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Canadian (TSX) Market Analysis & Valuation

UpdatedApr 23, 2026
DataAggregated Company Financials
Companies2195
  • 7D-0.4%
  • 3M3.4%
  • 1Y37.7%
  • YTD7.7%

Over the last 7 days, the market has dropped 1.1%, driven by a pullback of 6.0% in the Materials sector. In the last year, the market is actually up 39%. 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
Thu, 23 Apr 2026CA$5.3tCA$2.2tCA$240.8b16.8x22.1x2.4x
Sat, 21 Mar 2026CA$5.0tCA$2.1tCA$238.9b15.6x20.9x2.3x
Mon, 16 Feb 2026CA$5.2tCA$2.1tCA$228.5b17.4x22.9x2.4x
Wed, 14 Jan 2026CA$5.1tCA$2.1tCA$225.0b16.9x22.7x2.4x
Fri, 12 Dec 2025CA$4.9tCA$2.1tCA$224.8b16.1x21.7x2.3x
Sun, 09 Nov 2025CA$4.7tCA$2.1tCA$220.4b16.3x21.1x2.2x
Tue, 07 Oct 2025CA$4.8tCA$2.2tCA$209.3b16.7x22.7x2.2x
Thu, 04 Sep 2025CA$4.5tCA$2.1tCA$208.5b16.2x21.6x2.1x
Sat, 02 Aug 2025CA$4.3tCA$2.1tCA$194.6b15.8x22.2x2x
Mon, 30 Jun 2025CA$4.2tCA$2.1tCA$191.7b15.7x22.1x2x
Wed, 28 May 2025CA$4.2tCA$2.1tCA$191.7b14.7x21.7x2x
Fri, 25 Apr 2025CA$3.9tCA$2.1tCA$173.1b15.1x22.6x1.9x
Sun, 23 Mar 2025CA$4.0tCA$2.1tCA$173.4b14.9x22.9x1.9x
Tue, 18 Feb 2025CA$4.0tCA$2.1tCA$168.6b15x23.9x1.9x
Thu, 16 Jan 2025CA$3.8tCA$2.1tCA$170.9b14.5x22.4x1.8x
Sat, 14 Dec 2024CA$4.0tCA$2.1tCA$169.3b14.4x23.4x1.9x
Mon, 11 Nov 2024CA$3.9tCA$2.1tCA$167.7b14.8x23.4x1.8x
Wed, 09 Oct 2024CA$3.8tCA$2.1tCA$167.8b15.3x22.9x1.8x
Fri, 06 Sep 2024CA$3.7tCA$2.1tCA$167.6b15x22x1.8x
Sun, 04 Aug 2024CA$3.6tCA$2.1tCA$167.2b13.8x21.4x1.7x
Tue, 02 Jul 2024CA$3.5tCA$2.1tCA$166.6b14x21.2x1.7x
Thu, 30 May 2024CA$3.6tCA$2.1tCA$165.9b14.2x21.8x1.8x
Sat, 27 Apr 2024CA$3.5tCA$2.1tCA$173.1b13.9x20.4x1.7x
Mon, 25 Mar 2024CA$3.5tCA$2.0tCA$173.5b13.6x20.2x1.7x
Wed, 21 Feb 2024CA$3.4tCA$2.1tCA$177.5b13x19.2x1.6x
Fri, 19 Jan 2024CA$3.3tCA$2.1tCA$173.3b12.7x19.3x1.6x
Sun, 17 Dec 2023CA$3.3tCA$2.1tCA$172.9b12.4x19.3x1.6x
Tue, 14 Nov 2023CA$3.2tCA$2.1tCA$179.0b11.9x17.7x1.5x
Thu, 12 Oct 2023CA$3.2tCA$2.1tCA$185.1b11.6x17.2x1.5x
Sat, 09 Sep 2023CA$3.3tCA$2.1tCA$184.9b11.7x17.6x1.5x
Mon, 07 Aug 2023CA$3.3tCA$2.1tCA$186.2b11.7x17.6x1.6x
Wed, 05 Jul 2023CA$3.2tCA$2.1tCA$193.3b11.2x16.4x1.5x
Fri, 02 Jun 2023CA$3.2tCA$2.1tCA$200.1b11.2x15.9x1.5x
Sun, 30 Apr 2023CA$3.4tCA$2.1tCA$214.6b11.2x15.7x1.6x
Price to Earnings Ratio

15.7x


Total Market Cap: CA$3.4tTotal Earnings: CA$214.6bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.8x202420252026
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 20.8x.
Past Earnings Growth
  • The earnings for Canadian listed companies have grown 3.9% 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 Market-0.38%
Healthcare5.95%
Tech4.38%
Telecom2.78%
Consumer Discretionary1.42%
Industrials0.45%
Financials0.024%
Energy-0.05%
Consumer Staples-0.31%
Real Estate-0.80%
Materials-2.73%
Utilities-3.33%
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 21.7%, which is higher than its past year's earnings growth of 3.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 46% 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 7.7% 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
CCO CamecoCA$172.885.6%
+CA$4.0b		196.7%PE127.7xEnergy
XNDU Xanadu Quantum TechnologiesCA$47.0036.5%
+CA$3.8b		n/aPS2222.6xTech
RCI.B Rogers CommunicationsCA$51.2112.0%
+CA$3.0b		47.0%PE4xTelecom
CLS CelesticaCA$549.774.8%
+CA$2.9b		348.8%PE55.5xTech
FFH Fairfax Financial HoldingsCA$2.47k3.2%
+CA$1.8b		17.9%PE8.4xFinancials
See more

