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Canadian (TSX) Market Analysis & Valuation

UpdatedJul 04, 2026
DataAggregated Company Financials
Companies2201
  • 7D1.0%
  • 3M6.5%
  • 1Y29.6%
  • YTD11.5%

In the last week, the market has stayed flat, however the Materials sector stood out, gaining 5.4%. More promisingly, the market is up 30% over the past year. 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
Sat, 04 Jul 2026CA$5.5tCA$2.3tCA$245.8b16.5x22.3x2.4x
Mon, 01 Jun 2026CA$5.5tCA$2.2tCA$243.1b16.8x22.6x2.5x
Wed, 29 Apr 2026CA$5.3tCA$2.2tCA$241.5b16.5x22.1x2.4x
Fri, 27 Mar 2026CA$5.1tCA$2.2tCA$239.4b15.6x21.2x2.4x
Sun, 22 Feb 2026CA$5.3tCA$2.1tCA$235.2b17.2x22.6x2.5x
Tue, 20 Jan 2026CA$5.1tCA$2.1tCA$225.0b17.2x22.9x2.4x
Thu, 18 Dec 2025CA$4.9tCA$2.1tCA$224.8b16.3x21.6x2.3x
Sat, 15 Nov 2025CA$4.7tCA$2.1tCA$223.4b16.2x21.1x2.2x
Mon, 13 Oct 2025CA$4.7tCA$2.2tCA$209.4b16.4x22.3x2.2x
Wed, 10 Sep 2025CA$4.6tCA$2.1tCA$208.6b16.5x21.9x2.1x
Fri, 08 Aug 2025CA$4.4tCA$2.1tCA$195.9b16.2x22.3x2x
Sun, 06 Jul 2025CA$4.3tCA$2.1tCA$191.5b15.9x22.5x2x
Tue, 03 Jun 2025CA$4.2tCA$2.1tCA$191.9b15.3x21.7x2x
Thu, 01 May 2025CA$4.0tCA$2.1tCA$173.8b14.9x22.8x1.9x
Sat, 29 Mar 2025CA$4.0tCA$2.1tCA$173.8b15.1x23x1.9x
Mon, 24 Feb 2025CA$4.0tCA$2.1tCA$169.1b14.8x23.6x1.9x
Wed, 22 Jan 2025CA$3.9tCA$2.1tCA$171.1b14.3x22.9x1.8x
Fri, 20 Dec 2024CA$3.8tCA$2.1tCA$169.5b13.8x22.6x1.8x
Sun, 17 Nov 2024CA$3.9tCA$2.1tCA$167.6b14.5x23.2x1.8x
Tue, 15 Oct 2024CA$3.9tCA$2.1tCA$168.0b15.7x23.2x1.8x
Thu, 12 Sep 2024CA$3.7tCA$2.1tCA$167.4b15x22.1x1.8x
Sat, 10 Aug 2024CA$3.6tCA$2.1tCA$167.9b13.9x21.2x1.7x
Mon, 08 Jul 2024CA$3.5tCA$2.0tCA$166.7b13.9x21.3x1.7x
Wed, 05 Jun 2024CA$3.6tCA$2.0tCA$167.4b14.1x21.4x1.7x
Fri, 03 May 2024CA$3.5tCA$2.1tCA$173.0b13.9x20.2x1.7x
Sun, 31 Mar 2024CA$3.6tCA$2.0tCA$173.4b14x20.5x1.7x
Tue, 27 Feb 2024CA$3.4tCA$2.1tCA$170.9b13.8x20x1.7x
Thu, 25 Jan 2024CA$3.4tCA$2.1tCA$174.1b12.8x19.4x1.6x
Sat, 23 Dec 2023CA$3.4tCA$2.1tCA$172.8b13.2x19.5x1.6x
Mon, 20 Nov 2023CA$3.2tCA$2.1tCA$179.8b12x18x1.6x
Wed, 18 Oct 2023CA$3.2tCA$2.1tCA$185.1b11.7x17.2x1.5x
Fri, 15 Sep 2023CA$3.3tCA$2.1tCA$184.5b12x17.8x1.6x
Sun, 13 Aug 2023CA$3.3tCA$2.1tCA$187.6b11.7x17.7x1.6x
Tue, 11 Jul 2023CA$3.2tCA$2.1tCA$200.3b11.1x16x1.5x
Price to Earnings Ratio

16x


Total Market Cap: CA$3.2tTotal Earnings: CA$200.3bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21.2x202420252026
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 21.2x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 7.1% 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 Market0.96%
Materials5.44%
Healthcare3.41%
Real Estate1.38%
Industrials1.35%
Financials1.24%
Tech1.17%
Energy-1.17%
Consumer Discretionary-1.57%
Utilities-1.81%
Consumer Staples-3.52%
Telecom-6.32%
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 22.2%, which is higher than its past year's earnings growth of 4.8% 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 decline of 5.4% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 7.9% 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
ABX Barrick MiningCA$55.565.0%
+CA$4.5b		90.4%PE10.7xMaterials
BAM Brookfield Asset ManagementCA$65.754.0%
+CA$4.1b		-14.8%PE29.3xFinancials
WPM Wheaton Precious MetalsCA$168.274.7%
+CA$3.4b		35.4%PE29.9xMaterials
RY Royal Bank of CanadaCA$290.380.8%
+CA$3.3b		61.7%PB3.1xFinancials
MFC Manulife FinancialCA$58.832.9%
+CA$2.7b		37.5%PE16.6xFinancials
See more

