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Canadian diversified holding company operating regional airlines and aerospace/aviation and environmental-access manufacturing businesses.
Canadian diversified holding company operating regional airlines and aerospace/aviation and environmental-access manufacturing businesses.
Holds a collection of niche, mostly regional businesses whose cash is paid up to the parent, which pays a monthly dividend. Airline work includes scheduled flights to remote communities, charters, air ambulance and government contracts for aerial surveillance. Growth comes by buying small, profitable operators and leaving them largely autonomous.
In one line: A diversified regional-airline-plus-industrial holding company.
Moat: narrow (regulatory licence, installed base). Essential air service licences to remote communities and diversified niche manufacturing reduce single-market risk.
Headquarters: Winnipeg, Canada · Founded: 2002 · Employees: 9,135
Size Exchange Income (EIF.TO) is a Canada Industrials company (Airlines) with a market value of $4.77B, the 126th largest of 420 Canada companies the cockpit tracks. Shares closed at C$118.58 on 6 Nov 2026.
Performance Over six months the shares gained 13.3%, against +9.7% for the median peer and +5.2% for the Canada market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 33.1% over the last twelve months (peer median +9.9%); the operating margin is 11.0% (peer median 6.7%).
Valuation It trades at 24.6× forward earnings against a peer median of 12.7× (4th most expensive of 16).
Capital Return on invested capital runs 0.2 points below its cost of capital (7.1% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$3.71B | C$3.28B | C$2.66B | C$2.50B | C$2.06B |
| Revenue growth | — | +23% | +6% | +21% | — |
| Gross profit | C$911M | C$812M | C$658M | C$594M | C$491M |
| EBITDA | C$839M | C$754M | C$628M | C$556M | C$456M |
| Net income | C$205M | C$168M | C$121M | C$122M | C$110M |
| Free cash flow | -C$148M | -C$80.4M | -C$131M | -C$150M | -C$24.5M |
| Capital expenditure | C$865M | C$730M | C$490M | C$512M | C$420M |
| Total debt | C$2.60B | C$2.43B | C$2.33B | C$2.01B | C$1.78B |
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 |
|---|---|---|---|---|---|---|
| Exchange Income EIF.TO | $4.77B | +13% | +33% | 11% | 24.6× | n/a |
| Air Canada AC.TO | $3.95B | +10% | +13% | 2% | n/a | 14.3% |
| Chorus Aviation CHR.TO | $505M | +30% | -4% | 7% | 13.2× | 2.2% |
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 | EIF.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.3% | +5.6% | 7th lowest of 21 |
| 6-month return | +13.3% | +9.7% | 9th highest of 21 |
| Distance from 52-week high | -13.3% | -26.1% | 8th highest of 21 |
| Revenue growth (TTM) | +33.1% | +9.9% | highest of 21 |
| Operating margin | 11.0% | 6.7% | 5th highest of 21 |
| Forward P/E | 24.6× | 12.7× | 4th most expensive of 16 |
| ROIC minus cost of capital | -0.2 pp | +0.3 pp | 9th lowest of 21 |
| EV / EBITDA | 11.0× | 4.7× | 2nd most expensive of 15 |
| Net debt / EBITDA | 3.0× | 2.0× | 7th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Exchange Income EIF.TO | Canada | $4.77B | +13% | +33% | 11% | 24.6× | n/a | n/a |
| Alaska Air ALK | United States | $4.35B | -5% | +8% | -1% | n/a | n/a | n/a |
| Air France-KLM AF.PA | France | $3.99B | +34% | +5% | 6% | 4.7× | -6.3% | +24.4% |
| Air Canada AC.TO | Canada | $3.95B | +10% | +13% | 2% | n/a | 14.3% | +30.8% |
| China Airlines 2610.TW | Taiwan | $3.94B | +17% | +8% | 8% | 9.9× | n/a | n/a |
| Copa CPA | United States | $5.87B | +16% | +15% | 19% | 9.0× | n/a | n/a |
| Spring Airlines 601021.SS | China | $6.51B | -6% | +16% | 6% | 26.0× | n/a | n/a |
| Juneyao Airlines 603885.SS | China | $3.42B | -8% | +8% | 1% | 69.5× | 0.4% | +17.4% |
| easyJet EZJ.L | United Kingdom | $6.96B | +90% | +10% | 5% | 68.9× | 4.8% | +27.4% |
| Eva Airways 2618.TW | Taiwan | $7.12B | +28% | +6% | 14% | 10.1× | -17.0% | +19.9% |
| Air China Cargo 001391.SZ | China | $7.12B | -21% | +10% | 9% | n/a | n/a | n/a |
| SkyWest SKYW | United States | $3.02B | -10% | +7% | 14% | 7.5× | 2.2% | +13.8% |
| Hainan Airlines 600221.SS | China | $7.85B | -20% | +6% | -3% | 24.2× | 5.0% | +18.4% |
| KAL 003490.KS | South Korea | $7.99B | +20% | +21% | 2% | 21.1× | n/a | n/a |
| American Airlines AAL | United States | $8.73B | -1% | +12% | 2% | n/a | n/a | n/a |
| Allegiant Travel ALGT | United States | $2.51B | +11% | +12% | 9% | 12.7× | n/a | n/a |
| Japan Airlines 9201.T | Japan | $9.08B | +34% | +10% | 8% | 15.3× | -9.7% | +33.1% |
| Ana 9202.T | Japan | $9.77B | +24% | +17% | 8% | 13.1× | -10.0% | +28.4% |
| Qantas Airways QAN.AX | Australia | $9.79B | +9% | +8% | 7% | 10.9× | n/a | n/a |
| Grupo Aeromexico, S.A.B. de C.V. Unsponsored ADR AERO | United States | $2.32B | +1% | +10% | 11% | 10.4× | -6.6% | +32.3% |
| China Eastern Airlines 600115.SS | China | $10.7B | -18% | +11% | -6% | n/a | 6.9% | +19.0% |