ONEX Stock Analysis: Onex | TO

Private Equity, Credit Investing, Real Estate, Fund Management

Total Rating 28

Safety 77

Buy Signal -0.91

Asset Management
Industry Rotation: +0.9

Market Cap: 5.88B
Avg Turnover: 12.3M

Risk 3d forecast

Volatility25.9%

VaR 5^th Pctl4.59%

VaR vs Median7.54%

Reward TTM

Sharpe Ratio-0.45

Rel. Str. IBD24.4

Rel. Str. Peer Group30.5 pctl

Character TTM

Beta0.939

Beta Downside0.925

Hurst Exponent0.500

Choppyness63.1%

Drawdowns 3y

Max DD26.16%

CAGR/Max DD0.35

CAGR/Mean DD0.98

EPS (Earnings per Share)

EPS CAGR: 14.23%
EPS Trend: 46.7%

Qual. Beats: 0

Revenue

Rev. CAGR: -26.17%
Rev. Trend: -90.3%

Qual. Beats: 0

Warnings

Earnings Expected To Drop (P/E To P/E Forward)

Below Avwap Earnings

Below Sma 200d

Tailwinds

No distinct edge detected

Seasonality 11.8 years of data

Jan +0.1% 17

Feb +0.5% 5

Mar -1.4% 44

Apr +2.0% 30

May -0.9% 22

Jun -1.6% 8

Jul +1.0% 33

Aug -0.5% 15

Sep -3.8% 34

Oct -1.3% 15

Nov +3.7% 15

Dec -1.1% 15

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: ONEX Onex

Onex Corporation is a Toronto-based investment manager focused on private equity, real estate and credit. Founded in 1984, it invests in and often takes control of businesses across sectors including industrials, healthcare, financial services, consumer and software, with a focus on acquisitions, restructurings and business growth. Private equity firms typically seek to increase the value of portfolio companies before exiting their investments.

Headlines to Watch Out For

Portfolio realizations lift investment returns and performance fees
Fundraising and fee-earning AUM growth support management revenues
Higher rates and weak deal markets pressure exits and valuations

Piotroski VR-10 (Strict) 3.5

Net Income: 480.7m TTM > 0 and > 6% of Revenue
FCF/TA: -0.02 > 0.02 and ΔFCF/TA -3.88 > 1.0
NWC/Revenue: 45.75% < 20% (prev 671.5%; Δ -625.7% < -1%)
CFO/TA -0.02 > 3% & CFO -205.0m > Net Income 480.7m
Net Debt (350.0m) to EBITDA (508.7m): 0.69 < 3
Current Ratio: 1.82 > 1.5 & < 3
Outstanding Shares: last quarter (76.0m) vs 12m ago 10.14% < -2%
Gross Margin: 74.88% > 18% (prev 76.69%; Δ -1.82% > 0.5%)
Asset Turnover: 3.92% > 50% (prev 6.16%; Δ -2.24% > 0%)
Interest Coverage Ratio: 483.3 > 6 (EBIT TTM 491.7m / Interest Expense TTM 1.02m)

Altman Z'' 10.00

A: 0.02 (Total Current Assets 480.0m - Total Current Liabilities 264.0m) / Total Assets 10.4b
B: 0.84 (Retained Earnings 8.78b / Total Assets 10.4b)
C: 0.04 (EBIT TTM 491.7m / Avg Total Assets 12.0b)
D: 12.97 (Book Value of Equity 9.68b / Total Liabilities 746.0m)
Altman-Z'' = 16.78 = AAA

Beneish M -3.64

DSRI: 0.10 (Receivables 93.0m/5.29b, Revenue 472.1m/841.0m)
GMI: 1.02 (GM 76.69% / 74.88%)
AQI: 1.70 (AQ_t 0.95 / AQ_t-1 0.56)
SGI: 0.56 (Revenue 472.1m / 841.0m)
TATA: 0.07 (NI 480.7m - CFO -205.0m) / TA 10.4b)
Beneish M = -3.64 (Cap -4..+1) = AAA

What is the price of ONEX shares?

