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Canadian (TSX) Market Analysis & Valuation

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies2196
  • 7D0.3%
  • 3M2.7%
  • 1Y28.5%
  • YTD2.6%

The market has been flat over the last week. More promisingly, the market is up 29% over the past year. 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
Thu, 26 Mar 2026CA$5.0tCA$2.2tCA$239.0b16x21x2.3x
Sat, 21 Feb 2026CA$5.3tCA$2.2tCA$230.1b17.2x22.9x2.4x
Mon, 19 Jan 2026CA$5.1tCA$2.1tCA$225.2b17.2x22.8x2.4x
Wed, 17 Dec 2025CA$4.9tCA$2.1tCA$224.7b16.3x21.8x2.3x
Fri, 14 Nov 2025CA$4.8tCA$2.1tCA$223.6b16.4x21.4x2.2x
Sun, 12 Oct 2025CA$4.7tCA$2.2tCA$209.4b16.4x22.3x2.2x
Tue, 09 Sep 2025CA$4.6tCA$2.1tCA$208.5b16.4x21.9x2.1x
Thu, 07 Aug 2025CA$4.4tCA$2.1tCA$194.1b16.1x22.5x2.1x
Sat, 05 Jul 2025CA$4.3tCA$2.1tCA$191.5b15.9x22.5x2x
Mon, 02 Jun 2025CA$4.2tCA$2.1tCA$192.1b14.9x21.6x2x
Wed, 30 Apr 2025CA$4.0tCA$2.1tCA$173.9b14.9x22.8x1.9x
Fri, 28 Mar 2025CA$4.0tCA$2.1tCA$174.0b15.2x23x1.9x
Sun, 23 Feb 2025CA$4.0tCA$2.1tCA$169.1b14.8x23.6x1.9x
Tue, 21 Jan 2025CA$3.9tCA$2.1tCA$171.1b14.3x22.8x1.8x
Thu, 19 Dec 2024CA$3.9tCA$2.1tCA$169.6b13.9x23x1.8x
Sat, 16 Nov 2024CA$3.9tCA$2.1tCA$167.8b14.5x23.3x1.8x
Mon, 14 Oct 2024CA$3.9tCA$2.1tCA$168.0b15.7x23.2x1.8x
Wed, 11 Sep 2024CA$3.7tCA$2.1tCA$167.4b15x22x1.8x
Fri, 09 Aug 2024CA$3.5tCA$2.1tCA$168.6b13.7x20.8x1.7x
Sun, 07 Jul 2024CA$3.5tCA$2.0tCA$166.7b13.9x21.3x1.7x
Tue, 04 Jun 2024CA$3.6tCA$2.0tCA$166.2b14.3x21.7x1.8x
Thu, 02 May 2024CA$3.5tCA$2.1tCA$173.4b13.8x20.2x1.7x
Sat, 30 Mar 2024CA$3.5tCA$2.0tCA$175.1b13.8x20.3x1.7x
Mon, 26 Feb 2024CA$3.4tCA$2.0tCA$171.2b14.1x20x1.7x
Wed, 24 Jan 2024CA$3.4tCA$2.1tCA$173.3b13.3x19.4x1.6x
Fri, 22 Dec 2023CA$3.3tCA$2.1tCA$172.8b13.1x19.2x1.6x
Sun, 19 Nov 2023CA$3.2tCA$2.1tCA$179.9b12x17.9x1.6x
Tue, 17 Oct 2023CA$3.2tCA$2.1tCA$185.1b11.5x17.2x1.5x
Thu, 14 Sep 2023CA$3.3tCA$2.1tCA$184.6b11.8x17.7x1.5x
Sat, 12 Aug 2023CA$3.3tCA$2.1tCA$187.6b11.7x17.7x1.6x
Mon, 10 Jul 2023CA$3.2tCA$2.1tCA$200.3b11.2x16x1.5x
Wed, 07 Jun 2023CA$3.2tCA$2.1tCA$199.9b11.1x16.2x1.5x
Fri, 05 May 2023CA$3.3tCA$2.1tCA$212.1b10.9x15.4x1.6x
Sun, 02 Apr 2023CA$3.3tCA$2.1tCA$215.9b10.6x15.3x1.6x
Price to Earnings Ratio

