Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Canadian (TSX) Market Analysis & Valuation

UpdatedApr 06, 2026
DataAggregated Company Financials
Companies2203
  • 7D3.3%
  • 3M4.0%
  • 1Y41.4%
  • YTD4.8%

The market is up 3.3% over the last week, with the Materials sector leading the way, up 8.5%. In the last year, the market has climbed 41%. Looking forward, earnings are forecast to grow by 10% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Canadian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 06 Apr 2026CA$5.2tCA$2.2tCA$241.5b16.1x21.5x2.4x
Wed, 04 Mar 2026CA$5.4tCA$2.1tCA$238.8b17.1x22.8x2.5x
Fri, 30 Jan 2026CA$5.2tCA$2.1tCA$223.9b17.4x23.3x2.5x
Sun, 28 Dec 2025CA$5.0tCA$2.1tCA$224.3b16.5x22.1x2.3x
Tue, 25 Nov 2025CA$4.7tCA$2.1tCA$224.6b15.9x20.9x2.2x
Thu, 23 Oct 2025CA$4.7tCA$2.2tCA$209.4b16.6x22.2x2.2x
Sat, 20 Sep 2025CA$4.6tCA$2.1tCA$208.7b16.4x22.1x2.2x
Mon, 18 Aug 2025CA$4.4tCA$2.1tCA$201.7b15.8x21.8x2.1x
Wed, 16 Jul 2025CA$4.3tCA$2.1tCA$191.8b16.1x22.6x2x
Fri, 13 Jun 2025CA$4.3tCA$2.1tCA$191.7b15.5x22.2x2x
Sun, 11 May 2025CA$4.1tCA$2.1tCA$180.0b14.7x22.6x1.9x
Tue, 08 Apr 2025CA$3.7tCA$2.1tCA$173.9b13.8x21.4x1.8x
Thu, 06 Mar 2025CA$3.9tCA$2.1tCA$172.1b14.8x22.7x1.8x
Sat, 01 Feb 2025CA$4.0tCA$2.1tCA$170.8b14.6x23.3x1.9x
Mon, 30 Dec 2024CA$3.9tCA$2.1tCA$169.2b14.1x22.9x1.8x
Wed, 27 Nov 2024CA$4.0tCA$2.1tCA$166.4b14.6x23.7x1.9x
Fri, 25 Oct 2024CA$3.9tCA$2.1tCA$167.3b15.5x23.4x1.9x
Sun, 22 Sep 2024CA$3.8tCA$2.1tCA$167.5b15.2x22.7x1.8x
Tue, 20 Aug 2024CA$3.7tCA$2.1tCA$169.9b14.6x21.7x1.8x
Thu, 18 Jul 2024CA$3.7tCA$2.0tCA$167.6b14x22x1.8x
Sat, 15 Jun 2024CA$3.5tCA$2.1tCA$167.4b14x20.9x1.7x
Mon, 13 May 2024CA$3.6tCA$2.0tCA$168.8b14x21.4x1.8x
Wed, 10 Apr 2024CA$3.6tCA$2.0tCA$174.2b14.1x20.6x1.8x
Fri, 08 Mar 2024CA$3.5tCA$2.1tCA$173.1b14.1x20.2x1.7x
Sun, 04 Feb 2024CA$3.4tCA$2.1tCA$170.5b13x19.9x1.6x
Tue, 02 Jan 2024CA$3.4tCA$2.1tCA$172.8b13.3x19.5x1.6x
Thu, 30 Nov 2023CA$3.2tCA$2.1tCA$179.4b11.9x17.9x1.6x
Sat, 28 Oct 2023CA$3.1tCA$2.1tCA$184.8b11.3x16.6x1.5x
Mon, 25 Sep 2023CA$3.2tCA$2.1tCA$184.3b11.7x17.4x1.5x
Wed, 23 Aug 2023CA$3.2tCA$2.1tCA$185.8b11.3x17.2x1.5x
Fri, 21 Jul 2023CA$3.3tCA$2.1tCA$199.6b11.5x16.5x1.6x
Sun, 18 Jun 2023CA$3.2tCA$2.1tCA$200.3b11.3x16.1x1.5x
Tue, 16 May 2023CA$3.3tCA$2.1tCA$206.0b11x16.1x1.5x
Thu, 13 Apr 2023CA$3.4tCA$2.1tCA$217.5b10.6x15.5x1.6x
Price to Earnings Ratio

