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Canadian (TSX) Market Analysis & Valuation

UpdatedMay 21, 2026
DataAggregated Company Financials
Companies2194
  • 7D-0.2%
  • 3M3.0%
  • 1Y32.6%
  • YTD9.4%

The market has been flat in the last week, however the Materials sector is down 9.2%. More promisingly, the market is up 33% over the past year. Looking forward, 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, 21 May 2026CA$5.4tCA$2.2tCA$246.2b16.5x21.8x2.4x
Sat, 18 Apr 2026CA$5.4tCA$2.2tCA$241.0b16.9x22.3x2.5x
Mon, 16 Mar 2026CA$5.1tCA$2.1tCA$240.6b16.1x21.3x2.4x
Wed, 11 Feb 2026CA$5.2tCA$2.1tCA$226.5b17.5x22.9x2.4x
Fri, 09 Jan 2026CA$5.0tCA$2.1tCA$224.8b16.6x22.2x2.3x
Sun, 07 Dec 2025CA$4.9tCA$2.1tCA$225.3b16.1x21.6x2.3x
Tue, 04 Nov 2025CA$4.7tCA$2.1tCA$215.2b16.2x21.8x2.2x
Thu, 02 Oct 2025CA$4.6tCA$2.1tCA$202.9b16.4x22.9x2.2x
Sat, 30 Aug 2025CA$4.5tCA$2.1tCA$207.4b16x21.6x2.1x
Mon, 28 Jul 2025CA$4.4tCA$2.1tCA$191.1b16.4x22.9x2.1x
Wed, 25 Jun 2025CA$4.2tCA$2.1tCA$191.9b15.5x22.1x2x
Fri, 23 May 2025CA$4.1tCA$2.1tCA$183.1b14.6x22.3x1.9x
Sun, 20 Apr 2025CA$3.9tCA$2.1tCA$173.0b14.7x22.4x1.8x
Tue, 18 Mar 2025CA$3.9tCA$2.1tCA$174.3b15x22.4x1.8x
Thu, 13 Feb 2025CA$4.1tCA$2.1tCA$171.9b14.7x23.6x1.9x
Sat, 11 Jan 2025CA$3.9tCA$2.1tCA$171.1b14.5x22.8x1.8x
Mon, 09 Dec 2024CA$4.0tCA$2.1tCA$169.1b14.7x23.6x1.9x
Wed, 06 Nov 2024CA$3.9tCA$2.1tCA$168.1b15.1x23x1.8x
Fri, 04 Oct 2024CA$3.8tCA$2.1tCA$167.6b15.3x22.9x1.8x
Sun, 01 Sep 2024CA$3.7tCA$2.1tCA$167.6b15.4x22.3x1.8x
Tue, 30 Jul 2024CA$3.7tCA$2.1tCA$167.8b14.3x21.9x1.8x
Thu, 27 Jun 2024CA$3.5tCA$2.1tCA$166.5b14x21.1x1.7x
Sat, 25 May 2024CA$3.6tCA$2.0tCA$166.4b14.2x21.7x1.8x
Mon, 22 Apr 2024CA$3.5tCA$2.1tCA$174.7b13.8x20.1x1.7x
Wed, 20 Mar 2024CA$3.5tCA$2.1tCA$173.5b13.5x20.2x1.7x
Fri, 16 Feb 2024CA$3.4tCA$2.1tCA$181.6b13.1x18.5x1.6x
Sun, 14 Jan 2024CA$3.4tCA$2.1tCA$173.1b12.8x19.5x1.6x
Tue, 12 Dec 2023CA$3.3tCA$2.1tCA$172.5b12.1x18.9x1.6x
Thu, 09 Nov 2023CA$3.2tCA$2.1tCA$178.0b11.8x17.7x1.5x
Sat, 07 Oct 2023CA$3.1tCA$2.1tCA$185.3b11.2x16.9x1.5x
Mon, 04 Sep 2023CA$3.3tCA$2.1tCA$184.7b11.8x17.9x1.6x
Wed, 02 Aug 2023CA$3.3tCA$2.1tCA$190.8b12x17.4x1.6x
Fri, 30 Jun 2023CA$3.2tCA$2.1tCA$199.9b11x16.1x1.5x
Sun, 28 May 2023CA$3.2tCA$2.1tCA$200.4b11.1x16.1x1.5x
Price to Earnings Ratio

