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Canadian (TSX) Market Analysis & Valuation

UpdatedJan 14, 2026
DataAggregated Company Financials
Companies2208
  • 7D1.3%
  • 3M6.7%
  • 1Y31.4%
  • YTD2.7%

Over the last 7 days, the market has risen 1.3%, driven by gains of 4.4% in the Materials sector. As for the past 12 months, the market is up 31%. 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
Thu, 15 Jan 2026CA$5.1tCA$2.1tCA$225.0b16.9x22.7x2.4x
Sat, 13 Dec 2025CA$4.9tCA$2.1tCA$224.8b16.2x21.8x2.3x
Mon, 10 Nov 2025CA$4.7tCA$2.1tCA$220.4b16.3x21.1x2.2x
Wed, 08 Oct 2025CA$4.8tCA$2.2tCA$209.3b16.6x22.7x2.2x
Fri, 05 Sep 2025CA$4.5tCA$2.1tCA$208.6b16.3x21.7x2.1x
Sun, 03 Aug 2025CA$4.3tCA$2.1tCA$195.2b15.8x22x2x
Tue, 01 Jul 2025CA$4.2tCA$2.1tCA$191.5b15.8x22.2x2x
Thu, 29 May 2025CA$4.2tCA$2.1tCA$191.6b14.9x21.9x2x
Sat, 26 Apr 2025CA$3.9tCA$2.1tCA$174.0b14.9x22.7x1.9x
Mon, 24 Mar 2025CA$4.0tCA$2.1tCA$173.6b14.9x22.9x1.9x
Wed, 19 Feb 2025CA$4.0tCA$2.1tCA$168.7b15.2x23.9x1.9x
Fri, 17 Jan 2025CA$3.9tCA$2.1tCA$171.2b14.7x22.5x1.8x
Sun, 15 Dec 2024CA$3.9tCA$2.1tCA$169.3b14.5x23.3x1.9x
Tue, 12 Nov 2024CA$3.9tCA$2.1tCA$167.5b14.8x23.4x1.8x
Thu, 10 Oct 2024CA$3.8tCA$2.1tCA$167.8b15.4x22.8x1.8x
Sat, 07 Sep 2024CA$3.6tCA$2.1tCA$167.4b14.8x21.8x1.7x
Mon, 05 Aug 2024CA$3.6tCA$2.1tCA$167.2b13.8x21.4x1.7x
Wed, 03 Jul 2024CA$3.5tCA$2.1tCA$166.4b14x21.2x1.7x
Fri, 31 May 2024CA$3.6tCA$2.1tCA$166.7b14.2x21.5x1.8x
Sun, 28 Apr 2024CA$3.5tCA$2.1tCA$173.1b13.9x20.4x1.7x
Tue, 26 Mar 2024CA$3.5tCA$2.0tCA$173.4b13.6x20.2x1.7x
Thu, 22 Feb 2024CA$3.4tCA$2.1tCA$175.0b13.6x19.5x1.6x
Sat, 20 Jan 2024CA$3.4tCA$2.1tCA$173.2b12.9x19.4x1.6x
Mon, 18 Dec 2023CA$3.3tCA$2.1tCA$172.9b12.4x19.1x1.6x
Wed, 15 Nov 2023CA$3.2tCA$2.1tCA$179.5b11.9x17.7x1.5x
Fri, 13 Oct 2023CA$3.2tCA$2.1tCA$185.2b11.5x17.2x1.5x
Sun, 10 Sep 2023CA$3.2tCA$2.1tCA$184.9b11.7x17.5x1.5x
Tue, 08 Aug 2023CA$3.3tCA$2.1tCA$184.4b11.7x17.8x1.6x
Thu, 06 Jul 2023CA$3.2tCA$2.1tCA$200.3b11.2x16.2x1.5x
Sat, 03 Jun 2023CA$3.2tCA$2.1tCA$200.0b11.1x16.2x1.5x
Mon, 01 May 2023CA$3.4tCA$2.1tCA$214.6b11.2x15.7x1.6x
Wed, 29 Mar 2023CA$3.2tCA$2.1tCA$219.2b10.5x14.8x1.5x
Fri, 24 Feb 2023CA$3.3tCA$2.1tCA$235.0b11x14.1x1.6x
Sun, 22 Jan 2023CA$3.4tCA$2.1tCA$245.1b10.7x13.7x1.6x
Price to Earnings Ratio

