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Canadian (TSX) Market Analysis & Valuation

UpdatedJun 26, 2026
DataAggregated Company Financials
Companies2204
  • 7D-0.9%
  • 3M8.5%
  • 1Y29.5%
  • YTD10.1%

Over the last 7 days, the market has remained flat, although notably the Consumer Staples sector gained 5.1% in that time. Meanwhile, the market is actually up 29% over the past year. 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
Fri, 26 Jun 2026CA$5.4tCA$2.3tCA$245.7b15.6x22.1x2.4x
Sun, 24 May 2026CA$5.5tCA$2.2tCA$247.2b16.5x22.1x2.5x
Tue, 21 Apr 2026CA$5.4tCA$2.2tCA$240.6b17x22.4x2.5x
Thu, 19 Mar 2026CA$5.2tCA$2.1tCA$239.5b16x21.6x2.4x
Sat, 14 Feb 2026CA$5.1tCA$2.1tCA$226.1b17.5x22.7x2.4x
Mon, 12 Jan 2026CA$5.1tCA$2.1tCA$225.1b16.8x22.5x2.4x
Wed, 10 Dec 2025CA$4.8tCA$2.1tCA$225.4b15.9x21.5x2.3x
Fri, 07 Nov 2025CA$4.7tCA$2.1tCA$222.3b16.3x21x2.2x
Sun, 05 Oct 2025CA$4.8tCA$2.2tCA$209.3b16.7x22.7x2.2x
Tue, 02 Sep 2025CA$4.5tCA$2.1tCA$207.8b16x21.7x2.1x
Thu, 31 Jul 2025CA$4.4tCA$2.1tCA$191.5b16.1x22.8x2.1x
Sat, 28 Jun 2025CA$4.3tCA$2.1tCA$191.7b15.7x22.2x2x
Mon, 26 May 2025CA$4.1tCA$2.1tCA$193.6b14.7x21.4x2x
Wed, 23 Apr 2025CA$3.8tCA$2.1tCA$173.0b14.7x22.2x1.8x
Fri, 21 Mar 2025CA$4.0tCA$2.1tCA$173.5b15x22.9x1.9x
Sun, 16 Feb 2025CA$4.0tCA$2.1tCA$168.6b15x23.9x1.9x
Tue, 14 Jan 2025CA$3.9tCA$2.1tCA$171.2b14.2x22.5x1.8x
Thu, 12 Dec 2024CA$4.0tCA$2.1tCA$169.1b14.8x23.5x1.9x
Sat, 09 Nov 2024CA$3.9tCA$2.1tCA$170.5b14.7x23.1x1.9x
Mon, 07 Oct 2024CA$3.8tCA$2.1tCA$167.4b15.4x23x1.8x
Wed, 04 Sep 2024CA$3.7tCA$2.1tCA$167.7b15x22.3x1.8x
Fri, 02 Aug 2024CA$3.7tCA$2.1tCA$166.6b14.1x22.3x1.8x
Sun, 30 Jun 2024CA$3.5tCA$2.1tCA$166.4b14.2x21.2x1.7x
Tue, 28 May 2024CA$3.6tCA$2.0tCA$166.3b14.3x21.8x1.8x
Thu, 25 Apr 2024CA$3.5tCA$2.1tCA$173.9b13.9x20.3x1.7x
Sat, 23 Mar 2024CA$3.5tCA$2.0tCA$173.6b13.6x20.2x1.7x
Mon, 19 Feb 2024CA$3.4tCA$2.1tCA$177.4b13.5x19.2x1.6x
Wed, 17 Jan 2024CA$3.4tCA$2.1tCA$173.3b12.8x19.6x1.6x
Fri, 15 Dec 2023CA$3.3tCA$2.1tCA$173.0b12.7x19.2x1.6x
Sun, 12 Nov 2023CA$3.2tCA$2.1tCA$177.6b11.9x17.8x1.5x
Tue, 10 Oct 2023CA$3.1tCA$2.1tCA$185.2b11.2x16.9x1.5x
Thu, 07 Sep 2023CA$3.3tCA$2.1tCA$184.8b11.4x17.7x1.5x
Sat, 05 Aug 2023CA$3.3tCA$2.1tCA$185.0b11.8x17.8x1.6x
Mon, 03 Jul 2023CA$3.2tCA$2.1tCA$200.2b11x16.2x1.5x
Price to Earnings Ratio

