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Canadian (TSX) Market Analysis & Valuation

UpdatedDec 19, 2025
DataAggregated Company Financials
Companies2205
  • 7D-0.9%
  • 3M5.1%
  • 1Y26.0%
  • YTD23.7%

In the last week, the market has stayed flat, however the Healthcare sector stood out, gaining 11%. As for the longer term, the market has risen 26% in the past 12 months. Looking forward, earnings are forecast to grow by 11% 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, 19 Dec 2025CA$4.9tCA$2.1tCA$224.8b16.3x21.6x2.3x
Sun, 16 Nov 2025CA$4.7tCA$2.1tCA$224.3b16x21x2.2x
Tue, 14 Oct 2025CA$4.7tCA$2.2tCA$209.5b16.4x22.3x2.2x
Thu, 11 Sep 2025CA$4.6tCA$2.1tCA$208.5b16.3x21.9x2.1x
Sat, 09 Aug 2025CA$4.3tCA$2.1tCA$201.0b15.9x21.6x2x
Mon, 07 Jul 2025CA$4.3tCA$2.1tCA$191.5b15.9x22.5x2x
Wed, 04 Jun 2025CA$4.2tCA$2.1tCA$191.9b15.5x21.9x2x
Fri, 02 May 2025CA$4.0tCA$2.1tCA$174.1b14.8x22.7x1.9x
Sun, 30 Mar 2025CA$3.9tCA$2.1tCA$173.8b15x22.7x1.9x
Tue, 25 Feb 2025CA$4.0tCA$2.1tCA$168.8b14.9x23.6x1.9x
Thu, 23 Jan 2025CA$3.9tCA$2.1tCA$171.2b14.8x22.9x1.8x
Sat, 21 Dec 2024CA$3.8tCA$2.1tCA$169.7b13.8x22.5x1.8x
Mon, 18 Nov 2024CA$3.9tCA$2.1tCA$167.6b14.5x23.2x1.8x
Wed, 16 Oct 2024CA$3.9tCA$2.1tCA$168.0b15.5x23.1x1.8x
Fri, 13 Sep 2024CA$3.7tCA$2.1tCA$167.4b15x22.1x1.8x
Sun, 11 Aug 2024CA$3.6tCA$2.1tCA$170.4b14x21x1.7x
Tue, 09 Jul 2024CA$3.5tCA$2.0tCA$166.7b14x21.3x1.7x
Thu, 06 Jun 2024CA$3.6tCA$2.0tCA$167.3b14.3x21.3x1.7x
Sat, 04 May 2024CA$3.5tCA$2.1tCA$170.9b14x20.5x1.7x
Mon, 01 Apr 2024CA$3.6tCA$2.0tCA$173.4b14x20.5x1.7x
Wed, 28 Feb 2024CA$3.4tCA$2.1tCA$172.6b13.8x19.8x1.7x
Fri, 26 Jan 2024CA$3.4tCA$2.1tCA$174.0b12.9x19.5x1.6x
Sun, 24 Dec 2023CA$3.4tCA$2.1tCA$172.8b13.2x19.5x1.6x
Tue, 21 Nov 2023CA$3.2tCA$2.1tCA$179.8b12x18x1.6x
Thu, 19 Oct 2023CA$3.2tCA$2.1tCA$185.3b11.6x17x1.5x
Sat, 16 Sep 2023CA$3.3tCA$2.1tCA$184.5b12x17.8x1.6x
Mon, 14 Aug 2023CA$3.3tCA$2.1tCA$187.8b11.7x17.6x1.6x
Wed, 12 Jul 2023CA$3.2tCA$2.1tCA$200.2b11.3x16.1x1.5x
Fri, 09 Jun 2023CA$3.2tCA$2.1tCA$199.7b11.1x16.2x1.5x
Sun, 07 May 2023CA$3.3tCA$2.1tCA$209.9b11.2x15.8x1.6x
Tue, 04 Apr 2023CA$3.3tCA$2.1tCA$217.5b10.6x15.2x1.6x
Thu, 02 Mar 2023CA$3.3tCA$2.1tCA$226.7b10.9x14.7x1.6x
Sat, 28 Jan 2023CA$3.4tCA$2.1tCA$245.1b10.9x13.9x1.6x
Mon, 26 Dec 2022CA$3.2tCA$2.1tCA$245.9b10.4x13.1x1.6x
Price to Earnings Ratio

