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Canadian (TSX) Market Analysis & Valuation

UpdatedMar 18, 2026
DataAggregated Company Financials
Companies2198
  • 7D-1.2%
  • 3M6.4%
  • 1Y32.6%
  • YTD4.0%

Over the last 7 days, the market has dropped 1.2%, driven by a decline of 7.2% in the Materials sector. On the other hand, the Energy has risen by 3.4%. In the last year, the market is actually up 33%. Looking forward, earnings are forecast to grow by 11% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 18 Mar 2026CA$5.2tCA$2.1tCA$240.5b16.2x21.5x2.4x
Fri, 13 Feb 2026CA$5.2tCA$2.1tCA$227.4b17.3x23x2.5x
Sun, 11 Jan 2026CA$5.1tCA$2.1tCA$225.1b16.8x22.5x2.4x
Tue, 09 Dec 2025CA$4.9tCA$2.1tCA$225.4b16.1x21.5x2.3x
Thu, 06 Nov 2025CA$4.6tCA$2.1tCA$215.6b16.3x21.4x2.2x
Sat, 04 Oct 2025CA$4.7tCA$2.2tCA$209.3b16.7x22.5x2.2x
Mon, 01 Sep 2025CA$4.5tCA$2.1tCA$207.8b16x21.7x2.1x
Wed, 30 Jul 2025CA$4.4tCA$2.1tCA$191.4b16.4x22.8x2x
Fri, 27 Jun 2025CA$4.2tCA$2.1tCA$190.9b15.6x22.1x2x
Sun, 25 May 2025CA$4.1tCA$2.1tCA$193.6b14.7x21.4x2x
Tue, 22 Apr 2025CA$3.9tCA$2.1tCA$173.0b14.7x22.4x1.8x
Thu, 20 Mar 2025CA$3.9tCA$2.1tCA$172.6b15.1x22.8x1.8x
Sat, 15 Feb 2025CA$4.1tCA$2.1tCA$168.6b15x24.1x1.9x
Mon, 13 Jan 2025CA$3.9tCA$2.1tCA$171.3b14.5x22.5x1.8x
Wed, 11 Dec 2024CA$4.0tCA$2.1tCA$169.2b14.6x23.6x1.9x
Fri, 08 Nov 2024CA$3.9tCA$2.1tCA$168.5b14.9x23.2x1.8x
Sun, 06 Oct 2024CA$3.8tCA$2.1tCA$167.4b15.4x23x1.8x
Tue, 03 Sep 2024CA$3.7tCA$2.1tCA$167.6b15.4x22.3x1.8x
Thu, 01 Aug 2024CA$3.7tCA$2.1tCA$167.8b14.2x22.1x1.8x
Sat, 29 Jun 2024CA$3.5tCA$2.1tCA$166.5b14.2x21.2x1.7x
Mon, 27 May 2024CA$3.6tCA$2.0tCA$166.4b14.2x21.8x1.8x
Wed, 24 Apr 2024CA$3.5tCA$2.0tCA$174.5b13.9x20.3x1.7x
Fri, 22 Mar 2024CA$3.5tCA$2.0tCA$173.9b13.6x20.2x1.7x
Sun, 18 Feb 2024CA$3.4tCA$2.1tCA$177.4b13.5x19.2x1.6x
Tue, 16 Jan 2024CA$3.4tCA$2.1tCA$173.2b12.9x19.6x1.6x
Thu, 14 Dec 2023CA$3.2tCA$2.1tCA$172.3b12.3x18.8x1.6x
Sat, 11 Nov 2023CA$3.2tCA$2.1tCA$177.6b11.9x17.8x1.5x
Mon, 09 Oct 2023CA$3.1tCA$2.1tCA$185.2b11.2x16.9x1.5x
Wed, 06 Sep 2023CA$3.3tCA$2.1tCA$184.8b11.4x17.8x1.6x
Fri, 04 Aug 2023CA$3.3tCA$2.1tCA$182.3b12x17.9x1.6x
Sun, 02 Jul 2023CA$3.2tCA$2.1tCA$200.0b11x16.2x1.5x
Tue, 30 May 2023CA$3.2tCA$2.1tCA$200.3b11.1x16.1x1.5x
Thu, 27 Apr 2023CA$3.3tCA$2.1tCA$216.4b10.6x15.3x1.6x
Sat, 25 Mar 2023CA$3.1tCA$2.1tCA$214.7b10.5x14.6x1.5x
Price to Earnings Ratio

