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Canadian (TSX) Market Analysis & Valuation

UpdatedFeb 17, 2026
DataAggregated Company Financials
Companies2201
  • 7D0.4%
  • 3M11.7%
  • 1Y31.1%
  • YTD5.2%

Over the last 7 days, the market has remained flat, although notably the Utilities sector gained 4.5% in that time. As for the longer term, the market has risen 31% in the past 12 months. Earnings are forecast to grow by 13% 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, 17 Feb 2026CA$5.2tCA$2.1tCA$228.5b17.4x22.9x2.4x
Thu, 15 Jan 2026CA$5.1tCA$2.1tCA$225.0b17x22.7x2.4x
Sat, 13 Dec 2025CA$4.9tCA$2.1tCA$224.8b16.2x21.8x2.3x
Mon, 10 Nov 2025CA$4.7tCA$2.1tCA$220.4b16.3x21.1x2.2x
Wed, 08 Oct 2025CA$4.8tCA$2.2tCA$209.3b16.6x22.7x2.2x
Fri, 05 Sep 2025CA$4.5tCA$2.1tCA$208.6b16.3x21.7x2.1x
Sun, 03 Aug 2025CA$4.3tCA$2.1tCA$195.2b15.8x22x2x
Tue, 01 Jul 2025CA$4.2tCA$2.1tCA$191.5b15.8x22.2x2x
Thu, 29 May 2025CA$4.2tCA$2.1tCA$191.6b14.9x21.9x2x
Sat, 26 Apr 2025CA$3.9tCA$2.1tCA$174.0b14.9x22.7x1.9x
Mon, 24 Mar 2025CA$4.0tCA$2.1tCA$173.6b14.9x22.9x1.9x
Wed, 19 Feb 2025CA$4.0tCA$2.1tCA$168.7b15.2x23.9x1.9x
Fri, 17 Jan 2025CA$3.9tCA$2.1tCA$171.2b14.7x22.5x1.8x
Sun, 15 Dec 2024CA$3.9tCA$2.1tCA$169.3b14.5x23.3x1.9x
Tue, 12 Nov 2024CA$3.9tCA$2.1tCA$167.5b14.8x23.4x1.8x
Thu, 10 Oct 2024CA$3.8tCA$2.1tCA$167.8b15.4x22.8x1.8x
Sat, 07 Sep 2024CA$3.6tCA$2.1tCA$167.4b14.8x21.8x1.7x
Mon, 05 Aug 2024CA$3.6tCA$2.1tCA$167.2b13.8x21.4x1.7x
Wed, 03 Jul 2024CA$3.5tCA$2.1tCA$166.4b14x21.2x1.7x
Fri, 31 May 2024CA$3.6tCA$2.1tCA$166.7b14.2x21.5x1.8x
Sun, 28 Apr 2024CA$3.5tCA$2.1tCA$173.1b13.9x20.4x1.7x
Tue, 26 Mar 2024CA$3.5tCA$2.0tCA$173.4b13.6x20.2x1.7x
Thu, 22 Feb 2024CA$3.4tCA$2.1tCA$175.0b13.6x19.5x1.6x
Sat, 20 Jan 2024CA$3.4tCA$2.1tCA$173.2b12.9x19.4x1.6x
Mon, 18 Dec 2023CA$3.3tCA$2.1tCA$172.9b12.4x19.1x1.6x
Wed, 15 Nov 2023CA$3.2tCA$2.1tCA$179.5b11.9x17.7x1.5x
Fri, 13 Oct 2023CA$3.2tCA$2.1tCA$185.2b11.5x17.2x1.5x
Sun, 10 Sep 2023CA$3.2tCA$2.1tCA$184.9b11.7x17.5x1.5x
Tue, 08 Aug 2023CA$3.3tCA$2.1tCA$184.4b11.7x17.8x1.6x
Thu, 06 Jul 2023CA$3.2tCA$2.1tCA$200.3b11.2x16.2x1.5x
Sat, 03 Jun 2023CA$3.2tCA$2.1tCA$200.0b11.1x16.2x1.5x
Mon, 01 May 2023CA$3.4tCA$2.1tCA$214.6b11.2x15.7x1.6x
Wed, 29 Mar 2023CA$3.2tCA$2.1tCA$219.2b10.5x14.8x1.5x
Fri, 24 Feb 2023CA$3.3tCA$2.1tCA$235.0b11x14.1x1.6x
Price to Earnings Ratio

14.1x


Total Market Cap: CA$3.3tTotal Earnings: CA$235.0bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.4x202420252026
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 22.9x which is higher than its 3-year average PE of 20.4x.
Past Earnings Growth
  • Both revenue and earnings for Canadian listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

Which sectors have driven the changes within the Canadian Market?

