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Canadian (TSX) Market Analysis & Valuation

UpdatedJun 18, 2026
DataAggregated Company Financials
Companies2198
  • 7D2.8%
  • 3M10.8%
  • 1Y32.0%
  • YTD11.6%

Over the last 7 days, the market has risen 2.8%, driven by gains of 13% in the Materials sector. On the other hand, with a decline of 3.4%, the Energy sector is lagging behind. The market is up 32% over the last 12 months. 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
Thu, 18 Jun 2026CA$5.6tCA$2.2tCA$244.6b15.9x22.8x2.5x
Sat, 16 May 2026CA$5.5tCA$2.2tCA$246.0b16.8x22.2x2.5x
Mon, 13 Apr 2026CA$5.3tCA$2.2tCA$241.4b16.7x22x2.4x
Wed, 11 Mar 2026CA$5.2tCA$2.1tCA$239.5b16.7x21.7x2.4x
Fri, 06 Feb 2026CA$5.1tCA$2.1tCA$224.8b17.1x22.8x2.4x
Sun, 04 Jan 2026CA$5.0tCA$2.1tCA$224.4b16.4x22.1x2.3x
Tue, 02 Dec 2025CA$4.9tCA$2.1tCA$224.2b16.2x21.7x2.3x
Thu, 30 Oct 2025CA$4.7tCA$2.2tCA$215.9b16.2x21.9x2.2x
Sat, 27 Sep 2025CA$4.7tCA$2.2tCA$209.2b16.3x22.3x2.2x
Mon, 25 Aug 2025CA$4.5tCA$2.1tCA$201.8b16.1x22.1x2.1x
Wed, 23 Jul 2025CA$4.3tCA$2.1tCA$190.8b16.3x22.7x2x
Fri, 20 Jun 2025CA$4.3tCA$2.1tCA$191.7b15.4x22.3x2x
Sun, 18 May 2025CA$4.1tCA$2.1tCA$183.5b14.3x22.2x1.9x
Tue, 15 Apr 2025CA$3.8tCA$2.1tCA$173.1b14.6x21.7x1.8x
Thu, 13 Mar 2025CA$3.9tCA$2.1tCA$175.2b14.7x22x1.8x
Sat, 08 Feb 2025CA$3.9tCA$2.1tCA$168.6b14.6x23.4x1.9x
Mon, 06 Jan 2025CA$3.9tCA$2.1tCA$169.3b14.4x23.2x1.8x
Wed, 04 Dec 2024CA$4.0tCA$2.1tCA$166.6b14.8x23.9x1.9x
Fri, 01 Nov 2024CA$3.9tCA$2.1tCA$167.4b15.3x23.3x1.8x
Sun, 29 Sep 2024CA$3.8tCA$2.1tCA$167.7b15.5x22.8x1.8x
Tue, 27 Aug 2024CA$3.7tCA$2.1tCA$166.6b15.2x22.4x1.8x
Thu, 25 Jul 2024CA$3.7tCA$2.1tCA$167.7b14x21.9x1.8x
Sat, 22 Jun 2024CA$3.5tCA$2.1tCA$166.9b14.1x20.9x1.7x
Mon, 20 May 2024CA$3.6tCA$2.0tCA$167.0b14.2x21.9x1.8x
Wed, 17 Apr 2024CA$3.5tCA$2.1tCA$174.7b14x20.1x1.7x
Fri, 15 Mar 2024CA$3.5tCA$2.1tCA$173.5b13.8x20.2x1.7x
Sun, 11 Feb 2024CA$3.4tCA$2.1tCA$176.7b13x19x1.6x
Tue, 09 Jan 2024CA$3.4tCA$2.1tCA$173.1b13x19.5x1.6x
Thu, 07 Dec 2023CA$3.3tCA$2.1tCA$172.3b12x18.9x1.6x
Sat, 04 Nov 2023CA$3.2tCA$2.1tCA$179.6b12.2x17.8x1.5x
Mon, 02 Oct 2023CA$3.2tCA$2.1tCA$185.2b11.5x17.1x1.5x
Wed, 30 Aug 2023CA$3.3tCA$2.1tCA$184.8b11.7x17.8x1.5x
Fri, 28 Jul 2023CA$3.3tCA$2.1tCA$199.2b11.7x16.6x1.6x
Sun, 25 Jun 2023CA$3.1tCA$2.1tCA$200.8b10.9x15.6x1.5x
Price to Earnings Ratio

15.6x


Total Market Cap: CA$3.1tTotal Earnings: CA$200.8bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21.1x202420252026
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 21.1x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 6.8% 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 Market2.79%
Materials13.40%
Financials3.97%
Consumer Discretionary0.91%
Utilities0.033%
Real Estate-0.44%
Tech-1.16%
Consumer Staples-1.26%
Industrials-1.44%
Telecom-2.18%
Healthcare-2.41%
Energy-3.41%
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 22.6%, which is higher than its past year's earnings growth of 3.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 41% 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 8.3% 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
TD Toronto-Dominion BankCA$167.454.9%
+CA$12.9b		71.4%PB2.3xFinancials
WPM Wheaton Precious MetalsCA$178.2218.8%
+CA$12.8b		42.8%PE31.9xMaterials
ABX Barrick MiningCA$58.4312.8%
+CA$11.1b		102.1%PE11.3xMaterials
RY Royal Bank of CanadaCA$283.232.7%
+CA$10.4b		61.5%PB3xFinancials
BNS Bank of Nova ScotiaCA$121.847.0%
+CA$9.8b		63.9%PB1.7xFinancials
See more

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Latest News

BNS
CA$121.84
Bank of Nova Scotia
7D
7.0%
1Y
63.9%
Analysis Article • 7h

Bank of Nova Scotia (TSX:BNS) Stock Could Be 25% Below Fair Value After AI Rollout