15.3x


Total Market Cap: CA$3.3tTotal Earnings: CA$215.9bTotal 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 3.5% 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 Market0.31%
Energy2.76%
Financials0.47%
Tech0.25%
Telecom-0.24%
Industrials-0.49%
Consumer Staples-0.57%
Materials-0.73%
Utilities-1.07%
Real Estate-1.66%
Consumer Discretionary-1.99%
Healthcare-2.17%
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 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 9.2% 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
CVE Cenovus EnergyCA$35.859.0%
+CA$5.6b		76.4%PE17.1xEnergy
SU Suncor EnergyCA$89.425.0%
+CA$5.1b		61.1%PE17.9xEnergy
ENB EnbridgeCA$75.293.0%
+CA$4.8b		18.4%PE23.3xEnergy
CLS CelesticaCA$417.6111.0%
+CA$4.8b		233.3%PE41.7xTech
IMO Imperial OilCA$180.134.5%
+CA$3.7b		72.4%PE26.7xEnergy
See more

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Latest News

DOL
CA$172.01
Dollarama
7D
-9.3%
1Y
16.2%
RY
CA$224.51
Royal Bank of Canada
7D
0.7%
1Y
35.2%
CLS
CA$417.61
Celestica
7D
11.0%
1Y
233.3%
TCL.A
CA$5.07
Transcontinental
7D
-78.1%
1Y
-72.9%
CSU
CA$2,406.75
Constellation Software
7D
-6.3%
1Y
-48.2%

AI Adoption And Minority Stakes Will Reshape This Vertical Software Compounder

Catalysts About Constellation Software Constellation Software acquires and operates vertical market software businesses that provide mission critical solutions across many industries worldwide. What are the underlying business or industry changes driving this perspective?
IMO
CA$180.13
Imperial Oil
7D
4.5%
1Y
72.4%

IMO: Limited Margin For Error Will Pressure Returns After Outperformance

Analysts have raised the fair value estimate for Imperial Oil by CA$6 to CA$98, citing recent target moves around CA$110 to CA$116, a shift to an Underperform view from some firms, updated assumptions for a higher discount rate, softer revenue growth, improved profit margin, and a slightly lower future P/E. Analyst Commentary Recent research on Imperial Oil highlights a mix of higher price targets and more cautious ratings, with some firms flagging valuation and return risks even as target prices cluster in the CA$110 to CA$116 range.
CM
CA$134.53
Canadian Imperial Bank of Commerce
7D
1.5%
1Y
62.1%

CM: Future Earnings Balance Will Hinge On Credit Costs And Capital Markets Performance

The analyst price target for Canadian Imperial Bank of Commerce has moved slightly to CA$143.75 from CA$143.97, reflecting a series of recent Street target increases that cite stronger than expected Q1 results, improving profitability metrics, and updated longer term earnings estimates across the Canadian bank group. Analyst Commentary Recent Street research on Canadian Imperial Bank of Commerce has been active, with several firms updating targets and views around the latest Q1 print and longer term earnings estimates.
CVE
CA$35.85
Cenovus Energy
7D
9.0%
1Y
76.4%

CVE: Cash Returns And Portfolio Integration Will Shape Future Risk Reward Balance

Cenovus Energy's analyst fair value estimate has been revised higher from CA$32.12 to CA$33.19, reflecting a series of recent target price increases from multiple firms as analysts factor in updated views on revenue, profit margins and sector conditions. Analyst Commentary Recent Street research on Cenovus Energy points to an active debate around upside potential versus execution and commodity related risks, with several firms adjusting their price targets and ratings in quick succession.
ABX
CA$53.92
Barrick Mining
7D
-2.8%
1Y
95.4%

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$323.25
Franco-Nevada
7D
-3.1%
1Y
47.7%

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.
WPM
CA$169.53
Wheaton Precious Metals
7D
-4.1%
1Y
57.7%
BN
CA$55.16
Brookfield
7D
2.4%
1Y
6.7%
FFH
CA$2,336.96
Fairfax Financial Holdings
7D
-3.0%
1Y
14.7%

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.
ENB
CA$75.29
Enbridge
7D
3.0%
1Y
18.4%

ENB: Future Returns Will Rely On Utility Execution And Rich Market Pricing

Analysts have nudged the fair value estimate for Enbridge higher, with the implied price target moving roughly CA$1.48 to CA$75.29. This change is supported by a slightly lower discount rate, steady revenue growth and margin assumptions, and a modestly higher future P/E multiple after a series of recent CA$72 to CA$77 Street price target revisions.
TRI
CA$120.87
Thomson Reuters
7D
-6.3%
1Y
-50.8%
SU
CA$89.42
Suncor Energy
7D
5.0%
1Y
61.1%

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.