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Canadian (TSX) Market Analysis & Valuation

UpdatedNov 14, 2025
DataAggregated Company Financials
Companies2210
  • 7D1.6%
  • 3M8.1%
  • 1Y19.9%
  • YTD20.1%

The market has climbed 1.6% in the last 7 days, lead by the Materials sector with a gain of 5.1%. On the other hand, with a decline of 3.3%, the Information Technology sector is lagging behind. The market is up 20% over the last 12 months. 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
Sun, 16 Nov 2025CA$4.8tCA$2.1tCA$223.6b16.4x21.4x2.2x
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
Wed, 23 Nov 2022CA$3.3tCA$2.1tCA$239.0b10.4x14x1.6x
Price to Earnings Ratio

14x


Total Market Cap: CA$3.3tTotal Earnings: CA$239.0bTotal Revenue: CA$2.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Market Price to Earnings3Y Average 19.7x202320242025
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 19.7x.
Past Earnings Growth
  • The earnings for Canadian listed companies have declined 2.2% 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 Market1.62%
Materials5.12%
Consumer Staples4.62%
Energy2.75%
Consumer Discretionary2.45%
Financials0.61%
Telecom0.57%
Industrials0.022%
Real Estate-0.036%
Utilities-1.73%
Tech-3.33%
Healthcare-5.56%
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 25.7%, which is higher than its past year's earnings growth of 19.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 68% over the next 5 years.
  • This is better than its past earnings growth rate of 2.0% 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
ABX Barrick MiningCA$52.0012.0%
+CA$8.5b		121.7%PE17.5xMaterials
CNQ Canadian Natural ResourcesCA$47.066.0%
+CA$5.5b		1.0%PE14.7xEnergy
CVE Cenovus EnergyCA$25.403.7%
+CA$5.2b		15.2%PE15.4xEnergy
L Loblaw CompaniesCA$60.516.9%
+CA$4.6b		33.4%PE28.9xConsumer Staples
TRP TC EnergyCA$77.455.7%
+CA$4.4b		12.2%PE21.6xEnergy
See more

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ABX
CA$52.00
Barrick Mining
7D
12.0%
1Y
121.7%
BN
CA$61.75
Brookfield
7D
-3.9%
1Y
15.8%
L
CA$60.51
Loblaw Companies
7D
6.9%
1Y
33.4%

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NPI
CA$18.20
Northland Power
7D
-28.8%
1Y
-9.9%

NPI: Earnings Growth Will Benefit From Supportive Sector Dynamics Ahead

Northland Power's average analyst price target has decreased by approximately C$2.38 to C$25.08. Analysts cite increased discount rates and greater uncertainty in growth and margins as supporting factors for the revised outlook.
CLS
CA$435.00
Celestica
7D
-3.7%
1Y
275.8%

CLS: New Share Buyback And Index Addition Will Lift Market Confidence

Analysts have raised their price target for Celestica, increasing it to $565.81 from a previous estimate. They cite improved revenue growth expectations and a slightly higher profit margin forecast.
CVE
CA$25.40
Cenovus Energy
7D
3.7%
1Y
15.2%
MEG
CA$30.67
MEG Energy
7D
3.2%
1Y
17.1%
LMN
CA$24.37
Lumine Group
7D
-16.3%
1Y
-42.1%
TRP
CA$77.45
TC Energy
7D
5.7%
1Y
12.2%

TRP: Medium-Term Execution Will Shape Outlook Amid Project Redeployment Plans

Analysts have raised their price target for TC Energy from C$75.48 to C$76.68. They cite stronger expected profit margins and renewed confidence in the company’s medium-term outlook.
CSU
CA$3,343.01
Constellation Software
7D
-1.3%
1Y
-24.4%
CCO
CA$118.89
Cameco
7D
-8.1%
1Y
57.5%
BAM
CA$72.41
Brookfield Asset Management
7D
-2.6%
1Y
-7.9%
WPM
CA$146.15
Wheaton Precious Metals
7D
5.2%
1Y
76.8%
CNQ
CA$47.06
Canadian Natural Resources
7D
6.0%
1Y
1.0%

CNQ: Dividend Momentum Will Drive Shareholder Returns As Production Grows

Analysts have modestly raised their price target for Canadian Natural Resources, increasing it from $52.68 to $52.83. They cite ongoing strength in dividend growth and resilient energy equities despite softer demand indicators.
FFH
CA$2,291.84
Fairfax Financial Holdings
7D
3.7%
1Y
19.7%
IMO
CA$138.89
Imperial Oil
7D
6.0%
1Y
32.9%

IMO: Profit Margins May Worsen as 20% Workforce Cuts Loom

Imperial Oil’s analyst price target has been raised modestly, with updates reflecting higher fair value estimates. Analysts point to balance sheet strength and shareholder returns as supporting factors.