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Canadian (TSX) Market Analysis & Valuation

UpdatedMar 31, 2026
DataAggregated Company Financials
Companies2201
  • 7D0.4%
  • 3M1.6%
  • 1Y28.3%
  • YTD1.3%

In the last week, the market has stayed flat, however the Utilities sector stood out, gaining 3.6%. As for the longer term, the market has risen 28% in the past 12 months. As for the next few years, earnings are expected to grow by 10% per annum.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 31 Mar 2026CA$5.0tCA$2.2tCA$241.0b15.6x20.8x2.3x
Thu, 26 Feb 2026CA$5.3tCA$2.1tCA$236.7b17.4x22.6x2.5x
Sat, 24 Jan 2026CA$5.2tCA$2.1tCA$224.5b17.4x23x2.4x
Mon, 22 Dec 2025CA$4.9tCA$2.1tCA$224.7b16.4x21.9x2.3x
Wed, 19 Nov 2025CA$4.7tCA$2.1tCA$224.4b16x20.9x2.2x
Fri, 17 Oct 2025CA$4.8tCA$2.2tCA$209.6b16.7x22.9x2.2x
Sun, 14 Sep 2025CA$4.6tCA$2.1tCA$208.7b16.3x22.1x2.1x
Tue, 12 Aug 2025CA$4.4tCA$2.1tCA$201.7b15.8x21.6x2x
Thu, 10 Jul 2025CA$4.3tCA$2.1tCA$191.7b15.8x22.4x2x
Sat, 07 Jun 2025CA$4.2tCA$2.1tCA$191.9b15.4x21.9x2x
Mon, 05 May 2025CA$4.0tCA$2.1tCA$175.4b14.8x22.7x1.9x
Wed, 02 Apr 2025CA$4.0tCA$2.1tCA$173.7b15.4x22.9x1.9x
Fri, 28 Feb 2025CA$4.0tCA$2.1tCA$172.6b14.8x23.3x1.9x
Sun, 26 Jan 2025CA$3.9tCA$2.1tCA$171.2b15x23x1.8x
Tue, 24 Dec 2024CA$3.8tCA$2.1tCA$169.2b13.9x22.7x1.8x
Thu, 21 Nov 2024CA$3.9tCA$2.1tCA$166.7b14.5x23.5x1.8x
Sat, 19 Oct 2024CA$3.9tCA$2.1tCA$168.1b15.6x23.4x1.9x
Mon, 16 Sep 2024CA$3.8tCA$2.1tCA$167.4b15.1x22.5x1.8x
Wed, 14 Aug 2024CA$3.6tCA$2.1tCA$170.5b14.7x21.1x1.7x
Fri, 12 Jul 2024CA$3.6tCA$2.0tCA$166.6b14.1x21.6x1.8x
Sun, 09 Jun 2024CA$3.6tCA$2.1tCA$167.4b14.3x21.3x1.7x
Tue, 07 May 2024CA$3.6tCA$2.0tCA$172.8b14x20.7x1.7x
Thu, 04 Apr 2024CA$3.5tCA$2.0tCA$173.4b14x20.4x1.7x
Sat, 02 Mar 2024CA$3.4tCA$2.1tCA$176.1b13.7x19.4x1.7x
Mon, 29 Jan 2024CA$3.4tCA$2.1tCA$173.9b12.8x19.6x1.6x
Wed, 27 Dec 2023CA$3.4tCA$2.1tCA$172.8b13.2x19.5x1.6x
Fri, 24 Nov 2023CA$3.2tCA$2.1tCA$179.3b11.7x18x1.5x
Sun, 22 Oct 2023CA$3.1tCA$2.1tCA$185.3b11.4x16.8x1.5x
Tue, 19 Sep 2023CA$3.3tCA$2.1tCA$184.5b11.9x18x1.6x
Thu, 17 Aug 2023CA$3.2tCA$2.1tCA$185.8b11.4x17.4x1.5x
Sat, 15 Jul 2023CA$3.3tCA$2.1tCA$199.8b11.4x16.3x1.5x
Mon, 12 Jun 2023CA$3.2tCA$2.1tCA$199.8b11.2x16.1x1.5x
Wed, 10 May 2023CA$3.3tCA$2.1tCA$209.5b11.1x15.9x1.6x
Fri, 07 Apr 2023CA$3.3tCA$2.1tCA$217.8b10.6x15.1x1.6x
Price to Earnings Ratio

