Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Canadian (TSX) Market Analysis & Valuation

UpdatedOct 29, 2025
DataAggregated Company Financials
Companies2211
  • 7D1.2%
  • 3M8.5%
  • 1Y18.9%
  • YTD19.1%

The market is up 1.2% over the last week, with the Financials sector leading the way, up 2.1%. In the last year, the market has climbed 19%. As for the next few years, earnings are expected to grow by 12% 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
Wed, 29 Oct 2025CA$4.7tCA$2.2tCA$215.5b16.5x21.8x2.2x
Fri, 26 Sep 2025CA$4.7tCA$2.2tCA$209.1b16.5x22.3x2.2x
Sun, 24 Aug 2025CA$4.5tCA$2.1tCA$201.8b16.1x22.1x2.1x
Tue, 22 Jul 2025CA$4.3tCA$2.1tCA$191.0b16.4x22.8x2x
Thu, 19 Jun 2025CA$4.3tCA$2.1tCA$191.8b15.5x22.3x2x
Sat, 17 May 2025CA$4.1tCA$2.1tCA$183.1b14.3x22.3x1.9x
Mon, 14 Apr 2025CA$3.8tCA$2.1tCA$173.1b14.3x21.7x1.8x
Wed, 12 Mar 2025CA$3.9tCA$2.1tCA$175.3b14.6x22.1x1.8x
Fri, 07 Feb 2025CA$3.9tCA$2.1tCA$169.0b14.7x23.3x1.9x
Sun, 05 Jan 2025CA$3.9tCA$2.1tCA$169.3b14.4x23.2x1.8x
Tue, 03 Dec 2024CA$4.0tCA$2.1tCA$166.3b14.8x24x1.9x
Thu, 31 Oct 2024CA$3.9tCA$2.1tCA$168.1b15.3x23.2x1.8x
Sat, 28 Sep 2024CA$3.8tCA$2.1tCA$167.6b15.5x22.9x1.8x
Mon, 26 Aug 2024CA$3.7tCA$2.1tCA$166.6b15.1x22.3x1.8x
Wed, 24 Jul 2024CA$3.7tCA$2.1tCA$167.8b14x21.9x1.8x
Fri, 21 Jun 2024CA$3.5tCA$2.0tCA$167.3b14x20.7x1.7x
Sun, 19 May 2024CA$3.6tCA$2.0tCA$167.0b14.2x21.9x1.8x
Tue, 16 Apr 2024CA$3.5tCA$2.1tCA$174.6b14x20.2x1.7x
Thu, 14 Mar 2024CA$3.5tCA$2.1tCA$173.7b13.8x20.1x1.7x
Sat, 10 Feb 2024CA$3.4tCA$2.1tCA$174.2b13.1x19.3x1.6x
Mon, 08 Jan 2024CA$3.4tCA$2.1tCA$173.1b13x19.5x1.6x
Wed, 06 Dec 2023CA$3.3tCA$2.1tCA$172.0b12x19x1.6x
Fri, 03 Nov 2023CA$3.1tCA$2.1tCA$180.7b12.1x17.1x1.5x
Sun, 01 Oct 2023CA$3.2tCA$2.1tCA$185.2b11.5x17.1x1.5x
Tue, 29 Aug 2023CA$3.2tCA$2.1tCA$184.9b11.5x17.4x1.5x
Thu, 27 Jul 2023CA$3.3tCA$2.1tCA$199.1b11.8x16.7x1.6x
Sat, 24 Jun 2023CA$3.1tCA$2.1tCA$200.8b10.9x15.6x1.5x
Mon, 22 May 2023CA$3.3tCA$2.1tCA$206.3b11.1x15.9x1.5x
Wed, 19 Apr 2023CA$3.4tCA$2.1tCA$217.4b10.7x15.5x1.6x
Fri, 17 Mar 2023CA$3.2tCA$2.1tCA$219.3b10.6x14.6x1.5x
Sun, 12 Feb 2023CA$3.4tCA$2.0tCA$244.7b11.1x13.8x1.7x
Tue, 10 Jan 2023CA$3.3tCA$2.1tCA$245.2b10.6x13.3x1.6x
Thu, 08 Dec 2022CA$3.3tCA$2.1tCA$243.9b10.5x13.6x1.6x
Sat, 05 Nov 2022CA$3.2tCA$2.0tCA$238.6b9.9x13.5x1.6x
Price to Earnings Ratio

13.5x


Total Market Cap: CA$3.2tTotal Earnings: CA$238.6bTotal Revenue: CA$2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 19.5x202320242025
Current Market PE
  • Investors are optimistic on the Canadian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 21.8x which is higher than its 3-year average PE of 19.5x.
Past Earnings Growth
  • The earnings for Canadian listed companies have declined 3.3% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.0% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the Canadian Market?

