# TFI International Inc. (TFII.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Industrials / Transportation Infrastructure. Price C$189.50, market value C$15.6 billion.

## Valuation
- **P/E (trailing): 33.7×** (5-yr avg 23.2×, 3-yr avg 28.3×). TFI International Inc. trades at 33.7× trailing earnings, well above its own five-year average of 23.2×: investors are paying up relative to the company's past. The Industrials median in the September 2026 study was 25.7×. Forward P/E is 17.3×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 1.3×**. Each dollar of revenue is priced at 1.3×.
- **Price / book: 4.2×**. The shares trade at 4.2× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 12.4×**. Enterprise value is 12.4× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 6.5%** (5-yr avg 5.3%). Free cash flow equals 6.5% of the market value, above its five-year average of 5.3%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.
- **Earnings yield: 3.0%**. The inverse of the P/E: 3.0% of the price is earned each year.

## Profitability
- **Gross margin: 12.3%**. TFI International Inc. keeps 12.3% of revenue after the direct cost of what it sells, a thin margin typical of retail, distribution and commodity businesses.
- **Operating margin: 7.1%**. 7.1% of revenue is left after running the business.
- **Net margin: 3.9%**. 3.9% of each dollar of sales reaches the bottom line.
- **Return on equity: 11.8%**. 11.8% on shareholders' equity is solid.
- **Return on invested capital: 5.7%**. Return on all capital, debt included, is 5.7%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 3.5%**. Each dollar of assets produces 3.5% of profit.

## Growth
- **Revenue growth (1 yr): -4.2%** (3-yr 8.8%/yr, 5-yr 22.6%/yr). Revenue fell 4.2% over the last year, against 22.6% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -23.4%** (3-yr -16.8%/yr, 5-yr 11.4%/yr). Earnings per share fell 23.4%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 17.8%/yr**. Free cash flow has compounded at 17.8% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Debt to equity: 1.38**. Debt is 1.38 times equity, a leveraged balance sheet that needs steady cash flow to service.
- **Net debt / EBITDA: 3.7×**. It would take 3.7 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Interest coverage: 3.6×**. Operating profit covers interest 3.6× over, a safe margin.
- **Current ratio: 1.03** (quick 1.02). Current assets cover the next year's liabilities 1.03 times.
- **Altman Z-score: 3.23**. A Z-score of 3.23 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 1.40%** (C$2.65 per share, trailing). TFI International Inc. yields 1.40%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 49%** (22% of free cash flow). 49% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 16**. 16 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 18.8%/yr** (1-yr 11.2%). The dividend has compounded at 18.8% a year over five years, doubling roughly every 4 years at that pace.
- **Shareholder yield: 2.3%**. Dividends plus net buybacks return 2.3% of the market value a year.

## Price and momentum
- **Total return (1 yr): 44.2%** (YTD 34.6%, 3-mo -14.5%). The shares are up 44.2% over twelve months including dividends.
- **From 52-week high: -19.0%** (66.6% above the low). Trading 19% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 47**. An RSI of 47 is neutral.
- **Beta (1 yr): 1.14** (volatility 37%). Beta of 1.14 against the S&P/TSX Composite: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=TFII.TO · Page: https://foliofundamentals.com/stocks/tfii.to

Not investment advice.