13.7x


Total Market Cap: CA$3.4tTotal Earnings: CA$245.1bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.1x202420252026
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 22.7x which is higher than its 3-year average PE of 20.1x.
Past Earnings Growth
  • The earnings for Canadian listed companies have declined 2.8% 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 Market1.33%
Energy4.44%
Materials4.37%
Healthcare3.96%
Tech2.08%
Real Estate1.95%
Consumer Staples1.27%
Consumer Discretionary1.08%
Utilities0.15%
Telecom-0.27%
Industrials-1.00%
Financials-1.07%
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 23.1%, 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 67% over the next 5 years.
  • This is better than its past earnings decline of 0.3% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 21% 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
CNQ Canadian Natural ResourcesCA$48.0313.3%
+CA$11.8b		6.4%PE15xEnergy
IMO Imperial OilCA$137.4313.7%
+CA$8.2b		40.5%PE17.1xEnergy
SU Suncor EnergyCA$68.919.9%
+CA$7.5b		19.8%PE15.8xEnergy
CVE Cenovus EnergyCA$25.5716.5%
+CA$6.8b		18.2%PE15.5xEnergy
WPM Wheaton Precious MetalsCA$184.938.5%
+CA$6.6b		122.0%PE60.4xMaterials
See more

Market Insights

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Latest News

CNQ
CA$48.03
Canadian Natural Resources
7D
13.3%
1Y
6.4%
H
CA$52.76
Hydro One
7D
-2.8%
1Y
23.0%
GWO
CA$66.61
Great-West Lifeco
7D
-2.4%
1Y
44.8%

GWO: Retirement And Wealth Focus Will Support Balanced Medium Term Earnings Outlook

Narrative Update The analyst price target for Great-West Lifeco has moved higher, with recent Street research lifting targets into the C$59 to C$73 range, as analysts cite capital strength, cash flow, consolidation trends and growth in retirement and wealth assets as key supports for their updated views. Analyst Commentary Recent research on Great-West Lifeco clusters around higher price targets, with analysts weighing the company’s capital position, retirement and wealth exposure, and consolidation activity against sector wide pressure points.
RY
CA$234.08
Royal Bank of Canada
7D
-0.3%
1Y
36.4%

RY: Future Returns Will Rely On Diversified Mix And Capital Actions

Analysts have nudged their average price target on Royal Bank of Canada higher, with our fair value estimate moving from C$233.13 to C$233.87. They point to recent target increases, Outperform ratings, and views that the bank's scale, return on equity, management, and diversified mix compare well with peers.
TD
CA$130.18
Toronto-Dominion Bank
7D
0.02%
1Y
64.1%

TD: Future Will Balance U.S. Asset Cap Risks And Capital Returns

Narrative Update The analyst price target for Toronto Dominion Bank has edged higher to C$128.67 from C$127.87. This reflects a series of recent target increases from firms that cite steady progress under new leadership and updated views on valuation and sector positioning.
SU
CA$68.91
Suncor Energy
7D
9.9%
1Y
19.8%

SU: Double Digit Free Cash Flow Yield And Capital Returns Will Support Future Repricing

Narrative Update: Suncor Energy The modest increase in our fair value estimate to $67.15 from $66.70 aligns with analysts lifting Suncor Energy price targets into the C$70 to C$71 range, citing an upcoming investor day, sustaining free cash flow yield, and updated multi year guidance as key supports for the shares. Analyst Commentary Recent research on Suncor Energy has centered on updated guidance into 2025 and preliminary 2026 commentary, the upcoming investor day, and how the current share price lines up with free cash flow yield and reserve bookings.
NA
CA$170.15
National Bank of Canada
7D
-1.7%
1Y
28.3%

NA: Dividend Strength And ROE Rebuild Are Expected To Support Future Returns

The updated analyst price target for National Bank of Canada edges higher to about C$170.29 from C$169.93, reflecting recent target increases across the Street and analyst views that slightly lower required returns, along with steady profitability and P/E expectations, support a modestly higher valuation. Analyst Commentary Recent Street research on National Bank of Canada reflects a mix of optimism and caution regarding execution, growth outside Quebec, and where the shares are trading relative to published price targets.
IFC
CA$271.58
Intact Financial
7D
-2.0%
1Y
7.2%

