7b14.8x23.4x1.8x
Wed, 09 Oct 2024CA$3.8tCA$2.1tCA$167.8b15.3x22.9x1.8x
Fri, 06 Sep 2024CA$3.7tCA$2.1tCA$167.6b15x22x1.8x
Sun, 04 Aug 2024CA$3.6tCA$2.1tCA$167.2b13.8x21.4x1.7x
Tue, 02 Jul 2024CA$3.5tCA$2.1tCA$166.6b14x21.2x1.7x
Thu, 30 May 2024CA$3.6tCA$2.1tCA$165.9b14.2x21.8x1.8x
Sat, 27 Apr 2024CA$3.5tCA$2.1tCA$173.1b13.9x20.4x1.7x
Mon, 25 Mar 2024CA$3.5tCA$2.0tCA$173.5b13.6x20.2x1.7x
Wed, 21 Feb 2024CA$3.4tCA$2.1tCA$177.5b13x19.2x1.6x
Fri, 19 Jan 2024CA$3.3tCA$2.1tCA$173.3b12.7x19.3x1.6x
Sun, 17 Dec 2023CA$3.3tCA$2.1tCA$172.9b12.4x19.3x1.6x
Tue, 14 Nov 2023CA$3.2tCA$2.1tCA$179.0b11.9x17.7x1.5x
Thu, 12 Oct 2023CA$3.2tCA$2.1tCA$185.1b11.6x17.2x1.5x
Sat, 09 Sep 2023CA$3.3tCA$2.1tCA$184.9b11.7x17.6x1.5x
Mon, 07 Aug 2023CA$3.3tCA$2.1tCA$186.2b11.7x17.6x1.6x
Wed, 05 Jul 2023CA$3.2tCA$2.1tCA$193.3b11.2x16.4x1.5x
Fri, 02 Jun 2023CA$3.2tCA$2.1tCA$200.1b11.2x15.9x1.5x
Sun, 30 Apr 2023CA$3.4tCA$2.1tCA$214.6b11.2x15.7x1.6x
Tue, 28 Mar 2023CA$3.2tCA$2.1tCA$219.4b10.5x14.7x1.5x
Price to Earnings Ratio

14.7x


Total Market Cap: CA$3.2tTotal Earnings: CA$219.4bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.6x202420252026
Current Market PE
  • Investors are relatively neutral on the Canadian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 20.6x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 2.9% per year over the last three years, while revenues have remained steady.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Sector Trends

Which sectors have driven the changes within the Canadian Market?

CA Market-3.75%
Energy1.57%
Telecom0.074%
Tech-0.15%
Financials-0.99%
Utilities-2.73%
Real Estate-2.90%
Consumer Staples-3.49%
Industrials-3.52%
Consumer Discretionary-4.44%
Healthcare-4.81%
Materials-13.72%
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 24.5%, which is higher than its past year's earnings growth of 19.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 54% over the next 5 years.
  • This is better than its past earnings growth rate of 29% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 8.8% 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
SU Suncor EnergyCA$87.496.9%
+CA$6.7b		62.9%PE17.5xEnergy
CVE Cenovus EnergyCA$34.488.3%
+CA$4.9b		69.7%PE16.5xEnergy
IMO Imperial OilCA$173.284.7%
+CA$3.7b		69.5%PE25.6xEnergy
FFH Fairfax Financial HoldingsCA$2.38k5.2%
+CA$2.5b		19.8%PE7.6xFinancials
CNQ Canadian Natural ResourcesCA$67.391.3%
+CA$1.8b		55.0%PE13xEnergy
See more

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Latest News

MDA
CA$42.98
MDA Space
7D
4.0%
1Y
51.4%
ABX
CA$50.96
Barrick Mining
7D
-12.3%
1Y
88.4%

ABX: Future Asset Split And Buybacks Will Drive Rerating Potential

Analysts have trimmed their fair value estimate for Barrick Mining to CA$96.06 from CA$100.75, citing updated assumptions for discount rate, revenue growth, profit margin and future P/E in a move similar in tone to recent valuation driven rating changes seen elsewhere on the Street. Analyst Commentary Recent trims to fair value for Barrick Mining come against a backdrop where valuation discipline is front and center across the market.
FNV
CA$305.29
Franco-Nevada
7D
-11.6%
1Y
36.6%

FNV: Cobre Panama Progress And Higher Dividend Will Shape Future Cash Flows

Analysts have raised Franco-Nevada's fair value estimate to CA$393.11 from CA$369.94, reflecting updated views on Cobre Panama progress, transaction opportunities, and leverage to commodity prices that also underpin higher Street price targets. Analyst Commentary Recent research updates on Franco-Nevada point to a mix of optimism and caution as analysts refine their targets around the updated fair value estimate and the latest company developments.
CNR
CA$135.45
Canadian National Railway
7D
-5.9%
1Y
-2.1%
CVE
CA$34.48
Cenovus Energy
7D
8.3%
1Y
69.7%

Oil Sands Scale And Integrated Refining Will Support Stronger Long Term Earnings Power

Catalysts About Cenovus Energy Cenovus Energy is an integrated oil and gas company with a large oil sands, heavy oil and refining footprint in Canada and the United States. What are the underlying business or industry changes driving this perspective?
K
CA$36.32
Kinross Gold
7D
-13.5%
1Y
108.0%
PAAS
CA$64.39
Pan American Silver
7D
-16.4%
1Y
74.5%
WPM
CA$157.08
Wheaton Precious Metals
7D
-18.2%
1Y
45.9%
ATD
CA$76.17
Alimentation Couche-Tard
7D
-7.8%
1Y
8.2%
NTR
CA$102.69
Nutrien
7D
-9.8%
1Y
36.3%
FFH
CA$2,383.93
Fairfax Financial Holdings
7D
5.2%
1Y
19.8%

FFH: Index Inclusions And Buybacks Will Support Future Upside Potential

The updated analyst price target for Fairfax Financial Holdings has moved from approximately CA$3,193 to about CA$3,219, as analysts factor in revised assumptions around revenue growth, profit margins, and a lower future P/E multiple, while weighing mixed recent Street research that includes a C$100 price target increase at one firm and a downgrade at another. Analyst Commentary Recent Street research around Fairfax Financial Holdings has been mixed, with one bullish price target adjustment and at least one downgrade.
TOU
CA$69.52
Tourmaline Oil
7D
3.6%
1Y
1.8%
CNQ
CA$67.39
Canadian Natural Resources
7D
1.3%
1Y
55.0%
SU
CA$87.49
Suncor Energy
7D
6.9%
1Y
62.9%

SU: Investor Day And Buybacks Will Shape Oil Sands Resource Reassessment

The analyst fair value estimate for Suncor Energy has been lifted from CA$75.45 to CA$77.50, reflecting higher Street price targets and updated analyst views on sector conditions and relative valuation. Analyst Commentary Recent Street research on Suncor Energy shows a mix of optimism and caution, with several firms adjusting their price targets and ratings in response to sector conditions and company specific factors.
QSP.UN
CA$101.04
Restaurant Brands International Limited Partnership
7D
4.0%
1Y
3.2%
IMO
CA$173.28
Imperial Oil
7D
4.7%
1Y
69.5%

IMO: Future Cash Returns Will Rely On Margins And Capital Discipline

The analyst price target for Imperial Oil has been updated from CA$131 to about CA$150. Analysts point to refined assumptions on profit margins, a higher future P/E, and a modestly higher discount rate that reflect recent price target moves such as TD Securities at CA$110, RBC Capital at CA$116, and a slight reduction from Morgan Stanley.