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Canadian (TSX) Market Analysis & Valuation

UpdatedJul 11, 2026
DataAggregated Company Financials
Companies2192
  • 7D0.02%
  • 3M4.3%
  • 1Y29.5%
  • YTD11.5%

The market has been flat in the last week, however the Materials sector is down 5.7%. As for the longer term, the market has risen 30% in the past 12 months. As for the next few years, earnings are expected to grow by 11% 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 Jul 2026CA$5.5tCA$2.3tCA$245.6b16.5x22.4x2.4x
Tue, 09 Jun 2026CA$5.4tCA$2.2tCA$243.9b16.2x22.3x2.4x
Thu, 07 May 2026CA$5.3tCA$2.2tCA$243.2b16.4x21.9x2.4x
Sat, 04 Apr 2026CA$5.2tCA$2.2tCA$241.3b16.1x21.6x2.4x
Mon, 02 Mar 2026CA$5.4tCA$2.1tCA$238.8b17.6x22.6x2.5x
Wed, 28 Jan 2026CA$5.2tCA$2.1tCA$224.1b17.6x23.2x2.4x
Fri, 26 Dec 2025CA$5.0tCA$2.1tCA$224.3b16.5x22.1x2.3x
Sun, 23 Nov 2025CA$4.7tCA$2.1tCA$224.5b15.9x20.8x2.2x
Tue, 21 Oct 2025CA$4.7tCA$2.2tCA$209.5b16.5x22.6x2.2x
Thu, 18 Sep 2025CA$4.6tCA$2.1tCA$208.6b16.4x22.1x2.1x
Sat, 16 Aug 2025CA$4.4tCA$2.1tCA$201.6b15.7x21.7x2.1x
Mon, 14 Jul 2025CA$4.3tCA$2.1tCA$191.7b16.1x22.5x2x
Wed, 11 Jun 2025CA$4.2tCA$2.1tCA$191.8b15.5x22.1x2x
Fri, 09 May 2025CA$4.0tCA$2.1tCA$176.1b14.8x22.8x1.9x
Sun, 06 Apr 2025CA$3.7tCA$2.1tCA$173.9b14x21.4x1.8x
Tue, 04 Mar 2025CA$4.0tCA$2.1tCA$172.5b14.7x23.3x1.9x
Thu, 30 Jan 2025CA$3.9tCA$2.1tCA$171.4b14.8x22.9x1.8x
Sat, 28 Dec 2024CA$3.9tCA$2.1tCA$169.2b14.1x22.9x1.8x
Mon, 25 Nov 2024CA$4.0tCA$2.1tCA$166.9b14.5x23.8x1.9x
Wed, 23 Oct 2024CA$3.9tCA$2.1tCA$168.1b15.4x23.4x1.9x
Fri, 20 Sep 2024CA$3.8tCA$2.1tCA$167.4b15.1x22.5x1.8x
Sun, 18 Aug 2024CA$3.7tCA$2.1tCA$170.0b14.6x21.7x1.8x
Tue, 16 Jul 2024CA$3.6tCA$2.1tCA$167.1b14x21.8x1.8x
Thu, 13 Jun 2024CA$3.5tCA$2.1tCA$167.3b14.2x21.1x1.7x
Sat, 11 May 2024CA$3.6tCA$2.1tCA$168.0b14.2x21.6x1.8x
Mon, 08 Apr 2024CA$3.6tCA$2.0tCA$174.3b14.1x20.5x1.7x
Wed, 06 Mar 2024CA$3.4tCA$2.1tCA$174.6b14x19.8x1.7x
Fri, 02 Feb 2024CA$3.4tCA$2.1tCA$173.0b13.3x19.7x1.6x
Sun, 31 Dec 2023CA$3.4tCA$2.1tCA$172.8b13.3x19.5x1.6x
Tue, 28 Nov 2023CA$3.2tCA$2.1tCA$179.0b11.7x18x1.6x
Thu, 26 Oct 2023CA$3.1tCA$2.1tCA$184.5b11.1x16.7x1.5x
Sat, 23 Sep 2023CA$3.2tCA$2.1tCA$184.4b11.7x17.4x1.5x
Mon, 21 Aug 2023CA$3.2tCA$2.1tCA$185.8b11.5x17.3x1.5x
Wed, 19 Jul 2023CA$3.3tCA$2.1tCA$199.8b11.5x16.5x1.5x
Price to Earnings Ratio

