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Canadian (TSX) Market Analysis & Valuation

UpdatedOct 31, 2025
DataAggregated Company Financials
Companies2211
  • 7D-0.5%
  • 3M9.0%
  • 1Y20.0%
  • YTD18.3%

Over the last 7 days, the market has remained flat, although notably the Real Estate sector declined by 4.1%. More promisingly, the market is up 20% 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
Fri, 31 Oct 2025CA$4.7tCA$2.2tCA$216.2b16.1x21.6x2.2x
Sun, 28 Sep 2025CA$4.7tCA$2.2tCA$209.2b16.3x22.4x2.2x
Tue, 26 Aug 2025CA$4.5tCA$2.1tCA$201.9b16x22.1x2.1x
Thu, 24 Jul 2025CA$4.4tCA$2.1tCA$190.8b16.3x22.8x2.1x
Sat, 21 Jun 2025CA$4.3tCA$2.1tCA$191.8b15.3x22.3x2x
Mon, 19 May 2025CA$4.1tCA$2.1tCA$183.5b14.5x22.2x1.9x
Wed, 16 Apr 2025CA$3.8tCA$2.1tCA$173.2b14.8x22x1.8x
Fri, 14 Mar 2025CA$3.9tCA$2.1tCA$175.4b14.5x22.1x1.8x
Sun, 09 Feb 2025CA$4.0tCA$2.1tCA$168.6b14.6x24x1.9x
Tue, 07 Jan 2025CA$3.9tCA$2.1tCA$170.9b14.4x22.9x1.8x
Thu, 05 Dec 2024CA$4.0tCA$2.1tCA$166.6b14.8x24x1.9x
Sat, 02 Nov 2024CA$3.8tCA$2.1tCA$168.7b14.9x22.8x1.8x
Mon, 30 Sep 2024CA$3.8tCA$2.1tCA$167.7b15.5x22.8x1.8x
Wed, 28 Aug 2024CA$3.7tCA$2.1tCA$166.5b15.1x22.5x1.8x
Fri, 26 Jul 2024CA$3.6tCA$2.1tCA$168.0b14.1x21.7x1.8x
Sun, 23 Jun 2024CA$3.5tCA$2.1tCA$166.9b14.1x20.8x1.7x
Tue, 21 May 2024CA$3.6tCA$2.0tCA$167.0b14.2x21.9x1.8x
Thu, 18 Apr 2024CA$3.5tCA$2.1tCA$174.7b13.9x20x1.7x
Sat, 16 Mar 2024CA$3.5tCA$2.1tCA$173.4b13.5x20.1x1.7x
Mon, 12 Feb 2024CA$3.4tCA$2.1tCA$176.7b13x19x1.6x
Wed, 10 Jan 2024CA$3.4tCA$2.1tCA$173.2b13x19.5x1.6x
Fri, 08 Dec 2023CA$3.3tCA$2.1tCA$172.3b12.1x18.9x1.6x
Sun, 05 Nov 2023CA$3.2tCA$2.1tCA$180.7b12.1x17.7x1.5x
Tue, 03 Oct 2023CA$3.2tCA$2.1tCA$185.4b11.3x17.1x1.5x
Thu, 31 Aug 2023CA$3.3tCA$2.1tCA$184.8b11.8x17.8x1.6x
Sat, 29 Jul 2023CA$3.3tCA$2.1tCA$191.2b11.9x17.2x1.6x
Mon, 26 Jun 2023CA$3.1tCA$2.1tCA$200.1b11x15.7x1.5x
Wed, 24 May 2023CA$3.3tCA$2.1tCA$205.4b11.1x15.9x1.5x
Fri, 21 Apr 2023CA$3.4tCA$2.1tCA$217.7b10.6x15.4x1.6x
Sun, 19 Mar 2023CA$3.1tCA$2.1tCA$213.5b10.6x14.5x1.5x
Tue, 14 Feb 2023CA$3.4tCA$2.1tCA$240.4b11.1x14.1x1.6x
Thu, 12 Jan 2023CA$3.3tCA$2.1tCA$245.4b10.8x13.5x1.6x
Sat, 10 Dec 2022CA$3.3tCA$2.1tCA$244.0b10.7x13.5x1.6x
Mon, 07 Nov 2022CA$3.2tCA$2.0tCA$241.6b9.8x13.3x1.6x
Price to Earnings Ratio

