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Employees: 1,000
Size D2L (DTOL.TO) is a Canada Information Technology company (Packaged Software) with a market value of $436M, the 359th largest of 420 Canada companies the cockpit tracks. Shares closed at C$11.64 on 6 Nov 2026.
Performance Over six months the shares gained 18.8%, against -11.4% for the median peer and +5.2% for the Canada market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 2.7% over the last twelve months (peer median +7.9%); the operating margin is 5.2% (peer median 5.3%).
Valuation It trades at 20.8× forward earnings against a peer median of 23.4× (7th cheapest of 14).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Next results Next results expected around 9 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$308M | C$303M | C$283M | C$246M | C$220M |
| Revenue growth | — | +7% | +15% | +12% | — |
| Gross profit | C$211M | C$207M | C$193M | C$165M | C$141M |
| EBITDA | C$23.5M | C$26.0M | C$19.4M | -C$5.72M | -C$15.3M |
| Net income | C$2.19M | C$12.5M | C$35.4M | -C$4.78M | -C$24.0M |
| Free cash flow | C$56.6M | C$58.7M | C$37.2M | C$13.4M | C$139,980 |
| Capital expenditure | C$1.31M | C$1.07M | C$1.27M | C$7.73M | C$4.80M |
| Total debt | C$15.1M | C$15.9M | C$16.2M | C$17.0M | C$17.4M |
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 | DTOL.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.6% | -3.8% | 3rd highest of 21 |
| 6-month return | +18.8% | -11.4% | 5th highest of 20 |
| Distance from 52-week high | -36.0% | -30.1% | 10th lowest of 21 |
| Revenue growth (TTM) | +2.7% | +7.9% | 6th lowest of 20 |
| Operating margin | 5.2% | 5.3% | 10th lowest of 20 |
| Forward P/E | 20.8× | 23.4× | 7th cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | 15.4% | 10.8% | 6th most demanding of 12 |
| Growth delivered (Del g) | +12.4% | +9.2% | 4th highest of 12 |
| Hurdle (Req g minus delivered) | +3.0 pp | +14.6 pp | 6th least demanding of 12 |
| EV / EBITDA | 20.2× | 10.1× | 3rd most expensive of 12 |
| Net debt / EBITDA | -5.7× | -2.5× | 3rd least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| D2L DTOL.TO | Canada | $436M | +19% | +3% | 5% | 20.8× | 15.4% | +12.4% |
| 63 Moons Technologies 63MOONS.NS | India | $437M | +21% | +238% | -104% | n/a | n/a | n/a |
| Chase Science 300941.SZ | China | $437M | -20% | +29% | 1% | n/a | n/a | n/a |
| Coffee Stain COFFEE-B.ST | Sweden | $435M | -11% | -12% | 10% | 15.8× | 5.6% | -11.8% |
| Objective OCL.AX | Australia | $434M | -39% | +7% | 32% | 23.4× | 8.1% | +6.8% |
| Hangzhou Century 300078.SZ | China | $438M | -33% | -46% | -2% | n/a | n/a | n/a |
| UltraGreen.ai UGS.SI | Singapore | $433M | n/a | +25% | 57% | 6.2× | n/a | n/a |
| Materialise NV Sponsored ADR MTLS | United States | $432M | +25% | +10% | 2% | 42.6× | 26.0% | +9.2% |
| IGG 0799.HK | Hong Kong | $431M | -11% | -1% | 12% | 6.0× | n/a | n/a |
| Bushiroad 7803.T | Japan | $441M | +102% | +3% | 8% | 15.3× | -3.9% | +10.2% |
| M31 Technology 6643.TWO | Taiwan | $443M | -46% | +19% | -8% | 32.0× | n/a | n/a |
| NanJing Institute of Surveying Mapping and Geotechnical Investigation 300826.SZ | China | $444M | -1% | +8% | 1% | n/a | 45.8% | +8.8% |
| Zhengzhou Jiean Hi-tech 300845.SZ | China | $444M | +5% | +6% | 7% | n/a | n/a | n/a |
| Fino 033790.KS | South Korea | $428M | -53% | +195% | 5% | n/a | 6.6% | +60.2% |
| Capillary Technologies India CAPILLARY.NS | India | $427M | -8% | +23% | 3% | 46.9× | 49.7% | +33.9% |
| PlayWay Spolka Akcyjna PLW.WA | Poland | $425M | +5% | +8% | 45% | 11.0× | -3.4% | +12.7% |
| Braiin BRAI | United States | $447M | -70% | n/a | n/a | n/a | n/a | n/a |
| Dareway Intelligent Technology 688579.SS | China | $450M | -26% | -21% | -2% | 44.1× | 18.9% | +0.9% |
| Nuix NXL.AX | Australia | $452M | +37% | +19% | 12% | 25.6× | 23.0% | +8.4% |
| Datamatics Global Services DATAMATICS.NS | India | $453M | -12% | +11% | 16% | 15.5× | 10.8% | +11.6% |
| NEXON Games 225570.KS | South Korea | $457M | -18% | -31% | -26% | 24.8× | n/a | n/a |