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Employees: 586
Size Stingray (RAY.TO) is a Canada Communication Services company (Cable/Satellite TV) with a market value of $786M, the 281st largest of 420 Canada companies the cockpit tracks. Shares closed at C$16.45 on 6 Nov 2026.
Performance Over six months the shares gained 11.2%, against -9.3% for the median peer and +5.2% for the Canada market (cap-weighted) — 2nd highest of 13 in its peer set.
Growth Revenue grew 32.2% over the last twelve months (peer median -2.0%); the operating margin is 19.8% (peer median 2.5%).
Valuation It trades at 8.1× forward earnings against a peer median of 8.5× (3rd cheapest of 5).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.7 points above its cost of capital (7.0% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$520M | C$458M | C$387M | C$345M | C$324M |
| Revenue growth | — | +18% | +12% | +7% | — |
| Gross profit | C$103M | C$94.0M | C$101M | C$87.9M | C$89.7M |
| EBITDA | C$149M | C$132M | C$132M | C$119M | C$112M |
| Net income | -C$38.8M | -C$28.6M | C$36.4M | -C$13.7M | C$30.1M |
| Free cash flow | C$69.4M | C$85.8M | C$74.1M | C$84.8M | C$54.8M |
| Capital expenditure | C$22.7M | C$16.5M | C$15.1M | C$14.0M | C$15.5M |
| Total debt | C$592M | C$547M | C$360M | C$387M | C$412M |
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 | RAY.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.8% | -1.4% | 4th highest of 13 |
| 6-month return | +11.2% | -9.3% | 2nd highest of 13 |
| Distance from 52-week high | -8.6% | -32.2% | 2nd highest of 13 |
| Revenue growth (TTM) | +32.2% | -2.0% | highest of 13 |
| Operating margin | 19.8% | 2.5% | 3rd highest of 13 |
| Forward P/E | 8.1× | 8.5× | 3rd cheapest of 5 |
| Growth the price implies (Req g, 7 yrs) | 5.5% | 2.2% | 5th least demanding of 9 |
| Growth delivered (Del g) | +13.1% | +1.4% | highest of 9 |
| Hurdle (Req g minus delivered) | -7.5 pp | +1.0 pp | 3rd least demanding of 9 |
| ROIC minus cost of capital | +2.7 pp | -0.6 pp | 3rd highest of 12 |
| EV / EBITDA | 11.2× | 8.4× | 2nd most expensive of 7 |
| Net debt / EBITDA | 3.8× | 3.5× | 3rd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Stingray RAY.TO | Canada | $786M | +11% | +32% | 20% | 8.1× | 5.5% | +13.1% |
| Shenzhen Topway Video Communication 002238.SZ | China | $810M | -8% | -16% | -22% | n/a | 16.0% | -5.8% |
| Hubei Broadcasting & Television Information Network 000665.SZ | China | $698M | -15% | +1% | -48% | n/a | n/a | n/a |
| Guangxi Beitou Technology 600936.SS | China | $925M | -11% | +13% | 2% | n/a | 15.7% | +10.6% |
| Viaplay VPLAY-A.ST | Sweden | $615M | +32% | +20% | 3% | n/a | n/a | n/a |
| Guizhou Broadcasting & TV Information Network 600996.SS | China | $1.22B | -23% | -7% | -89% | n/a | 30.2% | -18.3% |
| Cogeco Communications CCA.TO | Canada | $1.67B | -13% | -4% | 26% | 7.8× | -8.9% | +2.2% |
| AMC Global Media AMCX | United States | $346M | -5% | -5% | 8% | 2.6× | -4.9% | -3.9% |
| Taiwan Optical Platform 6464.TW | Taiwan | $311M | +5% | 0% | 26% | n/a | -2.3% | +0.6% |
| Cyfrowy Polsat CPS.WA | Poland | $2.08B | -24% | 0% | 10% | 14.5× | 6.6% | +3.7% |
| Wasu Media 000156.SZ | China | $2.17B | +5% | -4% | 2% | n/a | -6.9% | +3.9% |
| Jiangsu Broadcasting Cable Information Network 600959.SS | China | $2.42B | -17% | -8% | -8% | n/a | n/a | n/a |
| Canal+ CAN.L | United Kingdom | $3.11B | +2% | +10% | 4% | 9.2× | n/a | n/a |