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Canadian (TSX) Market Analysis & Valuation

UpdatedJan 19, 2026
DataAggregated Company Financials
Companies2210
  • 7D1.7%
  • 3M9.1%
  • 1Y30.2%
  • YTD3.6%

The Materials and Energy sectors drove a 1.7% in the market over the last week. On the other hand, with a decline of 5.0%, the Information Technology sector is lagging behind. In the last year, the market has climbed 30%. Looking forward, 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
Mon, 19 Jan 2026CA$5.1tCA$2.1tCA$225.2b17.2x22.8x2.4x
Wed, 17 Dec 2025CA$4.9tCA$2.1tCA$224.7b16.3x21.8x2.3x
Fri, 14 Nov 2025CA$4.8tCA$2.1tCA$223.6b16.4x21.4x2.2x
Sun, 12 Oct 2025CA$4.7tCA$2.2tCA$209.4b16.4x22.3x2.2x
Tue, 09 Sep 2025CA$4.6tCA$2.1tCA$208.5b16.4x21.9x2.1x
Thu, 07 Aug 2025CA$4.4tCA$2.1tCA$194.1b16.1x22.5x2.1x
Sat, 05 Jul 2025CA$4.3tCA$2.1tCA$191.5b15.9x22.5x2x
Mon, 02 Jun 2025CA$4.2tCA$2.1tCA$192.1b14.9x21.6x2x
Wed, 30 Apr 2025CA$4.0tCA$2.1tCA$173.9b14.9x22.8x1.9x
Fri, 28 Mar 2025CA$4.0tCA$2.1tCA$174.0b15.2x23x1.9x
Sun, 23 Feb 2025CA$4.0tCA$2.1tCA$169.1b14.8x23.6x1.9x
Tue, 21 Jan 2025CA$3.9tCA$2.1tCA$171.1b14.3x22.8x1.8x
Thu, 19 Dec 2024CA$3.9tCA$2.1tCA$169.6b13.9x23x1.8x
Sat, 16 Nov 2024CA$3.9tCA$2.1tCA$167.8b14.5x23.3x1.8x
Mon, 14 Oct 2024CA$3.9tCA$2.1tCA$168.0b15.7x23.2x1.8x
Wed, 11 Sep 2024CA$3.7tCA$2.1tCA$167.4b15x22x1.8x
Fri, 09 Aug 2024CA$3.5tCA$2.1tCA$168.6b13.7x20.8x1.7x
Sun, 07 Jul 2024CA$3.5tCA$2.0tCA$166.7b13.9x21.3x1.7x
Tue, 04 Jun 2024CA$3.6tCA$2.0tCA$166.2b14.3x21.7x1.8x
Thu, 02 May 2024CA$3.5tCA$2.1tCA$173.4b13.8x20.2x1.7x
Sat, 30 Mar 2024CA$3.5tCA$2.0tCA$175.1b13.8x20.3x1.7x
Mon, 26 Feb 2024CA$3.4tCA$2.0tCA$171.2b14.1x20x1.7x
Wed, 24 Jan 2024CA$3.4tCA$2.1tCA$173.3b13.3x19.4x1.6x
Fri, 22 Dec 2023CA$3.3tCA$2.1tCA$172.8b13.1x19.2x1.6x
Sun, 19 Nov 2023CA$3.2tCA$2.1tCA$179.9b12x17.9x1.6x
Tue, 17 Oct 2023CA$3.2tCA$2.1tCA$185.1b11.5x17.2x1.5x
Thu, 14 Sep 2023CA$3.3tCA$2.1tCA$184.6b11.8x17.7x1.5x
Sat, 12 Aug 2023CA$3.3tCA$2.1tCA$187.6b11.7x17.7x1.6x
Mon, 10 Jul 2023CA$3.2tCA$2.1tCA$200.3b11.2x16x1.5x
Wed, 07 Jun 2023CA$3.2tCA$2.1tCA$199.9b11.1x16.2x1.5x
Fri, 05 May 2023CA$3.3tCA$2.1tCA$212.1b10.9x15.4x1.6x
Sun, 02 Apr 2023CA$3.3tCA$2.1tCA$215.9b10.6x15.3x1.6x
Tue, 28 Feb 2023CA$3.3tCA$2.1tCA$233.2b10.8x14.3x1.6x
Thu, 26 Jan 2023CA$3.4tCA$2.1tCA$245.4b11x13.8x1.6x
Price to Earnings Ratio

13.8x


Total Market Cap: CA$3.4tTotal Earnings: CA$245.4bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 20.2x202420252026
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 22.8x which is higher than its 3-year average PE of 20.2x.
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 Market1.66%
Energy5.67%
Materials4.41%
Real Estate1.35%
Industrials1.23%
Utilities0.90%
Healthcare0.54%
Telecom0.27%
Consumer Discretionary0.077%
Consumer Staples-0.20%
Financials-0.25%
Tech-5.02%
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 23.3%, which is higher than its past year's earnings growth of 12.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 56% 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$47.796.7%
+CA$6.2b		1.7%PE15xEnergy
SU Suncor EnergyCA$69.116.9%
+CA$5.4b		20.9%PE15.8xEnergy
ENB EnbridgeCA$66.173.9%
+CA$5.4b		3.5%PE25.9xEnergy
NTR NutrienCA$92.3812.2%
+CA$4.8b		23.6%PE17.7xMaterials
WPM Wheaton Precious MetalsCA$188.285.5%
+CA$4.5b		124.0%PE61.3xMaterials
See more

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AGI
CA$54.14
Alamos Gold
7D
-8.3%
1Y
90.1%
CCO
CA$162.06
Cameco
7D
6.4%
1Y
118.1%
IVN
CA$15.70
Ivanhoe Mines
7D
-6.1%
1Y
-7.6%
CVE
CA$25.06
Cenovus Energy
7D
8.5%
1Y
12.9%
DOL
CA$196.24
Dollarama
7D
-2.9%
1Y
46.2%
CNQ
CA$47.79
Canadian Natural Resources
7D
6.7%
1Y
1.7%
TRI
CA$172.49
Thomson Reuters
7D
-3.6%
1Y
-25.3%
SU
CA$69.11
Suncor Energy
7D
6.9%
1Y
20.9%

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.
IFC
CA$266.30
Intact Financial
7D
-3.8%
1Y
4.8%

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$92.38
Nutrien
7D
12.2%
1Y
23.6%

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.
ENB
CA$66.17
Enbridge
7D
3.9%
1Y
3.5%
FFH
CA$2,436.42
Fairfax Financial Holdings
7D
-6.6%
1Y
22.8%
BAM
CA$73.43
Brookfield Asset Management
7D
-2.8%
1Y
-8.2%
IMO
CA$136.24
Imperial Oil
7D
6.3%
1Y
37.1%

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.
WPM
CA$188.28
Wheaton Precious Metals
7D
5.5%
1Y
124.0%

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$2,844.99
Constellation Software
7D
-14.5%
1Y
-34.8%

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