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Canadian (TSX) Market Analysis & Valuation

UpdatedAug 21, 2026
DataAggregated Company Financials
Companies2202
  • 7D-1.1%
  • 3M3.8%
  • 1Y29.2%
  • YTD14.2%

Over the last 7 days, the market has dropped 1.1%, driven by a pullback of 5.7% in the Financials sector. In contrast, the Materials sector has actually gained 7.7%. In the last year, the market is actually up 29%. As for the next few years, earnings are expected to grow by 11% 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
Fri, 21 Aug 2026CA$5.7tCA$2.3tCA$254.5b17.2x22.3x2.4x
Sun, 19 Jul 2026CA$5.5tCA$2.2tCA$242.9b16.4x22.7x2.5x
Tue, 16 Jun 2026CA$5.5tCA$2.2tCA$243.9b16.4x22.6x2.5x
Thu, 14 May 2026CA$5.5tCA$2.2tCA$246.1b16.9x22.4x2.5x
Sat, 11 Apr 2026CA$5.3tCA$2.2tCA$241.1b16.7x21.9x2.4x
Mon, 09 Mar 2026CA$5.2tCA$2.1tCA$239.7b16.8x21.7x2.4x
Wed, 04 Feb 2026CA$5.1tCA$2.1tCA$223.9b17.3x22.6x2.4x
Fri, 02 Jan 2026CA$4.9tCA$2.1tCA$224.4b16.4x22x2.3x
Sun, 30 Nov 2025CA$4.9tCA$2.1tCA$224.1b16.4x21.7x2.3x
Tue, 28 Oct 2025CA$4.7tCA$2.2tCA$215.4b16.5x21.9x2.2x
Thu, 25 Sep 2025CA$4.7tCA$2.2tCA$209.0b16.4x22.4x2.2x
Sat, 23 Aug 2025CA$4.4tCA$2.1tCA$201.8b16.1x21.9x2.1x
Mon, 21 Jul 2025CA$4.3tCA$2.1tCA$191.2b16.1x22.7x2x
Wed, 18 Jun 2025CA$4.3tCA$2.1tCA$191.7b15.4x22.3x2x
Fri, 16 May 2025CA$4.0tCA$2.1tCA$180.5b14.3x22.4x1.9x
Sun, 13 Apr 2025CA$3.8tCA$2.1tCA$173.2b14.4x21.7x1.8x
Tue, 11 Mar 2025CA$3.9tCA$2.1tCA$175.3b14.7x22.5x1.8x
Thu, 06 Feb 2025CA$3.9tCA$2.1tCA$170.6b14.5x22.9x1.8x
Sat, 04 Jan 2025CA$3.9tCA$2.1tCA$169.2b14.4x23x1.8x
Mon, 02 Dec 2024CA$4.0tCA$2.1tCA$166.3b14.8x24x1.9x
Wed, 30 Oct 2024CA$3.9tCA$2.1tCA$168.1b15.4x23.3x1.8x
Fri, 27 Sep 2024CA$3.8tCA$2.1tCA$167.5b15.3x22.7x1.8x
Sun, 25 Aug 2024CA$3.7tCA$2.1tCA$166.6b15.2x22.3x1.8x
Tue, 23 Jul 2024CA$3.6tCA$2.1tCA$167.8b14.3x21.7x1.8x
Thu, 20 Jun 2024CA$3.5tCA$2.1tCA$167.4b14x20.7x1.7x
Sat, 18 May 2024CA$3.6tCA$2.0tCA$167.0b14.2x21.7x1.8x
Mon, 15 Apr 2024CA$3.5tCA$2.1tCA$174.6b14.1x20.2x1.7x
Wed, 13 Mar 2024CA$3.5tCA$2.1tCA$173.3b13.8x20.1x1.7x
Fri, 09 Feb 2024CA$3.4tCA$2.1tCA$174.6b12.9x19.2x1.6x
Sun, 07 Jan 2024CA$3.4tCA$2.1tCA$173.2b13x19.5x1.6x
Tue, 05 Dec 2023CA$3.3tCA$2.1tCA$172.0b12.2x19x1.6x
Thu, 02 Nov 2023CA$3.1tCA$2.1tCA$184.5b11.5x16.6x1.5x
Sat, 30 Sep 2023CA$3.2tCA$2.1tCA$185.1b11.5x17.2x1.5x
Mon, 28 Aug 2023CA$3.2tCA$2.1tCA$184.9b11.5x17.4x1.5x
Price to Earnings Ratio

17.4x


Total Market Cap: CA$3.2tTotal Earnings: CA$184.9bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21.5x202420252026
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 21.5x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 11% per year over the last three years.
  • Revenues for these companies have grown 3.1% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Canadian Market?

CA Market-1.11%
Materials7.68%
Energy1.96%
Telecom-0.096%
Real Estate-0.46%
Consumer Discretionary-1.17%
Healthcare-1.49%
Utilities-1.62%
Industrials-2.15%
Consumer Staples-3.89%
Financials-5.74%
Tech-5.99%
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 7.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 43% over the next 5 years.
  • This is better than its past earnings growth rate of 1.3% per year.
  • In contrast, the Utilities sector is expected to see its earnings grow by 4.2% 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
WPM Wheaton Precious MetalsCA$217.0716.5%
+CA$14.0b		64.2%PE34.9xMaterials
ABX Barrick MiningCA$65.5613.4%
+CA$12.8b		80.9%PE12xMaterials
CNQ Canadian Natural ResourcesCA$70.816.6%
+CA$9.1b		64.4%PE12.4xEnergy
K Kinross GoldCA$45.0418.9%
+CA$8.5b		66.2%PE12.2xMaterials
FNV Franco-NevadaCA$365.8312.5%
+CA$7.8b		43.0%PE34.7xMaterials
See more

