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Canadian (TSX) Market Analysis & Valuation

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies2202
  • 7D2.4%
  • 3M4.6%
  • 1Y30.1%
  • YTD3.8%

Over the last 7 days, the market has risen 2.4%, driven by gains of 8.0% in the Materials sector. As for the past 12 months, the market is up 30%. Looking forward, 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
Wed, 01 Apr 2026CA$5.0tCA$2.2tCA$240.8b16x20.9x2.3x
Fri, 27 Feb 2026CA$5.4tCA$2.1tCA$238.8b17.5x22.5x2.5x
Sun, 25 Jan 2026CA$5.2tCA$2.1tCA$224.5b17.5x23.2x2.4x
Tue, 23 Dec 2025CA$4.9tCA$2.1tCA$224.6b16.3x21.9x2.3x
Thu, 20 Nov 2025CA$4.7tCA$2.1tCA$224.5b16.1x20.9x2.2x
Sat, 18 Oct 2025CA$4.8tCA$2.2tCA$209.5b16.6x22.7x2.2x
Mon, 15 Sep 2025CA$4.6tCA$2.1tCA$208.7b16.3x22.1x2.1x
Wed, 13 Aug 2025CA$4.4tCA$2.1tCA$202.6b15.8x21.5x2x
Fri, 11 Jul 2025CA$4.3tCA$2.1tCA$191.6b16x22.4x2x
Sun, 08 Jun 2025CA$4.3tCA$2.1tCA$191.9b15.4x22.2x2x
Tue, 06 May 2025CA$4.0tCA$2.1tCA$175.3b14.8x22.8x1.9x
Thu, 03 Apr 2025CA$4.0tCA$2.1tCA$173.9b15.5x22.9x1.9x
Sat, 01 Mar 2025CA$4.0tCA$2.1tCA$172.8b15x23x1.9x
Mon, 27 Jan 2025CA$3.9tCA$2.1tCA$171.2b15x23x1.8x
Wed, 25 Dec 2024CA$3.9tCA$2.1tCA$169.2b13.9x22.9x1.8x
Fri, 22 Nov 2024CA$3.9tCA$2.1tCA$166.7b14.6x23.5x1.8x
Sun, 20 Oct 2024CA$4.0tCA$2.1tCA$168.1b15.6x23.5x1.9x
Tue, 17 Sep 2024CA$3.8tCA$2.1tCA$167.5b15.2x22.5x1.8x
Thu, 15 Aug 2024CA$3.6tCA$2.1tCA$170.3b14.7x21.3x1.7x
Sat, 13 Jul 2024CA$3.6tCA$2.0tCA$166.7b14x21.7x1.8x
Mon, 10 Jun 2024CA$3.6tCA$2.1tCA$167.4b14.3x21.3x1.7x
Wed, 08 May 2024CA$3.6tCA$2.1tCA$172.8b14x20.7x1.7x
Fri, 05 Apr 2024CA$3.6tCA$2.0tCA$174.2b14x20.4x1.7x
Sun, 03 Mar 2024CA$3.5tCA$2.1tCA$176.7b13.7x19.5x1.7x
Tue, 30 Jan 2024CA$3.4tCA$2.1tCA$173.8b12.8x19.6x1.6x
Thu, 28 Dec 2023CA$3.4tCA$2.1tCA$172.7b13.3x19.6x1.6x
Sat, 25 Nov 2023CA$3.2tCA$2.1tCA$179.1b11.8x18x1.5x
Mon, 23 Oct 2023CA$3.1tCA$2.1tCA$185.3b11.3x16.8x1.5x
Wed, 20 Sep 2023CA$3.3tCA$2.1tCA$184.4b11.9x17.8x1.6x
Fri, 18 Aug 2023CA$3.2tCA$2.1tCA$185.8b11.4x17.4x1.5x
Sun, 16 Jul 2023CA$3.3tCA$2.1tCA$199.8b11.4x16.3x1.5x
Tue, 13 Jun 2023CA$3.2tCA$2.1tCA$199.8b11.1x16.1x1.5x
Thu, 11 May 2023CA$3.3tCA$2.1tCA$209.8b11x15.8x1.6x
Sat, 08 Apr 2023CA$3.3tCA$2.1tCA$217.8b10.6x15.1x1.6x
Price to Earnings Ratio

15.1x


Total Market Cap: CA$3.3tTotal Earnings: CA$217.8bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.7x202420252026
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 20.7x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 3.4% 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 Market2.38%
Materials7.97%
Utilities2.56%
Energy1.52%
Financials1.19%
Consumer Staples1.14%
Consumer Discretionary1.01%
Industrials1.01%
Real Estate0.85%
Healthcare0.12%
Telecom-1.01%
Tech-1.51%
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 17.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 46% 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 8.7% 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
WPM Wheaton Precious MetalsCA$182.6010.0%
+CA$7.5b		66.1%PE40.5xMaterials
ABX Barrick MiningCA$56.858.4%
+CA$7.4b		102.0%PE13.7xMaterials
BN BrookfieldCA$56.374.4%
+CA$5.3b		9.9%PE79.5xFinancials
FNV Franco-NevadaCA$344.458.3%
+CA$5.1b		52.7%PE42.9xMaterials
FFH Fairfax Financial HoldingsCA$2.37k1.1%
+CA$4.9b		10.6%PE8xFinancials
See more