16.2x


Total Market Cap: CA$3.2tTotal Earnings: CA$200.2bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 21.2x202420252026
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, 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-0.90%
Consumer Staples5.15%
Utilities2.02%
Industrials1.93%
Consumer Discretionary1.31%
Healthcare0.34%
Financials0.20%
Real Estate0.19%
Energy-0.0099%
Tech-0.71%
Telecom-2.72%
Materials-7.85%
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 5.7% 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 5.4% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 8.3% 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
ATD Alimentation Couche-TardCA$93.5713.5%
+CA$10.2b		35.8%PE19.3xConsumer Staples
CNR Canadian National RailwayCA$170.796.5%
+CA$6.3b		20.5%PE22.1xIndustrials
ENB EnbridgeCA$79.733.4%
+CA$5.7b		29.6%PE27xEnergy
RY Royal Bank of CanadaCA$289.121.4%
+CA$5.6b		62.8%PB3.1xFinancials
BMO Bank of MontrealCA$247.862.6%
+CA$4.4b		66.5%PB2.1xFinancials
See more

Market Insights

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Latest News

RY
CA$289.12
Royal Bank of Canada
7D
1.4%
1Y
62.8%
Narrative Update • Jun 25

RY: Future Returns Will Rely On Fee Income And Capital Return Discipline

Royal Bank of Canada’s analyst fair value estimate has been nudged higher to CA$271.89 from CA$265.46 as analysts reflect a series of increased price targets across the Street, citing stronger fee income, recent revenue growth and confidence in the bank’s medium term return goals. Analyst Commentary Recent Street research on Royal Bank of Canada clusters around higher price targets and generally positive views on execution, with a few more cautious voices highlighting potential limits to upside.
ATD
CA$93.57
Alimentation Couche-Tard
7D
13.5%
1Y
35.8%
TRP
CA$99.60
TC Energy
7D
4.0%
1Y
52.3%
Narrative Update • Jun 24

TRP: Q1 Execution And Fair Value Positioning Will Shape Forward Risk Reward

Analysts have modestly lifted their TC Energy price target to CA$103, with the change linked to updated sector models, Q1 guidance commentary, and a recent shift toward viewing the stock as closer to estimated intrinsic fair value. Analyst Commentary Recent research coverage on TC Energy has focused on how current valuation lines up with analysts’ estimates of intrinsic fair value, especially after the latest Q1 updates and sector model revisions.
ABX
CA$52.09
Barrick Mining
7D
-8.7%
1Y
80.3%
Narrative Update • Jun 24

ABX: Buybacks And Reko Diq Reset Will Support Future Rerating Potential

Analysts have raised their fair value estimate for Barrick Mining to CA$98.54 from CA$96.49, citing slightly revised assumptions for the discount rate, revenue growth, profit margin, and future P/E ratio. These adjustments collectively support a higher long-term price target.
CNR
CA$170.79
Canadian National Railway
7D
6.5%
1Y
20.5%
Narrative Update • Jun 24

CNR: Resource Corridors And Buybacks Will Support Future Earnings Compounding

Analysts have adjusted their price target for Canadian National Railway to CA$162.11 from CA$160.21, citing updated assumptions around discount rates, profit margins, revenue growth and future P/E multiples that together slightly revise their view of the stock's fair value. What’s in the News for Canadian National Railway Canadian National Railway signed a transportation agreement with BHP to move potash from the Jansen Potash Mine in Saskatchewan to export terminals on Canada’s West Coast, connecting one of the world’s largest new potash developments to global markets (source: recent news, company announcement).
BMO
CA$247.86
Bank of Montreal
7D
2.6%
1Y
66.5%
Narrative Update • Jun 23

