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Canadian (TSX) Market Analysis & Valuation

UpdatedFeb 03, 2026
DataAggregated Company Financials
Companies2197
  • 7D-2.8%
  • 3M9.8%
  • 1Y27.9%
  • YTD1.9%

Over the last 7 days, the market has dropped 2.8%, driven by a loss of 10% in the Materials sector. In the last year, the market is actually up 28%. As for the next few years, earnings are expected to grow by 12% 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
Tue, 03 Feb 2026CA$5.0tCA$2.1tCA$224.3b16.9x22.4x2.4x
Thu, 01 Jan 2026CA$5.0tCA$2.1tCA$224.4b16.4x22.1x2.3x
Sat, 29 Nov 2025CA$4.8tCA$2.1tCA$224.2b16.3x21.6x2.3x
Mon, 27 Oct 2025CA$4.7tCA$2.2tCA$215.4b16.8x21.9x2.2x
Wed, 24 Sep 2025CA$4.7tCA$2.1tCA$208.8b16.4x22.4x2.2x
Fri, 22 Aug 2025CA$4.4tCA$2.1tCA$201.9b16x21.7x2x
Sun, 20 Jul 2025CA$4.3tCA$2.1tCA$191.2b16.1x22.7x2x
Tue, 17 Jun 2025CA$4.3tCA$2.1tCA$191.5b15.5x22.3x2x
Thu, 15 May 2025CA$3.9tCA$2.1tCA$178.0b14.4x21.9x1.9x
Sat, 12 Apr 2025CA$3.7tCA$2.1tCA$173.2b14.4x21.2x1.7x
Mon, 10 Mar 2025CA$3.9tCA$2.1tCA$173.5b14.9x22.7x1.8x
Wed, 05 Feb 2025CA$3.9tCA$2.1tCA$170.6b14.4x22.8x1.8x
Fri, 03 Jan 2025CA$3.9tCA$2.1tCA$169.2b14.2x22.9x1.8x
Sun, 01 Dec 2024CA$4.0tCA$2.1tCA$166.3b14.8x24x1.9x
Tue, 29 Oct 2024CA$3.9tCA$2.1tCA$167.7b15.3x23.2x1.8x
Thu, 26 Sep 2024CA$3.8tCA$2.1tCA$167.5b15.3x22.8x1.8x
Sat, 24 Aug 2024CA$3.7tCA$2.1tCA$166.6b15x22.1x1.8x
Mon, 22 Jul 2024CA$3.6tCA$2.1tCA$167.7b14x21.7x1.8x
Wed, 19 Jun 2024CA$3.5tCA$2.1tCA$167.4b14.1x20.8x1.7x
Fri, 17 May 2024CA$3.6tCA$2.0tCA$167.7b14.2x21.6x1.8x
Sun, 14 Apr 2024CA$3.6tCA$2.1tCA$174.6b14.1x20.4x1.7x
Tue, 12 Mar 2024CA$3.5tCA$2.1tCA$173.2b13.7x20.1x1.7x
Thu, 08 Feb 2024CA$3.4tCA$2.1tCA$172.9b13x19.4x1.6x
Sat, 06 Jan 2024CA$3.4tCA$2.1tCA$173.1b13x19.5x1.6x
Mon, 04 Dec 2023CA$3.3tCA$2.1tCA$171.9b12.4x19.1x1.6x
Wed, 01 Nov 2023CA$3.1tCA$2.1tCA$184.3b11.6x16.6x1.5x
Fri, 29 Sep 2023CA$3.2tCA$2.1tCA$184.4b11.5x17.3x1.5x
Sun, 27 Aug 2023CA$3.2tCA$2.1tCA$184.9b11.5x17.4x1.5x
Tue, 25 Jul 2023CA$3.3tCA$2.1tCA$200.1b11.8x16.6x1.6x
Thu, 22 Jun 2023CA$3.2tCA$2.1tCA$200.2b11.1x15.9x1.5x
Sat, 20 May 2023CA$3.3tCA$2.2tCA$206.2b11.1x15.9x1.5x
Mon, 17 Apr 2023CA$3.4tCA$2.1tCA$217.3b10.6x15.5x1.6x
Wed, 15 Mar 2023CA$3.2tCA$2.1tCA$220.1b10.6x14.6x1.5x
Fri, 10 Feb 2023CA$3.4tCA$2.1tCA$245.8b11.1x13.7x1.6x
Price to Earnings Ratio

13.7x


Total Market Cap: CA$3.4tTotal Earnings: CA$245.8bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.3x202420252026
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 22.4x which is higher than its 3-year average PE of 20.3x.
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-2.83%
Energy0.94%
Telecom0.85%
Utilities0.37%
Financials0.056%
Consumer Staples-0.71%
Real Estate-0.75%
Industrials-2.11%
Consumer Discretionary-2.29%
Healthcare-4.34%
Tech-9.10%
Materials-10.31%
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 24.2%, 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 53% 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 19% 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
CM Canadian Imperial Bank of CommerceCA$129.633.3%
+CA$3.8b		48.4%PB1.9xFinancials
MFC Manulife FinancialCA$52.463.1%
+CA$2.6b		23.0%PE16.3xFinancials
TRP TC EnergyCA$79.783.3%
+CA$2.5b		20.9%PE21.4xEnergy
CP Canadian Pacific Kansas CityCA$102.613.1%
+CA$2.5b		-5.8%PE22.2xIndustrials
SU Suncor EnergyCA$71.982.6%
+CA$2.2b		31.5%PE16.5xEnergy
See more