CA Market0.41%
Utilities4.52%
Energy3.14%
Consumer Staples2.58%
Consumer Discretionary2.54%
Telecom0.77%
Materials0.47%
Healthcare0.21%
Financials-0.59%
Industrials-1.08%
Real Estate-4.22%
Tech-7.01%
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 24.3%, 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 50% over the next 5 years.
  • This is better than its past earnings growth rate of 15% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 9.1% 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
ENB EnbridgeCA$73.306.8%
+CA$10.1b		20.0%PE22.7xEnergy
MG Magna InternationalCA$93.5226.7%
+CA$5.4b		74.4%PE23.2xConsumer Discretionary
TRP TC EnergyCA$86.525.9%
+CA$5.0b		32.8%PE24.9xEnergy
CNQ Canadian Natural ResourcesCA$55.394.3%
+CA$4.7b		29.8%PE17.3xEnergy
IMO Imperial OilCA$163.255.5%
+CA$4.1b		66.2%PE24.2xEnergy
See more

Market Insights

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TRP
CA$86.52
TC Energy
7D
6.7%
1Y
31.5%
ENB
CA$73.30
Enbridge
7D
5.8%
1Y
20.9%

Industry Analysts Just Made A Meaningful Upgrade To Their Enbridge Inc. (TSE:ENB) Revenue Forecasts

Feb 16
Industry Analysts Just Made A Meaningful Upgrade To Their Enbridge Inc. (TSE:ENB) Revenue Forecasts
CCO
CA$153.94
Cameco
7D
-3.8%
1Y
126.4%
MFC
CA$50.07
Manulife Financial
7D
-3.4%
1Y
17.6%
SLF
CA$93.94
Sun Life Financial
7D
5.8%
1Y
19.2%
MG
CA$93.52
Magna International
7D
26.7%
1Y
74.4%
WSP
CA$221.20
WSP Global
7D
-17.0%
1Y
-13.4%
ATRL
CA$90.35
AtkinsRéalis Group
7D
-14.7%
1Y
29.9%
ATD
CA$83.86
Alimentation Couche-Tard
7D
4.8%
1Y
16.5%

ATD: Self Distribution Buildout And Buybacks Will Shape Future Earnings Profile

The analyst price target for Alimentation Couche-Tard has been raised by CA$5.56 to CA$88.99. Analysts attribute the change to refreshed fair value work, modestly higher profit margin assumptions, and higher future P/E expectations, as more firms lift their CA$ price targets on the stock.
SU
CA$76.25
Suncor Energy
7D
3.0%
1Y
35.0%

SU: Investor Day And P/E Repricing Will Frame Fairly Balanced Outlook

Analysts have raised their CA$68.05 fair value estimate for Suncor Energy to CA$74.40, citing recent price target increases from several firms, updated assumptions for a higher future P/E of about 19x, and revised expectations for revenue trends and profit margins. Analyst Commentary Recent research updates show a mix of optimism and caution around Suncor Energy, with several price target changes and refreshed views on valuation and execution.
RY
CA$230.98
Royal Bank of Canada
7D
-2.9%
1Y
34.7%

RY: Future Returns Will Rely On Leading ROE And Diversified Franchise Strength

Royal Bank of Canada’s analyst fair value estimate has edged up from C$233.87 to C$235.27, as analysts point to a series of higher price targets and fresh Outperform ratings that highlight the bank’s scale, returns on equity and diversified business mix. Analyst Commentary Recent research updates cluster around higher price targets and fresh Outperform ratings, with Royal Bank of Canada now covered by several firms that are broadly constructive on its profile and valuation.
BNS
CA$103.16
Bank of Nova Scotia
7D
-2.2%
1Y
42.4%

BNS: New Leadership And ROE Focus May Support Measured Re rating Potential

Analysts have nudged their fair value estimate for Bank of Nova Scotia slightly higher to about $101.33 from $101.20, reflecting a modestly higher assumed discount rate and future P/E multiple, supported by recent price target increases and fresh Outperform and Buy ratings from several firms. Analyst Commentary Bullish Takeaways Bullish analysts have moved their price targets into a C$98 to C$108 range, which sits above the current fair value estimate and signals confidence that the market could re-rate the shares if execution stays on track.
BMO
CA$192.17
Bank of Montreal
7D
-2.7%
1Y
33.7%

BMO: Future Returns Will Reflect Narrowing ROE Gap And Capital Returns

Analysts have nudged their fair value estimate for Bank of Montreal higher to about $186.67 from $183.93, reflecting updated price targets that are based on views of a gradually narrowing return on equity gap and steady expectations for revenue growth, profit margins and future P/E. Analyst Commentary Recent research coverage on Bank of Montreal reflects a mix of optimism and caution, with price targets clustering in a relatively tight range and ratings spread between Buy and various forms of Perform.
TD
CA$129.93
Toronto-Dominion Bank
7D
-2.8%
1Y
52.6%

TD: Future Will Balance U.S. Asset Cap Fallout And Buybacks

Narrative update The analyst fair value estimate for Toronto Dominion Bank has edged up from C$128.67 to C$129.07. This reflects a cluster of higher Street price targets in the C$119 to C$132 range, as analysts point to steady progress under new leadership and updated views on the bank's risk profile and valuation metrics.
IMO
CA$163.25
Imperial Oil
7D
5.3%
1Y
62.0%

IMO: Future Returns Will Likely Weaken Versus C$115 Fair Value Estimate

Narrative Update Analysts have nudged their fair value estimate for Imperial Oil up from C$113 to about C$115.41. This reflects recent adjustments to sector price targets that factor in updated 2025 guidance and early 2026 commentary, while continuing to see gas as relatively more attractive than oil.
CNQ
CA$55.39
Canadian Natural Resources
7D
4.5%
1Y
28.5%