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North American trucking and logistics company spanning package/courier, LTL, truckload and logistics.
North American trucking and logistics company spanning package/courier, LTL, truckload and logistics.
Grew mainly by buying other trucking and logistics firms and keeping them as separate operating companies, so it sells many services across four areas. The 2021 purchase of UPS Freight, renamed TForce Freight, made less-than-truckload shipping (loads too big for couriers but too small for a full trailer) a major part. Based in Montreal.
Moat: narrow (scale, distribution, installed base). Dense, acquired network of terminals and routes across the US/Canada gives scale economics.
Headquarters: Montreal, Canada · Employees: 25,875
Size TFI International (TFII.TO) is a Canada Industrials company (Trucking) with a market value of $7.86B, the 88th largest of 420 Canada companies the cockpit tracks. Shares closed at C$133.98 on 6 Nov 2026.
Performance Over six months the shares fell 29.0%, against -9.6% for the median peer and +5.2% for the Canada market (cap-weighted) — lowest of 12 in its peer set.
Growth Revenue grew 3.4% over the last twelve months (peer median +8.7%); the operating margin is 7.3% (peer median 6.7%).
Valuation It trades at 14.2× forward earnings against a peer median of 19.3× (3rd cheapest of 13).
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 +17%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.2 points below its cost of capital (9.1% WACC).
Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$11.6B | C$11.0B | C$11.5B | C$10.2B | C$11.5B |
| Revenue growth | — | -4% | +13% | -12% | — |
| Gross profit | C$1.45B | C$1.35B | C$1.57B | C$1.57B | C$1.86B |
| EBITDA | C$1.68B | C$1.62B | C$1.80B | C$1.58B | C$1.78B |
| Net income | C$496M | C$434M | C$579M | C$681M | C$1.07B |
| Free cash flow | C$803M | C$984M | C$918M | C$880M | C$808M |
| Capital expenditure | C$444M | C$395M | C$547M | C$492M | C$465M |
| Total debt | C$4.23B | C$4.42B | C$4.29B | C$3.09B | C$2.34B |
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 |
|---|---|---|---|---|---|---|
| TFI International TFII.TO | $7.86B | -29% | +3% | 7% | 14.2× | 11.6% |
| Old Dominion ODFL | $34.2B | -17% | +4% | 27% | 24.9× | 15.7% |
| XPO XPO | $20.6B | -13% | +9% | 11% | 26.6× | 26.2% |
| Saia SAIA | $8.86B | -26% | +9% | 11% | 24.0× | 27.4% |
| J.B. Hunt JBHT | $20.3B | -11% | +11% | 7% | 24.3× | 16.8% |
| Werner Enterprises WERN | $1.62B | -26% | +15% | 2% | 18.8× | n/a |
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 | TFII.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.4% | -3.8% | 2nd lowest of 13 |
| 6-month return | -29.0% | -9.6% | lowest of 12 |
| Distance from 52-week high | -42.7% | -29.3% | lowest of 13 |
| Revenue growth (TTM) | +3.4% | +8.7% | 2nd lowest of 13 |
| Operating margin | 7.3% | 6.7% | 6th highest of 13 |
| Forward P/E | 14.2× | 19.3× | 3rd cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 11.6% | 16.5% | 4th least demanding of 12 |
| Growth delivered (Del g) | +16.8% | +6.5% | 2nd highest of 12 |
| Hurdle (Req g minus delivered) | -5.2 pp | +10.1 pp | 4th least demanding of 12 |
| ROIC minus cost of capital | -1.2 pp | -0.0 pp | 5th lowest of 13 |
| EV / EBITDA | 8.9× | 11.6× | 3rd cheapest of 11 |
| Net debt / EBITDA | 2.4× | 0.7× | 3rd most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TFI International TFII.TO | Canada | $7.86B | -29% | +3% | 7% | 14.2× | 11.6% | +16.8% |
| Saia SAIA | United States | $8.86B | -26% | +9% | 11% | 24.0× | 27.4% | +12.2% |
| Knight-Swift Transportation KNX | United States | $9.51B | -9% | +7% | 4% | 15.6× | 21.3% | +9.8% |
| Schneider National SNDR | United States | $4.88B | -10% | +6% | 3% | 18.7× | 19.5% | +4.5% |
| Landstar System LSTR | United States | $4.83B | -22% | +11% | 4% | 19.8× | 12.0% | +2.8% |
| Fujian Highton Development 603162.SS | China | $3.60B | +3% | +72% | 17% | 11.4× | 3.8% | +45.6% |
| FedEx Freight FDXF | United States | $18.5B | n/a | -1% | 6% | 24.7× | n/a | n/a |
| NIKKON 9072.T | Japan | $3.25B | -19% | +7% | 9% | 26.9× | 12.0% | +8.1% |
| J.B. Hunt JBHT | United States | $20.3B | -11% | +11% | 7% | 24.3× | 16.8% | +4.5% |
| XPO XPO | United States | $20.6B | -13% | +9% | 11% | 26.6× | 26.2% | -4.4% |
| ArcBest ARCB | United States | $2.86B | +6% | +8% | 3% | 13.6× | 16.5% | +6.4% |
| Seino 9076.T | Japan | $2.48B | +9% | +7% | 5% | 14.5× | -3.2% | +6.5% |
| Mullen MTL.TO | Canada | $1.98B | +36% | +12% | 9% | 18.2× | 6.5% | +12.9% |