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Canadian (TSX) Market Analysis & Valuation

UpdatedJan 07, 2026
DataAggregated Company Financials
Companies2205
  • 7D1.5%
  • 3M6.1%
  • 1Y27.5%
  • YTD1.2%

The market is up 1.5% over the last week, with the Materials sector leading the way, up 5.4%. As for the past 12 months, the market is up 27%. 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
Thu, 08 Jan 2026CA$5.0tCA$2.1tCA$224.6b16.5x22.3x2.3x
Sat, 06 Dec 2025CA$4.9tCA$2.1tCA$225.9b16.1x21.6x2.3x
Mon, 03 Nov 2025CA$4.7tCA$2.2tCA$215.5b16.3x21.8x2.2x
Wed, 01 Oct 2025CA$4.7tCA$2.1tCA$209.2b16.5x22.4x2.2x
Fri, 29 Aug 2025CA$4.5tCA$2.1tCA$203.9b16.1x22x2.1x
Sun, 27 Jul 2025CA$4.4tCA$2.1tCA$191.1b16.4x22.9x2.1x
Tue, 24 Jun 2025CA$4.3tCA$2.1tCA$191.9b15.4x22.2x2x
Thu, 22 May 2025CA$4.1tCA$2.1tCA$183.1b14.7x22.5x2x
Sat, 19 Apr 2025CA$3.9tCA$2.1tCA$173.0b14.7x22.4x1.8x
Mon, 17 Mar 2025CA$3.9tCA$2.1tCA$174.3b14.9x22.4x1.8x
Wed, 12 Feb 2025CA$4.1tCA$2.1tCA$168.8b14.7x24.1x1.9x
Fri, 10 Jan 2025CA$3.9tCA$2.1tCA$171.0b14.7x22.8x1.8x
Sun, 08 Dec 2024CA$4.0tCA$2.1tCA$169.1b14.7x23.6x1.9x
Tue, 05 Nov 2024CA$3.9tCA$2.1tCA$168.7b14.7x22.9x1.8x
Thu, 03 Oct 2024CA$3.8tCA$2.1tCA$167.7b15.3x22.9x1.8x
Sat, 31 Aug 2024CA$3.7tCA$2.1tCA$167.7b15.3x22.2x1.8x
Mon, 29 Jul 2024CA$3.7tCA$2.1tCA$167.8b14.2x21.9x1.8x
Wed, 26 Jun 2024CA$3.5tCA$2.0tCA$166.8b14x21.1x1.7x
Fri, 24 May 2024CA$3.6tCA$2.1tCA$167.2b14.2x21.7x1.8x
Sun, 21 Apr 2024CA$3.5tCA$2.1tCA$174.7b13.8x20.1x1.7x
Tue, 19 Mar 2024CA$3.5tCA$2.1tCA$173.4b13.5x20.1x1.7x
Thu, 15 Feb 2024CA$3.3tCA$2.1tCA$179.2b13x18.5x1.6x
Sat, 13 Jan 2024CA$3.4tCA$2.1tCA$173.2b12.9x19.5x1.6x
Mon, 11 Dec 2023CA$3.3tCA$2.1tCA$172.5b12.2x18.9x1.6x
Wed, 08 Nov 2023CA$3.2tCA$2.1tCA$179.7b11.8x17.7x1.5x
Fri, 06 Oct 2023CA$3.1tCA$2.1tCA$185.5b11.2x16.8x1.5x
Sun, 03 Sep 2023CA$3.3tCA$2.1tCA$184.8b11.8x17.9x1.6x
Tue, 01 Aug 2023CA$3.3tCA$2.1tCA$191.2b12.1x17.4x1.6x
Thu, 29 Jun 2023CA$3.2tCA$2.1tCA$200.2b11.1x16x1.5x
Sat, 27 May 2023CA$3.2tCA$2.1tCA$200.4b11x16.1x1.5x
Mon, 24 Apr 2023CA$3.4tCA$2.1tCA$217.9b10.8x15.5x1.6x
Wed, 22 Mar 2023CA$3.1tCA$2.1tCA$211.4b10.6x14.7x1.5x
Fri, 17 Feb 2023CA$3.4tCA$2.1tCA$235.7b11.1x14.3x1.6x
Sun, 15 Jan 2023CA$3.4tCA$2.1tCA$245.1b10.8x13.7x1.6x
Price to Earnings Ratio

13.7x


Total Market Cap: CA$3.4tTotal Earnings: CA$245.1bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.1x202420252026
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 22.3x which is higher than its 3-year average PE of 20.1x.
Past Earnings Growth
  • The earnings for Canadian listed companies have declined 2.9% 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 Market1.51%
Materials5.38%
Industrials1.60%
Real Estate1.57%
Financials1.44%
Utilities0.74%
Consumer Discretionary0.49%
Tech0.37%
Healthcare0.21%
Telecom0.17%
Consumer Staples-1.24%
Energy-1.26%
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 23.1%, 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 66% over the next 5 years.
  • This is better than its past earnings decline of 0.3% 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
ABX Barrick MiningCA$65.509.6%
+CA$9.6b		187.0%PE22.3xMaterials
CCO CamecoCA$143.8914.5%
+CA$7.9b		94.8%PE119.1xEnergy
BN BrookfieldCA$65.323.6%
+CA$5.2b		16.7%PE127.4xFinancials
K Kinross GoldCA$42.349.5%
+CA$4.4b		183.2%PE21xMaterials
WPM Wheaton Precious MetalsCA$170.395.6%
+CA$4.1b		104.8%PE55.7xMaterials
See more