As of November 04, 2026, the stock is trading at CAD 107.09 with a total of 156,333 shares traded. Over the past week, the price has changed by +2.54%, over one month by +1.44%, over three months by -5.46% and over the past year by -10.48%.

Current recommended Stop Loss: 103.40 (which is 3.4% or 1.4 ATR below the current price).

Is ONEX a buy, sell or hold?

Onex has no consensus analysts rating.

Onex (ONEX) - Fundamental Data Overview as of 04 November 2026

Market Cap USD = 5.88b (8.23b CAD * 0.7147 CAD.USD)
Market Cap USD = 5.88b (8.23b CAD * 0.7147 CAD.USD)
P/E Trailing = 11.6836
P/E Forward = 222.2222
P/S = 11.3316
P/B = 0.5915
P/EG = 3.1886
Revenue TTM = 472.1m USD
EBIT TTM = 491.7m USD
EBITDA TTM = 508.7m USD
Long Term Debt = 440.0m USD (from longTermDebt, last quarter)
Short Term Debt = 11.0m USD (from shortTermDebt, last fiscal year)
Debt = 479.0m USD (corrected: LT Debt 440.0m + ST Debt 11.0m) + Leases 28.0m
Net Debt = 350.0m USD (calculated: Debt 479.0m - CCE 129.0m)
Enterprise Value = 6.23b USD (5.88b + Debt 479.0m - CCE 129.0m)
Interest Coverage Ratio = 483.3 (Ebit TTM 491.7m / Interest Expense TTM 1.02m)
EV/FCF = -30.39x (Enterprise Value 6.23b / FCF TTM -205.0m)
FCF Yield = -3.29% (FCF TTM -205.0m / Enterprise Value 6.23b)
FCF Margin = -43.42% (FCF TTM -205.0m / Revenue TTM 472.1m)
Net Margin = 101.8% (Net Income TTM 480.7m / Revenue TTM 472.1m)
Gross Margin = 74.88% ((Revenue TTM 472.1m - Cost of Revenue TTM 118.6m) / Revenue TTM)
Gross Margin QoQ = 80.61% (prev 58.21%)
Tobins Q-Ratio = 0.60 (Enterprise Value 6.23b / Total Assets 10.4b)
Interest Expense / Debt = 0.21% (Interest Expense 1.02m / Debt 479.0m)
Taxrate = 1.50% (2.00m / 133.0m)
NOPAT = 484.3m (EBIT 491.7m * (1 - 1.50%))
Current Ratio = 1.82 (Total Current Assets 480.0m / Total Current Liabilities 264.0m)
Debt / Equity = 0.05 (Debt 479.0m / totalStockholderEquity, last quarter 9.68b)
Debt / EBITDA = 0.69 (Net Debt 350.0m / EBITDA 508.7m)
Debt / FCF = -1.71 (negative FCF - burning cash) (Net Debt 350.0m / FCF TTM -205.0m)
Total Stockholder Equity = 9.15b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.99% (Net Income 480.7m / Total Assets 10.4b)
RoE = 5.25% (Net Income TTM 480.7m / Total Stockholder Equity 9.15b)
RoCE = 5.13% (EBIT 491.7m / Capital Employed (Equity 9.15b + L.T.Debt 440.0m))
RoIC = 4.77% (NOPAT 484.3m / Invested Capital 10.1b)
WACC = 8.14% (E(5.88b)/V(6.36b) * Re(8.79%) + D(479.0m)/V(6.36b) * Rd(0.21%) * (1-Tc(0.02)))
Discount Rate = 8.79% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -51.46 | Cagr: -0.58%
[DCF] Fair Price = unknown (Cash Flow -205.0m)
EPS Correlation: 46.66 | EPS CAGR: 14.23% | SUE: N/A | # QB: 0
Revenue Correlation: -90.27 | Revenue CAGR: -26.17% | SUE: N/A | # QB: 0
EPS current Year (2026-12-31): EPS=4.85 | Chg30d=+0.79% | Revisions=+0% | GrowthEPS=+0.0% | GrowthRev=+0.0%