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Canadian (TSX) Market Analysis & Valuation

UpdatedJul 08, 2026
DataAggregated Company Financials
Companies2194
  • 7D1.0%
  • 3M4.5%
  • 1Y30.2%
  • YTD11.1%

Over the last 7 days, the market has remained flat, with no particular sector making any big moves this week. Meanwhile, the market is actually up 30% 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, 09 Jul 2026CA$5.5tCA$2.3tCA$245.7b16.3x22.5x2.4x
Sat, 06 Jun 2026CA$5.6tCA$2.2tCA$243.9b15.9x22.8x2.5x
Mon, 04 May 2026CA$5.4tCA$2.2tCA$241.0b16.5x22.2x2.5x
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
Price to Earnings Ratio

16.3x


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 21.2x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 7.1% per year over the last three years.
  • Revenues for these companies have grown 2.0% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Canadian Market?

CA Market0.95%
Industrials2.76%
Real Estate2.46%
Energy1.86%
Financials1.44%
Telecom0.19%
Tech-0.12%
Materials-0.43%
Consumer Staples-0.44%
Utilities-0.81%
Healthcare-0.92%
Consumer Discretionary-1.24%
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 22.2%, which is higher than its past year's earnings growth of 4.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate sector, expecting annual earnings growth of 44% 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 7.8% 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$83.639.6%
+CA$8.7b		55.7%PE15.6xEnergy
CNQ Canadian Natural ResourcesCA$60.097.1%
+CA$8.3b		37.3%PE12.9xEnergy
IMO Imperial OilCA$171.747.8%
+CA$6.0b		57.0%PE28.4xEnergy
CVE Cenovus EnergyCA$37.757.3%
+CA$4.8b		90.6%PE15.3xEnergy
TRI Thomson ReutersCA$126.068.8%
+CA$4.5b		-54.7%PE25.4xIndustrials
See more

Market Insights

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Markets are supposed to reprice risk when it changes. This time they've repriced the promise, but left the threat largely untouched. Whether that's an oversight or a fair call is worth thinking through.
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Latest News

TRI
CA$126.06
Thomson Reuters
7D
8.8%
1Y
-54.7%
RY
CA$291.62
Royal Bank of Canada
7D
-0.7%
1Y
60.9%
CCO
CA$134.26
Cameco
7D
-7.1%
1Y
37.1%
Narrative Update • Jul 07

CCO: Future Uranium Demand And Cigar Lake Exposure Will Shape Returns

Cameco's analyst price target has been revised from about CA$121.43 to about CA$152.06. Analysts point to updated assumptions around revenue growth, profit margins, the discount rate, and the expected future P/E multiple as key drivers of this change.
TECK.B
CA$79.55
Teck Resources
7D
-5.8%
1Y
51.2%
CNQ
CA$60.09
Canadian Natural Resources
7D
7.1%
1Y
37.3%
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.
TD
CA$167.86
Toronto-Dominion Bank
7D
-2.7%
1Y
65.5%
TRP
CA$97.70
TC Energy
7D
4.0%
1Y
53.2%
ABX
CA$50.53
Barrick Mining
7D
-3.1%
1Y
76.7%
IMO
CA$171.74
Imperial Oil
7D
7.8%
1Y
57.0%
WPM
CA$152.36
Wheaton Precious Metals
7D
-4.5%
1Y
25.3%
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.
CP
CA$126.74
Canadian Pacific Kansas City
7D
3.1%
1Y
13.7%
BMO
CA$247.07
Bank of Montreal
7D
-1.4%
1Y
59.7%
BNS
CA$120.32
Bank of Nova Scotia
7D
-2.4%
1Y
60.4%
CVE
CA$37.75
Cenovus Energy
7D
7.3%
1Y
90.6%
CNR
CA$173.82
Canadian National Railway
7D
2.7%
1Y
21.2%
SU
CA$83.63
Suncor Energy
7D
9.6%
1Y
55.7%
Narrative Update • Jun 25

SU: Buybacks And Operational Momentum Will Drive Future Cash Return Expectations

The analyst price target for Suncor Energy has been adjusted slightly higher to CA$100.26 from CA$99.16, reflecting analysts' view that recent price target increases across several firms and a generally constructive stance on the company's operational progress are now more fully captured in the valuation. Analyst Commentary Recent research on Suncor Energy shows a mix of optimism and caution as analysts react to the company’s operational progress and current share valuation.