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Employees: 707
Size ADF (DRX.TO) is a Canada Industrials company (Engineering & Construction) with a market value of $346M, the 399th largest of 420 Canada companies the cockpit tracks. Shares closed at C$16.98 on 6 Nov 2026.
Performance Over six months the shares gained 61.7%, against -19.8% for the median peer and +5.2% for the Canada market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 29.6% over the last twelve months (peer median -1.4%); the operating margin is 14.0% (peer median 7.0%).
Valuation It trades at 12.8× forward earnings against a peer median of 16.6× (4th cheapest of 9).
Price implies For today's price to make sense, revenue must grow about -16% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -24 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 18.7 points above its cost of capital (5.1% WACC).
Next results Next results expected around 10 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$344M | C$259M | C$340M | C$331M | C$251M |
| Revenue growth | — | -24% | +3% | +32% | — |
| Gross profit | C$76.8M | C$58.3M | C$106M | C$71.7M | C$34.4M |
| EBITDA | C$56.3M | C$43.5M | C$91.3M | C$55.9M | C$26.1M |
| Net income | C$31.7M | C$26.3M | C$56.8M | C$37.6M | C$14.9M |
| Free cash flow | C$68.9M | C$40.1M | C$44.0M | C$69.0M | -C$16.3M |
| Capital expenditure | C$23.5M | C$11.1M | C$9.09M | C$6.49M | C$12.2M |
| Total debt | C$38.8M | C$41.6M | C$45.6M | C$48.8M | C$51.5M |
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.
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 | DRX.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.1% | -10.7% | highest of 21 |
| 6-month return | +61.7% | -19.8% | highest of 21 |
| Distance from 52-week high | -7.9% | -37.3% | highest of 21 |
| Revenue growth (TTM) | +29.6% | -1.4% | 3rd highest of 21 |
| Operating margin | 14.0% | 7.0% | 3rd highest of 21 |
| Forward P/E | 12.8× | 16.6× | 4th cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | -15.6% | -0.1% | 2nd least demanding of 16 |
| Growth delivered (Del g) | +8.4% | +6.1% | 6th highest of 16 |
| Hurdle (Req g minus delivered) | -24.0 pp | -5.2 pp | least demanding of 16 |
| ROIC minus cost of capital | +18.7 pp | -0.6 pp | 4th highest of 19 |
| EV / EBITDA | 7.7× | 10.0× | 6th cheapest of 12 |
| Net debt / EBITDA | -0.9× | -0.5× | 4th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ADF DRX.TO | Canada | $346M | +62% | +30% | 14% | 12.8× | -15.6% | +8.4% |
| ARTS 603017.SS | China | $345M | -46% | -10% | 9% | n/a | -0.2% | -8.5% |
| Suzhou Institute of Building Science 603183.SS | China | $347M | -3% | -6% | 7% | 21.1× | 10.1% | +0.2% |
| C and D Holsin Engineering Consulting 603909.SS | China | $348M | -27% | +23% | 2% | 18.8× | n/a | n/a |
| Trakcja TRK.WA | Poland | $350M | -23% | -2% | 7% | n/a | -6.6% | +10.9% |
| Shanghai Trendzone 603030.SS | China | $350M | -33% | +28% | -18% | n/a | n/a | n/a |
| Guangdong Liantai Environmental Protection 603797.SS | China | $351M | -17% | +2% | 37% | n/a | 3.5% | +11.3% |
| Duratec DUR.AX | Australia | $341M | -28% | 0% | 5% | 14.5× | 4.6% | +19.3% |
| Shenzhen Magic Design & Decoration Engineering 002856.SZ | China | $352M | +26% | -25% | -47% | n/a | n/a | n/a |
| Huitong Construction 603176.SS | China | $340M | -14% | -24% | 5% | n/a | n/a | n/a |
| Torpol TOR.WA | Poland | $353M | -12% | +16% | 5% | 8.6× | -13.0% | +7.3% |
| PNC Infratech PNCINFRA.NS | India | $354M | -42% | +2% | 20% | 8.6× | -16.2% | -0.8% |
| Nippon Rietec 1938.T | Japan | $355M | -16% | +9% | 10% | n/a | -0.1% | +6.1% |
| Shenzhen Mingdiao Decoration 002830.SZ | China | $356M | -20% | +5% | 7% | n/a | 4.5% | -4.1% |
| AM-Power Machine International Enterprise 7792.TWO | Taiwan | $356M | -26% | +30% | 11% | n/a | 7.7% | +7.4% |
| CSD Water Service 603903.SS | China | $357M | -4% | -9% | -7% | n/a | -2.1% | -8.8% |
| Shenzhen Capol International & Associates 002949.SZ | China | $359M | -15% | -19% | 12% | 25.4× | 2.7% | -8.7% |
| PSP Projects PSPPROJECT.NS | India | $333M | -7% | +45% | 4% | 20.9× | 29.2% | +20.5% |
| Zhenhai Petrochemical Engineering 603637.SS | China | $360M | -39% | -15% | 8% | n/a | n/a | n/a |
| Taeyoung Engineering & Construction 009410.KS | South Korea | $360M | -24% | -35% | 9% | n/a | -6.1% | -1.0% |
| J. Kumar Infraprojects JKIL.NS | India | $331M | -20% | -2% | 11% | 7.1× | -2.1% | +17.4% |