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

Canadian (TSX) Market Analysis & Valuation

UpdatedDec 22, 2025
DataAggregated Company Financials
Companies2204
  • 7D0.4%
  • 3M5.8%
  • 1Y26.1%
  • YTD25.1%

In the last week, the market has been flat, with a notable exception in the Healthcare sector dropping 3.7%. Meanwhile, the market is actually up 26% over the past year. 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
Mon, 22 Dec 2025CA$4.9tCA$2.1tCA$224.7b16.4x21.9x2.3x
Wed, 19 Nov 2025CA$4.7tCA$2.1tCA$224.4b16x20.9x2.2x
Fri, 17 Oct 2025CA$4.8tCA$2.2tCA$209.6b16.7x22.9x2.2x
Sun, 14 Sep 2025CA$4.6tCA$2.1tCA$208.7b16.3x22.1x2.1x
Tue, 12 Aug 2025CA$4.4tCA$2.1tCA$201.7b15.8x21.6x2x
Thu, 10 Jul 2025CA$4.3tCA$2.1tCA$191.7b15.8x22.4x2x
Sat, 07 Jun 2025CA$4.2tCA$2.1tCA$191.9b15.4x21.9x2x
Mon, 05 May 2025CA$4.0tCA$2.1tCA$175.4b14.8x22.7x1.9x
Wed, 02 Apr 2025CA$4.0tCA$2.1tCA$173.7b15.4x22.9x1.9x
Fri, 28 Feb 2025CA$4.0tCA$2.1tCA$172.6b14.8x23.3x1.9x
Sun, 26 Jan 2025CA$3.9tCA$2.1tCA$171.2b15x23x1.8x
Tue, 24 Dec 2024CA$3.8tCA$2.1tCA$169.2b13.9x22.7x1.8x
Thu, 21 Nov 2024CA$3.9tCA$2.1tCA$166.7b14.5x23.5x1.8x
Sat, 19 Oct 2024CA$3.9tCA$2.1tCA$168.1b15.6x23.4x1.9x
Mon, 16 Sep 2024CA$3.8tCA$2.1tCA$167.4b15.1x22.5x1.8x
Wed, 14 Aug 2024CA$3.6tCA$2.1tCA$170.5b14.7x21.1x1.7x
Fri, 12 Jul 2024CA$3.6tCA$2.0tCA$166.6b14.1x21.6x1.8x
Sun, 09 Jun 2024CA$3.6tCA$2.1tCA$167.4b14.3x21.3x1.7x
Tue, 07 May 2024CA$3.6tCA$2.0tCA$172.8b14x20.7x1.7x
Thu, 04 Apr 2024CA$3.5tCA$2.0tCA$173.4b14x20.4x1.7x
Sat, 02 Mar 2024CA$3.4tCA$2.1tCA$176.1b13.7x19.4x1.7x
Mon, 29 Jan 2024CA$3.4tCA$2.1tCA$173.9b12.8x19.6x1.6x
Wed, 27 Dec 2023CA$3.4tCA$2.1tCA$172.8b13.2x19.5x1.6x
Fri, 24 Nov 2023CA$3.2tCA$2.1tCA$179.3b11.7x18x1.5x
Sun, 22 Oct 2023CA$3.1tCA$2.1tCA$185.3b11.4x16.8x1.5x
Tue, 19 Sep 2023CA$3.3tCA$2.1tCA$184.5b11.9x18x1.6x
Thu, 17 Aug 2023CA$3.2tCA$2.1tCA$185.8b11.4x17.4x1.5x
Sat, 15 Jul 2023CA$3.3tCA$2.1tCA$199.8b11.4x16.3x1.5x
Mon, 12 Jun 2023CA$3.2tCA$2.1tCA$199.8b11.2x16.1x1.5x
Wed, 10 May 2023CA$3.3tCA$2.1tCA$209.5b11.1x15.9x1.6x
Fri, 07 Apr 2023CA$3.3tCA$2.1tCA$217.8b10.6x15.1x1.6x
Sun, 05 Mar 2023CA$3.4tCA$2.1tCA$222.4b10.9x15.2x1.6x
Tue, 31 Jan 2023CA$3.4tCA$2.1tCA$245.4b10.9x13.8x1.6x
Thu, 29 Dec 2022CA$3.2tCA$2.1tCA$246.0b10.4x12.9x1.5x
Price to Earnings Ratio

12.9x


Total Market Cap: CA$3.2tTotal Earnings: CA$246.0bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 19.9x202320242025
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 19.9x.
Past Earnings Growth
  • The earnings for Canadian listed companies have declined 3.0% 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 Market0.36%
Materials2.73%
Real Estate1.72%
Consumer Discretionary1.23%
Consumer Staples0.38%
Financials0.33%
Industrials0.30%
Tech0.25%
Utilities-0.83%
Telecom-0.91%
Energy-2.17%
Healthcare-3.66%
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 25.0%, which is higher than its past year's earnings growth of 17.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 67% over the next 5 years.
  • This is better than its past earnings growth rate of 9.5% 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
ABX Barrick MiningCA$62.715.2%
+CA$5.2b		180.1%PE21.5xMaterials
RY Royal Bank of CanadaCA$233.561.5%
+CA$4.8b		34.7%PB2.6xFinancials
WPM Wheaton Precious MetalsCA$168.045.4%
+CA$3.9b		103.9%PE55.4xMaterials
PAAS Pan American SilverCA$73.918.8%
+CA$2.5b		148.1%PE35.8xMaterials
IVN Ivanhoe MinesCA$15.4512.7%
+CA$2.5b		-12.7%PE52.2xMaterials
See more