16.1x


Total Market Cap: CA$3.2tTotal Earnings: CA$200.4bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21x202420252026
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 21.0x.
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 Market-0.16%
Financials2.97%
Consumer Staples2.63%
Tech2.62%
Energy2.23%
Real Estate1.57%
Industrials1.32%
Telecom1.01%
Utilities0.21%
Consumer Discretionary-1.09%
Healthcare-3.31%
Materials-9.24%
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 22.9%, which is higher than its past year's earnings growth of 2.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 47% over the next 5 years.
  • This is better than its past earnings growth rate of 4.3% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 8.0% 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
RY Royal Bank of CanadaCA$257.344.3%
+CA$14.7b		47.6%PB2.8xFinancials
BMO Bank of MontrealCA$216.825.3%
+CA$7.6b		51.3%PB1.8xFinancials
TD Toronto-Dominion BankCA$150.472.9%
+CA$7.2b		67.4%PB2xFinancials
ENB EnbridgeCA$78.583.8%
+CA$6.2b		24.3%PE26.6xEnergy
CM Canadian Imperial Bank of CommerceCA$157.094.1%
+CA$5.7b		69.6%PB2.3xFinancials
See more

Market Insights

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Latest News

TECK.B
CA$84.06
Teck Resources
7D
-8.3%
1Y
70.1%
CLS
CA$475.43
Celestica
7D
-6.8%
1Y
200.6%
K
CA$39.35
Kinross Gold
7D
-8.2%
1Y
93.7%
RY
CA$257.34
Royal Bank of Canada
7D
4.3%
1Y
47.6%
Narrative Update • May 19

RY: Future Returns Will Rely On Lower Volatility Earnings And Disciplined AI Use

Royal Bank of Canada's updated fair value estimate edges up from CA$245.07 to CA$250.25, as analysts lift price targets into the CA$244 to CA$265.50 range. They highlight the bank's diversified, lower volatility earnings profile that may offer steadier performance but, in their view, less relative upside than some peers in a stronger trading revenue setting.
ABX
CA$56.23
Barrick Mining
7D
-8.6%
1Y
115.3%
FNV
CA$309.61
Franco-Nevada
7D
-6.1%
1Y
34.8%
CSU
CA$2,715.00
Constellation Software
7D
10.0%
1Y
-44.4%
CNQ
CA$67.11
Canadian Natural Resources
7D
3.7%
1Y
57.5%
Analysis Article • May 17

Canadian Natural Resources (TSE:CNQ) Strong Profits May Be Masking Some Underlying Issues

The recent earnings posted by Canadian Natural Resources Limited ( TSE:CNQ ) were solid, but the stock didn't move as...
WPM
CA$174.73
Wheaton Precious Metals
7D
-10.3%
1Y
47.8%
ENB
CA$78.58
Enbridge
7D
3.8%
1Y
24.3%
CM
CA$157.09
Canadian Imperial Bank of Commerce
7D
4.1%
1Y
69.6%
BMO
CA$216.82
Bank of Montreal
7D
5.3%
1Y
51.3%
Narrative Update • May 14

BMO: Future Returns Will Reflect ROE Expansion Plans And Tech Risk Management

Analysts have nudged the Bank of Montreal fair value estimate higher, with a modest move in the price target supported by a series of recent CA$1 to CA$13 target hikes across the Street, as firms refresh their models around earnings, return on equity plans, and U.S. loan growth assumptions. Analyst Commentary Recent research updates sketch out a mixed backdrop for Bank of Montreal, with most firms lifting price targets while one firm has turned more cautious on the stock.
PAAS
CA$75.35
Pan American Silver
7D
-13.6%
1Y
125.5%
TRP
CA$96.37
TC Energy
7D
4.8%
1Y
39.5%
Narrative Update • May 14

TRP: Backlog Certainty And Dividend Policy Will Shape Forward Risk Reward Balance

TC Energy's analyst price target has been revised higher to CA$91.30 from CA$88.52. Analysts point to updated models that incorporate slightly firmer margin assumptions, a modestly lower future P/E, and a broad wave of CA$2 to CA$9 price target increases across major firms following recent earnings and guidance updates.
CCO
CA$142.89
Cameco
7D
-9.7%
1Y
97.5%
TD
CA$150.47
Toronto-Dominion Bank
7D
2.9%
1Y
67.4%
Narrative Update • May 11

TD: Future Will Reflect Cost Controls Easing Mortgage Risks And Mixed Execution

Analysts have nudged the Toronto-Dominion Bank fair value estimate higher to about CA$141.64 from roughly CA$140.43, reflecting updated price targets that highlight cost reduction potential and generally stronger than expected recent results across several business segments. Analyst Commentary Recent research points to a mixed but generally constructive view on Toronto-Dominion Bank, with several firms adjusting price targets and ratings as they factor in cost initiatives, earnings quality and updated forecasts.