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Canadian (TSX) Market Analysis & Valuation

UpdatedMar 13, 2026
DataAggregated Company Financials
Companies2201
  • 7D-2.2%
  • 3M5.2%
  • 1Y35.0%
  • YTD3.7%

Over the last 7 days, the market has dropped 2.2%, driven by a pullback of 3.9% in the Financials sector. As for the longer term, the market has actually risen by 35% in the last year. Looking forward, earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Canadian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 14 Mar 2026CA$5.2tCA$2.1tCA$239.6b16.3x21.7x2.4x
Mon, 09 Feb 2026CA$5.1tCA$2.1tCA$226.8b17.4x22.6x2.4x
Wed, 07 Jan 2026CA$5.0tCA$2.1tCA$224.6b16.5x22.3x2.3x
Fri, 05 Dec 2025CA$4.9tCA$2.1tCA$225.9b16.1x21.6x2.3x
Sun, 02 Nov 2025CA$4.7tCA$2.2tCA$215.4b16.3x21.8x2.2x
Tue, 30 Sep 2025CA$4.7tCA$2.2tCA$209.2b16.4x22.4x2.2x
Thu, 28 Aug 2025CA$4.5tCA$2.1tCA$203.8b16.1x22x2.1x
Sat, 26 Jul 2025CA$4.4tCA$2.1tCA$190.8b16.2x22.9x2.1x
Mon, 23 Jun 2025CA$4.3tCA$2.1tCA$191.8b15.4x22.2x2x
Wed, 21 May 2025CA$4.1tCA$2.1tCA$183.4b14.4x22.2x1.9x
Fri, 18 Apr 2025CA$3.9tCA$2.1tCA$173.0b14.7x22.3x1.8x
Sun, 16 Mar 2025CA$3.9tCA$2.1tCA$174.3b14.9x22.4x1.8x
Tue, 11 Feb 2025CA$4.0tCA$2.1tCA$168.6b14.6x24x1.9x
Thu, 09 Jan 2025CA$3.9tCA$2.1tCA$171.0b14.6x22.7x1.8x
Sat, 07 Dec 2024CA$4.0tCA$2.1tCA$169.1b14.7x23.7x1.9x
Mon, 04 Nov 2024CA$3.9tCA$2.1tCA$168.8b14.9x22.8x1.8x
Wed, 02 Oct 2024CA$3.8tCA$2.1tCA$167.7b15.3x22.9x1.8x
Fri, 30 Aug 2024CA$3.7tCA$2.1tCA$167.3b15.3x22.2x1.8x
Sun, 28 Jul 2024CA$3.7tCA$2.1tCA$167.8b14.2x21.9x1.8x
Tue, 25 Jun 2024CA$3.5tCA$2.0tCA$166.8b14.1x20.8x1.7x
Thu, 23 May 2024CA$3.7tCA$2.0tCA$167.1b14.1x21.9x1.8x
Sat, 20 Apr 2024CA$3.5tCA$2.1tCA$174.7b13.9x20x1.7x
Mon, 18 Mar 2024CA$3.5tCA$2.1tCA$173.4b13.5x20.2x1.7x
Wed, 14 Feb 2024CA$3.3tCA$2.1tCA$177.1b13x18.7x1.6x
Fri, 12 Jan 2024CA$3.4tCA$2.1tCA$173.2b12.8x19.5x1.6x
Sun, 10 Dec 2023CA$3.3tCA$2.1tCA$172.3b12.2x18.9x1.6x
Tue, 07 Nov 2023CA$3.2tCA$2.1tCA$179.6b12x17.8x1.5x
Thu, 05 Oct 2023CA$3.1tCA$2.1tCA$185.5b11.2x16.8x1.5x
Sat, 02 Sep 2023CA$3.3tCA$2.1tCA$184.9b11.8x17.9x1.6x
Mon, 31 Jul 2023CA$3.3tCA$2.1tCA$191.3b11.9x17.3x1.6x
Wed, 28 Jun 2023CA$3.1tCA$2.1tCA$191.7b11.2x16.2x1.5x
Fri, 26 May 2023CA$3.2tCA$2.1tCA$205.6b11x15.7x1.5x
Sun, 23 Apr 2023CA$3.4tCA$2.1tCA$217.9b10.8x15.5x1.6x
Tue, 21 Mar 2023CA$3.1tCA$2.1tCA$211.3b10.6x14.7x1.5x
Price to Earnings Ratio

14.7x


Total Market Cap: CA$3.1tTotal Earnings: CA$211.3bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.6x202420252026
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 20.6x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 4.3% 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 Market-2.19%
Energy2.11%
Utilities0.58%
Consumer Staples-1.21%
Materials-1.60%
Healthcare-1.95%
Telecom-3.06%
Tech-3.67%
Financials-3.86%
Real Estate-3.99%
Consumer Discretionary-4.54%
Industrials-5.41%
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 23.5%, which is higher than its past year's earnings growth of 19.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 54% over the next 5 years.
  • This is better than its past earnings growth rate of 19% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 8.6% 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$66.515.6%
+CA$7.4b		57.6%PE12.8xEnergy
SU Suncor EnergyCA$81.836.0%
+CA$5.5b		55.4%PE16.4xEnergy
NTR NutrienCA$113.799.9%
+CA$4.9b		56.0%PE17.6xMaterials
CLS CelesticaCA$362.266.7%
+CA$2.6b		175.1%PE36.4xTech
IMO Imperial OilCA$165.543.1%
+CA$2.4b		69.9%PE24.5xEnergy
See more