Market Insights

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Latest News

CM
CA$160.32
Canadian Imperial Bank of Commerce
7D
-6.7%
1Y
58.4%
WPM
CA$217.07
Wheaton Precious Metals
7D
16.5%
1Y
64.2%
TD
CA$161.24
Toronto-Dominion Bank
7D
-6.6%
1Y
56.7%
Narrative Update • Aug 20

TD: Future Will Reflect AI Use Capital Markets Momentum And Execution Risk

Analysts have lifted the fair value estimate for Toronto Dominion Bank to CA$170.38 from CA$163, reflecting revised targets across the Canadian bank sector and continued support from capital markets and wealth revenue trends. Analyst Commentary Recent Street research on Toronto Dominion Bank points to a cluster of higher price targets, which lines up with the revised fair value estimate.
BMO
CA$240.25
Bank of Montreal
7D
-6.8%
1Y
51.4%
Narrative Update • Aug 20

BMO: Future Returns Will Balance U.S. Lending Upside And Execution Risks

Analysts have lifted their Bank of Montreal fair value estimate from CA$233.68 to CA$246.36, citing a series of higher Street price targets that reflect updated views on revenue growth, P/E assumptions and return on equity potential. At the same time, some now flag valuation and the recent share price rally as reasons for more neutral ratings.
ABX
CA$65.56
Barrick Mining
7D
13.4%
1Y
80.9%
Narrative Update • Aug 19

ABX: Buyback And North American Gold IPO Plan Will Support Rerating

Analysts have trimmed their fair value estimate for Barrick Mining, cutting the implied price target from about CA$98.54 to CA$89.75 as they factor in more moderate revenue growth assumptions, a slightly higher discount rate, a lower future P/E, and a small uplift to projected profit margins. Analyst Commentary Barrick Mining is drawing interest from bullish analysts who are looking across the broader asset and mining space for companies that can execute consistently, support earnings quality, and justify current valuation multiples through the cycle.
BNS
CA$120.57
Bank of Nova Scotia
7D
-5.0%
1Y
51.3%
Narrative Update • Aug 19

BNS: Capital Markets Strength And AI Initiatives Will Support Steady Fair Value

Bank of Nova Scotia's updated fair value estimate has moved from CA$117.62 to CA$123.31 as analysts factor in recent price target increases across the Street, supported by expectations for capital markets and wealth revenue, operating leverage trends, and modest adjustments to P/E assumptions. Analyst Commentary Recent Street research on Bank of Nova Scotia shows a cluster of upward price target revisions, which feeds directly into the updated fair value estimate.
RY
CA$282.37
Royal Bank of Canada
7D
-6.1%
1Y
48.1%
K
CA$45.04
Kinross Gold
7D
18.9%
1Y
66.2%
CVE
CA$45.39
Cenovus Energy
7D
5.3%
1Y
100.1%
FNV
CA$365.83
Franco-Nevada
7D
12.5%
1Y
43.0%
Narrative Update • Aug 18

FNV: Cobre Panama Restart And Strong Margins Will Support Future Upside

Franco-Nevada's analyst price targets have moved lower, with recent cuts ranging from CA$238 to CA$291 as analysts factor in reduced precious and base metal price forecasts, a more hawkish outlook for gold, and expectations for margin pressure tied to softer commodity prices and higher costs. Analyst Commentary Recent research on Franco-Nevada shows a mix of optimism and caution as analysts adjust models to reflect revised commodity price assumptions, margin pressures and project specific developments such as Cobre Panama.
CNQ
CA$70.81
Canadian Natural Resources
7D
6.6%
1Y
64.4%
Narrative Update • Aug 18

CNQ: Future Oilsands Expansion Will Test Market Optimism On Policy Risks

Canadian Natural Resources' fair value estimate has been revised to CA$62 from CA$60 as analysts lift price targets to around CA$73 and CA$74, citing updated views on discount rates, revenue growth expectations, profit margins, and future P/E assumptions. Analyst Commentary Recent Street research on Canadian Natural Resources points to a mix of supportive views and caution.
BN
CA$57.40
Brookfield
7D
-5.7%
1Y
-5.6%
TECK.B
CA$95.30
Teck Resources
7D
8.1%
1Y
105.0%
CLS
CA$407.67
Celestica
7D
-12.4%
1Y
55.9%
NTR
CA$103.71
Nutrien
7D
9.5%
1Y
29.6%
Narrative Update • Aug 06

NTR: Potash And Phosphate Stability Will Support Future Earnings Multiple

The analyst price target for Nutrien has been adjusted modestly lower to CA$110.93 from CA$113.81 as analysts factor in updated fertilizer price assumptions, a mix of cautious estimate revisions across the sector, and ongoing discussion around nitrogen, potash, and phosphate market conditions. Analyst Commentary Recent research on Nutrien shows a split view, with some bullish analysts leaning into fertilizer pricing and others more cautious on earnings sustainability, farmer demand, and longer term commodity assumptions.
ATD
CA$85.66
Alimentation Couche-Tard
7D
-6.9%
1Y
22.9%
New Narrative • Aug 02

Can they absorb Zabka Group?

Couche-Tard sits inside the top tenth of the TGI watchlist on the primary rank and higher still on dividend growth, with a payout ratio near ten percent. It arrived there in the same three months it agreed to acquire Poland's Żabka Group for approximately US$8.6 billion, the largest acquisition in its history, funded entirely with debt, and the first network it has promised not to absorb.