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

Canadian (TSX) Market Analysis & Valuation

UpdatedApr 12, 2026
DataAggregated Company Financials
Companies2202
  • 7D2.1%
  • 3M4.0%
  • 1Y42.4%
  • YTD6.9%

The market has climbed 2.1% in the last 7 days, lead by the Financials sector with a gain of 3.8%. In the last year, the market has climbed 42%. As for the next few years, earnings are expected to grow by 10% 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
Sun, 12 Apr 2026CA$5.3tCA$2.2tCA$241.4b16.7x22x2.4x
Tue, 10 Mar 2026CA$5.2tCA$2.1tCA$239.8b16.4x21.7x2.4x
Thu, 05 Feb 2026CA$5.1tCA$2.1tCA$224.7b17.3x22.7x2.4x
Sat, 03 Jan 2026CA$4.9tCA$2.1tCA$224.4b16.4x22x2.3x
Mon, 01 Dec 2025CA$4.9tCA$2.1tCA$224.1b16.5x21.7x2.3x
Wed, 29 Oct 2025CA$4.7tCA$2.2tCA$215.5b16.5x21.8x2.2x
Fri, 26 Sep 2025CA$4.7tCA$2.2tCA$209.1b16.5x22.3x2.2x
Sun, 24 Aug 2025CA$4.5tCA$2.1tCA$201.8b16.1x22.1x2.1x
Tue, 22 Jul 2025CA$4.3tCA$2.1tCA$191.0b16.4x22.8x2x
Thu, 19 Jun 2025CA$4.3tCA$2.1tCA$191.8b15.5x22.3x2x
Sat, 17 May 2025CA$4.1tCA$2.1tCA$183.1b14.3x22.3x1.9x
Mon, 14 Apr 2025CA$3.8tCA$2.1tCA$173.1b14.3x21.7x1.8x
Wed, 12 Mar 2025CA$3.9tCA$2.1tCA$175.3b14.6x22.1x1.8x
Fri, 07 Feb 2025CA$3.9tCA$2.1tCA$169.0b14.7x23.3x1.9x
Sun, 05 Jan 2025CA$3.9tCA$2.1tCA$169.3b14.4x23.2x1.8x
Tue, 03 Dec 2024CA$4.0tCA$2.1tCA$166.3b14.8x24x1.9x
Thu, 31 Oct 2024CA$3.9tCA$2.1tCA$168.1b15.3x23.2x1.8x
Sat, 28 Sep 2024CA$3.8tCA$2.1tCA$167.6b15.5x22.9x1.8x
Mon, 26 Aug 2024CA$3.7tCA$2.1tCA$166.6b15.1x22.3x1.8x
Wed, 24 Jul 2024CA$3.7tCA$2.1tCA$167.8b14x21.9x1.8x
Fri, 21 Jun 2024CA$3.5tCA$2.0tCA$167.3b14x20.7x1.7x
Sun, 19 May 2024CA$3.6tCA$2.0tCA$167.0b14.2x21.9x1.8x
Tue, 16 Apr 2024CA$3.5tCA$2.1tCA$174.6b14x20.2x1.7x
Thu, 14 Mar 2024CA$3.5tCA$2.1tCA$173.7b13.8x20.1x1.7x
Sat, 10 Feb 2024CA$3.4tCA$2.1tCA$174.2b13.1x19.3x1.6x
Mon, 08 Jan 2024CA$3.4tCA$2.1tCA$173.1b13x19.5x1.6x
Wed, 06 Dec 2023CA$3.3tCA$2.1tCA$172.0b12x19x1.6x
Fri, 03 Nov 2023CA$3.1tCA$2.1tCA$180.7b12.1x17.1x1.5x
Sun, 01 Oct 2023CA$3.2tCA$2.1tCA$185.2b11.5x17.1x1.5x
Tue, 29 Aug 2023CA$3.2tCA$2.1tCA$184.9b11.5x17.4x1.5x
Thu, 27 Jul 2023CA$3.3tCA$2.1tCA$199.1b11.8x16.7x1.6x
Sat, 24 Jun 2023CA$3.1tCA$2.1tCA$200.8b10.9x15.6x1.5x
Mon, 22 May 2023CA$3.3tCA$2.1tCA$206.3b11.1x15.9x1.5x
Wed, 19 Apr 2023CA$3.4tCA$2.1tCA$217.4b10.7x15.5x1.6x
Price to Earnings Ratio

15.5x


Total Market Cap: CA$3.4tTotal Earnings: CA$217.4bTotal 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 3.6% 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 Market2.05%
Materials4.26%
Consumer Discretionary4.18%
Financials3.84%
Real Estate1.87%
Tech1.72%
Industrials1.59%
Utilities1.58%
Healthcare0.63%
Consumer Staples-0.96%
Energy-1.50%
Telecom-7.02%
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 25.3%, which is higher than its past year's earnings growth of 9.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 45% over the next 5 years.
  • This is better than its past earnings growth rate of 26% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 8.1% 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$237.864.6%
+CA$14.7b		51.2%PB2.6xFinancials
TD Toronto-Dominion BankCA$139.285.1%
+CA$11.3b		71.8%PB1.9xFinancials
CLS CelesticaCA$486.2818.5%
+CA$8.7b		342.4%PE48.5xTech
CM Canadian Imperial Bank of CommerceCA$142.666.5%
+CA$8.0b		79.9%PB2.1xFinancials
BMO Bank of MontrealCA$199.735.3%
+CA$7.1b		57.8%PB1.7xFinancials
See more

Market Insights

Header cover image
Is it time to revisit Cybersecurity and Cloud?
Stella Ong avatar
Stella Ong
In 2021, cybersecurity and cloud stocks could do no wrong. Today, they’re operating in a very different environment where stock selection is more important than ever.
Continue reading
What’s happening with Renewables & EVs?