16.5x


Total Market Cap: CA$3.3tTotal Earnings: CA$199.8bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21.3x202420252026
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 21.3x.
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 Market0.023%
Energy2.41%
Telecom1.87%
Financials1.39%
Consumer Staples1.32%
Industrials0.82%
Tech0.72%
Consumer Discretionary-0.17%
Utilities-0.35%
Real Estate-1.14%
Healthcare-2.22%
Materials-5.70%
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 22.3%, which is higher than its past year's earnings growth of 6.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 43% over the next 5 years.
  • This is better than its past earnings decline of 6.5% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 7.5% 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$298.812.9%
+CA$11.7b		65.7%PB3.2xFinancials
SU Suncor EnergyCA$83.827.3%
+CA$6.7b		52.8%PE15.6xEnergy
CNQ Canadian Natural ResourcesCA$59.104.3%
+CA$5.0b		34.6%PE12.7xEnergy
CM Canadian Imperial Bank of CommerceCA$166.973.2%
+CA$4.8b		66.9%PB2.4xFinancials
BMO Bank of MontrealCA$253.392.6%
+CA$4.4b		62.8%PB2.1xFinancials
See more

Market Insights

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Latest News

BMO
CA$253.39
Bank of Montreal
7D
2.6%
1Y
62.8%
PAAS
CA$61.84
Pan American Silver
7D
-9.0%
1Y
49.1%
Narrative Update • Jul 10

PAAS: Earnings Momentum And Silver Rebound Potential Will Drive Future Upside

For Pan American Silver, the analyst price target has been reset to CA$97.14 from CA$73.64 as analysts factor in revised commodity price assumptions, a higher discount rate of 7.82% and updated expectations for revenue growth, profit margins and future P/E levels. Analyst Commentary Recent commentary on Pan American Silver points to a more cautious stance on valuation as analysts adjust price targets to reflect updated commodity price assumptions and cost pressures.
RY
CA$298.81
Royal Bank of Canada
7D
2.9%
1Y
65.7%
CVE
CA$37.36
Cenovus Energy
7D
6.0%
1Y
86.2%
Narrative Update • Jul 09

CVE: Fair Value View Balances Offshore Project Execution And Overvaluation Risk

The fair value estimate for Cenovus Energy has been raised from CA$25.00 to CA$40.00 as analysts point to higher targeted price levels around CA$47.00 and expectations for a shift to positive revenue growth despite more moderate margin and P/E assumptions. Analyst Commentary Recent Street research on Cenovus Energy centers on higher stated price targets and a focus on execution around key growth projects.
SU
CA$83.82
Suncor Energy
7D
7.3%
1Y
52.8%
Narrative Update • Jul 09

SU: Operational Turnaround And Capital Returns Will Drive Future Upside Potential

The analyst price target for Suncor Energy has been reset from CA$109.42 to CA$118.00, reflecting updated views on oil prices, refreshed earnings estimates, and mixed but constructive Street commentary that includes both recent target trims and new Outperform ratings. Analyst Commentary Recent Street commentary on Suncor Energy offers a mixed but constructive picture, with valuation views and oil price assumptions pulling in different directions.
ABX
CA$51.90
Barrick Mining
7D
-6.6%
1Y
78.7%
Narrative Update • Jul 08

ABX: Rich Multiple And Execution Risks Will Pressure Future Share Returns

The analyst price target for Barrick Mining has shifted from CA$33.69 to CA$32.46 as analysts update their assumptions around fair value, discount rates, revenue growth, profit margins and future P/E expectations. Analyst Commentary With the recent adjustment in the analyst price target for Barrick Mining to CA$32.46, recent commentary has focused on how valuation assumptions, execution risks and growth expectations line up with this updated view of fair value.
IMO
CA$170.77
Imperial Oil
7D
4.6%
1Y
51.3%
Narrative Update • Jul 08

