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Canadian (TSX) Market Analysis & Valuation

UpdatedNov 20, 2025
DataAggregated Company Financials
Companies2209
  • 7D-1.4%
  • 3M4.9%
  • 1Y16.3%
  • YTD18.6%

Over the last 7 days, the market has dropped 1.4%, driven by a loss of 4.8% in the Materials sector. In the last year, the market is actually up 16%. 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
Sat, 22 Nov 2025CA$4.7tCA$2.1tCA$224.5b16.1x20.9x2.2x
Mon, 20 Oct 2025CA$4.7tCA$2.2tCA$209.5b16.6x22.5x2.2x
Wed, 17 Sep 2025CA$4.6tCA$2.1tCA$208.6b16.4x22.2x2.2x
Fri, 15 Aug 2025CA$4.4tCA$2.1tCA$201.1b15.7x21.8x2.1x
Sun, 13 Jul 2025CA$4.3tCA$2.1tCA$191.7b16.1x22.4x2x
Tue, 10 Jun 2025CA$4.3tCA$2.1tCA$191.8b15.4x22.2x2x
Thu, 08 May 2025CA$4.0tCA$2.1tCA$176.5b15x22.6x1.9x
Sat, 05 Apr 2025CA$3.9tCA$2.1tCA$173.9b14x22.4x1.8x
Mon, 03 Mar 2025CA$4.0tCA$2.1tCA$172.6b15x23.3x1.9x
Wed, 29 Jan 2025CA$3.9tCA$2.1tCA$171.3b15x22.9x1.8x
Fri, 27 Dec 2024CA$3.9tCA$2.1tCA$169.2b14x22.9x1.8x
Sun, 24 Nov 2024CA$4.0tCA$2.1tCA$166.9b14.5x23.8x1.9x
Tue, 22 Oct 2024CA$4.0tCA$2.1tCA$168.2b15.4x23.5x1.9x
Thu, 19 Sep 2024CA$3.8tCA$2.1tCA$167.5b15.1x22.6x1.8x
Sat, 17 Aug 2024CA$3.7tCA$2.1tCA$170.2b14.6x21.6x1.8x
Mon, 15 Jul 2024CA$3.6tCA$2.0tCA$166.7b14x21.9x1.8x
Wed, 12 Jun 2024CA$3.6tCA$2.1tCA$167.4b14.4x21.3x1.7x
Fri, 10 May 2024CA$3.6tCA$2.1tCA$171.1b14.2x21x1.8x
Sun, 07 Apr 2024CA$3.6tCA$2.0tCA$174.3b14.1x20.5x1.7x
Tue, 05 Mar 2024CA$3.4tCA$2.1tCA$176.7b13.7x19.5x1.7x
Thu, 01 Feb 2024CA$3.4tCA$2.1tCA$173.8b12.9x19.7x1.6x
Sat, 30 Dec 2023CA$3.4tCA$2.1tCA$172.8b13.3x19.5x1.6x
Mon, 27 Nov 2023CA$3.2tCA$2.1tCA$179.1b11.8x18x1.5x
Wed, 25 Oct 2023CA$3.1tCA$2.1tCA$185.2b11x16.7x1.5x
Fri, 22 Sep 2023CA$3.2tCA$2.1tCA$184.4b11.8x17.4x1.5x
Sun, 20 Aug 2023CA$3.2tCA$2.1tCA$185.8b11.5x17.3x1.5x
Tue, 18 Jul 2023CA$3.3tCA$2.1tCA$199.8b11.3x16.3x1.5x
Thu, 15 Jun 2023CA$3.2tCA$2.1tCA$199.8b11.1x16.2x1.5x
Sat, 13 May 2023CA$3.3tCA$2.1tCA$207.0b11.1x15.9x1.5x
Mon, 10 Apr 2023CA$3.3tCA$2.1tCA$217.9b10.6x15.2x1.6x
Wed, 08 Mar 2023CA$3.3tCA$2.1tCA$221.6b10.9x15.1x1.6x
Fri, 03 Feb 2023CA$3.4tCA$2.1tCA$246.4b11.2x13.8x1.6x
Sun, 01 Jan 2023CA$3.2tCA$2.1tCA$245.8b10.6x13.1x1.5x
Tue, 29 Nov 2022CA$3.3tCA$2.1tCA$239.6b10.6x13.9x1.6x
Price to Earnings Ratio

13.9x


Total Market Cap: CA$3.3tTotal Earnings: CA$239.6bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 19.7x202320242025
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 19.7x.
Past Earnings Growth
  • The earnings for Canadian listed companies have declined 2.1% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Canadian Market?

