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Canadian manufacturer of packaging and tissue paper products made largely from recycled fibre.
Canadian manufacturer of packaging and tissue paper products made largely from recycled fibre.
Makes containerboard, boxboard and tissue largely from recycled paper and board that it collects itself, so the spread between selling prices and recovered-fibre cost drives profit. Packaging and tissue serve different buyers and cycles, and the Lemaire family has long been its main shareholder.
In one line: A recycled-fibre packaging/tissue maker like a smaller WestRock.
Moat: narrow (process know-how, installed base). Recycled-fibre production expertise and integrated recovery/mill network provide a cost/sustainability edge in commodity paper products.
Headquarters: Kingsey Falls, Canada · Founded: 1964 · Employees: 9,200
Size Cascades (CAS.TO) is a Canada Materials company (Containers/Packaging) with a market value of $1.15B, the 233rd largest of 420 Canada companies the cockpit tracks. Shares closed at C$15.92 on 6 Nov 2026.
Performance Over six months the shares gained 48.9%, against -10.5% for the median peer and +5.2% for the Canada market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 0.6% over the last twelve months (peer median +2.3%); the operating margin is 5.4% (peer median 6.4%).
Valuation It trades at 9.2× forward earnings against a peer median of 18.0× (cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.5 points below its cost of capital (5.5% WACC).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$4.78B | C$4.78B | C$4.70B | C$4.64B | C$4.47B |
| Revenue growth | — | +2% | +1% | +4% | — |
| Gross profit | C$533M | C$565M | C$486M | C$543M | C$386M |
| EBITDA | C$552M | C$556M | C$492M | C$558M | C$376M |
| Net income | C$126M | C$70.0M | -C$31.0M | -C$76.0M | -C$34.0M |
| Free cash flow | C$358M | C$227M | C$111M | C$160M | -C$357M |
| Capital expenditure | C$140M | C$152M | C$184M | C$351M | C$506M |
| Total debt | C$1.98B | C$1.94B | C$2.12B | C$1.94B | C$2.07B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cascades CAS.TO | $1.15B | +49% | +1% | 5% | 9.2× | -1.9% |
| Kimberly-Clark KMB | $66.5B | +12% | -12% | 14% | 15.3× | 4.1% |
| International Paper IP | $18.3B | +6% | +3% | 3% | 15.8× | 26.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CAS.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.5% | -2.8% | 8th lowest of 21 |
| 6-month return | +48.9% | -10.5% | highest of 21 |
| Distance from 52-week high | -15.6% | -38.8% | 5th highest of 21 |
| Revenue growth (TTM) | +0.6% | +2.3% | 9th lowest of 21 |
| Operating margin | 5.4% | 6.4% | 9th lowest of 21 |
| Forward P/E | 9.2× | 18.0× | cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -1.9% | 7.1% | 3rd least demanding of 11 |
| Growth delivered (Del g) | +3.1% | +5.2% | 4th lowest of 11 |
| Hurdle (Req g minus delivered) | -5.0 pp | +7.4 pp | 3rd least demanding of 11 |
| ROIC minus cost of capital | -0.5 pp | -1.0 pp | 10th highest of 21 |
| EV / EBITDA | 6.4× | 7.2× | 3rd cheapest of 8 |
| Net debt / EBITDA | 3.4× | 1.6× | 2nd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cascades CAS.TO | Canada | $1.15B | +49% | +1% | 5% | 9.2× | -1.9% | +3.1% |
| Fuji Seal International 7864.T | Japan | $1.18B | +38% | +4% | 9% | 10.8× | -9.5% | +5.9% |
| Gerresheimer GXI.DE | Germany | $1.21B | +24% | +9% | -4% | 18.0× | 55.8% | +10.3% |
| Suzhou Hycan 002787.SZ | China | $1.09B | -10% | 0% | 7% | 36.4× | n/a | n/a |
| Shenzhen Changhong Technology 300151.SZ | China | $1.23B | -12% | -1% | 6% | 59.9× | n/a | n/a |
| Taiwan Hon Chuan Enterprise 9939.TW | Taiwan | $1.07B | +7% | 0% | 15% | 10.2× | n/a | n/a |
| Shenzhen Leaguer 002243.SZ | China | $1.27B | -18% | +5% | -3% | 19.9× | 44.6% | +1.6% |
| Huangshan Novel 002014.SZ | China | $1.02B | +5% | +9% | 12% | 15.7× | n/a | n/a |
| Elopak ELO.OL | Norway | $1.01B | -11% | 0% | 9% | 11.8× | -8.3% | +7.7% |
| Zhejiang Great Shengda Packing 603687.SS | China | $995M | -30% | +1% | 3% | 32.6× | n/a | n/a |
| Zhejiang Zhongxin Environmental Protection Technology 603091.SS | China | $991M | -20% | +31% | 22% | 14.5× | 7.8% | +4.4% |
| Orora ORA.AX | Australia | $1.34B | +17% | +6% | 11% | 15.8× | 2.5% | -8.9% |
| TriMas TRS | United States | $1.37B | -10% | -33% | 5% | 19.1× | n/a | n/a |
| Xiamen Jihong 002803.SZ | China | $956M | -16% | +12% | 6% | 21.3× | 6.4% | +8.8% |
| MYS 002303.SZ | China | $909M | +26% | +1% | 8% | 18.6× | 4.9% | +3.4% |
| Guangzhou Fangbang Electronics 688020.SS | China | $900M | -51% | -2% | -28% | n/a | n/a | n/a |
| Time Technoplast TIMETECHNO.NS | India | $891M | -9% | +16% | 11% | 11.0× | n/a | n/a |
| Shanghai Shunho New Materials Technology 002565.SZ | China | $1.51B | -50% | -15% | -3% | n/a | n/a | n/a |
| Zhejiang Great Southeast 002263.SZ | China | $871M | -23% | +5% | -1% | n/a | 31.7% | -4.0% |
| Jiangsu Hualan New Pharmaceutical Material 301093.SZ | China | $1.53B | -27% | +6% | 5% | 77.4× | 50.9% | +6.7% |
| Shanghai Zijiang Enterprise 600210.SS | China | $1.54B | -3% | -18% | 10% | 11.3× | n/a | n/a |