Market Insights

Header cover image
Three Sectors Expected to Rally in 2026 📈
With the backdrop of consistently strong broad market returns over the last few years, analysts are now looking at sector-specific plays that could outperform in 2026.
Continue reading
🤖 AI Companies Hit The Bond Market
Last Week

🤖 AI Companies Hit The Bond Market

Latest News

CM
CA$126.99
Canadian Imperial Bank of Commerce
7D
-1.1%
1Y
37.6%
ABX
CA$62.71
Barrick Mining
7D
5.2%
1Y
180.1%
IVN
CA$15.45
Ivanhoe Mines
7D
12.7%
1Y
-12.7%
PAAS
CA$73.91
Pan American Silver
7D
8.8%
1Y
148.1%
RY
CA$233.56
Royal Bank of Canada
7D
1.5%
1Y
34.7%
WPM
CA$168.04
Wheaton Precious Metals
7D
5.4%
1Y
103.9%

WPM Will Navigate Higher Metal Price Expectations Amid Mixed Macro Backdrop

Analysts have lifted their price targets for Wheaton Precious Metals into the low to mid $130 range, citing higher long term precious metal price forecasts, resilient demand amid macro headwinds, and ongoing capital returns and M&A momentum as support for a higher fair value, despite slightly lower growth and margin expectations. Analyst Commentary Recent Street research has highlighted a broadly constructive outlook for Wheaton Precious Metals, with multiple price target increases across North American and international markets.
TD
CA$127.98
Toronto-Dominion Bank
7D
1.0%
1Y
69.3%
ENB
CA$64.40
Enbridge
7D
-1.9%
1Y
7.2%

ENB: Future Returns Will Depend On U.S. Investment Shift And Dividend Durability

Enbridge's fair value estimate has nudged higher to approximately C$71.07 from about C$70.45, as analysts gradually lift price targets across the midstream peer group while factoring in slightly softer revenue growth, broadly stable margins, and a modestly higher future P/E multiple. Analyst Commentary Recent Street research on Enbridge reflects a generally constructive but still balanced stance, with incremental price target increases clustered in the mid C$60s to around C$70 and rating language that largely reinforces a hold or market perform view.
IMO
CA$117.19
Imperial Oil
7D
-5.4%
1Y
30.7%
CVE
CA$23.01
Cenovus Energy
7D
-5.3%
1Y
9.1%

CVE: MEG Integration And Buybacks Will Drive Future Margin And Cash Flow

We are raising our fair value estimate for Cenovus Energy slightly to $29.68 from $29.35, as analysts lift price targets across the sector, citing updated 2025 guidance, early 2026 outlook commentary, and improved profitability expectations following the MEG acquisition. Analyst Commentary Street research activity around Cenovus has been active, with a series of target price revisions and rating changes reflecting shifting views on the company’s post MEG-acquisition profile, capital allocation, and risk-reward balance.
LUG
CA$120.46
Lundin Gold
7D
8.5%
1Y
283.3%

LUG: Rising Gold And Silver Price Forecasts Will Drive Stronger Outlook

Lundin Gold's analyst price target has been raised significantly, from about C$85 to roughly C$125, as analysts factor in sharply higher long term gold and silver price assumptions along with stronger expected revenue growth and profitability. Analyst Commentary Bullish analysts are highlighting Lundin Gold as a key beneficiary of structurally higher precious metal price assumptions, pointing to meaningful upside to both earnings and net asset value under revised scenarios.
SU
CA$59.06
Suncor Energy
7D
-1.7%
1Y
17.3%
BCE
CA$31.25
BCE
7D
-3.8%
1Y
-4.8%
BMO
CA$178.46
Bank of Montreal
7D
-1.9%
1Y
28.0%

BMO: Future Returns Will Reflect U.S. Branch Sales And Credit Recovery

The analyst price target for Bank of Montreal has been nudged higher by about C$5 to C$181. Analysts are factoring in modestly stronger revenue growth and profitability expectations, while still reflecting a higher perceived risk profile in their discount rates.
PPL
CA$50.99
Pembina Pipeline
7D
-3.8%
1Y
-3.0%

PPL: Long Term Projects And Stable Margins Will Guide Balanced Future Outlook

Analysts have modestly raised their price target on Pembina Pipeline to approximately $59.06, citing stable long term revenue growth expectations and resilient profit margins that support maintaining a similar valuation multiple. What's in the News Pembina and PETRONAS signed a 20 year agreement for 1.0 mtpa of liquefaction capacity at the USD 4 billion Cedar LNG project, which remains on time and on budget with an expected in service date in late 2028 (company news release).
BN
CA$63.49
Brookfield
7D
1.8%
1Y
16.2%