Largest Companies in Canada by Market Cap (October 2026)

The 429 listed companies ATLAS covers in Canada range from small caps to national champions. These are the 25 largest by market value, converted to US dollars so they can be compared. The three biggest (Royal Bank of Canada, Shopify, and Toronto Dominion Bank) account for 17% of the combined market value of the whole list.

Data as of Oct 27, 2026. Prices and ratios are the latest stored close; this page refreshes at least every 6 hours.

#	Company	Price	Market cap	1 day	vs fair value	Chance up (1 month)
1	RY.TORoyal Bank of Canada	CA$284.26	$269B	+0.9%	+15%	54%
2	SHOP.TOShopify	CA$235.93	$225B	-0.1%		48%
3	TD.TOToronto Dominion Bank	CA$175.76	$193B	+0.7%	-18%	54%
4	BMO.TOBank of Montreal	CA$239.05	$114B	+0.9%	+12%	53%
5	BNS.TOBank of Nova Scotia	CA$130.73	$110B	+0.6%	-2%	53%
6	CNQ.TOCanadian Natural Resources	CA$77.21	$107B	+0.1%	-29%	51%
7	ENB.TOEnbridge	CA$67.65	$106B	+0.4%	-28%	54%
8	CM.TOCanadian Imperial Bank Of Commerce	CA$161.92	$101B	+1.5%	-16%	53%
9	AEM.TOAgnico Eagle Mines	CA$246.48	$89.9B	+1.3%	-36%	49%
10	SU.TOSuncor Energy	CA$111.42	$89.8B	+0.2%	-16%	51%
11	BN.TOBrookfield	CA$53.27	$80.5B	+0.2%		52%
12	CP.TOCanadian Pacific Railway	CA$125.91	$76.0B	+0.3%	+20%	53%
13	CNR.TOCanadian National Railway Co	CA$173.00	$72.7B	+0.3%	+26%	54%
14	MFC.TOManulife Financial	CA$62.59	$71.7B	+1.0%	+33%	53%
15	BAM.TOBrookfield Asset Management	CA$65.95	$71.6B	+0.1%	+162%	51%
16	ABX.TOBarrick Gold	CA$53.60	$64.2B	+0.4%	-24%	49%
17	TRP.TOTC Energy	CA$87.58	$64.0B	+0.3%	+35%	54%
18	IMO.TOImperial Oil	CA$188.76	$63.0B	0.0%	+29%	52%
19	CVE.TOCenovus Energy	CA$46.54	$60.4B	+1.2%	+13%	51%
20	WPM.TOWheaton Precious Metals	CA$171.58	$59.0B	+1.4%		49%
21	GWO.TOGreat-West Lifeco	CA$90.95	$56.9B	+1.2%	+55%	54%
22	NA.TONational Bank of Canada	CA$207.30	$54.1B	+1.1%	-1%	53%
23	L.TOLoblaw Companies	CA$68.92	$53.5B	+0.4%	-12%	52%
24	ATD.TOAlimentation Couchen Tard Inc A	CA$82.71	$52.4B	-0.7%	-24%	53%
25	CSU.TOConstellation Software	CA$3,361	$46.9B	-1.0%	+5%	50%

Fair value gap: a negative number means the price is below ATLAS fair value. "Chance up" is the probability of a higher close in 21 trading sessions (about a month) in ATLAS's calibrated model.

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The top 10 in a sentence

Royal Bank of Canada (RY.TO) has a market value of $269B. It trades 15% above ATLAS fair value. ATLAS gives it a 54% chance of closing higher in a month.
Shopify (SHOP.TO) has a market value of $225B. ATLAS gives it a 48% chance of closing higher in a month.
Toronto Dominion Bank (TD.TO) has a market value of $193B. ATLAS puts it 18% below its fair value. ATLAS gives it a 54% chance of closing higher in a month.
Bank of Montreal (BMO.TO) has a market value of $114B. It trades 12% above ATLAS fair value. ATLAS gives it a 53% chance of closing higher in a month.
Bank of Nova Scotia (BNS.TO) has a market value of $110B. ATLAS puts it close to its fair value. ATLAS gives it a 53% chance of closing higher in a month.
Canadian Natural Resources (CNQ.TO) has a market value of $107B. ATLAS puts it 29% below its fair value. ATLAS gives it a 51% chance of closing higher in a month.
Enbridge (ENB.TO) has a market value of $106B. ATLAS puts it 28% below its fair value. ATLAS gives it a 54% chance of closing higher in a month.
Canadian Imperial Bank Of Commerce (CM.TO) has a market value of $101B. ATLAS puts it 16% below its fair value. ATLAS gives it a 53% chance of closing higher in a month.
Agnico Eagle Mines (AEM.TO) has a market value of $89.9B. ATLAS puts it 36% below its fair value. ATLAS gives it a 49% chance of closing higher in a month.
Suncor Energy (SU.TO) has a market value of $89.8B. ATLAS puts it 16% below its fair value. ATLAS gives it a 51% chance of closing higher in a month.

How the largest companies in Canada are ranked

Market value is price times shares outstanding, stored in US dollars so companies quoted in different currencies compare. Where market value and share count do not reconcile (several share classes, dual listings), the company is left out of the size ranking rather than shown with a wrong number.

There are no quality filters here: this is size, not merit. The fair value gap and the one-month probability are shown for context.

Limits: market values move every day with prices and exchange rates, and the figure shown is the latest ATLAS has stored. A large company is not automatically a safe or cheap one. This is information, not investment advice.

Frequently asked questions

What are the largest companies in Canada?

In October 2026, the three largest listed companies in Canada by market value are Royal Bank of Canada, Shopify, and Toronto Dominion Bank. The three together are worth $687B.

How concentrated is the stock market in Canada?

The three largest companies account for 17% of the combined market value of the 429 companies on the list, a quick measure of concentration.

Is the biggest company the best investment?

No. Size says how much the market values a company today, not whether it is cheap or likely to rise. Compare the fair value gap and the ratios on each company page.

How is market value measured here?

Price times shares outstanding, in US dollars at the latest exchange rate ATLAS has stored. Companies whose share count does not reconcile with their stored value are left out.

How often is this list updated?

Prices and values come from ATLAS's stored data, refreshed every day, and this page is rebuilt at least every 6 hours.

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Largest companies: other countries

Information only, not investment advice. ATLAS estimates come from statistical models using public data; they can be wrong, and past results do not guarantee future ones. Disclaimer