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Canadian (TSX) Market Analysis & Valuation

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies2197
  • 7D0.3%
  • 3M1.1%
  • 1Y27.3%
  • YTD0.9%

In the last week, the market has been flat, with a notable exception in the Healthcare sector dropping 3.3%. As for the longer term, the market has risen 27% in the past 12 months. Earnings are forecast to grow by 10% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Canadian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Thu, 08 Jun 2023CA$3.2tCA$2.1tCA$199.9b11.2x16.2x1.5x
Sat, 06 May 2023CA$3.3tCA$2.1tCA$209.7b11.2x15.8x1.6x
Mon, 03 Apr 2023CA$3.3tCA$2.1tCA$217.2b10.6x15.2x1.6x
Price to Earnings Ratio

15.2x


Total Market Cap: CA$3.3tTotal Earnings: CA$217.2bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.6x202420252026
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 20.6x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 3.3% 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 Market0.27%
Consumer Staples0.92%
Energy0.65%
Financials0.63%
Industrials0.32%
Materials0.14%
Utilities0.14%
Telecom-0.14%
Consumer Discretionary-0.67%
Real Estate-0.74%
Tech-3.03%
Healthcare-3.26%
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 24.6%, which is higher than its past year's earnings growth of 19.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 53% over the next 5 years.
  • This is better than its past earnings growth rate of 29% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 9.3% 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
SU Suncor EnergyCA$90.063.5%
+CA$3.6b		62.9%PE18.1xEnergy
CVE Cenovus EnergyCA$36.015.1%
+CA$3.3b		78.6%PE17.2xEnergy
ENB EnbridgeCA$75.491.8%
+CA$2.9b		18.9%PE23.4xEnergy
BN BrookfieldCA$54.952.3%
+CA$2.7b		6.4%PE77.8xFinancials
CNR Canadian National RailwayCA$140.643.3%
+CA$2.7b		-1.4%PE18.2xIndustrials
See more

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Latest News

DOL
CA$166.76
Dollarama
7D
-7.7%
1Y
9.9%
CNQ
CA$69.46
Canadian Natural Resources
7D
3.1%
1Y
58.8%
GFL
CA$54.06
GFL Environmental
7D
-3.4%
1Y
-20.9%
K
CA$39.81
Kinross Gold
7D
9.6%
1Y
122.7%
MDA
CA$34.52
MDA Space
7D
-19.7%
1Y
27.1%
TRI
CA$124.26
Thomson Reuters
7D
-3.0%
1Y
-49.2%

TRI: Larger Buybacks And Higher Dividend Will Support Future Upside

Analysts have lifted their CA$ fair value estimate for Thomson Reuters by roughly CA$2 to CA$185.72, reflecting updated assumptions around the discount rate, revenue growth, profit margins and future P/E multiples. What's in the News Smokeball and Thomson Reuters announced a partnership to link Smokeball's practice management tools and AI matter assistant with Thomson Reuters CoCounsel Legal, with a real time data connector planned to sync legal documents across platforms and further integration phases underway (Client Announcements).
TCL.A
CA$5.24
Transcontinental
7D
-77.6%
1Y
-71.4%
CSU
CA$2,358.89
Constellation Software
7D
-5.6%
1Y
-48.3%

AI Adoption And Minority Stakes Will Reshape This Vertical Software Compounder

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IMO
CA$181.25
Imperial Oil
7D
4.6%
1Y
78.5%

IMO: Limited Margin For Error Will Pressure Returns After Outperformance

Analysts have raised the fair value estimate for Imperial Oil by CA$6 to CA$98, citing recent target moves around CA$110 to CA$116, a shift to an Underperform view from some firms, updated assumptions for a higher discount rate, softer revenue growth, improved profit margin, and a slightly lower future P/E. Analyst Commentary Recent research on Imperial Oil highlights a mix of higher price targets and more cautious ratings, with some firms flagging valuation and return risks even as target prices cluster in the CA$110 to CA$116 range.
CVE
CA$37.23
Cenovus Energy
7D
8.0%
1Y
88.7%

CVE: Cash Returns And Portfolio Integration Will Shape Future Risk Reward Balance

Cenovus Energy's analyst fair value estimate has been revised higher from CA$32.12 to CA$33.19, reflecting a series of recent target price increases from multiple firms as analysts factor in updated views on revenue, profit margins and sector conditions. Analyst Commentary Recent Street research on Cenovus Energy points to an active debate around upside potential versus execution and commodity related risks, with several firms adjusting their price targets and ratings in quick succession.
ABX
CA$53.43
Barrick Mining
7D
4.8%
1Y
95.1%

ABX: Future Asset Split And Buybacks Will Drive Rerating Potential

Analysts have trimmed their fair value estimate for Barrick Mining to CA$96.06 from CA$100.75, citing updated assumptions for discount rate, revenue growth, profit margin and future P/E in a move similar in tone to recent valuation driven rating changes seen elsewhere on the Street. Analyst Commentary Recent trims to fair value for Barrick Mining come against a backdrop where valuation discipline is front and center across the market.
WPM
CA$172.65
Wheaton Precious Metals
7D
9.9%
1Y
56.9%
FFH
CA$2,308.98
Fairfax Financial Holdings
7D
-3.1%
1Y
13.4%

FFH: Index Inclusions And Buybacks Will Support Future Upside Potential

The updated analyst price target for Fairfax Financial Holdings has moved from approximately CA$3,193 to about CA$3,219, as analysts factor in revised assumptions around revenue growth, profit margins, and a lower future P/E multiple, while weighing mixed recent Street research that includes a C$100 price target increase at one firm and a downgrade at another. Analyst Commentary Recent Street research around Fairfax Financial Holdings has been mixed, with one bullish price target adjustment and at least one downgrade.
ENB
CA$75.83
Enbridge
7D
3.4%
1Y
19.2%

ENB: Future Returns Will Rely On Utility Execution And Rich Market Pricing

Analysts have nudged the fair value estimate for Enbridge higher, with the implied price target moving roughly CA$1.48 to CA$75.29. This change is supported by a slightly lower discount rate, steady revenue growth and margin assumptions, and a modestly higher future P/E multiple after a series of recent CA$72 to CA$77 Street price target revisions.
SU
CA$92.50
Suncor Energy
7D
5.7%
1Y
68.4%

SU: Investor Day And Buybacks Will Shape Oil Sands Resource Reassessment

The analyst fair value estimate for Suncor Energy has been lifted from CA$75.45 to CA$77.50, reflecting higher Street price targets and updated analyst views on sector conditions and relative valuation. Analyst Commentary Recent Street research on Suncor Energy shows a mix of optimism and caution, with several firms adjusting their price targets and ratings in response to sector conditions and company specific factors.
IFC
CA$246.60
Intact Financial
7D
-1.4%
1Y
-13.8%

IFC: Underwriting Differentiation And Margin Durability Will Support Future Returns

Analysts have raised their price targets for Intact Financial by CA$8 and CA$2 in recent research, citing underwriting differentiation and margin durability as key factors supporting their updated views. Analyst Commentary Recent research on Intact Financial has focused on how the company is positioned within the broader property and casualty insurance group, especially around underwriting quality and earnings durability.