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Canadian (TSX) Market Analysis & Valuation

UpdatedMay 03, 2026
DataAggregated Company Financials
Companies2192
  • 7D0.1%
  • 3M5.6%
  • 1Y35.1%
  • YTD7.8%

The Energy sector gained 4.9% while the market remained flat over the last week. Meanwhile, the market is actually up 35% over the past year. As for the next few years, earnings are expected to grow by 11% 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
Sun, 03 May 2026CA$5.4tCA$2.2tCA$241.0b16.5x22.2x2.5x
Tue, 31 Mar 2026CA$5.0tCA$2.2tCA$241.0b15.6x20.8x2.3x
Thu, 26 Feb 2026CA$5.3tCA$2.1tCA$236.7b17.4x22.6x2.5x
Sat, 24 Jan 2026CA$5.2tCA$2.1tCA$224.5b17.4x23x2.4x
Mon, 22 Dec 2025CA$4.9tCA$2.1tCA$224.7b16.4x21.9x2.3x
Wed, 19 Nov 2025CA$4.7tCA$2.1tCA$224.4b16x20.9x2.2x
Fri, 17 Oct 2025CA$4.8tCA$2.2tCA$209.6b16.7x22.9x2.2x
Sun, 14 Sep 2025CA$4.6tCA$2.1tCA$208.7b16.3x22.1x2.1x
Tue, 12 Aug 2025CA$4.4tCA$2.1tCA$201.7b15.8x21.6x2x
Thu, 10 Jul 2025CA$4.3tCA$2.1tCA$191.7b15.8x22.4x2x
Sat, 07 Jun 2025CA$4.2tCA$2.1tCA$191.9b15.4x21.9x2x
Mon, 05 May 2025CA$4.0tCA$2.1tCA$175.4b14.8x22.7x1.9x
Wed, 02 Apr 2025CA$4.0tCA$2.1tCA$173.7b15.4x22.9x1.9x
Fri, 28 Feb 2025CA$4.0tCA$2.1tCA$172.6b14.8x23.3x1.9x
Sun, 26 Jan 2025CA$3.9tCA$2.1tCA$171.2b15x23x1.8x
Tue, 24 Dec 2024CA$3.8tCA$2.1tCA$169.2b13.9x22.7x1.8x
Thu, 21 Nov 2024CA$3.9tCA$2.1tCA$166.7b14.5x23.5x1.8x
Sat, 19 Oct 2024CA$3.9tCA$2.1tCA$168.1b15.6x23.4x1.9x
Mon, 16 Sep 2024CA$3.8tCA$2.1tCA$167.4b15.1x22.5x1.8x
Wed, 14 Aug 2024CA$3.6tCA$2.1tCA$170.5b14.7x21.1x1.7x
Fri, 12 Jul 2024CA$3.6tCA$2.0tCA$166.6b14.1x21.6x1.8x
Sun, 09 Jun 2024CA$3.6tCA$2.1tCA$167.4b14.3x21.3x1.7x
Tue, 07 May 2024CA$3.6tCA$2.0tCA$172.8b14x20.7x1.7x
Thu, 04 Apr 2024CA$3.5tCA$2.0tCA$173.4b14x20.4x1.7x
Sat, 02 Mar 2024CA$3.4tCA$2.1tCA$176.1b13.7x19.4x1.7x
Mon, 29 Jan 2024CA$3.4tCA$2.1tCA$173.9b12.8x19.6x1.6x
Wed, 27 Dec 2023CA$3.4tCA$2.1tCA$172.8b13.2x19.5x1.6x
Fri, 24 Nov 2023CA$3.2tCA$2.1tCA$179.3b11.7x18x1.5x
Sun, 22 Oct 2023CA$3.1tCA$2.1tCA$185.3b11.4x16.8x1.5x
Tue, 19 Sep 2023CA$3.3tCA$2.1tCA$184.5b11.9x18x1.6x
Thu, 17 Aug 2023CA$3.2tCA$2.1tCA$185.8b11.4x17.4x1.5x
Sat, 15 Jul 2023CA$3.3tCA$2.1tCA$199.8b11.4x16.3x1.5x
Mon, 12 Jun 2023CA$3.2tCA$2.1tCA$199.8b11.2x16.1x1.5x
Wed, 10 May 2023CA$3.3tCA$2.1tCA$209.5b11.1x15.9x1.6x
Price to Earnings Ratio

15.9x


Total Market Cap: CA$3.3tTotal Earnings: CA$209.5bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.9x202420252026
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 20.9x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 4.8% 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 Market0.12%
Energy4.97%
Healthcare2.91%
Consumer Staples1.58%
Tech1.18%
Consumer Discretionary0.91%
Financials0.84%
Telecom0.38%
Industrials-0.0029%
Utilities-0.13%
Real Estate-1.67%
Materials-6.00%
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 22.5%, which is higher than its past year's earnings growth of 2.8% 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 8.6% 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
CVE Cenovus EnergyCA$39.8210.8%
+CA$7.3b		139.6%PE19.1xEnergy
CNQ Canadian Natural ResourcesCA$63.885.3%
+CA$6.7b		59.5%PE12.3xEnergy
RY Royal Bank of CanadaCA$244.201.8%
+CA$6.1b		45.9%PB2.7xFinancials
TRP TC EnergyCA$90.636.9%
+CA$6.1b		28.8%PE26.1xEnergy
SU Suncor EnergyCA$91.834.9%
+CA$5.1b		84.6%PE18.4xEnergy
See more

