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Canadian (TSX) Market Analysis & Valuation

UpdatedDec 31, 2025
DataAggregated Company Financials
Companies2206
  • 7D-0.1%
  • 3M5.6%
  • 1Y26.9%
  • YTD26.1%

The market has stayed flat over the 7 days. More promisingly, the market is up 27% over the past year. 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
Wed, 31 Dec 2025CA$5.0tCA$2.1tCA$224.3b16.4x22.1x2.3x
Fri, 28 Nov 2025CA$4.8tCA$2.1tCA$224.4b16.5x21.5x2.3x
Sun, 26 Oct 2025CA$4.7tCA$2.2tCA$215.4b16.8x21.9x2.2x
Tue, 23 Sep 2025CA$4.7tCA$2.1tCA$208.8b16.4x22.3x2.2x
Thu, 21 Aug 2025CA$4.4tCA$2.1tCA$201.9b15.8x21.7x2x
Sat, 19 Jul 2025CA$4.4tCA$2.1tCA$191.2b16.1x22.8x2x
Mon, 16 Jun 2025CA$4.3tCA$2.1tCA$191.5b15.4x22.3x2x
Wed, 14 May 2025CA$4.0tCA$2.1tCA$176.8b14.4x22.7x1.9x
Fri, 11 Apr 2025CA$3.8tCA$2.1tCA$173.3b14.1x21.8x1.8x
Sun, 09 Mar 2025CA$3.9tCA$2.1tCA$173.5b14.9x22.7x1.8x
Tue, 04 Feb 2025CA$3.9tCA$2.1tCA$170.9b14.4x23.1x1.8x
Thu, 02 Jan 2025CA$3.9tCA$2.1tCA$169.1b14.2x22.9x1.8x
Sat, 30 Nov 2024CA$4.0tCA$2.1tCA$166.3b14.9x23.9x1.9x
Mon, 28 Oct 2024CA$3.9tCA$2.1tCA$167.7b15.3x23.3x1.8x
Wed, 25 Sep 2024CA$3.8tCA$2.1tCA$167.5b15.3x22.7x1.8x
Fri, 23 Aug 2024CA$3.7tCA$2.1tCA$169.8b14.7x21.8x1.8x
Sun, 21 Jul 2024CA$3.6tCA$2.1tCA$167.7b14x21.7x1.8x
Tue, 18 Jun 2024CA$3.5tCA$2.1tCA$167.4b14.1x20.8x1.7x
Thu, 16 May 2024CA$3.6tCA$2.0tCA$167.9b14.2x21.5x1.8x
Sat, 13 Apr 2024CA$3.6tCA$2.1tCA$174.6b14.1x20.4x1.7x
Mon, 11 Mar 2024CA$3.5tCA$2.1tCA$173.3b13.7x20.1x1.7x
Wed, 07 Feb 2024CA$3.4tCA$2.1tCA$172.8b13.1x19.5x1.6x
Fri, 05 Jan 2024CA$3.4tCA$2.1tCA$173.1b13x19.5x1.6x
Sun, 03 Dec 2023CA$3.3tCA$2.1tCA$173.3b12.3x18.9x1.6x
Tue, 31 Oct 2023CA$3.1tCA$2.1tCA$184.5b11.6x16.6x1.5x
Thu, 28 Sep 2023CA$3.2tCA$2.1tCA$184.3b11.4x17.2x1.5x
Sat, 26 Aug 2023CA$3.2tCA$2.1tCA$184.8b11.5x17.4x1.5x
Mon, 24 Jul 2023CA$3.3tCA$2.1tCA$200.2b11.7x16.6x1.6x
Wed, 21 Jun 2023CA$3.2tCA$2.1tCA$200.3b11.1x15.9x1.5x
Fri, 19 May 2023CA$3.3tCA$2.2tCA$206.4b11.2x15.9x1.5x
Sun, 16 Apr 2023CA$3.4tCA$2.1tCA$217.2b10.6x15.5x1.6x
Tue, 14 Mar 2023CA$3.2tCA$2.1tCA$220.3b10.6x14.6x1.5x
Thu, 09 Feb 2023CA$3.4tCA$2.1tCA$246.1b11.1x13.8x1.6x
Sat, 07 Jan 2023CA$3.3tCA$2.1tCA$245.5b10.6x13.3x1.6x
Price to Earnings Ratio

13.3x


Total Market Cap: CA$3.3tTotal Earnings: CA$245.5bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20x20242025
Current Market PE
  • Investors are optimistic on the Canadian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 22.1x which is higher than its 3-year average PE of 20.0x.
Past Earnings Growth
  • The earnings for Canadian listed companies have declined 3.0% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Canadian Market?