15.1x


Total Market Cap: CA$3.3tTotal Earnings: CA$217.8bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.7x202420252026
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 20.7x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 3.4% 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 Market0.38%
Utilities3.61%
Energy2.99%
Materials2.96%
Real Estate-0.21%
Consumer Staples-0.42%
Telecom-0.96%
Financials-1.15%
Industrials-1.37%
Consumer Discretionary-3.79%
Healthcare-5.70%
Tech-5.78%
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 24.4%, which is higher than its past year's earnings growth of 17.6% 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 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$91.946.0%
+CA$6.2b		65.0%PE18.4xEnergy
CVE Cenovus EnergyCA$37.038.9%
+CA$5.7b		85.2%PE17.7xEnergy
CNQ Canadian Natural ResourcesCA$68.833.5%
+CA$4.9b		55.4%PE13.3xEnergy
WPM Wheaton Precious MetalsCA$172.304.9%
+CA$3.7b		54.3%PE38.2xMaterials
IMO Imperial OilCA$180.633.9%
+CA$3.3b		73.8%PE26.7xEnergy
See more

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Latest News

SU
CA$91.94
Suncor Energy
7D
6.0%
1Y
65.0%
CNQ
CA$68.83
Canadian Natural Resources
7D
3.5%
1Y
55.4%
IMO
CA$180.63
Imperial Oil
7D
3.9%
1Y
73.8%
CSU
CA$2,386.77
Constellation Software
7D
-6.0%
1Y
-47.6%
CVE
CA$37.03
Cenovus Energy
7D
8.9%
1Y
85.2%
DOL
CA$168.02
Dollarama
7D
-9.9%
1Y
9.2%
NA
CA$175.28
National Bank of Canada
7D
-2.2%
1Y
47.6%

NA: Future Returns Will Reflect Buybacks And Discipline On Expenses And Mortgage Risk

Analysts have raised the average price target range on National Bank of Canada to roughly the CA$182 to CA$202 band, citing modestly better than expected Q1 results, updated earnings estimates through FY27, and sector-wide adjustments linked to easing mortgage renewal concerns. Analyst Commentary Recent research points to a tight CA$182 to CA$202 valuation band for National Bank of Canada, with multiple firms adjusting price targets following Q1 results, updated earnings frameworks through FY27, and sector wide revisions linked to mortgage renewal risk.
BMO
CA$183.35
Bank of Montreal
7D
-2.6%
1Y
33.4%

BMO: Future Returns Will Balance ROE Execution With Capital Markets Uncertainty

Analysts have trimmed the Bank of Montreal fair value estimate by about CA$1 to CA$204.14. This reflects a slightly higher discount rate and updated price targets in the CA$199 to CA$219 range that factor in recent earnings, return on equity initiatives and capital markets expectations.
RY
CA$219.79
Royal Bank of Canada
7D
-1.0%
1Y
35.6%

RY: Future Returns Will Rely On Stable Credit And Measured AI Enabled Execution

Narrative Update The analyst price target for Royal Bank of Canada has edged higher by CA$0.07 to CA$245.07, as analysts factor in updated earnings assumptions, modest tweaks to P/E expectations, and recent Street research that has generally nudged targets upward within the CA$245 to CA$259 range. Analyst Commentary Recent research on Royal Bank of Canada points to a cluster of target prices in the mid C$240s to high C$250s, with ratings in the Outperform, Buy and Overweight range.
MDA
CA$32.82
MDA Space
7D
-26.7%
1Y
19.4%
CLS
CA$358.37
Celestica
7D
-9.0%
1Y
215.7%

CLS: AI Platform Collaboration And 2026 Outlook Will Support Further Upside

Analysts have made a modest adjustment to their CA$ price target on Celestica, reflecting an updated view of inputs such as discount rate, revenue growth, profit margin, and future P/E assumptions that remain broadly consistent with prior estimates. What's in the News Celestica and AMD agreed to collaborate on the Helios rack-scale AI platform, pairing AMD compute with Celestica’s networking switch design and manufacturing for Open Compute Project, Open-Rack-Wide systems targeting large AI clusters, with initial availability planned for late 2026 (Key Developments).
NTR
CA$106.59
Nutrien
7D
6.6%
1Y
49.2%
CM
CA$127.87
Canadian Imperial Bank of Commerce
7D
-3.5%
1Y
58.0%

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.
ABX
CA$53.50
Barrick Mining
7D
3.5%
1Y
91.5%

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.
WPM
CA$172.30
Wheaton Precious Metals
7D
4.9%
1Y
54.3%
ENB
CA$75.67
Enbridge
7D
1.8%
1Y
18.8%

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.