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Canadian income fund producing and distributing industrial chemicals, including sulphuric acid, sulphur and other chemicals for industrial customers.
Canadian income fund producing and distributing industrial chemicals, including sulphuric acid, sulphur and other chemicals for industrial customers.
Combines long-term contracts to regenerate refiners' spent sulphuric acid and supply water-treatment chemicals to utilities with more price-exposed sales of sulphur and sulphuric acid to mining and industry. As an income fund, it distributes cash to unit holders.
In one line: An industrial chemicals producer structured as an income trust.
Moat: narrow (installed base, distribution). Network of chemical production/regeneration plants and logistics infrastructure is costly to replicate regionally.
Headquarters: Toronto, Canada · Founded: 1997 · Employees: 1,552
Size Chemtrade Logistics Income Fund (CHE-UN.TO) is a Canada Materials company (Chemicals: Specialty) with a market value of $1.19B, the 229th largest of 420 Canada companies the cockpit tracks. Shares closed at C$14.81 on 6 Nov 2026.
Performance Over six months the shares fell 16.8%, against -22.3% for the median peer and +5.2% for the Canada market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 12.4% over the last twelve months (peer median +3.3%); the operating margin is 12.3% (peer median 12.0%).
Valuation It trades at 9.5× forward earnings against a peer median of 19.1× (2nd cheapest of 13).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.5 points above its cost of capital (6.9% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$2.12B | C$2.00B | C$1.79B | C$1.85B | C$1.81B |
| Revenue growth | — | +12% | -3% | +2% | — |
| Gross profit | C$423M | C$453M | C$424M | C$419M | C$481M |
| EBITDA | C$495M | C$518M | C$478M | C$498M | C$564M |
| Net income | C$149M | C$139M | C$127M | C$249M | C$109M |
| Free cash flow | C$180M | C$178M | C$162M | C$235M | C$254M |
| Capital expenditure | C$217M | C$216M | C$180M | C$166M | C$115M |
| Total debt | C$1.28B | C$1.20B | C$899M | C$864M | C$1.04B |
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 |
|---|---|---|---|---|---|---|
| Chemtrade Logistics Income Fund CHE-UN.TO | $1.19B | -17% | +12% | 12% | 9.5× | -0.8% |
| Brenntag BNR.DE | $10.0B | 0% | -5% | 5% | 14.5× | 1.9% |
| Superior Plus SPB.TO | $890M | -22% | -7% | 8% | 13.8× | -1.3% |
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 | CHE-UN.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.9% | -9.0% | 2nd highest of 21 |
| 6-month return | -16.8% | -22.3% | 7th highest of 21 |
| Distance from 52-week high | -19.6% | -46.7% | 4th highest of 21 |
| Revenue growth (TTM) | +12.4% | +3.3% | 6th highest of 21 |
| Operating margin | 12.3% | 12.0% | 10th highest of 21 |
| Forward P/E | 9.5× | 19.1× | 2nd cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | -0.8% | 24.0% | 4th least demanding of 14 |
| Growth delivered (Del g) | +7.7% | +9.9% | 3rd lowest of 14 |
| Hurdle (Req g minus delivered) | -8.5 pp | +5.8 pp | 5th least demanding of 14 |
| ROIC minus cost of capital | +2.5 pp | -0.9 pp | 6th highest of 21 |
| EV / EBITDA | 5.9× | 8.8× | 2nd cheapest of 7 |
| Net debt / EBITDA | 2.5× | -0.4× | 2nd most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chemtrade Logistics Income Fund CHE-UN.TO | Canada | $1.19B | -17% | +12% | 12% | 9.5× | -0.8% | +7.7% |
| Toagosei 4045.T | Japan | $1.19B | +3% | +2% | 9% | 14.4× | n/a | n/a |
| Hunan Kaimeite Gases 002549.SZ | China | $1.18B | -43% | -7% | -5% | 38.9× | n/a | n/a |
| ISE Chemicals 4107.T | Japan | $1.20B | -30% | 0% | 22% | 36.0× | 18.6% | +18.4% |
| Jinhong Gas 688106.SS | China | $1.17B | -42% | +15% | 2% | 67.0× | n/a | n/a |
| Hebei Jinniu Chemical Industry 600722.SS | China | $1.16B | -16% | -1% | 18% | n/a | 28.1% | +3.0% |
| Tongyu Advanced Materials (Guangdong) 301630.SZ | China | $1.21B | -19% | +26% | 18% | n/a | 35.9% | +26.0% |
| Yunnan Energy Investment 002053.SZ | China | $1.21B | -24% | -24% | 20% | 11.6× | n/a | n/a |
| Shandong Boyuan Advanced Materials 301617.SZ | China | $1.15B | -4% | +11% | 12% | n/a | 44.7% | +22.5% |
| Shanghai Skychem Technology 688603.SS | China | $1.22B | -29% | +38% | 19% | 44.6× | n/a | n/a |
| Shin-Etsu Polymer 7970.T | Japan | $1.15B | +5% | +10% | 13% | 13.2× | -2.9% | +8.4% |
| Ecovyst ECVT | United States | $1.15B | -26% | +20% | 12% | 14.1× | 8.0% | +7.8% |
| Zhejiang Jiahua Energy Chemical Industry 600273.SS | China | $1.23B | -22% | +4% | 5% | 7.8× | -6.3% | +12.9% |
| Vinati Organics VINATIORGA.NS | India | $1.14B | -26% | +11% | 20% | 23.8× | 24.0% | +18.2% |
| Nan Pao Resins Chemical 4766.TW | Taiwan | $1.24B | -6% | +3% | 16% | 13.3× | -8.7% | +8.3% |
| Shanghai Chlor-Alkali Chemical 600618.SS | China | $1.24B | -29% | +2% | 6% | n/a | -0.4% | +9.9% |
| Anhui Shenjian New Materials 002361.SZ | China | $1.25B | -54% | -4% | -3% | n/a | n/a | n/a |
| Guizhou Redstar Developing 600367.SS | China | $1.25B | +14% | +1% | 7% | n/a | 26.8% | +9.1% |
| Anhui Hwasu 600935.SS | China | $1.13B | -22% | -10% | -8% | n/a | 28.1% | -1.0% |
| Jiangsu Sopo Chemical 600746.SS | China | $1.12B | -23% | +6% | 5% | n/a | n/a | n/a |
| Shandong Kaisheng New Materials 301069.SZ | China | $1.28B | -19% | +20% | 13% | 47.0× | 29.2% | +10.4% |