CA Market-0.12%
Telecom1.88%
Energy1.32%
Consumer Staples0.80%
Real Estate0.47%
Utilities0.036%
Financials-0.016%
Industrials-0.24%
Consumer Discretionary-0.68%
Tech-1.22%
Healthcare-1.29%
Materials-1.47%
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 22.8%, which is higher than its past year's earnings growth of 15.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 67% over the next 5 years.
  • This is better than its past earnings growth rate of 9.5% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 21% 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
CNQ Canadian Natural ResourcesCA$46.473.1%
+CA$2.9b		4.7%PE14.5xEnergy
SU Suncor EnergyCA$60.973.2%
+CA$2.3b		18.8%PE14xEnergy
ENB EnbridgeCA$65.781.4%
+CA$2.0b		7.8%PE25.7xEnergy
RY Royal Bank of CanadaCA$235.000.5%
+CA$1.6b		35.6%PB2.6xFinancials
TD Toronto-Dominion BankCA$129.810.5%
+CA$1.1b		69.6%PB1.8xFinancials
See more

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TECK.B
CA$65.66
Teck Resources
7D
3.1%
1Y
12.7%
IMO
CA$119.19
Imperial Oil
7D
1.6%
1Y
34.5%
TD
CA$129.81
Toronto-Dominion Bank
7D
0.5%
1Y
69.6%

TD: Future Will Balance U.S. Asset Cap Risks And Capital Returns

Analysts have nudged their average price target for Toronto Dominion Bank higher by about C$3 to roughly C$128, citing improving profit margin expectations, a slightly lower assumed future price to earnings multiple, and continued momentum in strategic execution despite lingering regulatory overhangs. Analyst Commentary Recent Street research reflects a generally constructive stance toward Toronto Dominion Bank, with a series of incremental price target increases clustered around the bank's investor day and subsequent updates.
RY
CA$235.00
Royal Bank of Canada
7D
0.5%
1Y
35.6%

RY: Future Returns Will Depend On Diversified Mix Amid Measured Upgrade Momentum

The analyst price target for Royal Bank of Canada has been modestly increased from about C$229 to roughly C$233, as analysts factor in stronger expected revenue growth, slightly higher profit margins, and the bank’s resilient positioning relative to peers. Analyst Commentary Bullish analysts highlight that the recent uptick in the consensus price target reflects growing confidence in Royal Bank of Canada’s earnings trajectory and its ability to outgrow peers on a risk adjusted basis.
ABX
CA$60.59
Barrick Mining
7D
-2.4%
1Y
171.8%

ABX: Activist Spin Off, Governance Shifts And Payout Actions Will Shape Outlook

Analysts have raised their price target on Barrick Mining by approximately 5 percent to about $65 per share, citing slightly lower discount rate assumptions along with modestly stronger expectations for revenue growth, profit margins, and a still attractive future P/E multiple. What's in the News Barrick has agreed to explore a potential spin off of its premier North American mining assets into a separately listed NewCo following pressure from activist investor Elliott Investment Management, targeting the company’s valuation gap and geopolitical risk profile (company announcement).
SU
CA$60.97
Suncor Energy
7D
3.2%
1Y
18.8%

SU: Double Digit Free Cash Flow Yield Will Support Strong Capital Returns

The analyst price target for Suncor Energy has been nudged higher to approximately C$66.70 from about C$66.50, as analysts factor in stronger sustaining free cash flow yields and updated multi year guidance that supports a modestly higher valuation multiple despite slightly softer growth and margin assumptions. Analyst Commentary Bullish analysts highlight that Suncor's valuation is increasingly supported by a double digit sustaining free cash flow yield, which screens attractively versus peers and underpins the modest upward revision in the consolidated price target.
CM
CA$125.31
Canadian Imperial Bank of Commerce
7D
-1.0%
1Y
37.8%

