X Stock Analysis: TMX | TO
Financial Data & Stock Exchanges | TO, Canada | Market Cap: 16.907m CAD | 12M Return: 27% | CA87262K1057 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 41.5M
EPS Trend: 96.5%
Qual. Beats: 0
Rev. Trend: 99.7%
Qual. Beats: 5
Warnings
No concerns identified
Tailwinds
Seasonality 11.8 years of data, until 10/2026
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, ≥40 worth a closer look and ≥60 is strong.
TMX Group Limited operates exchanges, trading markets, clearinghouses, and related services across Canada and international markets. Its businesses span market data and analytics, capital formation, derivatives, and equities and fixed-income trading and clearing.
Its platforms include the Toronto Stock Exchange, TSX Venture Exchange, and Montreal Exchange, alongside clearing, settlement, custody, corporate trust, and regulatory filing services. Exchange operators typically earn revenue from services such as trading, clearing, listings, and market data.
- Recurring data and analytics revenue grows as clients demand market information
- Higher volatility lifts derivatives trading and clearing volumes
- Canadian equity listings and trading remain sensitive to rates and issuer activity
| Net Income: 588.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA 2.38 > 1.0 |
| NWC/Revenue: 55.48% < 20% (prev -2.52k%; Δ 2.58k% < -1%) |
| CFO/TA 0.02 > 3% & CFO 1.50b > Net Income 588.2m |
| Net Debt (2.19b) to EBITDA (2.22b): 0.99 < 3 |
| Current Ratio: 10.13 > 1.5 & < 3 |
| Outstanding Shares: last quarter (276.6m) vs 12m ago -0.59% < -2% |
| Gross Margin: 67.14% > 18% (prev 65.28%; Δ 1.85% > 0.5%) |
| Asset Turnover: 3.16% > 50% (prev 3.28%; Δ -0.13% > 0%) |
| Interest Coverage Ratio: 1.73 > 6 (EBIT TTM 2.02b / Interest Expense TTM 1.17b) |
| A: 0.01 (Total Current Assets 1.18b - Total Current Liabilities 117.0m) / Total Assets 71.6b |
| B: 0.03 (Retained Earnings 2.09b / Total Assets 71.6b) |
| C: 0.03 (EBIT TTM 2.02b / Avg Total Assets 61.0b) |
| D: 0.07 (Book Value of Equity 4.96b / Total Liabilities 66.4b) |
| Altman-Z'' = 0.49 = B |
| DSRI: 1.13 (Receivables 689.5m/521.8m, Revenue 1.92b/1.65b) |
| GMI: 0.97 (GM 65.28% / 67.14%) |
| AQI: 1.01 (AQ_t 0.98 / AQ_t-1 0.98) |
| SGI: 1.16 (Revenue 1.92b / 1.65b) |
| TATA: -0.01 (NI 588.2m - CFO 1.50b) / TA 71.6b) |
| Beneish M = -2.82 (Cap -4..+1) = A |
As of November 12, 2026, the stock is trading at CAD 62.98 with a total of 946,351 shares traded. Over the past week, the price has changed by +3.30%, over one month by +18.34%, over three months by +18.82% and over the past year by +26.95%.
Current recommended Stop Loss: 61.10 (which is 3% or 1.3 ATR below the current price).
TMX has no consensus analysts rating.
P/E Trailing = 29.0
P/E Forward = 21.978
P/S = 8.7845
P/B = 3.3769
P/EG = 1.43
Revenue TTM = 1.92b CAD
EBIT TTM = 2.02b CAD
EBITDA TTM = 2.22b CAD
Long Term Debt = 2.64b CAD (from longTermDebt, last quarter)
Short Term Debt = 117.0m CAD (from shortTermDebt, last quarter)
Debt = 2.95b CAD (from shortLongTermDebtTotal, last quarter) + Leases 98.2m
Net Debt = 2.19b CAD (calculated: Debt 2.95b - CCE 762.0m)
Enterprise Value = 19.1b CAD (16.9b + Debt 2.95b - CCE 762.0m)
Interest Coverage Ratio = 1.73 (Ebit TTM 2.02b / Interest Expense TTM 1.17b)
EV/FCF = 7.21x (Enterprise Value 19.1b / FCF TTM 2.65b)
FCF Yield = 13.88% (FCF TTM 2.65b / Enterprise Value 19.1b)
FCF Margin = 137.7% (FCF TTM 2.65b / Revenue TTM 1.92b)
Net Margin = 30.56% (Net Income TTM 588.2m / Revenue TTM 1.92b)
Gross Margin = 67.14% ((Revenue TTM 1.92b - Cost of Revenue TTM 632.5m) / Revenue TTM)
Gross Margin QoQ = 64.61% (prev 67.79%)
Tobins Q-Ratio = 0.27 (Enterprise Value 19.1b / Total Assets 71.6b)
Interest Expense / Debt = 39.61% (Interest Expense 1.17b / Debt 2.95b)
Taxrate = 26.27% (223.4m / 850.3m)
NOPAT = 1.49b (EBIT 2.02b * (1 - 26.27%))
Current Ratio = 2.98 (Total Current Assets 1.18b / Total Current Liabilities 398.2m)
Debt / Equity = 0.60 (Debt 2.95b / totalStockholderEquity, last quarter 4.96b)
Debt / EBITDA = 0.99 (Net Debt 2.19b / EBITDA 2.22b)
Debt / FCF = 0.83 (Net Debt 2.19b / FCF TTM 2.65b)
Total Stockholder Equity = 15.9b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.96% (Net Income 588.2m / Total Assets 71.6b)
RoE = 3.71% (Net Income TTM 588.2m / Total Stockholder Equity 15.9b)
RoCE = 10.92% (EBIT 2.02b / Capital Employed (Equity 15.9b + L.T.Debt 2.64b))
RoIC = 2.08% (NOPAT 1.49b / Invested Capital 71.5b)
WACC = 9.43% (E(16.9b)/V(19.9b) * Re(5.98%) + D(2.95b)/V(19.9b) * Rd(39.61%) * (1-Tc(0.26)))
Discount Rate = 5.98% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -52.64 | Cagr: -0.32%
[DCF] Terminal Value 74.54% ; FCFF base≈1.86b ; Y1≈2.13b ; Y5≈3.13b
[DCF] Fair Price = 135.9 (EV 39.6b - Net Debt 2.19b = Equity 37.4b / Shares 275.0m; r=9.43% [WACC]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 96.55 | EPS CAGR: 25.55% | SUE: 0.69 | # QB: 0
Revenue Correlation: 99.70 | Revenue CAGR: 19.29% | SUE: 2.67 | # QB: 5
EPS current Quarter (2027-03-31): EPS=0.68 | Chg30d=+1.59% | Revisions=-25% | Analysts=3
EPS current Year (2026-12-31): EPS=2.53 | Chg30d=+2.81% | Revisions=+17% | GrowthEPS=+18.6% | GrowthRev=+14.7%
EPS next Year (2027-12-31): EPS=2.73 | Chg30d=+0.23% | Revisions=+0% | GrowthEPS=+8.1% | GrowthRev=+12.3%
[Analyst] Revisions Ratio: +0% (up=5, down=5)