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Vertical-market software company spun out of Constellation Software's European operations, acquiring and operating niche software businesses long-term.
Vertical-market software company spun out of Constellation Software's European operations, acquiring and operating niche software businesses long-term.
Buys small software companies that serve niche sectors such as public administration, healthcare, education and finance, and holds them permanently, paying for new purchases with cash the earlier ones generate. Most revenue is maintenance and recurring fees. Constellation Software, which spun it out in 2021, remains a major shareholder.
In one line: A European-focused, publicly-listed Constellation Software spin-off.
Moat: narrow (switching costs, scale). Acquired niche software products are often mission-critical and entrenched with small, sticky customer bases.
Headquarters: Barrie, Canada · Founded: 2001
Size Topicus.com (TOI.V) is a Canada Information Technology company (Packaged Software) with a market value of $6.25B, the 105th largest of 420 Canada companies the cockpit tracks. Shares closed at C$104.78 on 6 Nov 2026.
Performance Over six months the shares gained 8.8%, against +16.0% for the median peer and +5.2% for the Canada market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 28.3% over the last twelve months (peer median +11.2%); the operating margin is 15.4% (peer median 10.1%).
Valuation It trades at 21.3× forward earnings against a peer median of 22.9× (10th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is -26 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.9 points above its cost of capital (5.3% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$2.74B | C$2.45B | C$1.92B | C$1.64B | C$1.25B |
| Revenue growth | — | +28% | +17% | +31% | — |
| Gross profit | C$631M | C$561M | C$447M | C$362M | C$261M |
| EBITDA | C$781M | C$691M | C$557M | C$462M | C$340M |
| Net income | C$57.6M | C$65.9M | C$136M | C$105M | C$72.4M |
| Free cash flow | C$720M | C$610M | C$472M | C$325M | C$252M |
| Capital expenditure | C$16.7M | C$16.8M | C$12.3M | C$11.3M | C$9.99M |
| Total debt | C$911M | C$1.27B | C$524M | C$419M | C$476M |
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 |
|---|---|---|---|---|---|---|
| Topicus.com TOI.V | $6.25B | +9% | +28% | 15% | 21.3× | 0.7% |
| Constellation Software CSU.TO | $53.3B | +37% | +17% | 16% | 19.7× | 11.2% |
| Roper Technologies ROP | $47.2B | +39% | +9% | 28% | 19.7× | 12.7% |
| Lumine LMN.V | $5.14B | +38% | +15% | 21% | 18.1× | 15.6% |
| Enghouse Systems ENGH.TO | $695M | +1% | -5% | 19% | 13.8× | -14.5% |
| Tyler Technologies TYL | $16.7B | +30% | +8% | 16% | 28.1× | 22.9% |
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 | TOI.V | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +20.2% | +4.3% | highest of 21 |
| 6-month return | +8.8% | +16.0% | 10th lowest of 21 |
| Distance from 52-week high | -23.5% | -30.4% | 10th highest of 21 |
| Revenue growth (TTM) | +28.3% | +11.2% | 5th highest of 21 |
| Operating margin | 15.4% | 10.1% | 10th highest of 21 |
| Forward P/E | 21.3× | 22.9× | 10th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 0.7% | 11.4% | 4th least demanding of 19 |
| Growth delivered (Del g) | +26.5% | +15.5% | 2nd highest of 19 |
| Hurdle (Req g minus delivered) | -25.8 pp | -1.7 pp | 2nd least demanding of 19 |
| ROIC minus cost of capital | +7.9 pp | +3.2 pp | 5th highest of 18 |
| EV / EBITDA | 12.4× | 19.3× | 3rd cheapest of 13 |
| Net debt / EBITDA | 0.5× | -1.4× | 5th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Topicus.com TOI.V | Canada | $6.25B | +9% | +28% | 15% | 21.3× | 0.7% | +26.5% |
| SenseTime 0020.HK | Hong Kong | $6.25B | -44% | +31% | -51% | n/a | n/a | n/a |
| Navan NAVN | United States | $6.25B | +36% | +35% | -25% | 76.3× | n/a | n/a |
| International Games System 3293.TWO | Taiwan | $6.27B | 0% | +15% | 59% | 14.4× | -4.0% | +21.2% |
| RingCentral RNG | United States | $6.09B | +58% | +5% | 9% | 13.3× | 15.2% | +16.3% |
| Open Text OTEX.TO | Canada | $6.07B | +9% | +1% | 23% | 6.4× | -6.2% | +10.8% |
| Dolby Laboratories DLB | United States | $6.07B | +11% | +1% | 19% | 14.3× | 10.0% | +3.0% |
| Bilibili 9626.HK | Hong Kong | $6.06B | -36% | +11% | 4% | 14.2× | 7.3% | +19.5% |
| ACI Worldwide ACIW | United States | $6.06B | +32% | +7% | 19% | 22.9× | 11.8% | +6.3% |
| Hundsun Technologies 600570.SS | China | $6.05B | -20% | -5% | 9% | 30.1× | 34.8% | +7.0% |
| NIQ Global Intelligence NIQ | United States | $6.02B | +5% | +9% | 8% | 17.1× | 10.9% | +14.6% |
| Commvault Systems CVLT | United States | $6.48B | +51% | +14% | 10% | 27.6× | 26.9% | +10.3% |
| Sectra SECT-B.ST | Sweden | $6.53B | +27% | +14% | 20% | 85.0× | 29.0% | +16.8% |
| Shanghai Baosight Software 600845.SS | China | $5.97B | -24% | +11% | 10% | 30.3× | 6.9% | +1.4% |
| Qualys QLYS | United States | $6.59B | +102% | +11% | 35% | 23.7× | 4.7% | +13.1% |
| Klaviyo KVYO | United States | $5.90B | +36% | +29% | -2% | 19.7× | 7.0% | +37.7% |
| Doximity DOCS | United States | $5.79B | +25% | +11% | 31% | 23.3× | 16.3% | +25.5% |
| UiPath PATH | United States | $6.78B | +20% | +15% | 9% | 15.2× | 19.2% | +21.5% |
| CD PROJEKT RED Spolka Akcyjna CDR.WA | Poland | $6.80B | +4% | -14% | 54% | 53.4× | 35.0% | -16.5% |
| Varonis Systems VRNS | United States | $5.63B | +71% | +18% | -25% | 138.0× | 23.0% | +16.3% |
| Giant Network 002558.SZ | China | $5.61B | -35% | +105% | 48% | 10.0× | -2.1% | +17.9% |