15.5x


Total Market Cap: CA$3.4tTotal Earnings: CA$217.5bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.7x202420252026
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 20.7x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 3.5% 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 Market3.31%
Healthcare8.69%
Materials8.47%
Tech4.58%
Financials3.63%
Real Estate3.34%
Consumer Discretionary3.26%
Industrials2.69%
Utilities2.59%
Consumer Staples1.78%
Energy-1.13%
Telecom-3.02%
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 24.9%, which is higher than its past year's earnings growth of 17.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 45% over the next 5 years.
  • This is better than its past earnings growth rate of 26% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 8.2% 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
RY Royal Bank of CanadaCA$227.343.4%
+CA$10.5b		46.2%PB2.5xFinancials
TD Toronto-Dominion BankCA$132.513.9%
+CA$8.3b		67.0%PB1.8xFinancials
ABX Barrick MiningCA$58.048.5%
+CA$7.6b		131.1%PE14xMaterials
WPM Wheaton Precious MetalsCA$188.859.6%
+CA$7.5b		87.6%PE41.8xMaterials
BN BrookfieldCA$56.935.5%
+CA$6.6b		30.9%PE80.1xFinancials
See more

Market Insights

Header cover image
What’s happening with Renewables & EVs?
Richard Bowman avatar
Richard Bowman
Part 1 of 3 in our “What’s happening with…” series, where we look back on the investment themes that were all the rage just a few years ago and see how they're doing now.
Continue reading
How to spot the winners in 2026's IPOs

Latest News

BCE
CA$34.06
BCE
7D
-3.1%
1Y
8.2%

BCE: Price War Risks And AI Data Centres Will Shape 2026 Outlook

Analysts made a modest upward adjustment to the BCE fair value estimate to CA$37.53. This reflects slightly higher assumed revenue growth and profit margin expectations, along with a marginally lower future P/E multiple and a small change in the discount rate, following recent price target increases across several firms and ongoing sector price war concerns.
IVN
CA$10.44
Ivanhoe Mines
7D
-6.3%
1Y
-6.4%

IVN: Long Life Copper Assets Will Support Future Cash Flow Expansion

The analyst fair value estimate for Ivanhoe Mines has moved from CA$23.89 to CA$19.04. This reflects a series of lower Street price targets and downgrades as analysts factor in higher life of mine operating costs, increased capex at Kamoa Kakula, and updated assumptions for growth, margins and future P/E.
RCI.B
CA$48.76
Rogers Communications
7D
-7.8%
1Y
38.4%

RCI.B: Wireless And Satellite Expansion Will Offset Rising Price War Concerns

Analysts have trimmed the Rogers Communications price target by about CA$0.65 to reflect slightly softer revenue growth and profit margin assumptions, a modestly higher discount rate, and a somewhat richer future P/E multiple in light of recent sector-wide price war concerns and mixed broker target revisions. Analyst Commentary Recent research on Rogers Communications shows a split view, with some analysts trimming price targets on pricing pressure concerns while others are still lifting targets on valuation and execution factors.
CNQ
CA$66.15
Canadian Natural Resources
7D
-3.9%
1Y
74.8%

CNQ: Higher Capital Program And Cash Returns Will Shape Balanced Future Prospects

Analysts have nudged the fair value estimate for Canadian Natural Resources higher from CA$58.60 to about CA$61.47. This reflects a round of recent price target increases that balance concerns about higher capital spending and near term cash return pressure with continued recognition of the company’s leadership, operating performance and exposure to recent commodity and geopolitical shifts.
NTR
CA$105.12
Nutrien
7D
-1.4%
1Y
55.3%

NTR: Tighter Fertilizer Markets And DOJ Probe Will Pressure Future Returns

Analysts have nudged the fair value estimate for Nutrien higher to CA$95.41. This reflects a modestly lower discount rate, slightly firmer long term margin assumptions, and updated sector P/E comparisons that incorporate a wave of recent price target increases tied to tighter fertilizer markets and higher commodity pricing expectations.
TOU
CA$64.32
Tourmaline Oil
7D
-6.7%
1Y
8.0%
WCP
CA$15.04
Whitecap Resources
7D
-4.1%
1Y
96.3%

