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Canadian (TSX) Market Analysis & Valuation

UpdatedDec 14, 2025
DataAggregated Company Financials
Companies2204
  • 7D0.8%
  • 3M6.8%
  • 1Y23.1%
  • YTD24.7%

In the last week, the market has stayed flat, however the Healthcare sector stood out, gaining 15%. More promisingly, the market is up 23% over the past year. 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
Sun, 14 Dec 2025CA$4.9tCA$2.1tCA$224.8b16.2x21.8x2.3x
Tue, 11 Nov 2025CA$4.7tCA$2.1tCA$220.5b16.4x21.1x2.2x
Thu, 09 Oct 2025CA$4.7tCA$2.2tCA$209.3b16.8x22.7x2.2x
Sat, 06 Sep 2025CA$4.5tCA$2.1tCA$208.6b16.3x21.8x2.1x
Mon, 04 Aug 2025CA$4.3tCA$2.1tCA$195.2b15.9x22x2x
Wed, 02 Jul 2025CA$4.2tCA$2.1tCA$191.5b15.8x22.2x2x
Fri, 30 May 2025CA$4.3tCA$2.1tCA$192.5b15x22.3x2x
Sun, 27 Apr 2025CA$3.9tCA$2.1tCA$174.0b14.9x22.7x1.9x
Tue, 25 Mar 2025CA$4.0tCA$2.1tCA$173.5b15.2x22.9x1.9x
Thu, 20 Feb 2025CA$4.0tCA$2.1tCA$168.7b15.2x23.9x1.9x
Sat, 18 Jan 2025CA$3.9tCA$2.1tCA$171.3b14.4x22.6x1.8x
Mon, 16 Dec 2024CA$3.9tCA$2.1tCA$169.3b14.5x23.2x1.8x
Wed, 13 Nov 2024CA$3.9tCA$2.1tCA$167.7b14.5x23.4x1.8x
Fri, 11 Oct 2024CA$3.9tCA$2.1tCA$167.9b15.6x23x1.8x
Sun, 08 Sep 2024CA$3.6tCA$2.1tCA$167.4b14.8x21.8x1.7x
Tue, 06 Aug 2024CA$3.6tCA$2.1tCA$167.2b13.8x21.4x1.7x
Thu, 04 Jul 2024CA$3.5tCA$2.0tCA$166.4b14.1x21.2x1.7x
Sat, 01 Jun 2024CA$3.6tCA$2.0tCA$166.1b14.4x21.5x1.7x
Mon, 29 Apr 2024CA$3.5tCA$2.1tCA$173.1b13.9x20.4x1.7x
Wed, 27 Mar 2024CA$3.5tCA$2.0tCA$174.3b13.8x20.1x1.7x
Fri, 23 Feb 2024CA$3.4tCA$2.1tCA$172.4b14x19.8x1.6x
Sun, 21 Jan 2024CA$3.4tCA$2.1tCA$173.2b12.9x19.4x1.6x
Tue, 19 Dec 2023CA$3.3tCA$2.1tCA$173.1b12.7x19.1x1.6x
Thu, 16 Nov 2023CA$3.2tCA$2.1tCA$179.9b12x17.9x1.6x
Sat, 14 Oct 2023CA$3.2tCA$2.1tCA$185.2b11.5x17.1x1.5x
Mon, 11 Sep 2023CA$3.2tCA$2.1tCA$184.9b11.7x17.5x1.5x
Wed, 09 Aug 2023CA$3.3tCA$2.1tCA$185.0b11.8x17.8x1.6x
Fri, 07 Jul 2023CA$3.2tCA$2.1tCA$200.6b11.3x16x1.5x
Sun, 04 Jun 2023CA$3.2tCA$2.1tCA$200.0b11.1x16.2x1.5x
Tue, 02 May 2023CA$3.4tCA$2.1tCA$215.8b11.2x15.6x1.6x
Thu, 30 Mar 2023CA$3.3tCA$2.1tCA$218.7b10.5x14.9x1.5x
Sat, 25 Feb 2023CA$3.3tCA$2.1tCA$235.4b10.8x14.1x1.6x
Mon, 23 Jan 2023CA$3.4tCA$2.1tCA$245.1b10.7x13.8x1.6x
Wed, 21 Dec 2022CA$3.2tCA$2.1tCA$243.3b10.2x13x1.5x
Price to Earnings Ratio

13x


Total Market Cap: CA$3.2tTotal Earnings: CA$243.3bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 19.9x202320242025
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 19.9x.
Past Earnings Growth
  • The earnings for Canadian listed companies have declined 2.6% 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 Market0.76%
Healthcare15.08%
Materials3.83%
Financials1.60%
Consumer Discretionary0.23%
Real Estate0.13%
Industrials-0.15%
Utilities-0.77%
Consumer Staples-1.60%
Energy-1.96%
Telecom-2.42%
Tech-2.79%
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 24.8%, which is higher than its past year's earnings growth of 17.0% 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 growth rate of 9.5% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 20% 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
TD Toronto-Dominion BankCA$125.802.9%
+CA$6.1b		65.8%PB1.7xFinancials
WPM Wheaton Precious MetalsCA$161.748.1%
+CA$5.5b		87.6%PE53.3xMaterials
RY Royal Bank of CanadaCA$228.291.6%
+CA$5.0b		28.8%PB2.5xFinancials
ABX Barrick MiningCA$59.264.3%
+CA$4.2b		147.9%PE20.3xMaterials
PAAS Pan American SilverCA$68.4111.5%
+CA$3.0b		116.4%PE33.1xMaterials
See more