Market Insights

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Markets are supposed to reprice risk when it changes. This time they've repriced the promise, but left the threat largely untouched. Whether that's an oversight or a fair call is worth thinking through.
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Latest News

BAM
CA$65.75
Brookfield Asset Management
7D
4.0%
1Y
-14.8%
MFC
CA$58.83
Manulife Financial
7D
2.9%
1Y
37.5%
CCO
CA$139.59
Cameco
7D
-5.7%
1Y
40.2%
T
CA$14.55
TELUS
7D
-7.4%
1Y
-34.0%
L
CA$62.45
Loblaw Companies
7D
-5.3%
1Y
11.5%
ENB
CA$76.70
Enbridge
7D
-3.9%
1Y
26.0%
GWO
CA$91.36
Great-West Lifeco
7D
3.3%
1Y
82.0%
New Narrative • Jul 02

Capital Light Shift And Retirement Demand Will Support Stronger Long Term Earnings Power

Catalysts About Great-West Lifeco Great-West Lifeco is a diversified financial services company focused on retirement, wealth management, insurance and reinsurance across North America and Europe. What are the underlying business or industry changes driving this perspective?
TRI
CA$124.88
Thomson Reuters
7D
4.9%
1Y
-54.8%
Narrative Update • Jul 02

TRI: Future AI Execution Will Drive Client Relationships And Revenue Potential

Analysts have reset their fair value estimate for Thomson Reuters to CA$200.95 from CA$281.38, reflecting revised assumptions around discount rates, revenue growth, profit margins, and a lower future P/E multiple. What’s in the News for Thomson Reuters Thomson Reuters published its 2026 Future of Professionals report, highlighting that ineffective AI implementation in legal, tax, audit and risk fields could put up to US$143b in U.S. client revenue at risk and prompt 24% of professionals to leave within two years if firms do not meet expectations on AI capabilities.
BCE
CA$30.27
BCE
7D
-6.9%
1Y
-1.8%
ABX
CA$55.56
Barrick Mining
7D
5.0%
1Y
90.4%
WPM
CA$168.27
Wheaton Precious Metals
7D
4.7%
1Y
35.4%
Narrative Update • Jul 01

WPM: Long Term Production Guidance And Streaming Pipeline Will Support Future Upside

Analysts have modestly adjusted the fair value estimate for Wheaton Precious Metals to CA$227.90 from CA$221.95, reflecting updated models after recent quarterly results and a mix of higher and lower Street price targets. Analyst Commentary Recent Street research on Wheaton Precious Metals shows a mixed backdrop, with some analysts fine tuning their models after earnings and others marking down fair value estimates.
RCI.B
CA$45.08
Rogers Communications
7D
-9.0%
1Y
2.4%
ATD
CA$91.38
Alimentation Couche-Tard
7D
-2.2%
1Y
32.2%
Narrative Update • Jun 30

ATD: Record Q4 Execution And U.S. Momentum May Support Further Upside

The analyst price target for Alimentation Couche-Tard has been raised from about CA$93 to roughly CA$102. Analysts attribute the change to updated models around the recent fiscal Q4 report and continued supportive views from firms maintaining Outperform or equivalent ratings.
RY
CA$290.38
Royal Bank of Canada
7D
0.8%
1Y
61.7%
TRP
CA$94.71
TC Energy
7D
-4.2%
1Y
44.8%
Narrative Update • Jun 24

TRP: Q1 Execution And Fair Value Positioning Will Shape Forward Risk Reward

Analysts have modestly lifted their TC Energy price target to CA$103, with the change linked to updated sector models, Q1 guidance commentary, and a recent shift toward viewing the stock as closer to estimated intrinsic fair value. Analyst Commentary Recent research coverage on TC Energy has focused on how current valuation lines up with analysts’ estimates of intrinsic fair value, especially after the latest Q1 updates and sector model revisions.
NTR
CA$91.92
Nutrien
7D
6.2%
1Y
11.4%
Narrative Update • Jun 23

NTR: Elevated Fertilizer Prices And Buybacks Will Support Future Upside

The analyst fair value estimate for Nutrien has been revised from CA$112.49 to CA$120.23, reflecting recent Street research that balances higher price targets from several firms with more cautious views on normalized fertilizer earnings, along with a modestly higher assumed future P/E multiple. Analyst Commentary Recent Street research on Nutrien points to a mixed but generally constructive tone, with several bullish analysts raising price targets or upgrading the stock while others adopt a more cautious view on where fertilizer earnings may ultimately settle.