13.3x


Total Market Cap: CA$3.2tTotal Earnings: CA$241.6bTotal Revenue: CA$2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 19.6x202320242025
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 21.6x which is higher than its 3-year average PE of 19.6x.
Past Earnings Growth
  • The earnings for Canadian listed companies have declined 3.6% 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 Market-0.46%
Energy1.66%
Tech1.30%
Financials0.11%
Materials-0.34%
Utilities-0.78%
Telecom-1.22%
Consumer Discretionary-2.40%
Industrials-2.81%
Healthcare-3.63%
Consumer Staples-4.06%
Real Estate-4.12%
Sector PE
  • Investors favour the Tech sector the most for future growth which is trading above its 3-year average PE ratio.
    • Analysts expect its future annual earnings growth (21.6%) to be largely in line with prior year's earnings growth.
    • The market's confidence could indicate that the market believes that analysts are underestimating future growth.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 52% over the next 5 years.
  • This is better than its past earnings decline of 5.5% per year.
  • In contrast, the Telecom industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
CCO CamecoCA$146.4921.4%
+CA$11.2b		101.3%PE119.5xEnergy
CLS CelesticaCA$475.8720.2%
+CA$9.2b		399.4%PE54.6xTech
ABX Barrick MiningCA$46.273.6%
+CA$2.7b		71.9%PE20.4xMaterials
TD Toronto-Dominion BankCA$114.641.3%
+CA$2.6b		48.9%PB1.6xFinancials
BNS Bank of Nova ScotiaCA$91.861.9%
+CA$2.1b		28.1%PB1.4xFinancials
See more

Market Insights

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The AI capex boom is getting all of the attention, but behind that flurry of spending is an entire corner of the market that many are overlooking: Financials. Three key factors underpin the sector’s medium-term potential: a steepening yield curve, heightened IPO activity, and surging business spending together could boost financial stocks and ETFs higher.
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CP
CA$101.63
Canadian Pacific Kansas City
7D
-4.3%
1Y
-5.4%
CCO
CA$146.49
Cameco
7D
21.4%
1Y
101.3%

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Oct 30
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BMO
CA$173.05
Bank of Montreal
7D
-1.7%
1Y
36.4%
CLS
CA$475.87
Celestica
7D
20.2%
1Y
399.4%
ABX
CA$46.27
Barrick Mining
7D
3.6%
1Y
71.9%

Major Gold Discovery And Leadership Transition Will Drive Future Opportunity

Barrick Mining's analyst price target has been raised from $48.36 to $51.84. This change reflects analysts' increased confidence in the company's improved revenue growth projections and higher expected profit margins.
CNR
CA$130.55
Canadian National Railway
7D
-2.8%
1Y
-13.2%

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CNQ
CA$44.67
Canadian Natural Resources
7D
2.3%
1Y
-5.7%

Dividend Leadership And Capital Return Focus Will Guide Stability Ahead

Canadian Natural Resources' analyst price target was adjusted slightly lower by $0.19, as analysts cite moderating profit margins and revenue expectations. This is offset by continued confidence in the company’s capital return strategy.
POW
CA$65.39
Power Corporation of Canada
7D
3.7%
1Y
48.6%

Momentum In Wealth Management And Digital Expansion Will Shape Future Success

Analysts have modestly increased their price target for Power Corporation of Canada to $59.75 from $59. This change reflects stable estimates for revenue growth and profit margins, along with recent upward revisions to targets supported by improved sector sentiment.
NTR
CA$76.01
Nutrien
7D
-6.0%
1Y
14.5%

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LUN
CA$22.68
Lundin Mining
7D
10.8%
1Y
67.5%

Analyst Commentary Highlights Upgraded Price Targets and Profit Outlook for Lundin Mining

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CSU
CA$3,586.89
Constellation Software
7D
-3.8%
1Y
-14.6%
RY
CA$204.12
Royal Bank of Canada
7D
-1.1%
1Y
21.2%

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Analysts have raised their price target for Royal Bank of Canada from $207.93 to $211.07. This change reflects improved fair value estimates supported by recent upward revisions in Street research and ongoing optimism around the bank's growth and profitability outlook.
TD
CA$114.64
Toronto-Dominion Bank
7D
1.3%
1Y
48.9%
BNS
CA$91.86
Bank of Nova Scotia
7D
1.9%
1Y
28.1%
TRI
CA$216.17
Thomson Reuters
7D
-5.5%
1Y
-5.2%

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Analysts have slightly reduced their price target for Thomson Reuters, adjusting it from $277.20 to $276.64 per share due to minor shifts in projected growth and profitability metrics. What's in the News Thomson Reuters announced a strategic partnership with Supio, integrating Supio's AI-powered CaseAware platform to enhance case preparation tools for personal injury law firms in the US.
L
CA$55.19
Loblaw Companies
7D
-5.6%
1Y
25.4%