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Canadian dealer of Caterpillar heavy equipment, also running a natural-gas compression and CIMCO refrigeration business.
Canadian dealer of Caterpillar heavy equipment, also running a natural-gas compression and CIMCO refrigeration business.
Earns a margin on selling and renting Caterpillar machines in its exclusive territory, but the steadier income comes from parts and service on machines already in customers' hands. CIMCO designs, installs and services industrial refrigeration, including for ice rinks and arenas. The territory covers much of central and eastern Canada.
Moat: narrow (distribution, installed base, brand). Exclusive Caterpillar dealer territory across most of Canada plus a large service/parts base.
Headquarters: Concord, Canada · Employees: 7,900
Size Toromont Industries (TIH.TO) is a Canada Industrials company (Wholesale Distributors) with a market value of $10.7B, the 72nd largest of 420 Canada companies the cockpit tracks. Shares closed at C$184.15 on 6 Nov 2026.
Performance Over six months the shares fell 15.2%, against -1.0% for the median peer and +5.2% for the Canada market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 16.0% over the last twelve months (peer median +3.5%); the operating margin is 15.0% (peer median 8.9%).
Valuation It trades at 20.2× forward earnings against a peer median of 17.8× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.0 points above its cost of capital (7.9% WACC).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$5.90B | C$5.20B | C$5.02B | C$4.62B | C$4.12B |
| Revenue growth | — | +4% | +9% | +12% | — |
| Gross profit | C$1.58B | C$1.30B | C$1.24B | C$1.23B | C$1.10B |
| EBITDA | C$1.17B | C$1,000M | C$884M | C$889M | C$776M |
| Net income | C$566M | C$497M | C$507M | C$529M | C$454M |
| Free cash flow | C$286M | C$458M | C$162M | C$181M | C$114M |
| Capital expenditure | C$460M | C$400M | C$346M | C$347M | C$274M |
| Total debt | C$854M | C$841M | C$690M | C$682M | C$671M |
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 |
|---|---|---|---|---|---|---|
| Toromont Industries TIH.TO | $10.7B | -15% | +16% | 15% | 20.2× | 7.6% |
| Finning International FTT.TO | $8.20B | -9% | 0% | 8% | 17.5× | 10.1% |
| Wajax WJX.TO | $503M | +11% | -4% | 6% | 9.8× | -6.8% |
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 | TIH.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.1% | +3.6% | 3rd lowest of 21 |
| 6-month return | -15.2% | -1.0% | 4th lowest of 21 |
| Distance from 52-week high | -24.4% | -15.3% | 7th lowest of 21 |
| Revenue growth (TTM) | +16.0% | +3.5% | 4th highest of 21 |
| Operating margin | 15.0% | 8.9% | 4th highest of 21 |
| Forward P/E | 20.2× | 17.8× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 7.6% | 10.1% | 6th least demanding of 20 |
| Growth delivered (Del g) | +8.4% | +11.5% | 7th lowest of 20 |
| Hurdle (Req g minus delivered) | -0.8 pp | -1.3 pp | 8th most demanding of 20 |
| ROIC minus cost of capital | +12.0 pp | +1.3 pp | 4th highest of 21 |
| EV / EBITDA | 12.6× | 12.6× | 9th cheapest of 18 |
| Net debt / EBITDA | -0.3× | 2.4× | least indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Toromont Industries TIH.TO | Canada | $10.7B | -15% | +16% | 15% | 20.2× | 7.6% | +8.4% |
| Applied Industrial Technologies AIT | United States | $10.3B | -8% | +8% | 11% | 23.0× | 8.6% | +8.9% |
| Zhejiang China Commodities City 600415.SS | China | $10.0B | -7% | +22% | 22% | 14.4× | n/a | n/a |
| Brenntag BNR.DE | Germany | $10.0B | 0% | -5% | 5% | 14.5× | 1.9% | +5.2% |
| Bollore BOL.PA | France | $11.8B | -28% | -83% | -7% | 36.9× | 37.0% | -29.4% |
| SGH SGH.AX | Australia | $11.9B | +7% | -1% | 13% | 18.1× | 11.4% | +17.0% |
| Rexel RXL.PA | France | $11.9B | -10% | +1% | 6% | 13.5× | 7.7% | +9.0% |
| QXO QXO | United States | $12.0B | -38% | +408% | -1% | 29.2× | 52.0% | +178.0% |
| Bunzl BNZL.L | United Kingdom | $12.0B | +22% | +2% | 7% | 15.3× | 2.3% | +3.2% |
| Diploma DPLM.L | United Kingdom | $12.6B | +4% | +13% | 22% | 27.5× | 23.9% | +23.1% |
| Hotai Motor 2207.TW | Taiwan | $8.90B | +10% | +8% | 11% | 13.2× | 1.5% | +3.9% |
| Core & Main CNM | United States | $8.76B | -6% | -1% | 10% | 14.3× | 5.3% | +16.0% |
| Addtech ADDT-B.ST | Sweden | $8.66B | -2% | +4% | 13% | 30.7× | 19.3% | +14.9% |
| Finning International FTT.TO | Canada | $8.20B | -9% | 0% | 8% | 17.5× | 10.1% | +11.3% |
| Beijer Ref BEIJ-B.ST | Sweden | $8.09B | +27% | +4% | 10% | 28.0× | 14.0% | +21.4% |
| WESCO International WCC | United States | $14.2B | -18% | +14% | 6% | 14.1× | 10.4% | +13.8% |
| Reece REH.AX | Australia | $7.83B | +44% | +4% | 6% | 35.5× | 24.2% | +8.4% |
| MonotaRO 3064.T | Japan | $7.04B | +22% | +19% | 14% | 29.6× | 9.7% | +16.2% |
| Imcd IMCD.AS | Netherlands | $6.80B | +7% | +3% | 8% | 18.2× | 10.9% | +11.5% |
| Royal Vopak VPK.AS | Netherlands | $6.51B | +14% | +1% | 29% | 15.5× | 8.8% | +1.8% |
| Rongsheng Petrochemical 002493.SZ | China | $17.9B | -14% | -11% | 8% | 12.2× | -4.4% | +22.1% |