Market Insights

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CP
CA$97.67
Canadian Pacific Kansas City
7D
-3.3%
1Y
-10.9%
TRI
CA$177.22
Thomson Reuters
7D
-2.2%
1Y
-22.8%
K
CA$42.34
Kinross Gold
7D
9.5%
1Y
183.2%

K: Future P/E Compression Will Likely Reveal Weaker Underlying Profitability

Analysts have raised their price target on Kinross Gold to US$17.06, citing updated assumptions for stronger revenue growth, higher profit margins, and a lower expected future P/E multiple. What's in the News Kinross Gold issued new production guidance, expecting fourth quarter output to be slightly lower than 0.5 million gold equivalent ounces and to finish 2025 slightly above the midpoint of its annual guidance range of 2.0 million (+/- 5%) attributable gold equivalent ounces (Corporate guidance).
DOL
CA$198.00
Dollarama
7D
-3.5%
1Y
42.2%

DOL: Share Repurchases Will Support Higher Future P/E Assumptions

Analysts now set their fair value estimate for Dollarama at $235, up from $223, reflecting updated assumptions for the discount rate, revenue growth, profit margin, and future P/E that adjust their risk and profitability expectations. What's in the News Dollarama completed a share repurchase tranche between August 4, 2025 and November 2, 2025, buying back 2,605,912 shares for CAD 484.6m, equal to 0.94% of its shares outstanding (Key Developments).
FNV
CA$301.47
Franco-Nevada
7D
6.0%
1Y
64.5%

FNV: Future Royalty Cash Flows Will Reflect Strong Precious Metal Pricing

The updated analyst price target for Franco-Nevada reflects a modest uplift in fair value to about $346, as analysts balance higher valuation multiples on cash-flowing royalty assets and stronger precious metals pricing with more cautious sentiment linked to recent gold price volatility. Analyst Commentary Recent Street research on Franco-Nevada shows a split view, with some analysts lifting targets and ratings based on royalty asset quality and commodity pricing, while others point to sentiment risk around gold price volatility.
ENB
CA$62.71
Enbridge
7D
-4.5%
1Y
-0.9%

ENB: Future Returns Will Rely On Dividend Durability And Execution Discipline

Analysts have inched their price targets on Enbridge higher, with moves such as C$65 to C$66, C$66 to C$67 and C$69 to C$70. These changes reflect updated views on fair value, discount rate, expected revenue contraction and profit margins, while generally maintaining more neutral Sector Perform and Market Perform stances.
WPM
CA$170.39
Wheaton Precious Metals
7D
5.6%
1Y
104.8%

WPM: Higher Gold Price Assumptions And New Streams Will Drive Long-Term Upside

Analysts have raised their price target on Wheaton Precious Metals by roughly US$8 to reflect updated commodity price forecasts, higher assumed revenue growth and margins, and a lower future P/E multiple, based on recent research updates from BofA, Scotiabank, Stifel and Berenberg. Analyst Commentary Bullish Takeaways Bullish analysts are lifting price targets across multiple currencies, which signals greater confidence in Wheaton Precious Metals' ability to support higher valuation levels under updated commodity price assumptions.
CNQ
CA$42.38
Canadian Natural Resources
7D
-8.8%
1Y
-9.8%

Returns Are Gaining Momentum At Canadian Natural Resources (TSE:CNQ)

Jan 04
Returns Are Gaining Momentum At Canadian Natural Resources (TSE:CNQ)
BMO
CA$183.27
Bank of Montreal
7D
2.8%
1Y
29.5%

Bank of Montreal's (TSE:BMO) Shareholders Will Receive A Bigger Dividend Than Last Year

Jan 02
Bank of Montreal's (TSE:BMO) Shareholders Will Receive A Bigger Dividend Than Last Year
BNS
CA$99.85
Bank of Nova Scotia
7D
-1.4%
1Y
34.3%
TRP
CA$73.64
TC Energy
7D
-2.6%
1Y
7.2%

TRP: Extended 2028 Outlook And Project Execution Will Drive Measured Medium Term Upside

The analyst price target for TC Energy has inched higher to about C$78.77 from C$78.00 as analysts highlight a robust multi year project pipeline, reaffirmed guidance, and growing confidence in the company's ability to deliver medium term upside. Analyst Commentary Street research remains largely constructive on TC Energy, with recent actions skewing toward upgrades and price target increases that support the modestly higher consensus target.
BN
CA$65.32
Brookfield
7D
3.6%
1Y
16.7%
ABX
CA$65.50
Barrick Mining
7D
9.6%
1Y
187.0%

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).
CCO
CA$143.89
Cameco
7D
14.5%
1Y
94.8%

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.
CVE
CA$21.95
Cenovus Energy
7D
-5.5%
1Y
-0.4%

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.
BAM
CA$73.57
Brookfield Asset Management
7D
2.3%
1Y
-8.1%