14.6x


Total Market Cap: CA$3.1tTotal Earnings: CA$214.7bTotal 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 3.9% 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-1.22%
Energy3.38%
Utilities2.14%
Healthcare1.15%
Consumer Staples0.90%
Financials0.057%
Real Estate-0.079%
Telecom-0.45%
Consumer Discretionary-0.64%
Industrials-2.48%
Tech-3.92%
Materials-7.18%
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 24.8%, 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 57% over the next 5 years.
  • This is better than its past earnings growth rate of 21% 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
CNQ Canadian Natural ResourcesCA$67.158.1%
+CA$10.5b		56.7%PE12.9xEnergy
SU Suncor EnergyCA$84.118.2%
+CA$7.5b		56.5%PE16.9xEnergy
IMO Imperial OilCA$171.096.9%
+CA$5.3b		73.1%PE25.3xEnergy
CVE Cenovus EnergyCA$32.294.9%
+CA$2.8b		66.0%PE15.4xEnergy
NTR NutrienCA$109.025.4%
+CA$2.7b		46.4%PE16.9xMaterials
See more

Market Insights

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Why international stocks are starting to outpace the U.S.
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Stella Ong
From Europe to Asia, global markets surged in 2025 while U.S. earnings growth became more concentrated. Early signs suggest this might continue.
Continue reading
What the next 25 years will look like 🔮

Latest News

TRI
CA$130.92
Thomson Reuters
7D
-7.0%
1Y
-46.9%
MFC
CA$47.31
Manulife Financial
7D
3.1%
1Y
10.2%

MFC: Execution On Medium Term Goals Will Support Further Multiple Expansion

Analysts have nudged the fair value estimate for Manulife Financial slightly higher to about CA$54.71, citing modestly higher revenue growth assumptions, a somewhat lower profit margin outlook, and a higher future P/E that aligns with a series of recent price target increases in the CA$52 to CA$58 range. Analyst Commentary Recent Street research on Manulife Financial has been active, with several firms adjusting price targets in a tight CA$52 to CA$58 range and one rating upgrade.
WPM
CA$188.02
Wheaton Precious Metals
7D
-8.2%
1Y
74.1%

WPM: Robust Opportunities Pipeline And Higher Metal Price Assumptions Will Drive Upside

Analysts have lifted the fair value estimate for Wheaton Precious Metals from CA$190.41 to CA$259.31, citing refreshed models that reflect a stronger revenue outlook, updated profit assumptions, and a higher future P/E multiple in line with a series of recent price target increases across the Street. Analyst Commentary Recent research on Wheaton Precious Metals has leaned toward higher valuation anchors, with several price targets in the US$160 to US$188 range and others in the C$230 area and above.
NTR
CA$109.02
Nutrien
7D
5.4%
1Y
46.4%
CNQ
CA$67.15
Canadian Natural Resources
7D
8.1%
1Y
56.7%
CVE
CA$32.29
Cenovus Energy
7D
4.9%
1Y
66.0%
CP
CA$110.44
Canadian Pacific Kansas City
7D
-3.1%
1Y
3.9%
AG
CA$29.73
First Majestic Silver
7D
-18.0%
1Y
187.2%

AG: Higher-Margin Production And Exploration Success Will Drive Stronger Outlook

Analysts have raised their price target on First Majestic Silver to CA$52 from CA$36, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E expectations. What's in the News Reported fourth quarter 2025 production of 7,845,686 silver equivalent ounces, 4,165,334 ounces of silver, 41,417 ounces of gold, 14,238,927 pounds of zinc, 8,108,949 pounds of lead, and 235,886 pounds of copper, with full year 2025 output of 31,060,764 silver equivalent ounces, 15,435,506 ounces of silver, 41,417 ounces of gold, 56,690,291 pounds of zinc, 32,264,292 pounds of lead, and 920,509 pounds of copper (Announcement of Operating Results).
SU
CA$84.11
Suncor Energy
7D
8.2%
1Y
56.5%

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.
CCO
CA$152.75
Cameco
7D
-6.4%
1Y
147.9%

CCO: Future Earnings Profile Will Reflect Premium Margins And Elevated P E Expectations

Analysts have slightly increased their fair value estimate for Cameco, raising the target from about CA$172.56 to around CA$174.59 as they refine assumptions on long term revenue growth, profit margins, discount rate, and future P/E. Analyst Commentary Analysts adjusting their models for Cameco are fine tuning expectations around long term growth, profitability, and the appropriate valuation multiple.
CSU
CA$2,595.11
Constellation Software
7D
-11.7%
1Y
-43.6%
ABX
CA$58.65
Barrick Mining
7D
-6.4%
1Y
112.1%
CLS
CA$386.68
Celestica
7D
5.8%
1Y
208.9%

CLS: Index Inclusion And Higher 2026 Outlook Will Support Future Upside

Analysts have reiterated their price target on Celestica at CA$570.53, supported by updated modelling that keeps fair value, revenue growth, profit margin and future P/E assumptions broadly unchanged while slightly adjusting the discount rate. What's in the News Celestica issued earnings guidance for the first quarter of 2026, projecting revenue between US$3.85b and US$4.15b, with midpoint growth of 51% (company guidance).
FFH
CA$2,370.61
Fairfax Financial Holdings
7D
4.6%
1Y
19.4%
BN
CA$54.48
Brookfield
7D
-3.8%
1Y
9.6%
IMO
CA$171.09
Imperial Oil
7D
6.9%
1Y
73.1%

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.