CA Market-1.35%
Consumer Staples2.92%
Energy1.69%
Financials-0.56%
Consumer Discretionary-1.06%
Utilities-1.33%
Real Estate-1.89%
Tech-2.41%
Telecom-2.67%
Industrials-3.61%
Materials-4.77%
Healthcare-7.59%
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 25.4%, which is higher than its past year's earnings growth of 19.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 64% over the next 5 years.
  • This is better than its past earnings growth rate of 2.0% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 20% 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
CNQ Canadian Natural ResourcesCA$47.904.9%
+CA$4.7b		-0.8%PE15xEnergy
RY Royal Bank of CanadaCA$207.981.0%
+CA$3.0b		19.0%PB2.4xFinancials
L Loblaw CompaniesCA$63.034.2%
+CA$3.0b		41.4%PE30.1xConsumer Staples
TD Toronto-Dominion BankCA$115.591.4%
+CA$2.6b		47.2%PB1.6xFinancials
FFH Fairfax Financial HoldingsCA$2.40k4.8%
+CA$2.5b		22.0%PE8.1xFinancials
See more

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GFL
CA$65.17
GFL Environmental
7D
7.2%
1Y
1.9%
WN
CA$95.23
George Weston
7D
5.7%
1Y
30.4%
T
CA$18.84
TELUS
7D
-8.6%
1Y
-11.9%

T: Rising Discount Rate Will Drive Long-Term Opportunity With New Developments

Analyst Price Target for TELUS Adjusted Slightly Lower Analysts have revised their fair value estimate for TELUS, reducing the price target from $23.38 to $22.97. This change is due to updated assumptions regarding discount rates and future profitability.
BN
CA$61.60
Brookfield
7D
0.3%
1Y
15.0%
WPM
CA$140.41
Wheaton Precious Metals
7D
-5.3%
1Y
58.4%

WPM: Future Precious Metals Price Rally Will Drive Long-Term Upside

The consensus analyst price target for Wheaton Precious Metals has increased significantly. Recent updates reflect a rise from $109 to $128 per share, as analysts cite continued precious metal price rallies, favorable capital returns, and robust M&A momentum as key drivers behind their upward adjustments.
BAM
CA$70.74
Brookfield Asset Management
7D
-2.7%
1Y
-8.9%
CM
CA$117.01
Canadian Imperial Bank of Commerce
7D
-3.2%
1Y
28.4%
L
CA$62.17
Loblaw Companies
7D
5.2%
1Y
39.6%

Analyst Estimates: Here's What Brokers Think Of Loblaw Companies Limited (TSE:L) After Its Third-Quarter Report

Nov 15
Analyst Estimates: Here's What Brokers Think Of Loblaw Companies Limited (TSE:L) After Its Third-Quarter Report
SU
CA$62.99
Suncor Energy
7D
3.0%
1Y
9.5%
BMO
CA$169.13
Bank of Montreal
7D
-2.9%
1Y
27.9%

BMO: Future Results Will Balance Earnings Momentum With U.S. Restructuring Risks

The analyst price target for Bank of Montreal has increased modestly from C$168 to C$171. This reflects analysts' improved outlook based on recent earnings strength, lowered credit losses, and enhanced operating metrics across key business segments.
CNQ
CA$47.90
Canadian Natural Resources
7D
4.9%
1Y
-0.8%

CNQ: Dividend Momentum Will Drive Shareholder Returns As Production Grows

Analysts have modestly raised their price target for Canadian Natural Resources, increasing it from $52.68 to $52.83. They cite ongoing strength in dividend growth and resilient energy equities despite softer demand indicators.
FFH
CA$2,364.20
Fairfax Financial Holdings
7D
5.1%
1Y
20.7%
TRI
CA$185.77
Thomson Reuters
7D
-5.8%
1Y
-17.9%
IMO
CA$138.20
Imperial Oil
7D
2.4%
1Y
28.1%

IMO: Profit Margins May Worsen as 20% Workforce Cuts Loom

Imperial Oil’s analyst price target has been raised modestly, with updates reflecting higher fair value estimates. Analysts point to balance sheet strength and shareholder returns as supporting factors.
RY
CA$207.98
Royal Bank of Canada
7D
1.0%
1Y
19.0%

RY: Price Momentum And Profitable Growth Will Balance Sector Headwinds Ahead

Analysts have recently increased their average price target for Royal Bank of Canada to C$218, reflecting expectations for continued earnings growth and stronger profitability metrics. Analyst Commentary Recent research from the street reflects a wide range of analyst opinion on Royal Bank of Canada, with several making notable adjustments to price targets and ratings.
CNR
CA$129.85
Canadian National Railway
7D
-4.2%
1Y
-14.9%

Analysts Are Updating Their Canadian National Railway Company (TSE:CNR) Estimates After Its Third-Quarter Results

Nov 03
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