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Latest News

SU
CA$92.01
Suncor Energy
7D
4.3%
1Y
64.6%
WPM
CA$182.60
Wheaton Precious Metals
7D
10.0%
1Y
66.1%

WPM: Higher P/E Assumptions And Robust Pipeline Will Drive Future Upside

The analyst price target for Wheaton Precious Metals has been revised from CA$180.53 to CA$235.28, with analysts attributing the change to a higher assumed future P/E multiple and updated Street research that reflects recent price target increases and an "extremely robust" opportunity pipeline. Analyst Commentary Recent Street research around Wheaton Precious Metals spans a range of views, from higher price targets tied to an "extremely robust" opportunities pipeline and updated metal price forecasts, to more cautious adjustments that flag potential risks around valuation, execution and long term growth expectations.
FNV
CA$344.45
Franco-Nevada
7D
8.3%
1Y
52.7%
ATRL
CA$89.50
AtkinsRéalis Group
7D
-3.5%
1Y
31.7%
TOU
CA$66.58
Tourmaline Oil
7D
-3.9%
1Y
-5.4%

TOU: Asset Sale And Balance Sheet Moves Will Shape Multi Year Outlook

Tourmaline Oil's fair value estimate has inched higher from CA$70.34 to CA$70.64 as analysts adjust price targets in a tight CA$67 to CA$74 range, reflecting updated views on revenue growth, margins, and future P/E assumptions. Analyst Commentary Recent Street Research on Tourmaline Oil points to a relatively tight cluster of price targets between CA$67 and CA$74, with several firms updating their views in quick succession.
K
CA$42.53
Kinross Gold
7D
10.5%
1Y
136.1%
MDA
CA$35.24
MDA Space
7D
-12.6%
1Y
33.0%
BYD
CA$177.59
Boyd Group Services
7D
-7.7%
1Y
-13.6%
BAM
CA$61.85
Brookfield Asset Management
7D
4.8%
1Y
-12.7%
CLS
CA$392.42
Celestica
7D
-5.4%
1Y
247.0%

CLS: AI Platform Collaboration And 2026 Outlook Will Support Further Upside

Analysts have made a modest adjustment to their CA$ price target on Celestica, reflecting an updated view of inputs such as discount rate, revenue growth, profit margin, and future P/E assumptions that remain broadly consistent with prior estimates. What's in the News Celestica and AMD agreed to collaborate on the Helios rack-scale AI platform, pairing AMD compute with Celestica’s networking switch design and manufacturing for Open Compute Project, Open-Rack-Wide systems targeting large AI clusters, with initial availability planned for late 2026 (Key Developments).
TRP
CA$87.11
TC Energy
7D
-1.3%
1Y
27.2%

TRP: Backlog Certainty And Dividend Policy Will Shape Future Return Balance

Narrative Update The analyst price target for TC Energy has been revised from CA$86.00 to CA$87.32 as analysts update models for the Q4 report, reflect reiterated FY26 EBITDA guidance, and factor in a series of higher Street targets, which are partly tempered by recent share price appreciation. Analyst Commentary Recent research updates on TC Energy show a mix of optimism on growth and asset quality, balanced against concerns about valuation after the recent share price move.
BCE
CA$35.10
BCE
7D
-1.2%
1Y
7.6%

BCE: Execution Risks Around Profitability Assumptions Will Drive Future Share Pressure

Analysts have nudged BCE's fair value estimate higher to CA$31.00 from CA$30.00, citing recent target hikes into the CA$39 to CA$41 range, as well as updated assumptions around profitability, discount rate, and future P/E as key supports for the change. Analyst Commentary Recent Street research on BCE has featured a mix of supportive and cautious views, with several price target adjustments clustering in the CA$39 to CA$41 range.
CM
CA$131.84
Canadian Imperial Bank of Commerce
7D
-1.0%
1Y
61.7%

CM: Future Earnings Balance Will Hinge On Credit Costs And Capital Markets Performance

The analyst price target for Canadian Imperial Bank of Commerce has moved slightly to CA$143.75 from CA$143.97, reflecting a series of recent Street target increases that cite stronger than expected Q1 results, improving profitability metrics, and updated longer term earnings estimates across the Canadian bank group. Analyst Commentary Recent Street research on Canadian Imperial Bank of Commerce has been active, with several firms updating targets and views around the latest Q1 print and longer term earnings estimates.
ABX
CA$56.85
Barrick Mining
7D
8.4%
1Y
102.0%

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.
BN
CA$56.37
Brookfield
7D
4.4%
1Y
9.9%
FFH
CA$2,370.32
Fairfax Financial Holdings
7D
1.1%
1Y
10.6%

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.