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← CockpitCompetitor Analysis › IGM.TO IGM Financial Inc.Open in the cockpit ↗

IGM Financial Inc.IGM.TOCompetitor analysis, valuation and peers

Canada · CAD·Financials›Investment Managers

Canadian wealth and asset management company owning IG Wealth Management financial planning and Mackenzie Investments mutual funds.

≈ Canada's Ameriprise FinancialMomentum neutral 50
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$13.3B
US dollars, full cap
Free float
32%
of shares outstanding
$/day
$21.9M
20-day average traded
Fwd P/E
14.0×
forward earnings
ROIC−WACC
n/a
WACC 7.7%
Hurdle
n/a
no reverse DCF
Next earnings
97 days
11 Feb 2027
Close · CADC$81.39
1D+2.4%
1W-0.9%
1M-0.8%
3M-9.8%
6M+7.2%
YTD+31.7%
1Y+48.5%
ATR %3.0%
52w lowhigh11.5% off high

What IGM Financial does

Canadian wealth and asset management company owning IG Wealth Management financial planning and Mackenzie Investments mutual funds.

Earns asset-based fees: clients of IG's own advisors pay for planning and the funds in their accounts, while Mackenzie sells funds through outside advisors. Power Corporation of Canada, and through it the Desmarais family, controls it.

In one line: Canada's Ameriprise Financial.

Products and services

  • IG Wealth Management financial planning/advisory
  • Mackenzie Investments mutual funds/ETFs
  • China AMC stake (Asia asset management)

Customers

  • Retail investors (via financial advisors)
  • Institutional fund investors

Where it sits in the supply chain

  • Asset management
  • Wealth management + mutual funds
  • Financial planning advisory (IG) + fund…

What could go right

  • Assets under management growth (market appreciation + net flows)
  • Advisor network productivity gains

What could go wrong

  • Equity market cyclicality affecting AUM/fees
  • Fee compression from passive investing competition

Moat: narrow (distribution, brand, scale). Large advisor network (IG) and established fund brand (Mackenzie) create distribution advantages in Canadian wealth management.

Headquarters: Winnipeg, Canada · Founded: 1926 · Employees: 3,594

Named competitors

IGM Financial at a glance

Size IGM Financial (IGM.TO) is a Canada Financials company (Investment Managers) with a market value of $13.3B, the 63rd largest of 420 Canada companies the cockpit tracks. Shares closed at C$81.39 on 6 Nov 2026.

Performance Over six months the shares gained 7.2%, against +4.2% for the median peer and +5.2% for the Canada market (cap-weighted) — 9th highest of 20 in its peer set.

Growth Revenue grew 19.9% over the last twelve months (peer median +11.9%); the operating margin is 35.5% (peer median 32.2%).

Valuation It trades at 14.0× forward earnings against a peer median of 13.2× (9th most expensive of 21).

Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).

Relative performance

10011011 May 202611 Aug 20266 Nov 2026IGM.TO 106Peer median 101
Six months, rebased to 100: IGM Financial against the median of its 20 peers (local-currency closes).

IGM Financial financials

Reported figures in CAD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
RevenueC$3.78BC$4.01BC$3.69BC$3.49BC$3.22B
Revenue growth—+9%+5%+8%—
Gross profitC$2.23BC$2.53BC$2.36BC$2.29BC$2.02B
EBITDAC$1.44BC$1.54BC$1.39BC$1.40BC$1.20B
Net incomeC$1.17BC$1.10BC$934MC$1.15BC$867M
Free cash flowC$1.18BC$986MC$1.06BC$809MC$700M
Capital expenditureC$114MC$120MC$119MC$154MC$145M
Total debtC$7.68BC$7.38BC$7.59BC$7.26BC$6.90B

Quarterly statements and history in the cockpit →

IGM Financial competitor charts

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.

Performance: 6-month against 1-month return

-20%0%+20%-10%0%+10%+20%IAG002736CGSEICDWSHDFCAMCIVZICICIAMCOWLSFCVCBENTPGAMG600999PSHQYPGHNAMUNIGM.TO6-month return →1-month return →
Up and to the right = strong over both horizons. IGM Financial is the large dot.

Fundamentals: revenue growth against valuation

-10%0%+10%+20%10×20×30×40×IAG002736CGSEICDWSHDFCAMCIVZICICIAMCOWLSBIFUNDSSFCVCTPGAMG600999PSHQYPGHNAMUNIGM.TORevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. IGM Financial is the large dot.