Market Insights

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🤖 AI Companies Hit The Bond Market
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Richard Bowman
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The recent dip in stock prices came on the back of stretched valuations and fears of an AI fueled bubble. This time the nervousness also spilled into the corporate bond market...
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TD
CA$125.80
Toronto-Dominion Bank
7D
2.9%
1Y
65.8%

TD: Future Will Balance U.S. Regulatory Overhang And Capital Return Initiatives

Analysts have nudged their fair value estimate for Toronto Dominion Bank higher to approximately C$125 from about C$118, reflecting upwardly revised price targets supported by expectations for improving revenue trends, resilient earnings growth, and disciplined capital deployment under new leadership, despite ongoing U.S. regulatory overhang. Analyst Commentary Street research has turned more constructive on Toronto Dominion Bank in recent months, with a series of upward price target revisions reflecting improving growth expectations and greater confidence in managements strategic roadmap.
ENB
CA$65.46
Enbridge
7D
-1.7%
1Y
9.7%
FFH
CA$2,449.71
Fairfax Financial Holdings
7D
5.5%
1Y
23.0%
GWO
CA$66.80
Great-West Lifeco
7D
5.4%
1Y
42.8%

GWO: Retirement And Wealth Expansion Will Support Durable Medium-Term Earnings Outlook

Analysts have raised their consolidated price target on Great-West Lifeco to a mid C$60s range, reflecting modest upside from prior levels. They highlight stronger long term earnings potential from retirement and wealth assets under management growth and expected benefits from 401k platform acquisitions.
BN
CA$62.87
Brookfield
7D
-2.6%
1Y
12.9%
RY
CA$228.29
Royal Bank of Canada
7D
1.6%
1Y
28.8%

RY: Future Returns Will Rely On Diversified Mix Amid Upgrades And Execution Risk

Analysts have raised their fair value estimate for Royal Bank of Canada to C$228.60 from about C$219.27. They cite a series of price target increases and upgrades that highlight the bank's leading return on equity, diversified and resilient business mix, and expectations for stronger revenue growth and margins, even as its future price to earnings multiple moderates slightly.
ABX
CA$59.26
Barrick Mining
7D
4.3%
1Y
147.9%

ABX: Activist-Led Split, Payout Moves And Leadership Change Will Shape Outlook

Analysts have modestly raised their price target on Barrick Mining to approximately $62 per share from about $59.50, citing slightly stronger expectations for revenue growth and valuation multiples, despite a marginally lower projected profit margin. What's in the News Barrick's board, under pressure from activist investor Elliott Investment Management, has approved exploring a major corporate split that would spin off its premier North American mining assets into a new listed company.
CNQ
CA$45.44
Canadian Natural Resources
7D
-5.3%
1Y
1.5%

CNQ: Dividend Returns And Volume Gains Will Support Resilient Future Performance

Analysts have nudged our price target for Canadian Natural Resources modestly higher to reflect a tighter spread between valuation inputs and rising Street targets in the mid C$50s. This is supported by expectations for resilient oil pricing, stronger crack spreads, and ongoing prioritization of dividend growth and capital returns despite a broadly cautious view on the energy sector.
CLS
CA$421.77
Celestica
7D
-6.2%
1Y
198.7%
IVN
CA$13.57
Ivanhoe Mines
7D
-7.8%
1Y
-25.2%
TRI
CA$179.89
Thomson Reuters
7D
-2.6%
1Y
-24.9%

TRI: AI Audit Partnerships Will Drive Long Term Earnings Upside

Analysts have raised their price target on Thomson Reuters to reflect a modest improvement in long term earnings expectations, highlighting stable fair value estimates alongside slightly higher discount rate and future price to earnings assumptions. What's in the News Fieldguide partnered with Thomson Reuters to embed the Guided Assurance audit methodology into Fieldguide's agentic AI platform, enabling dynamic risk assessments, automated diagnostics, and continuously updated audit standards within a single workflow (Key Developments).
T
CA$17.63
TELUS
7D
-5.7%
1Y
-15.0%

T: Quantum-Safe Network And AI Infrastructure Will Support Long-Term Opportunity

Analysts have modestly raised their price target on TELUS to approximately $23.06 from $22.97, reflecting slightly improved profit margin expectations that more than offset a small reduction in long term revenue growth assumptions. What's in the News TELUS launched a Quantum Safe VPN service using post quantum cryptography to protect government and business clients against future quantum enabled cyber threats, integrated with its Managed Next Generation Firewall platform (Product Related Announcements).
WPM
CA$161.74
Wheaton Precious Metals
7D
8.1%
1Y
87.6%

WPM: Rising Gold And Silver Prices Will Drive Long-Term Upside

Analysts have nudged their price targets on Wheaton Precious Metals modestly higher, with incremental increases such as BofA's move to $133 and Scotiabank's lift to $128. These adjustments reflect expectations of stronger precious metals pricing and resilient demand despite a mixed global macro backdrop.
PAAS
CA$68.41
Pan American Silver
7D
11.5%
1Y
116.4%

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FNV
CA$295.69
Franco-Nevada
7D
5.2%
1Y
73.8%

FNV: Rising Precious Metal Prices And New Asset Contributions Will Drive Upside Momentum

The analyst consensus price target for Franco-Nevada has edged higher from approximately $341.26 to $343.38. Analysts cite ongoing strong commodity prices, updated royalty valuations, and continued optimism for key asset contributions as supporting factors behind the modest increase.
ATD
CA$72.24
Alimentation Couche-Tard
7D
-2.6%
1Y
-10.7%