Market Insights

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Latest News

FNV
CA$337.95
Franco-Nevada
7D
-4.2%
1Y
43.1%
IMG
CA$23.65
IAMGOLD
7D
-11.7%
1Y
135.3%
XNDU
CA$47.00
Xanadu Quantum Technologies
7D
36.5%
1Y
n/a
FTT
CA$99.66
Finning International
7D
12.1%
1Y
156.4%
BBD.B
CA$250.59
Bombardier
7D
-6.8%
1Y
186.3%

BBD.B: Future Upside Will Hinge On Execution And Capital Allocation

Analysts have nudged the fair value estimate for Bombardier lower to about CA$304 from roughly CA$309, reflecting a slightly higher discount rate and modest tweaks to revenue growth, profit margin and future P/E assumptions following a mix of recent target hikes and downgrades across the Street. Analyst Commentary Recent Street research on Bombardier has been mixed, with several target hikes clustered around the same period and a couple of downgrades that temper the overall picture.
CNQ
CA$61.11
Canadian Natural Resources
7D
-2.9%
1Y
51.9%

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.
TFII
CA$185.70
TFI International
7D
10.2%
1Y
70.4%

TFII: Soft Freight Volumes And Subdued Guidance Will Cap Near Term Upside

Analysts have nudged the TFI International fair value estimate higher to CA$119.32 from CA$119.05, reflecting modestly stronger revenue growth assumptions, a slightly lower discount rate, and updated views on freight cycle recovery and less than truckload execution. Analyst Commentary Street research on TFI International has been active, with a mix of higher and lower price targets reflecting different views on freight recovery, execution in less than truckload, and the risk that near term guidance lags investor expectations.
RCI.B
CA$51.21
Rogers Communications
7D
12.0%
1Y
47.0%

RCI.B: Future Returns Will Depend On Execution Under Rising Price War Risk

Rogers Communications' updated CA$50.00 analyst price target reflects a modest reset as analysts weigh recent CA$1.50 to CA$3.00 target cuts against earlier increases and factor in more cautious assumptions for revenue growth, profit margins, and future P/E multiples. Analyst Commentary Recent research moves around Rogers Communications highlight a more cautious tone, with several bearish analysts revisiting their price targets and ratings after a period of earlier target lifts.
MG
CA$83.91
Magna International
7D
8.2%
1Y
81.5%

MG: Buybacks And Dividend Discipline Will Support 2026 Hybrid Platform Outlook

Analysts have nudged their price target on Magna International slightly lower to about CA$88.91 from roughly CA$89.42, reflecting small adjustments to forecasts for discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Magna introduced DHD REX, a dedicated hybrid drive for range extended electric vehicles, designed as a modular, single motor system with multiple operating modes and applicability across B to E segment vehicles, including SUVs (Key Developments).
ABX
CA$55.67
Barrick Mining
7D
-6.0%
1Y
110.3%

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.
WPM
CA$198.03
Wheaton Precious Metals
7D
-2.5%
1Y
75.0%
LUN
CA$37.79
Lundin Mining
7D
-7.7%
1Y
221.3%
FFH
CA$2,472.36
Fairfax Financial Holdings
7D
3.2%
1Y
17.9%

FFH: Share Repurchases And Margin Improvements Will Support Future Upside

Analyst price targets for Fairfax Financial Holdings have moved higher, with one firm lifting its target by CA$100. Analysts point to updated assumptions around revenue growth, profit margins and a lower future P/E multiple as key reasons for the change.
ENB
CA$70.86
Enbridge
7D
-2.0%
1Y
11.9%

ENB: Future Returns Will Hinge On Rich Pricing And Utility Execution

The updated analyst price target for Enbridge reflects a modest fair value shift to CA$75.99, with recent CA$1 to CA$5 target increases from firms such as Argus, Citi, BMO Capital, RBC Capital, CIBC and Scotiabank, partly balanced by valuation driven downgrades from TD Securities and Jefferies, as analysts factor in the company’s diversified pipelines and its growing utility exposure. Analyst Commentary Recent research on Enbridge shows a mix of optimism and caution, with several firms lifting price targets while others are more restrained given the share price move and valuation.
CCO
CA$172.88
Cameco
7D
5.6%
1Y
196.7%

CCO: Future Earnings Profile Will Reflect Premium Margins And Restrained P E Multiple

Analysts have lifted their CA$ price target for Cameco, citing slightly higher assumptions for revenue growth and profit margin, along with a modestly lower future P/E multiple in their updated models. Analyst Commentary Analysts have refreshed their models for Cameco and are using slightly revised assumptions for growth, profitability and valuation multiples to frame where the shares could trade over time.
CLS
CA$549.77
Celestica
7D
4.8%
1Y
348.8%