IMO: Future Returns Will Hinge On Buybacks And Oil Price Sensitivity

Imperial Oil's analyst price target has been revised higher from CA$132.81 to CA$153.19, as analysts factor in updated oil price assumptions, modestly revised growth and margin expectations, and recent sector level targets in the CA$138 to CA$156 range. Analyst Commentary Recent Street research on Imperial Oil highlights a mix of optimism around upside potential and caution around execution and commodity risk, which helps explain the current cluster of price targets in the CA$138 to CA$156 range.
K
CA$34.15
Kinross Gold
7D
-5.2%
1Y
60.5%
FNV
CA$290.92
Franco-Nevada
7D
-7.1%
1Y
33.2%
Narrative Update • Jul 07

FNV: Record Quarter And Cobre Panama Restart Expectations Will Shape Outlook

Franco-Nevada's analyst price target has been revised to CA$280 from CA$266. Analysts cited mixed commodity price pressures, updated Q1 modeling, and expectations around the Cobre Panama restart as key drivers behind the change.
AGI
CA$41.69
Alamos Gold
7D
-10.0%
1Y
14.5%
Narrative Update • Jul 07

AGI: Island Gold District Expansion Will Offset Young-Davidson Seismic Disruptions

Alamos Gold's analyst price target has been trimmed by about CA$3, as analysts factor in lower forecast fair value along with pressures from weaker gold prices, higher diesel costs, revised production guidance and recent seismic related disruptions at Young-Davidson. Analyst Commentary Recent research on Alamos Gold points to a more cautious stance on valuation, with analysts trimming price targets as they factor in weaker gold prices, higher diesel costs and operational updates at key assets like Young-Davidson and La Yaqui Grande.
CLS
CA$509.88
Celestica
7D
5.2%
1Y
131.4%
EDV
CA$69.48
Endeavour Mining
7D
-9.1%
1Y
66.1%
Narrative Update • Jul 07

EDV: Assafou Project Economics And Buybacks Will Support Future Upside

Analysts have adjusted their fair value estimate for Endeavour Mining to CA$122 from CA$88, reflecting updated assumptions on revenue growth, margins, and a lower future P/E benchmark, along with recent Street price target revisions that have generally trended lower on weaker gold prices and higher input costs. Analyst Commentary Recent Street research on Endeavour Mining presents a mixed picture, but there are clear pockets of confidence where analysts see the stock as supported by its fundamentals and execution, even as sector headwinds such as weaker gold prices and higher diesel costs weigh on sentiment.
CNQ
CA$59.10
Canadian Natural Resources
7D
4.3%
1Y
34.6%
Narrative Update • Jul 06

CNQ: Future Oilsands Expansion And Pipeline Timing Will Shape Balanced Outlook

Analysts have lifted their fair value estimate for Canadian Natural Resources from CA$43.00 to about CA$57.47, citing updated price targets from firms covering the stock and revised assumptions for revenue trends, margins and future P/E expectations. Analyst Commentary Recent Street research on Canadian Natural Resources reflects a mix of optimism on the company and pockets of caution around execution risks, future growth assumptions and how current trading levels line up with updated fair value views.
CM
CA$166.97
Canadian Imperial Bank of Commerce
7D
3.2%
1Y
66.9%
WPM
CA$155.83
Wheaton Precious Metals
7D
-7.4%
1Y
25.1%
Narrative Update • Jul 01

WPM: Long Term Production Guidance And Streaming Pipeline Will Support Future Upside

Analysts have modestly adjusted the fair value estimate for Wheaton Precious Metals to CA$227.90 from CA$221.95, reflecting updated models after recent quarterly results and a mix of higher and lower Street price targets. Analyst Commentary Recent Street research on Wheaton Precious Metals shows a mixed backdrop, with some analysts fine tuning their models after earnings and others marking down fair value estimates.
FFH
CA$2,352.99
Fairfax Financial Holdings
7D
-2.9%
1Y
-4.6%
Narrative Update • Jun 29

FFH: Debt Funded Kennedy Wilson Deal Will Pressure Future Risk Profile

Fairfax Financial Holdings' analyst price target has been adjusted to CA$2,350. This reflects a modest uplift from prior fair value estimates as analysts point to steady revenue assumptions, a slightly higher forward P/E multiple, and expectations for softer commercial insurance and reinsurance markets that may pressure combined ratios, while leaving the stock viewed as fairly valued at current levels.