Market Insights

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We’re starting to see the second-order impact of Strait of Hormuz’s extended closure on other industries and in Q1 2026 reports - and it’s far more than just fuel and gas.
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Latest News

K
CA$40.22
Kinross Gold
7D
-10.2%
1Y
107.0%
TRP
CA$90.63
TC Energy
7D
6.9%
1Y
28.8%
AGI
CA$53.56
Alamos Gold
7D
-13.2%
1Y
57.0%

Alamos Gold Inc. Just Missed Earnings - But Analysts Have Updated Their Models

May 02
Alamos Gold Inc. Just Missed Earnings - But Analysts Have Updated Their Models
CNR
CA$152.19
Canadian National Railway
7D
-2.9%
1Y
8.7%
BBD.B
CA$285.83
Bombardier
7D
17.9%
1Y
233.3%
FFH
CA$2,170.28
Fairfax Financial Holdings
7D
-10.5%
1Y
-1.1%
FM
CA$32.34
First Quantum Minerals
7D
-9.8%
1Y
72.1%
CVE
CA$39.82
Cenovus Energy
7D
10.8%
1Y
139.6%
WPM
CA$170.85
Wheaton Precious Metals
7D
-10.3%
1Y
53.0%

WPM: Robust Streaming Pipeline And New Leadership Will Drive Future Upside

Analysts have lifted their fair value estimate for Wheaton Precious Metals from CA$259.57 to CA$355.72, citing updated assumptions for revenue growth, margins, and future P/E multiples following a series of recent price target revisions across the Street. Analyst Commentary Recent Street research on Wheaton Precious Metals has leaned positive overall, with several bullish analysts revising price targets higher and highlighting potential growth levers around the company’s asset base and development pipeline.
ATD
CA$81.09
Alimentation Couche-Tard
7D
5.7%
1Y
13.5%

ATD: Share Buybacks And New Bullish Coverage Will Support Future Upside Potential

Analyst price targets for Alimentation Couche-Tard have been adjusted slightly, with a modest reduction of CA$2 in the consensus view as analysts factor in updated fair value, discount rate and P/E assumptions, while also highlighting a mix of recent target hikes and trims across the Street. Analyst Commentary Recent Street research on Alimentation Couche-Tard reflects a mix of optimism and caution, with several firms adjusting price targets and two new initiations that lean constructive on the story.
SU
CA$91.83
Suncor Energy
7D
4.9%
1Y
84.6%

SU: Buybacks And Shifting Street Views Will Shape Future Margin Expectations

Analysts' fair value estimate for Suncor Energy has shifted to CA$97.05 from CA$92.79 as they factor in updated expectations for revenue growth, profit margins, and future P/E, in line with a series of recent price target revisions across the Street. Analyst Commentary Recent Street research around Suncor Energy has been active, with a cluster of price target revisions from large global banks and local firms.
RY
CA$244.20
Royal Bank of Canada
7D
1.8%
1Y
45.9%
FNV
CA$307.53
Franco-Nevada
7D
-7.1%
1Y
35.1%
TD
CA$145.84
Toronto-Dominion Bank
7D
1.6%
1Y
65.1%

TD: Future Will Reflect Easing Mortgage Risks And Mixed Earnings Execution

Toronto Dominion Bank's average analyst price target is updated to CA$140.43, reflecting a cluster of recent target revisions in roughly the CA$135 to CA$148 range as analysts factor in recent earnings, refreshed multi year estimates and bank sector views. Analyst Commentary Recent research updates on Toronto Dominion Bank cluster in a CA$135 to CA$148 target range, with a mix of Neutral, Market Perform, Sector Perform, Underweight and Outperform views.
CNQ
CA$63.88
Canadian Natural Resources
7D
5.3%
1Y
59.5%

CNQ: Higher Dividend And Buybacks Will Shape Future Shareholder Returns

Analysts have lifted the fair value estimate for Canadian Natural Resources to CA$69.68 from CA$61.47, citing updated price targets across several firms, along with expectations for slightly positive revenue growth, a higher profit margin, and a modestly lower future P/E multiple. Analyst Commentary Recent Street research on Canadian Natural Resources shows a mix of optimism and caution, with several firms adjusting price targets and a few shifting ratings.
ABX
CA$52.75
Barrick Mining
7D
-6.0%
1Y
107.5%

ABX: Reko Diq Review And Project Delays Will Shape Future Upside

Analysts have raised their CA$ fair value estimate for Barrick Mining from about CA$65.36 to about CA$71.61, citing updated assumptions around discount rates, revenue growth, margins, and a slightly lower future P/E multiple that together support the higher price target. Analyst Commentary Analysts are updating their views on Barrick Mining in the context of broader sector research that has recently featured valuation resets and rating changes for peers.