Bank of Nova Scotia (TSX:BNS) is rolling out expanded Scotia Intelligence AI tools across its operations, drawing fresh investor attention to how this large Canadian bank is applying data driven technology to its core business. See our latest analysis for Bank of Nova Scotia. Against this backdrop of wider AI adoption, Bank of Nova Scotia’s share price has climbed to CA$121.84, with a 30 day share price return of 14.77% and a 1 year total shareholder return of 72.09%, suggesting momentum has...
BMO
CA$239.73
Bank of Montreal
7D
4.5%
1Y
64.7%
Analysis Article • Jun 17

Bank of Montreal (TSX:BMO) Stock Could Be 5.4% Overvalued After Its Recent Run

Recent share price moves in Bank of Montreal (TSX:BMO) have drawn attention, with the stock rising over the past week, month, and past three months. This has prompted investors to reassess its current valuation and fundamentals. See our latest analysis for Bank of Montreal. Looking beyond this recent strength, Bank of Montreal’s share price has a year to date share price return of 30.59%, while its 1 year total shareholder return of 69.79% reflects performance supported by dividends and...
WPM
CA$178.22
Wheaton Precious Metals
7D
18.8%
1Y
42.8%
Narrative Update • Jun 17

WPM: Streaming Pipeline And Dividend Policy Will Support Future Upside

Analysts have revised their fair value estimate for Wheaton Precious Metals stock, lowering it from about CA$356 to roughly CA$318, reflecting updated models around revenue growth, margins and future P/E assumptions following recent research updates on the shares. Analyst Commentary Recent research on Wheaton Precious Metals highlights a mix of updated models and refreshed views on the stock, with some bullish analysts taking a more constructive stance following the company's Q1 results and subsequent review cycles.
CP
CA$120.91
Canadian Pacific Kansas City
7D
-3.2%
1Y
10.1%
CNR
CA$160.96
Canadian National Railway
7D
-3.3%
1Y
15.4%
SU
CA$79.39
Suncor Energy
7D
-8.4%
1Y
44.7%
Analysis Article • Jun 16

Suncor Energy (TSX:SU) Stock Could Be 15.9% Undervalued After Universal Shelf Filing

Why Suncor Energy Filed a Universal Shelf Registration Suncor Energy (TSX:SU) has filed an omnibus universal shelf registration that covers potential offerings of debt securities, common shares, preferred stock, warrants, units, share purchase contracts, and share purchase units. This filing does not commit Suncor Energy to an immediate capital raise. However, it gives the company flexibility to issue a variety of securities if it chooses to access markets in the future. See our latest...
CNQ
CA$59.77
Canadian Natural Resources
7D
-6.0%
1Y
29.9%
K
CA$38.60
Kinross Gold
7D
17.0%
1Y
81.4%
Narrative Update • Jun 16

K: Strong Cash Returns And Buybacks Will Support Future Upside Potential

Analysts have adjusted their view on Kinross Gold, trimming the future P/E assumption while keeping fair value broadly steady. This translates into only a modest change to the implied CA$ price target, as slightly higher projected revenue growth and profit margins offset a small increase in the discount rate.
TD
CA$167.45
Toronto-Dominion Bank
7D
4.9%
1Y
71.4%
RY
CA$283.23
Royal Bank of Canada
7D
2.7%
1Y
61.5%
CCO
CA$149.30
Cameco
7D
12.7%
1Y
56.4%
CSU
CA$2,881.02
Constellation Software
7D
-8.4%
1Y
-41.4%
ABX
CA$58.43
Barrick Mining
7D
12.8%
1Y
102.1%
Narrative Update • Jun 09

ABX: Buybacks And Portfolio Shift Will Support Future Rerating Potential

Analysts have increased their fair value estimate for Barrick Mining from CA$95.63 to CA$96.49, citing updated assumptions for revenue growth, discount rate, profit margin, and future P/E, as reflected in recent Street research. Analyst Commentary Recent Street research on peer companies such as Abacus Global highlights how bullish analysts tend to respond when they see strong execution or a valuation that still looks appealing after a period of gains.
CVE
CA$36.11
Cenovus Energy
7D
-8.9%
1Y
80.2%
Narrative Update • Jun 08

CVE: Future Cash Returns Will Hinge On Volume And Free Cash Flow Inflection

Analysts have nudged the Cenovus Energy fair value estimate higher to CA$45.91 from CA$45.47, reflecting a series of recent price target increases to around CA$47. These increases are tied to expectations for a volume and free cash flow inflection as new projects come online and potential benefits from higher commodity prices.
ENB
CA$76.90
Enbridge
7D
-2.5%
1Y
24.7%
Narrative Update • Jun 06

ENB: Future Returns Will Reflect Regulated Assets AI Demand And Pipeline Expansion

Analysts have raised their Enbridge fair value estimate to CA$78.24 from CA$76.14, citing recent price target increases across the Street after Q1 updates and refreshed models in the energy infrastructure space. Analyst Commentary Street research on Enbridge has centered on refreshed models after Q1 updates, with several firms adjusting price targets while keeping a generally balanced stance on the stock.
IMO
CA$161.14
Imperial Oil
7D
-3.8%
1Y
45.3%
Narrative Update • Jun 05

IMO: Future Cash Returns Will Depend On Alberta Pipeline Execution

Imperial Oil's updated fair value estimate edges higher to CA$204.82 from CA$204.58. This reflects modest tweaks to revenue growth, profit margin and future P/E assumptions as analysts recalibrate their price targets, including a slight trim from CA$157 to CA$156 and several recent upward revisions from other firms.