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Latest News

CNR
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Canadian National Railway
7D
-4.5%
1Y
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Feb 03
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RY
CA$230.51
Royal Bank of Canada
7D
0.4%
1Y
33.2%
K
CA$43.16
Kinross Gold
7D
-16.9%
1Y
158.9%
CP
CA$102.61
Canadian Pacific Kansas City
7D
3.1%
1Y
-5.8%
MFC
CA$52.46
Manulife Financial
7D
3.1%
1Y
23.0%
FNV
CA$317.82
Franco-Nevada
7D
-10.7%
1Y
59.2%

Franco-Nevada Corporation's (TSE:FNV) Shares Climb 28% But Its Business Is Yet to Catch Up

Jan 29
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PAAS
CA$73.22
Pan American Silver
7D
-17.6%
1Y
110.6%

Sustained Silver at ~US$100/oz Drives Explosive Leverage and Re-Rating for PAAS

Pan American Silver (PAAS) stands to benefit enormously from a structural shift in the silver market, where I expect the price to stabilize long-term around US$100 per ounce (or higher), driven by persistent supply deficits (Silver Institute forecasts ongoing shortfalls through 2027+), surging industrial demand (solar PV, EVs, electronics, and AI-related applications consuming ever-larger volumes), and renewed monetary/investment interest amid inflation/geopolitical risks. Unlike conservative analyst models that often embed long-term silver assumptions of US$25–35/oz (leading to muted cash flow projections and lower fair values), my base case assumes silver averages ~US$100 over the forecast period.
SU
CA$71.98
Suncor Energy
7D
2.6%
1Y
31.5%

SU: Free Cash Flow Yield And Investor Day Framing Future Repricing Balance

The updated fair value estimate for Suncor Energy edges higher to $68.05 from $67.15, reflecting analysts' mixed but generally constructive price target revisions and ongoing debate around revenue growth expectations, profit margins, and a future P/E near 15x. Analyst Commentary Recent research on Suncor Energy points to a mix of optimism on valuation and cash generation, alongside some caution about relative positioning within the broader energy group.
TRI
CA$149.00
Thomson Reuters
7D
-11.9%
1Y
-39.5%

TRI: Trust In AI Alliance And Buybacks Will Support Future Upside

Analysts have raised their price target on Thomson Reuters to US$46.22 from US$45.52, citing slightly refined assumptions around the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News Thomson Reuters launched the Trust in AI Alliance through Thomson Reuters Labs, bringing together AI experts from industry and academia to work on trustworthy, agentic AI systems used in high stakes professional settings, with founding participants including Anthropic, AWS, Google Cloud, OpenAI and Thomson Reuters.
BMO
CA$189.35
Bank of Montreal
7D
0.9%
1Y
33.3%

BMO: Future Returns Will Balance U.S. Credit Recovery With Capital Returns

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TRP
CA$79.78
TC Energy
7D
3.3%
1Y
20.9%

TRP: Extended 2028 Outlook And Project Execution Will Shape Medium Term Returns

Our analyst price target for TC Energy edges up by about C$0.40 to roughly C$79.20, reflecting Street analysts' higher targets in the C$78 to C$84 range and their view that the company has a solid pipeline of projects and medium term opportunities. Analyst Commentary Bullish Takeaways Bullish analysts see the recent upgrade and higher price targets, in the C$78 to C$84 range, as aligned with TC Energy's current project backlog and medium term plan.
ABX
CA$63.37
Barrick Mining
7D
-9.9%
1Y
162.8%

ABX: Future Corporate Split Will Weigh On Shares Despite Stronger Outlook

Analysts have raised their price target on Barrick Mining from US$31.15 to US$42.23, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple as the key drivers of the revised outlook. What's in the News Barrick Mining plans a leadership change in the finance team, with board member Helen Cai set to become Chief Financial Officer on March 1, 2026, following the departure of current CFO Graham Shuttleworth after the 2025 year end results.
CVE
CA$26.59
Cenovus Energy
7D
2.3%
1Y
29.3%

CVE: MEG Integration And New Buybacks Will Support Future Cash Returns

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CM
CA$129.63
Canadian Imperial Bank of Commerce
7D
3.3%
1Y
48.4%

CM: Net Interest Margins And Credit Costs Will Drive Balanced Earnings Profile

Analysts have inched up their price targets on Canadian Imperial Bank of Commerce, lifting our fair value estimate from C$125.07 to C$125.38. They point to improved outlooks reflected in higher Street targets ranging from C$117 to C$138 and steady assumptions for growth, margins and future P/E.
CSU
CA$2,454.25
Constellation Software
7D
-12.7%
1Y
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WPM
CA$180.59
Wheaton Precious Metals
7D
-10.9%
1Y
95.2%

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