BMO: Future Returns Will Balance U.S. Expansion Momentum And Credit Costs

Bank of Montreal's analyst price target has been updated to CA$228.61 from CA$225.11, reflecting analysts' use of higher revenue growth and profit margin assumptions, supported by recent Q2-driven target increases across several firms. Analyst Commentary Recent research updates around Bank of Montreal point to a wide range of views on the stock, with most analysts adjusting price targets after the fiscal Q2 report and reassessing where the shares sit on valuation, execution and growth potential.
TECK.B
CA$83.79
Teck Resources
7D
-7.9%
1Y
48.0%
ENB
CA$79.73
Enbridge
7D
3.4%
1Y
29.6%
Narrative Update • Jun 22

ENB: Future Returns Will Reflect Regulated Assets And Approved Gas Expansion Project

Analysts have nudged their consolidated fair value estimate for Enbridge slightly higher, with the blended price target moving up by about CA$0.25 as updated sector models reflect modest tweaks to the discount rate and profit expectations following recent Q1 reviews and price target increases from several firms. Analyst Commentary Recent Street research on Enbridge points to a cluster of higher price targets, with several bullish analysts updating their models after Q1 results and sector reviews.
CNQ
CA$56.19
Canadian Natural Resources
7D
-3.0%
1Y
29.0%
Narrative Update • Jun 22

CNQ: Future Buybacks And West Coast Pipeline Progress Will Drive Returns

Analysts have nudged their fair value estimate for Canadian Natural Resources slightly higher to CA$71.20, reflecting a series of recent price target increases, including moves to CA$74 and higher Outperform ratings following the stock's selloff. Analyst Commentary Recent Street research on Canadian Natural Resources has tilted positive, with several firms adjusting price targets higher and reaffirming favorable views after the stock's selloff.
CM
CA$162.19
Canadian Imperial Bank of Commerce
7D
2.7%
1Y
68.6%
BN
CA$61.04
Brookfield
7D
-2.9%
1Y
9.9%
TD
CA$170.90
Toronto-Dominion Bank
7D
1.3%
1Y
71.8%
Narrative Update • Jun 18

TD: Future Will Reflect Cost Controls AI Push And Mixed Execution

Toronto-Dominion Bank's analyst price target has moved higher, with the fair value estimate rising by CA$3.93 to CA$159.57. Analysts highlight recent target increases across the Street, supported by views of slightly stronger revenue growth, a modestly higher future P/E and firmer profit margins.
WPM
CA$160.34
Wheaton Precious Metals
7D
-7.3%
1Y
30.2%
Narrative Update • Jun 17

WPM: Streaming Pipeline And Dividend Policy Will Support Future Upside

Analysts have revised their fair value estimate for Wheaton Precious Metals stock, lowering it from about CA$356 to roughly CA$318, reflecting updated models around revenue growth, margins and future P/E assumptions following recent research updates on the shares. Analyst Commentary Recent research on Wheaton Precious Metals highlights a mix of updated models and refreshed views on the stock, with some bullish analysts taking a more constructive stance following the company's Q1 results and subsequent review cycles.
K
CA$34.06
Kinross Gold
7D
-9.7%
1Y
57.6%
Narrative Update • Jun 16

K: Strong Cash Returns And Buybacks Will Support Future Upside Potential

Analysts have adjusted their view on Kinross Gold, trimming the future P/E assumption while keeping fair value broadly steady. This translates into only a modest change to the implied CA$ price target, as slightly higher projected revenue growth and profit margins offset a small increase in the discount rate.
BAM
CA$63.36
Brookfield Asset Management
7D
-5.5%
1Y
-16.1%
FM
CA$37.44
First Quantum Minerals
7D
-13.6%
1Y
55.0%