IGM Financial competitors and peer comparison

Head to head with its named competitors (IGM.TO vs AMP vs SLF.TO vs MFC.TO)
CompanyMarket cap6M returnRevenue growthOp. marginForward P/EReq g
IGM Financial IGM.TO$13.3B+7%+20%36%14.0×n/a
Ameriprise Financial AMP$43.5B+8%+9%28%10.0×n/a
Sun Life Financial SLF.TO$40.1B+7%-1%58%12.0×n/a
Manulife Financial MFC.TO$72.2B+13%+18%15%12.3×n/a
AGF Management AGF-B.TO$662M-13%+12%31%6.9×n/a
Royal Bank of Canada RY.TO$281B+15%+5%38%16.3×n/a

How IGM Financial compares with its peers

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.

IGM Financial against its 20 peers (data as of 6 Nov 2026)
MeasureIGM.TOPeer medianRank in peer set
1-month return-0.8%+2.4%7th lowest of 21
6-month return+7.2%+4.2%9th highest of 20
Distance from 52-week high-11.5%-17.7%9th highest of 21
Revenue growth (TTM)+19.9%+11.9%6th highest of 21
Operating margin35.5%32.2%10th highest of 21
Forward P/E14.0×13.2×9th most expensive of 21

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
IGM Financial IGM.TOCanada$13.3B+7%+20%36%14.0×n/an/a
iA Financial IAG.TOCanada$13.1B+29%+13%59%13.9×n/an/a
Guosen Securities 002736.SZChina$13.9B-16%-10%34%7.9×n/an/a
Carlyle CGUnited States$14.1B-22%-44%14%10.2×n/an/a
SEI Investments SEICUnited States$12.5B+15%+13%30%15.3×n/an/a
DWS Group GmbH & Co. KGaA DWS.DEGermany$14.7B+7%+24%37%12.6×n/an/a
HDFC Asset Management HDFCAMC.NSIndia$12.0B-7%+12%80%35.5×n/an/a
Invesco IVZUnited States$11.9B-1%+17%24%8.6×n/an/a
ICICI Prudential Asset Management ICICIAMC.NSIndia$15.4B-11%+22%73%39.2×n/an/a
Blue Owl Capital OWLUnited States$15.4B-7%+11%17%10.4×n/an/a
SBI Funds Management SBIFUNDS.NSIndia$10.8Bn/a+21%89%31.1×n/an/a
Stifel Financial SFUnited States$10.7B-7%+8%22%10.3×n/an/a
CVC Capital Partners CVC.ASNetherlands$16.9B+10%+14%57%18.1×n/an/a
Franklin Resources BENUnited States$17.1B+10%+8%15%10.6×n/an/a
TPG TPGUnited States$17.9B+4%+21%17%13.8×n/an/a
Affiliated Managers AMGUnited States$9.39B+20%+12%22%9.1×n/an/a
China Merchants Securities 600999.SSChina$20.1B+3%-8%76%6.8×n/an/a
Pershing Square PSUnited States$20.6B+24%+67%37%84.9×n/an/a
HealthEquity HQYUnited States$8.57B+22%+7%26%20.5×n/an/a
Partners PGHN.SWSwitzerland$21.3B-24%+9%56%16.7×n/an/a
Amundi AMUN.PAFrance$21.7B+9%+1%23%11.9×n/an/a

Questions

Who are IGM Financial's main competitors?
Named competitors: Ameriprise Financial (AMP), CI Financial (private or unlisted), Sun Life Financial (SLF.TO), Manulife Financial (MFC.TO), AGF Management (AGF-B.TO), Royal Bank of Canada (RY.TO). The cockpit's measured peer set (industry) also includes iA Financial (IAG.TO), Guosen Securities (002736.SZ), Carlyle (CG), SEI Investments (SEIC), DWS Group GmbH & Co. KGaA (DWS.DE), HDFC Asset Management (HDFCAMC.NS).
Is IGM Financial expensive compared with its peers?
On forward p/e it trades at 14.0× against a peer median of 13.2×, 9th most expensive of 21 in its peer set.
How has IGM Financial stock performed?
Over six months to 6 Nov 2026 the shares returned +7.2% against +4.2% for the median peer; over one year +48.5%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.