CM: Net Interest Margins And Credit Costs Will Continue To Shape Earnings Outlook

The analyst price target for Canadian Imperial Bank of Commerce has been modestly raised to C$124.88 from C$122.57 as analysts factor in stronger revenue growth, slightly higher profit margins, and improving expectations around net interest margin sustainability and credit trends. Analyst Commentary Recent Street research reflects a generally constructive stance on Canadian Imperial Bank of Commerce, with a series of incremental price target increases and a mix of positive and more cautious views on the bank's earnings trajectory.
CCO
CA$125.15
Cameco
7D
-1.8%
1Y
69.3%

CCO: Shareholder Value Will Rise On Takeover Momentum And Completed Asset Sales

Analysts have nudged their price target on Cameco modestly higher to reflect a slightly faster projected revenue growth rate and only marginally lower long term margin and valuation assumptions, which together support a fair value estimate of about $150.81 per share. Analyst Commentary Recent research updates reflect a generally constructive stance on Cameco, with analysts modestly increasing their price targets as they recalibrate assumptions for revenue growth, long term margins, and the broader uranium cycle.
K
CA$39.18
Kinross Gold
7D
-2.2%
1Y
193.5%

K: Future Earnings Multiple Expansion Will Likely Overstate Underlying Profitability

Analysts have raised their fair value estimate for Kinross Gold from approximately $12.50 to about $17.05 per share. They cite expectations for moderating revenue declines, slightly higher long run profit margins, and a marginally richer future earnings multiple, even after factoring in a higher discount rate.
WPM
CA$162.77
Wheaton Precious Metals
7D
-2.1%
1Y
101.2%

WPM Will Navigate Higher Metal Price Expectations Amid Mixed Macro Backdrop

Analysts have lifted their price targets for Wheaton Precious Metals into the low to mid $130 range, citing higher long term precious metal price forecasts, resilient demand amid macro headwinds, and ongoing capital returns and M&A momentum as support for a higher fair value, despite slightly lower growth and margin expectations. Analyst Commentary Recent Street research has highlighted a broadly constructive outlook for Wheaton Precious Metals, with multiple price target increases across North American and international markets.
ENB
CA$65.78
Enbridge
7D
1.4%
1Y
7.8%

ENB: Future Returns Will Depend On U.S. Investment Shift And Dividend Durability

Enbridge's fair value estimate has nudged higher to approximately C$71.07 from about C$70.45, as analysts gradually lift price targets across the midstream peer group while factoring in slightly softer revenue growth, broadly stable margins, and a modestly higher future P/E multiple. Analyst Commentary Recent Street research on Enbridge reflects a generally constructive but still balanced stance, with incremental price target increases clustered in the mid C$60s to around C$70 and rating language that largely reinforces a hold or market perform view.
CLS
CA$410.04
Celestica
7D
-3.0%
1Y
209.1%
CVE
CA$23.35
Cenovus Energy
7D
2.1%
1Y
7.2%

CVE: MEG Integration And Buybacks Will Drive Future Margin And Cash Flow

We are raising our fair value estimate for Cenovus Energy slightly to $29.68 from $29.35, as analysts lift price targets across the sector, citing updated 2025 guidance, early 2026 outlook commentary, and improved profitability expectations following the MEG acquisition. Analyst Commentary Street research activity around Cenovus has been active, with a series of target price revisions and rating changes reflecting shifting views on the company’s post MEG-acquisition profile, capital allocation, and risk-reward balance.
FNV
CA$285.09
Franco-Nevada
7D
-3.4%
1Y
68.8%

FNV: Future Royalty Cash Flows Will Benefit From Strong Precious Metal Prices

Analysts have modestly lowered their blended price target on Franco-Nevada by approximately $20 to around $225 per share. This reflects a balance between stronger royalty-driven cash flow potential amid firm commodity prices and heightened market volatility, as well as softer investor sentiment following the recent gold pullback.
CNQ
CA$46.47
Canadian Natural Resources
7D
3.1%
1Y
4.7%
BAM
CA$72.13
Brookfield Asset Management
7D
-1.4%
1Y
-7.5%