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Fleet management company that leases and manages commercial vehicle fleets for large corporate and government customers across North America and Australasia.
Fleet management company that leases and manages commercial vehicle fleets for large corporate and government customers across North America and Australasia.
In one line: A peer to Wheels Inc/LeasePlan in fleet leasing.
Moat: narrow (scale, switching costs, installed base). Scale purchasing power and embedded fleet management systems make switching providers costly for large fleets.
Headquarters: Toronto, Canada · Employees: 3,000
Size Element Fleet Management (EFN.TO) is a Canada Financials company (Finance/Rental/Leasing) with a market value of $5.61B, the 112th largest of 420 Canada companies the cockpit tracks. Shares closed at C$20.08 on 6 Nov 2026.
Performance Over six months the shares fell 30.5%, against -5.9% for the median peer and +5.2% for the Canada market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 4.7% over the last twelve months (peer median +12.4%); the operating margin is 40.6% (peer median 34.7%).
Valuation It trades at 2.06× book value against a peer median of 2.01× (10th most expensive of 20).
Price implies The share price implies a return on equity of about 9.2%; Element Fleet Management delivers 10.6%, so the price asks less than the business earns today.
Credit Element Fleet Management has 3 bonds outstanding ($2.15B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 92 bp.
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$3.31B | C$3.10B | C$3.02B | C$2.45B | C$1.84B |
| Revenue growth | — | +3% | +23% | +33% | — |
| Gross profit | C$2.13B | C$2.04B | C$2.13B | C$1.64B | C$1.19B |
| EBITDA | C$2.49B | C$2.34B | C$2.30B | C$1.82B | C$1.32B |
| Net income | C$410M | C$390M | C$530M | C$466M | C$410M |
| Free cash flow | C$800M | -C$264M | -C$195M | -C$1.37B | C$219M |
| Capital expenditure | C$265M | C$101M | C$105M | C$103M | C$68.9M |
| Total debt | C$13.6B | C$13.4B | C$12.3B | C$10.9B | C$9.04B |
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 | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Element Fleet Management EFN.TO | $5.61B | -31% | +5% | 11% | 2.06× | 9.2% |
| Ryder System R | $10.2B | +11% | +3% | 17% | 3.42× | 27.1% |
| Ayvens AYV.PA | $8.45B | -16% | 0% | 9% | 0.68× | 8.0% |
| Mcmillan Shakespeare MMS.AX | $913M | +12% | +8% | 89% | 10.41× | 85.9% |
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 | EFN.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.2% | +2.5% | 3rd lowest of 21 |
| 6-month return | -30.5% | -5.9% | 2nd lowest of 21 |
| Return on equity | 10.6% | 12.4% | 7th lowest of 20 |
| Price / book | 2.06× | 2.01× | 10th most expensive of 20 |
| Trailing P/E | 19.3× | 15.9× | 9th most expensive of 20 |
| ROE the price implies | 9.2% | 26.5% | 7th least demanding of 20 |
| ROE delivered | 10.6% | 12.4% | 7th lowest of 20 |
| Bond spread | 92 bp | 224 bp | 2nd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Element Fleet Management EFN.TO | Canada | $5.61B | -31% | +5% | 11% | 2.06× | 9.2% | 10.6% |
| Chailease 5871.TW | Taiwan | $5.74B | -10% | -4% | 12% | 0.97× | 3.8% | 11.5% |
| Credit Acceptance CACC | United States | $5.37B | -1% | +2% | 23% | 3.86× | 38.2% | 22.7% |
| SBI Cards & Payment Services SBICARD.NS | India | $5.89B | -10% | +6% | 16% | 3.24× | 40.7% | 16.3% |
| Figure Technology Solutions FIGR | United States | $5.10B | -40% | +66% | 26% | 3.58× | 26.5% | 26.2% |
| Herc HRI | United States | $5.08B | +14% | +19% | 6% | 2.56× | 33.3% | 6.3% |
| Sundaram Finance SUNDARMFIN.NS | India | $4.95B | -11% | +14% | 14% | 2.89× | 35.3% | 14.4% |
| OneMain OMF | United States | $6.42B | 0% | +6% | 23% | 1.90× | 18.5% | 22.7% |
| Jiangsu Financial Leasing 600901.SS | China | $6.66B | +12% | +14% | 13% | 1.67× | 5.9% | 13.5% |
| HDB Financial Services HDBFS.NS | India | $4.71B | -24% | +11% | 14% | 2.01× | 30.2% | 14.3% |
| Nelnet NNI | United States | $4.67B | +7% | -7% | 8% | 1.24× | 10.1% | 8.1% |
| Bajaj Housing Finance BAJAJHFL.NS | India | $7.05B | -9% | +17% | 12% | 2.77× | 41.1% | 12.4% |
| Bohai Leasing 000415.SZ | China | $4.44B | +2% | -7% | 18% | 0.90× | 6.3% | 17.8% |
| BOC Aviation 2588.HK | Hong Kong | $7.09B | -3% | -2% | 12% | 1.01× | 6.2% | 11.8% |
| Poonawalla Fincorp POONAWALLA.NS | India | $4.42B | +4% | +77% | 9% | 3.02× | 47.4% | 9.2% |
| Piramal Finance PIRAMALFIN.NS | India | $7.17B | +13% | +71% | 7% | 1.58× | 13.0% | 6.5% |
| ACOM 8572.T | Japan | $4.38B | -12% | +7% | 9% | 0.96× | 5.6% | 9.3% |
| Blue Owl Technology Finance OTF | United States | $4.36B | -13% | +95% | 5% | 0.58× | 4.9% | 4.8% |
| L&T Finance LTF.NS | India | $7.36B | -9% | +17% | 12% | 2.38× | 45.8% | 12.3% |
| Enova International ENVA | United States | $4.22B | -1% | +20% | 27% | 2.72× | 26.6% | 26.8% |
| Avis Budget CAR | United States | $4.20B | -18% | -1% | n/a | n/a | n/a | n/a |
Element Fleet Management has 3 bonds outstanding with $2.15B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.47%, a spread of 92 bp over government bonds.