13.1x


Total Market Cap: CA$3.2tTotal Earnings: CA$245.9bTotal 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 2.9% 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-0.86%
Healthcare10.74%
Real Estate2.73%
Consumer Staples1.67%
Consumer Discretionary0.27%
Utilities0.18%
Telecom-0.36%
Materials-0.44%
Industrials-0.55%
Financials-0.78%
Tech-1.85%
Energy-3.77%
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 17.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 69% 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$127.491.3%
+CA$2.9b		69.9%PB1.7xFinancials
ABX Barrick MiningCA$60.512.1%
+CA$2.1b		172.3%PE20.7xMaterials
ATD Alimentation Couche-TardCA$74.252.8%
+CA$1.9b		-8.1%PE19.2xConsumer Staples
MFC Manulife FinancialCA$49.872.1%
+CA$1.7b		14.6%PE15.6xFinancials
CNR Canadian National RailwayCA$137.181.8%
+CA$1.5b		-5.6%PE18.3xIndustrials
See more

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TD
CA$127.49
Toronto-Dominion Bank
7D
1.3%
1Y
69.9%
CNR
CA$137.18
Canadian National Railway
7D
1.8%
1Y
-5.6%

CNR: Share Buybacks Will Support Earnings Compounding Amid Modest Macro Risks

Analysts have modestly raised their price target on Canadian National Railway, lifting estimated fair value by about C$4 to roughly C$155. This reflects slightly stronger expectations for revenue growth, margin expansion, and a lower future earnings multiple.
L
CA$62.48
Loblaw Companies
7D
2.1%
1Y
31.1%
CLS
CA$373.02
Celestica
7D
-11.6%
1Y
172.4%
TECK.B
CA$62.34
Teck Resources
7D
4.9%
1Y
5.9%
MFC
CA$49.87
Manulife Financial
7D
2.1%
1Y
14.6%

MFC: Core Insurance And Asia Execution Will Support Balanced Medium Term Outlook

Analysts have nudged their price targets on Manulife Financial higher, with recent revisions in both U.S. dollar and Canadian dollar terms reflecting stronger than expected life insurance earnings and solid core insurance and Asia growth. This has resulted in a modest increase in our fair value estimate to about $51.94.
IMO
CA$115.28
Imperial Oil
7D
-8.9%
1Y
30.1%
CVE
CA$22.67
Cenovus Energy
7D
-8.7%
1Y
9.5%

CVE: MEG Integration And Buybacks Will Drive Future Margin And Cash Flow

We are raising our fair value estimate for Cenovus Energy slightly to $29.68 from $29.35, as analysts lift price targets across the sector, citing updated 2025 guidance, early 2026 outlook commentary, and improved profitability expectations following the MEG acquisition. Analyst Commentary Street research activity around Cenovus has been active, with a series of target price revisions and rating changes reflecting shifting views on the company’s post MEG-acquisition profile, capital allocation, and risk-reward balance.
CNQ
CA$43.41
Canadian Natural Resources
7D
-4.5%
1Y
2.1%
MG
CA$75.13
Magna International
7D
5.2%
1Y
23.8%

MG: Electric Expansion And Buybacks Will Shape A Measured Outlook

Analysts have modestly raised their price target on Magna International to approximately $69.38 per share, reflecting slightly lower discount rate assumptions, a small upward revision to long term profit margins, and a marginally higher expected future P/E multiple, even as revenue growth forecasts edge down. What's in the News GAC and Magna launched a vehicle assembly program in Europe focused on accelerating electric mobility, with serial production of the five star Euro NCAP rated AION V SUV now underway at Magna's Graz facility and initial market entries in Finland, Poland and Portugal (Key Developments).
SU
CA$58.46
Suncor Energy
7D
-4.2%
1Y
17.9%
BMO
CA$177.68
Bank of Montreal
7D
-2.0%
1Y
28.0%

BMO: Future Returns Will Reflect U.S. Branch Sales And Credit Recovery

The analyst price target for Bank of Montreal has been nudged higher by about C$5 to C$181. Analysts are factoring in modestly stronger revenue growth and profitability expectations, while still reflecting a higher perceived risk profile in their discount rates.
BAM
CA$72.11
Brookfield Asset Management
7D
-2.6%
1Y
-7.8%
BN
CA$61.72
Brookfield
7D
-1.8%
1Y
14.9%
ABX
CA$60.51
Barrick Mining
7D
2.1%
1Y
172.3%

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.
ATD
CA$74.25
Alimentation Couche-Tard
7D
2.8%
1Y
-8.1%