WCP: Cost Efficiencies And Buybacks Will Support Measured Execution-Driven Outlook

Analysts have raised the Whitecap Resources fair value estimate from CA$15.31 to CA$16.50, citing recent CA$1 to CA$2 price target increases from several firms and ongoing confidence in the company’s cost control, productivity and execution. Analyst Commentary Recent Street research on Whitecap Resources clusters around higher price targets and strong operational execution, while also flagging valuation and rating changes that readers should keep in mind.
FNV
CA$359.02
Franco-Nevada
7D
10.5%
1Y
73.4%

FNV: Cobre Panama Progress And Dividend Policy Will Shape Future Commodity Upside

Analysts have lifted Franco-Nevada's average price target, with several recent CA$20 to CA$75 increases that cite updated commodity price forecasts, Cobre Panama progress and the company's exposure to metal prices as key drivers for the revised outlook. Analyst Commentary Recent Street research on Franco-Nevada points to a wide range of views on how to price the stock, with several firms updating their models after new metal price forecasts, Cobre Panama progress and the latest company results.
ABX
CA$58.04
Barrick Mining
7D
8.5%
1Y
131.1%

ABX: Lower Margin Outlook And Business Split Will Pressure Shares

Analysts have trimmed their fair value estimate for Barrick Mining, cutting the implied price target from about CA$50.72 to roughly CA$46.30 as they factor in a slightly lower profit margin outlook, a more modest future P/E and updated expectations for revenue growth. Analyst Commentary Bearish analysts have recently become more cautious on mining and resource names, highlighting that sharp share price moves can quickly compress future return potential, even when company fundamentals are viewed as solid.
BN
CA$56.93
Brookfield
7D
5.5%
1Y
30.9%
TD
CA$132.51
Toronto-Dominion Bank
7D
3.9%
1Y
67.0%
CCO
CA$156.50
Cameco
7D
9.3%
1Y
195.6%
WPM
CA$188.85
Wheaton Precious Metals
7D
9.6%
1Y
87.6%

WPM: Higher P/E Assumptions And Robust Pipeline Will Drive Future Upside

The analyst price target for Wheaton Precious Metals has been revised from CA$180.53 to CA$235.28, with analysts attributing the change to a higher assumed future P/E multiple and updated Street research that reflects recent price target increases and an "extremely robust" opportunity pipeline. Analyst Commentary Recent Street research around Wheaton Precious Metals spans a range of views, from higher price targets tied to an "extremely robust" opportunities pipeline and updated metal price forecasts, to more cautious adjustments that flag potential risks around valuation, execution and long term growth expectations.
ARX
CA$27.66
ARC Resources
7D
-6.6%
1Y
10.5%

ARX: Future Cash Returns Will Rely On Steady Execution And Balanced Capital Returns

ARC Resources' updated fair value estimate has shifted to CA$29.71 from CA$28.68, as analysts factor in recent price target cuts and downgrades while maintaining broadly similar assumptions for the discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Recent Street research on ARC Resources has leaned more cautious, with several firms adjusting price targets and ratings.
RY
CA$227.34
Royal Bank of Canada
7D
3.4%
1Y
46.2%

RY: Future Returns Will Rely On Stable Credit And Measured AI Enabled Execution

Narrative Update The analyst price target for Royal Bank of Canada has edged higher by CA$0.07 to CA$245.07, as analysts factor in updated earnings assumptions, modest tweaks to P/E expectations, and recent Street research that has generally nudged targets upward within the CA$245 to CA$259 range. Analyst Commentary Recent research on Royal Bank of Canada points to a cluster of target prices in the mid C$240s to high C$250s, with ratings in the Outperform, Buy and Overweight range.
CLS
CA$410.21
Celestica
7D
14.5%
1Y
309.5%

CLS: AI Platform Collaboration And 2026 Outlook Will Support Further Upside

Analysts have made a modest adjustment to their CA$ price target on Celestica, reflecting an updated view of inputs such as discount rate, revenue growth, profit margin, and future P/E assumptions that remain broadly consistent with prior estimates. What's in the News Celestica and AMD agreed to collaborate on the Helios rack-scale AI platform, pairing AMD compute with Celestica’s networking switch design and manufacturing for Open Compute Project, Open-Rack-Wide systems targeting large AI clusters, with initial availability planned for late 2026 (Key Developments).