Market Insights

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Why international stocks are starting to outpace the U.S.
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Stella Ong
From Europe to Asia, global markets surged in 2025 while U.S. earnings growth became more concentrated. Early signs suggest this might continue.
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What the next 25 years will look like 🔮

Latest News

CVE
CA$31.85
Cenovus Energy
7D
3.4%
1Y
64.3%
NTR
CA$113.79
Nutrien
7D
9.9%
1Y
56.0%
CSU
CA$2,524.08
Constellation Software
7D
-14.8%
1Y
-46.3%
ABX
CA$58.09
Barrick Mining
7D
-5.9%
1Y
115.1%
BAM
CA$58.91
Brookfield Asset Management
7D
-5.9%
1Y
-12.6%
CNQ
CA$66.51
Canadian Natural Resources
7D
5.6%
1Y
57.6%
CLS
CA$362.26
Celestica
7D
6.7%
1Y
175.1%

CLS: Index Inclusion And Higher 2026 Outlook Will Support Future Upside

Analysts have reiterated their price target on Celestica at CA$570.53, supported by updated modelling that keeps fair value, revenue growth, profit margin and future P/E assumptions broadly unchanged while slightly adjusting the discount rate. What's in the News Celestica issued earnings guidance for the first quarter of 2026, projecting revenue between US$3.85b and US$4.15b, with midpoint growth of 51% (company guidance).
TRI
CA$132.25
Thomson Reuters
7D
-12.7%
1Y
-46.5%

TRI: Expanded Buybacks And Higher Dividend Will Support Future Upside

Analysts have trimmed their fair value estimate for Thomson Reuters by CA$3.56 to CA$183.42, reflecting updated assumptions around discount rates, revenue growth, profit margins, and future P/E expectations. What's in the News Thomson Reuters expanded its equity buyback authorization on February 25, 2026 by an additional 6,000,000 shares for $600 million, bringing the total plan term authorization to 16,000,000 shares and $1.6 billion (Key Developments).
BMO
CA$186.15
Bank of Montreal
7D
-3.6%
1Y
33.8%

BMO: Future Returns Will Reflect Clearer ROE Path And Execution Risks

The analyst price target for Bank of Montreal moves higher, with our fair value estimate rising by about CA$9 to CA$205.14 as analysts factor in recent target increases across the Street. This is supported by views of improved earnings quality, clearer ROE improvement timelines, and a more constructive outlook on capital markets and U.S. loan growth.
BNS
CA$94.38
Bank of Nova Scotia
7D
-3.7%
1Y
37.0%

BNS: ROE Concerns And Mixed Execution Will Shape Measured Re Rating Potential

The analyst price target for Bank of Nova Scotia has shifted slightly lower to CA$107.14 from CA$106.20 as analysts factor in more modest revenue growth, slightly lower profit margin assumptions and expectations that the bank's P/E discount to peers may persist amid concerns about return on equity and areas of underperformance in Canadian P&C and wealth management. Analyst Commentary Recent Street research on Bank of Nova Scotia has been mixed, with some price targets adjusted higher following quarterly results and others trimmed alongside rating downgrades.
BN
CA$52.71
Brookfield
7D
-5.8%
1Y
9.2%
IMO
CA$165.54
Imperial Oil
7D
3.1%
1Y
69.9%

IMO: Future Cash Returns Will Rely On Margins And Capital Discipline

The analyst price target for Imperial Oil has been updated from CA$131 to about CA$150. Analysts point to refined assumptions on profit margins, a higher future P/E, and a modestly higher discount rate that reflect recent price target moves such as TD Securities at CA$110, RBC Capital at CA$116, and a slight reduction from Morgan Stanley.
CM
CA$130.86
Canadian Imperial Bank of Commerce
7D
-3.3%
1Y
62.1%

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

The updated analyst price target for Canadian Imperial Bank of Commerce now stands at about CA$144, up from around CA$132. Analysts point to Q1 results that exceeded consensus and stronger profitability assumptions, including higher profit margins and a slightly lower implied future P/E, as key supports for the change.
ENB
CA$74.28
Enbridge
7D
1.1%
1Y
20.7%

ENB: Future Returns Will Depend On Gas Utility Delivery And Premium Valuation Risk

Analysts have lifted their Enbridge fair value estimate to CA$73.81 from CA$71.98, citing higher price targets across the Street and updated views on revenue growth, margins and future P/E assumptions. Analyst Commentary Recent Street research on Enbridge points to a mix of optimism on the company’s fundamentals and caution around where the shares are currently trading, which feeds directly into the updated fair value estimate.
SU
CA$81.83
Suncor Energy
7D
6.0%
1Y
55.4%
ATD
CA$82.62
Alimentation Couche-Tard
7D
2.3%
1Y
21.9%

ATD: Self Distribution And Buybacks Will Shape Future Earnings And Market Expectations

Analysts have lifted their CA$ price targets on Alimentation Couche-Tard, resulting in a modest uptick in our fair value estimate from CA$88.99 to CA$89.79, supported by slightly higher assumptions for revenue growth and P/E multiples. Analyst Commentary Recent Street research points to a cluster of higher CA$ price targets for Alimentation Couche-Tard, with several firms marking up their views by CA$4 to CA$9 and one setting a round CA$100 target.