IFC: Q3 Earnings Beat And Buybacks Will Support Premium Multiple

Narrative Update Analysts have made only fine tuned adjustments to their assumptions on Intact Financial, with recent price target changes ranging between C$318 and C$358 as they respond to the Q3 earnings beat and updated outlooks on the shares. Analyst Commentary Recent research on Intact Financial points to only modest shifts in valuation, with price targets now clustered between C$318 and C$358 following the Q3 earnings update.
NTR
CA$91.91
Nutrien
7D
12.4%
1Y
23.3%

NTR: Fertilizer Cycle Concerns Will Pressure Shares Despite Recent Buybacks

Narrative Update Analysts have nudged their consolidated price target for Nutrien down by about $2 to $64. This reflects updated views that factor in more cautious fertilizer and agriculture setups, modestly lower assumed revenue growth, a slightly higher profit margin profile, and a reduced future P/E multiple in their models.
BAM
CA$72.09
Brookfield Asset Management
7D
-2.0%
1Y
-7.1%
ABX
CA$69.34
Barrick Mining
7D
5.9%
1Y
205.6%

ABX: Future Corporate Split Plans Will Drive Rerating Potential

Analysts have lifted their price target on Barrick Mining by an implied 64% to approximately US$80. They point to updated assumptions around fair value, discount rate, revenue growth, profit margin and a higher future P/E multiple as key drivers of the change.
IMO
CA$137.43
Imperial Oil
7D
13.7%
1Y
40.5%

IMO: Future Returns Will Likely Hinge On Execution Versus C$113 Fair Value

Narrative Update Our updated fair value estimate for Imperial Oil moves slightly to $113.00, reflecting recent analyst price target revisions in the C$101 to C$118 range as they incorporate updated 2025 guidance, early 2026 commentary, and modest tweaks to long term margin and P/E assumptions. Analyst Commentary Recent research on Imperial Oil clusters around price targets between C$101 and C$118, with ratings spanning from Sell to Sector Perform and Underperformer.
CVE
CA$25.57
Cenovus Energy
7D
16.5%
1Y
18.2%

CVE: MEG Integration And Buybacks Will Support Future Cash Returns

Analysts have nudged their fair value estimate for Cenovus Energy higher, with updated price targets clustering in the C$30 to C$32 range as they factor in refreshed 2025 and 2026 guidance and the impact of the MEG Energy acquisition. Analyst Commentary Recent research has centered on how Cenovus can execute on its updated 2025 and preliminary 2026 plans while integrating MEG Energy, with valuation tweaks reflecting both upside potential and deal risk.
FNV
CA$329.68
Franco-Nevada
7D
9.4%
1Y
81.1%

FNV: Future Royalty Cash Flows Will Reflect Strong Precious Metal Pricing

The updated analyst price target for Franco-Nevada reflects a modest uplift in fair value to about $346, as analysts balance higher valuation multiples on cash-flowing royalty assets and stronger precious metals pricing with more cautious sentiment linked to recent gold price volatility. Analyst Commentary Recent Street research on Franco-Nevada shows a split view, with some analysts lifting targets and ratings based on royalty asset quality and commodity pricing, while others point to sentiment risk around gold price volatility.
WPM
CA$184.93
Wheaton Precious Metals
7D
8.5%
1Y
122.0%

WPM: Higher Gold Price Assumptions And New Streams Will Drive Long-Term Upside

Analysts have raised their price target on Wheaton Precious Metals by roughly US$8 to reflect updated commodity price forecasts, higher assumed revenue growth and margins, and a lower future P/E multiple, based on recent research updates from BofA, Scotiabank, Stifel and Berenberg. Analyst Commentary Bullish Takeaways Bullish analysts are lifting price targets across multiple currencies, which signals greater confidence in Wheaton Precious Metals' ability to support higher valuation levels under updated commodity price assumptions.
CSU
CA$3,022.95
Constellation Software
7D
-7.1%
1Y
-30.4%

Constellation Software (TSE:CSU) Has A Rock Solid Balance Sheet

Jan 01
Constellation Software (TSE:CSU) Has A Rock Solid Balance Sheet