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Canadian (TSX) Market Analysis & Valuation

UpdatedMar 24, 2026
DataAggregated Company Financials
Companies2196
  • 7D-3.0%
  • 3M0.8%
  • 1Y25.6%
  • YTD0.8%

Over the last 7 days, the market has dropped 3.0%, driven by a decline of 11% in the Materials sector. As for the longer term, the market has actually risen by 26% in the last 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
Tue, 24 Mar 2026CA$4.9tCA$2.1tCA$239.0b15.7x20.6x2.3x
Thu, 19 Feb 2026CA$5.2tCA$2.1tCA$229.3b17.5x22.6x2.4x
Sat, 17 Jan 2026CA$5.1tCA$2.1tCA$225.1b17.2x22.8x2.4x
Mon, 15 Dec 2025CA$4.9tCA$2.1tCA$224.8b16.2x21.8x2.3x
Wed, 12 Nov 2025CA$4.7tCA$2.1tCA$221.9b16.5x21.2x2.2x
Fri, 10 Oct 2025CA$4.8tCA$2.2tCA$209.3b16.6x22.8x2.2x
Sun, 07 Sep 2025CA$4.5tCA$2.1tCA$208.6b16.3x21.8x2.1x
Tue, 05 Aug 2025CA$4.3tCA$2.1tCA$195.2b15.9x22x2x
Thu, 03 Jul 2025CA$4.3tCA$2.1tCA$191.4b15.8x22.3x2x
Sat, 31 May 2025CA$4.2tCA$2.1tCA$192.2b14.9x21.7x2x
Mon, 28 Apr 2025CA$3.9tCA$2.1tCA$174.0b14.9x22.7x1.9x
Wed, 26 Mar 2025CA$4.0tCA$2.1tCA$173.7b15.4x23.1x1.9x
Fri, 21 Feb 2025CA$4.0tCA$2.1tCA$169.6b15.1x23.8x1.9x
Sun, 19 Jan 2025CA$3.9tCA$2.1tCA$171.3b14.3x22.8x1.8x
Tue, 17 Dec 2024CA$3.9tCA$2.1tCA$169.4b14.3x23.3x1.9x
Thu, 14 Nov 2024CA$3.9tCA$2.1tCA$167.6b14.6x23.3x1.8x
Sat, 12 Oct 2024CA$3.9tCA$2.1tCA$167.9b15.7x23x1.8x
Mon, 09 Sep 2024CA$3.6tCA$2.1tCA$167.4b14.8x21.8x1.7x
Wed, 07 Aug 2024CA$3.6tCA$2.1tCA$167.1b13.7x21.4x1.7x
Fri, 05 Jul 2024CA$3.6tCA$2.0tCA$166.4b14.1x21.5x1.7x
Sun, 02 Jun 2024CA$3.6tCA$2.0tCA$166.2b14.4x21.7x1.8x
Tue, 30 Apr 2024CA$3.5tCA$2.1tCA$173.1b13.9x20.4x1.7x
Thu, 28 Mar 2024CA$3.5tCA$2.0tCA$175.5b13.9x20.2x1.7x
Sat, 24 Feb 2024CA$3.4tCA$2.1tCA$173.5b14.1x19.8x1.7x
Mon, 22 Jan 2024CA$3.4tCA$2.1tCA$173.2b12.9x19.4x1.6x
Wed, 20 Dec 2023CA$3.3tCA$2.1tCA$173.0b12.8x19.1x1.6x
Fri, 17 Nov 2023CA$3.2tCA$2.1tCA$179.9b11.9x17.9x1.6x
Sun, 15 Oct 2023CA$3.2tCA$2.1tCA$185.2b11.6x17.1x1.5x
Tue, 12 Sep 2023CA$3.3tCA$2.1tCA$184.8b11.8x17.7x1.5x
Thu, 10 Aug 2023CA$3.3tCA$2.1tCA$184.3b11.7x17.9x1.6x
Sat, 08 Jul 2023CA$3.1tCA$2.1tCA$192.2b11.2x16.3x1.5x
Mon, 05 Jun 2023CA$3.2tCA$2.1tCA$200.0b11.1x16.2x1.5x
Wed, 03 May 2023CA$3.3tCA$2.1tCA$214.4b11.1x15.5x1.6x
Fri, 31 Mar 2023CA$3.3tCA$2.1tCA$216.7b10.5x15.2x1.6x
Price to Earnings Ratio

15.2x


Total Market Cap: CA$3.3tTotal Earnings: CA$216.7bTotal 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 3.3% 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-2.96%
Tech1.23%
Energy0.96%
Telecom0.28%
Financials-0.80%
Consumer Discretionary-2.16%
Industrials-2.60%
Real Estate-2.84%
Consumer Staples-2.86%
Healthcare-3.03%
Utilities-3.28%
Materials-11.27%
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 19.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 53% 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
SU Suncor EnergyCA$86.704.5%
+CA$4.5b		57.5%PE17.4xEnergy
CVE Cenovus EnergyCA$34.006.3%
+CA$3.8b		66.0%PE16.3xEnergy
CLS CelesticaCA$393.816.3%
+CA$2.7b		175.2%PE39.6xTech
IMO Imperial OilCA$173.902.9%
+CA$2.4b		66.5%PE25.7xEnergy
QSP.UN Restaurant Brands International Limited PartnershipCA$103.506.5%
+CA$2.1b		5.8%PE21.1xConsumer Discretionary
See more

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Latest News

AGI
CA$55.09
Alamos Gold
7D
-13.0%
1Y
49.9%
CNR
CA$138.34
Canadian National Railway
7D
-4.8%
1Y
-2.1%
IMO
CA$173.90
Imperial Oil
7D
2.9%
1Y
66.5%

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.
ATD
CA$78.96
Alimentation Couche-Tard
7D
-6.3%
1Y
12.7%
CVE
CA$34.00
Cenovus Energy
7D
6.3%
1Y
66.0%

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.
ARX
CA$29.01
ARC Resources
7D
4.6%
1Y
2.4%
ABX
CA$51.68
Barrick Mining
7D
-12.3%
1Y
90.8%

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$311.11
Franco-Nevada
7D
-10.5%
1Y
39.4%

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.
K
CA$38.14
Kinross Gold
7D
-10.2%
1Y
118.4%
PAAS
CA$67.33
Pan American Silver
7D
-12.8%
1Y
81.8%
WPM
CA$164.22
Wheaton Precious Metals
7D
-13.8%
1Y
53.0%
BN
CA$54.15
Brookfield
7D
1.0%
1Y
2.4%
CLS
CA$393.81
Celestica
7D
6.3%
1Y
175.2%

Celestica Inc. (CLS): The Hyperscale Backbone and "Design-to-Delivery" Expansion

Celestica (CLS) concluded the March 17, 2026, trading session at $386.07 CAD on the Toronto Stock Exchange (TSX), marking a 4.13% daily gain as it continues its historic vertical ascent. On the NYSE, the stock is trading at $281.95 USD.
MFC
CA$47.19
Manulife Financial
7D
1.1%
1Y
5.1%

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.
SU
CA$86.70
Suncor Energy
7D
4.5%
1Y
57.5%

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.
QSP.UN
CA$103.50
Restaurant Brands International Limited Partnership
7D
6.5%
1Y
5.8%