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Manufactures transit buses and motor coaches under the New Flyer and MCI brands, including zero-emission models.
Manufactures transit buses and motor coaches under the New Flyer and MCI brands, including zero-emission models.
Sells buses to transit agencies through public tenders, often on multi-year contracts, so orders follow government funding and delivery is slow; the backlog gives visibility. Aftermarket parts and service for the large installed fleet add steadier income. Its UK unit, Alexander Dennis, brings double-deck and electric buses.
Moat: narrow (installed base, regulatory licence, scale). Largest heavy-duty transit bus manufacturer in North America with deep public-agency relationships.
Headquarters: Winnipeg, Canada · Employees: 9,300
Size NFI (NFI.TO) is a Canada Industrials company (Trucks/Construction/Farm Machinery) with a market value of $2.06B, the 182nd largest of 420 Canada companies the cockpit tracks. Shares closed at C$24.25 on 6 Nov 2026.
Performance Over six months the shares gained 12.7%, against -12.7% for the median peer and +5.2% for the Canada market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 14.8% over the last twelve months (peer median +11.7%); the operating margin is 1.9% (peer median 6.7%).
Valuation It trades at 11.0× forward earnings against a peer median of 11.5× (8th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +9%, 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.
Capital Return on invested capital runs 2.0 points below its cost of capital (5.1% WACC).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$5.22B | C$5.05B | C$4.28B | C$3.63B | C$2.68B |
| Revenue growth | — | +18% | +18% | +35% | — |
| Gross profit | C$480M | C$378M | C$479M | C$298M | C$64.0M |
| EBITDA | C$214M | C$123M | C$278M | C$84.2M | -C$106M |
| Net income | C$77.4M | -C$199M | -C$4.52M | -C$184M | -C$360M |
| Free cash flow | C$374M | C$195M | -C$20.5M | -C$122M | -C$343M |
| Capital expenditure | C$80.1M | C$63.3M | C$65.6M | C$49.9M | C$41.1M |
| Total debt | C$1.73B | C$1.77B | C$1.70B | C$1.50B | C$1.69B |
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 |
|---|---|---|---|---|---|---|
| NFI NFI.TO | $2.06B | +13% | +15% | 2% | 11.0× | 12.0% |
| BYD 1211.HK | $98.9B | -26% | 0% | 4% | 15.8× | n/a |
| Yutong Bus 600066.SS | $10.1B | -12% | +3% | 14% | 11.5× | -10.0% |
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 | NFI.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.4% | +1.7% | 6th lowest of 21 |
| 6-month return | +12.7% | -12.7% | 3rd highest of 21 |
| Distance from 52-week high | -11.4% | -31.8% | 3rd highest of 21 |
| Revenue growth (TTM) | +14.8% | +11.7% | 4th highest of 21 |
| Operating margin | 1.9% | 6.7% | 2nd lowest of 21 |
| Forward P/E | 11.0× | 11.5× | 8th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 12.0% | 1.5% | 5th most demanding of 16 |
| Growth delivered (Del g) | +9.3% | +6.1% | 5th highest of 16 |
| Hurdle (Req g minus delivered) | +2.7 pp | -6.7 pp | 5th most demanding of 16 |
| ROIC minus cost of capital | -2.0 pp | -0.2 pp | 9th lowest of 21 |
| Net debt / EBITDA | 7.3× | 1.2× | 2nd most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NFI NFI.TO | Canada | $2.06B | +13% | +15% | 2% | 11.0× | 12.0% | +9.3% |
| Anhui Heli 600761.SS | China | $2.06B | -14% | +13% | 7% | 10.9× | -6.7% | +9.2% |
| Shantui Construction Machinery 000680.SZ | China | $2.06B | -22% | +14% | 10% | 9.8× | -4.4% | +15.6% |
| CIMC Vehicles (Group) 301039.SZ | China | $2.07B | -18% | +6% | 4% | 16.6× | -4.3% | -5.2% |
| Mitsui ES 7003.T | Japan | $1.98B | -45% | +12% | 11% | 8.7× | 16.0% | -11.3% |
| Sumec 600710.SS | China | $2.18B | -9% | +14% | 4% | 9.8× | -17.2% | +3.6% |
| First Tractor 601038.SS | China | $1.95B | +2% | +12% | 6% | 17.5× | -1.6% | +7.5% |
| Takeuchi Mfg.Co 6432.T | Japan | $2.21B | +4% | +12% | 16% | 10.6× | 4.0% | +14.9% |
| Beijing Jiuzhouyigui Environmental Technology 688485.SS | China | $1.91B | +29% | +9% | 2% | n/a | n/a | n/a |
| ZHEJIANG ZHONGJIAN TECHNOLOGY 002779.SZ | China | $2.26B | +2% | +28% | -17% | 150.7× | n/a | n/a |
| Nisshinbo 3105.T | Japan | $1.87B | -9% | +2% | 7% | 11.5× | 3.6% | +1.9% |
| Trinity Industries TRN | United States | $2.30B | -20% | -2% | 13% | 15.8× | n/a | n/a |
| China Railway Hi-tech Industry 600528.SS | China | $2.37B | -9% | -8% | 5% | n/a | -4.0% | +2.6% |
| Cadeler A/S CADLR.OL | Norway | $2.41B | -14% | +53% | 36% | 9.4× | n/a | n/a |
| Deutz DEZ.DE | Germany | $1.74B | -13% | +11% | 5% | 11.4× | 19.8% | +9.5% |
| BEML BEML.NS | India | $1.72B | -2% | +13% | 6% | 39.1× | n/a | n/a |
| Xiangyang Changyuandonggu Industry 603950.SS | China | $1.72B | -36% | -8% | 17% | 22.8× | 22.1% | +6.1% |
| JiangSu Changling Hydraulic 605389.SS | China | $1.72B | -32% | +19% | 12% | n/a | 36.1% | +4.4% |
| CoCreation Grass 605099.SS | China | $1.72B | -41% | +10% | 21% | 15.4× | 2.2% | +12.3% |
| Wacker Neuson WAC.DE | Germany | $1.71B | +20% | +14% | 7% | 13.4× | 1.5% | +6.6% |
| Guangxi Liugong Machinery 000528.SZ | China | $2.58B | -13% | +10% | 6% | 10.5× | -3.5% | +5.0% |