CA Market1.23%
Tech5.50%
Energy3.33%
Financials2.08%
Telecom1.00%
Consumer Discretionary0.33%
Utilities0.26%
Industrials-0.60%
Materials-0.76%
Healthcare-1.14%
Consumer Staples-1.18%
Real Estate-1.58%
Sector PE
  • Investors favour the Tech sector the most for future growth which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 20.2%, which is lower than the prior year's growth of 23.4% 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 decline of 5.5% per year.
  • In contrast, the Telecom industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
CCO CamecoCA$148.9828.4%
+CA$14.4b		95.4%PE121.6xEnergy
CLS CelesticaCA$454.1122.2%
+CA$9.5b		366.4%PE52.5xTech
BN BrookfieldCA$66.184.5%
+CA$6.6b		32.9%PE161.3xFinancials
TD Toronto-Dominion BankCA$115.292.4%
+CA$4.5b		49.1%PB1.6xFinancials
IMO Imperial OilCA$127.466.6%
+CA$4.0b		23.7%PE13.8xEnergy
See more

Market Insights

Header cover image
💵 Hedging Your Bets on The Debasement Trade
Richard Bowman avatar
Richard Bowman
|
|
In this piece, we’ll unpack what debasement really means, why it’s driving markets today, and how to think about real assets, stocks, and strategies that can protect your portfolio when the value of the denominator itself starts to come into question.
Continue reading
🤝 Circular Deals and Soaring Valuations: The Risk Beneath The AI Hype
Last Week

🤝 Circular Deals and Soaring Valuations: The Risk Beneath The AI Hype

Latest News

CP
CA$103.71
Canadian Pacific Kansas City
7D
-2.2%
1Y
-4.6%
TFII
CA$122.61
TFI International
7D
-9.0%
1Y
-34.9%

Should You Think About Buying TFI International Inc. (TSE:TFII) Now?

Oct 29
Should You Think About Buying TFI International Inc. (TSE:TFII) Now?
CLS
CA$454.11
Celestica
7D
22.2%
1Y
366.4%
FNV
CA$260.50
Franco-Nevada
7D
-3.5%
1Y
36.4%
CCO
CA$148.98
Cameco
7D
28.4%
1Y
95.4%
FSV
CA$222.08
FirstService
7D
-14.3%
1Y
-16.3%

Recent Market Shifts Will Create New Opportunities Amid Sector Challenges

Analysts have lowered their price target for FirstService from approximately $305.06 to $264.65, citing softer organic growth, macro-driven roofing challenges, and a recent post-earnings share selloff. They note that the current valuation appears increasingly attractive.
LUG
CA$92.68
Lundin Gold
7D
-5.6%
1Y
170.4%
CNQ
CA$43.68
Canadian Natural Resources
7D
4.2%
1Y
-8.8%

Dividend Leadership And Capital Return Focus Will Guide Stability Ahead

Canadian Natural Resources' analyst price target was adjusted slightly lower by $0.19, as analysts cite moderating profit margins and revenue expectations. This is offset by continued confidence in the company’s capital return strategy.
IMO
CA$127.46
Imperial Oil
7D
6.6%
1Y
23.7%

Operational Restructuring And Workforce Cuts Will Shape Energy Sector Execution

Imperial Oil's analyst price target has been increased by approximately C$1.59 to C$111.35. This reflects positive updates from analysts citing the company's strong balance sheet and commitments to shareholder returns, despite some rating downgrades in recent research.
RY
CA$207.80
Royal Bank of Canada
7D
1.1%
1Y
20.8%

Analysts Raise Royal Bank of Canada Targets Amid Growth Optimism and Mixed Sentiment

Analysts have raised their price target for Royal Bank of Canada from $207.93 to $211.07. This change reflects improved fair value estimates supported by recent upward revisions in Street research and ongoing optimism around the bank's growth and profitability outlook.
CM
CA$116.82
Canadian Imperial Bank of Commerce
7D
3.2%
1Y
32.8%

Analysts Raise Price Targets for CIBC Amid Strong Earnings and Valuation Adjustments

The analyst price target for Canadian Imperial Bank of Commerce has been raised by $1.60 to reflect improved earnings momentum. This change is supported by stronger-than-expected Q3 results and ongoing margin expansion, according to analysts.
BN
CA$66.18
Brookfield
7D
4.5%
1Y
32.9%
TD
CA$115.29
Toronto-Dominion Bank
7D
2.4%
1Y
49.1%
ENB
CA$65.65
Enbridge
7D
-1.0%
1Y
16.7%

Strong North American Energy Demand Will Fuel Infrastructure Resilience

Analysts have increased their price target for Enbridge from C$68.40 to C$69.17, citing stable sector fundamentals and expectations for steady earnings, even though revenue growth is expected to be modestly slower. Analyst Commentary Recent Street research has highlighted a range of perspectives on Enbridge’s outlook, reflecting both optimism for the company’s growth potential and some areas of near-term caution.
L
CA$56.65
Loblaw Companies
7D
-2.7%
1Y
28.6%
TRP
CA$70.86
TC Energy
7D
-1.6%
1Y
9.9%

Overvaluations Will Crumble As North American Gas Faces Decarbonization

The consensus analyst price target for TC Energy has increased modestly to C$74.48, as analysts cite updated financial models and stable performance. This comes despite some recent downgrades from previously more bullish ratings.