Latest News

CM
CA$142.66
Canadian Imperial Bank of Commerce
7D
6.5%
1Y
79.9%
RCI.B
CA$44.86
Rogers Communications
7D
-8.0%
1Y
32.1%
CLS
CA$486.28
Celestica
7D
18.5%
1Y
342.4%
NA
CA$195.72
National Bank of Canada
7D
5.8%
1Y
72.6%

NA: Future Returns Will Reflect Buybacks Balanced Against Mortgage Renewal Execution Risks

Analysts have inched up the average price target for National Bank of Canada to around CA$190, with recent moves into the CA$179 to CA$202 range reflecting updated views on Q1 results, mortgage renewal risks, and refreshed earnings estimates across the Canadian bank group. Analyst Commentary Recent Street research on National Bank of Canada clusters around higher price targets in the CA$179 to CA$202 range, with a mix of Buy, Outperform, Hold, Sector Perform and Equal Weight ratings.
RY
CA$237.86
Royal Bank of Canada
7D
4.6%
1Y
51.2%

RY: Future Returns Will Rely On Stable Credit And Measured AI Execution

Narrative Update Analysts have nudged the average price target for Royal Bank of Canada slightly higher to around CA$245. This reflects a series of recent target revisions in the CA$245 to CA$259 range that factor in updated earnings estimates, expectations for modest balance sheet growth, stable net interest income, controlled expenses, steady credit quality and ongoing share repurchases.
CNQ
CA$64.16
Canadian Natural Resources
7D
-3.0%
1Y
70.1%
BMO
CA$199.73
Bank of Montreal
7D
5.3%
1Y
57.8%

BMO: Future Returns Will Hinge On ROE Delivery And Capital Markets Momentum

The analyst price target for Bank of Montreal has been nudged higher to approximately CA$204.43 from about CA$204.14, with analysts pointing to updated views on revenue growth, discount rates and future P/E assumptions, along with a series of recent target raises that balance mixed ratings across the Street. Analyst Commentary Recent research on Bank of Montreal offers a mix of optimism and caution, with several firms updating targets and ratings around the latest earnings and sector outlooks.
CVE
CA$35.80
Cenovus Energy
7D
-3.1%
1Y
126.4%
TRI
CA$115.28
Thomson Reuters
7D
-8.2%
1Y
-52.0%

TRI: Larger Buybacks And Higher Dividend Will Support Future Upside

Analysts have made a modest upward adjustment to their CA$ price target for Thomson Reuters, reflecting slightly higher fair value estimates alongside small tweaks to discount rate and forward P/E assumptions. What's in the News Thomson Reuters announced a partnership with Smokeball to link Smokeball's practice management tools and AI matter assistant with CoCounsel Legal, aiming to create an integrated legal tech workflow for joint U.S. customers, including a real-time data connector for bulk document syncing across platforms (Client Announcements).
L
CA$63.21
Loblaw Companies
7D
-2.1%
1Y
23.2%

L: Higher Margin Hopes And Execution Risks Will Likely Cap Future Upside

Analysts have lifted the fair value estimate for Loblaw Companies to CA$51.63 from CA$47.80. This reflects a series of recent price target increases to as high as CA$75 as they factor in updated margin expectations and valuation multiples.
T
CA$16.41
TELUS
7D
-8.4%
1Y
-18.9%

T: Quantum And Space Connectivity Will Drive Future Upside Potential

Analysts now set their average TELUS price target at roughly CA$21.00, slightly below the prior fair value estimate of about CA$21.38. This reflects updated views on discount rate, revenue growth, profit margins and future P/E assumptions.
CSU
CA$2,295.18
Constellation Software
7D
-6.0%
1Y
-49.6%

AI Reinvestment Risks And Acquisition Pressures Will Still Support Long Term Earnings Potential

Catalysts About Constellation Software Constellation Software acquires, owns and operates vertical market software businesses that provide mission critical solutions to customers around the world. What are the underlying business or industry changes driving this perspective?
SU
CA$89.29
Suncor Energy
7D
-2.6%
1Y
92.1%
TD
CA$139.28
Toronto-Dominion Bank
7D
5.1%
1Y
71.8%

TD: Future Will Reflect Easing Mortgage Risks And Ongoing Share Repurchases

Analysts have nudged the fair value estimate for Toronto-Dominion Bank slightly lower to CA$140.43 from CA$141.14, even as several firms raised their price targets into a CA$135 to CA$148 range. They cited stronger than expected recent results in most segments, updated longer term earnings estimates, and reduced concern around mortgage renewals.
WPM
CA$200.24
Wheaton Precious Metals
7D
6.0%
1Y
75.6%

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.
CNR
CA$152.26
Canadian National Railway
7D
5.1%
1Y
9.9%