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Operator of Canada's main stock and derivatives exchanges (Toronto Stock Exchange, TSX Venture Exchange, Montreal Exchange) plus market data and clearing services.
Operator of Canada's main stock and derivatives exchanges (Toronto Stock Exchange, TSX Venture Exchange, Montreal Exchange) plus market data and clearing services.
Earns fees on every trade and clearing step, annual and initial fees from listed companies, and subscriptions from selling market data and software. Beyond Canadian markets, it owns Trayport, a trading-software provider for European energy markets, bought in 2017.
In one line: Canada's Intercontinental Exchange / Nasdaq (exchange operator).
Moat: wide (network effects, regulatory licence, installed base). Primary regulated venue for Canadian equity/derivatives listings and trading, with strong network effects.
Headquarters: Toronto, Canada · Founded: 1852 · Employees: 2,185
Size TMX (X.TO) is a Canada Financials company (Investment Banks/Brokers) with a market value of $12.1B, the 68th largest of 420 Canada companies the cockpit tracks. Shares closed at C$61.48 on 6 Nov 2026.
Performance Over six months the shares gained 10.2%, against -4.0% for the median peer and +5.2% for the Canada market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 4.4% over the last twelve months (peer median +17.6%); the operating margin is 28.1% (peer median 44.0%).
Valuation It trades at 22.8× forward earnings against a peer median of 12.9× (7th most expensive of 21).
Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$3.00B | C$2.92B | C$2.97B | C$2.90B | C$1.86B |
| Revenue growth | — | -2% | +3% | +56% | — |
| Gross profit | C$1.59B | C$1.41B | C$1.18B | C$990M | C$910M |
| EBITDA | C$1.04B | C$952M | C$819M | C$652M | C$637M |
| Net income | C$588M | C$416M | C$482M | C$356M | C$543M |
| Free cash flow | C$620M | C$567M | C$486M | C$434M | C$361M |
| Capital expenditure | C$108M | C$121M | C$73.7M | C$65.2M | C$51.9M |
| Total debt | C$2.86B | C$2.17B | C$2.17B | C$1.15B | C$1.11B |
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 |
|---|---|---|---|---|---|---|
| TMX X.TO | $12.1B | +10% | +4% | 28% | 22.8× | n/a |
| Intercontinental Exchange ICE | $96.3B | +11% | +14% | 47% | 20.1× | n/a |
| Nasdaq NDAQ | $59.4B | +21% | +12% | 31% | 23.4× | n/a |
| Cboe Global Markets CBOE | $36.9B | +2% | +14% | 36% | 23.4× | n/a |
| London Stock Exchange LSEG.L | $60.9B | +1% | +6% | 26% | 19.6× | 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 | X.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +18.9% | +1.7% | highest of 21 |
| 6-month return | +10.2% | -4.0% | 8th highest of 21 |
| Distance from 52-week high | -1.7% | -20.9% | 2nd highest of 21 |
| Revenue growth (TTM) | +4.4% | +17.6% | 6th lowest of 21 |
| Operating margin | 28.1% | 44.0% | 4th lowest of 21 |
| Forward P/E | 22.8× | 12.9× | 7th most expensive of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TMX X.TO | Canada | $12.1B | +10% | +4% | 28% | 22.8× | n/a | n/a |
| Freedom FRHC | United States | $11.4B | +28% | +8% | 29% | 39.7× | n/a | n/a |
| Evercore EVR | United States | $10.9B | -17% | +37% | 22% | 14.2× | n/a | n/a |
| Japan Exchange 8697.T | Japan | $13.4B | +11% | +40% | 61% | 19.7× | n/a | n/a |
| Jefferies Financial JEF | United States | $10.9B | -11% | +26% | 41% | 11.3× | n/a | n/a |
| Futu Holdings Ltd. Sponsored ADR FUTU | United States | $13.7B | -32% | +44% | 69% | 6.8× | n/a | n/a |
| Daiwa Securities 8601.T | Japan | $14.0B | +11% | +18% | 17% | 10.8× | n/a | n/a |
| Houlihan Lokey HLI | United States | $10.1B | -5% | 0% | 20% | 18.0× | n/a | n/a |
| Orient Securities 3958.HK | Hong Kong | $10.1B | -13% | +21% | 40% | 5.9× | n/a | n/a |
| Multi Commodity Exchange of India MCX.NS | India | $9.51B | +16% | +122% | 79% | 50.8× | n/a | n/a |
| Shenwan Hongyuan 6806.HK | Hong Kong | $15.4B | -26% | -22% | 31% | 4.5× | n/a | n/a |
| China Galaxy Securities 6881.HK | Hong Kong | $15.7B | -20% | +17% | 55% | 4.6× | n/a | n/a |
| Meritz Financial 138040.KS | South Korea | $15.7B | +18% | +31% | 49% | 8.6× | n/a | n/a |
| ASX ASX.AX | Australia | $9.02B | +15% | +3% | 65% | 24.2× | n/a | n/a |
| BSE BSE.NS | India | $16.4B | -4% | +58% | 65% | 47.0× | n/a | n/a |
| Nordnet SAVE.ST | Sweden | $8.70B | +13% | +11% | 58% | 23.7× | n/a | n/a |
| Everbright Securities 601788.SS | China | $8.70B | -9% | -4% | 36% | 14.6× | n/a | n/a |
| Founder Securities 601901.SS | China | $8.52B | -4% | -21% | 47% | 11.7× | n/a | n/a |
| Singapore Exchange S68.SI | Singapore | $17.2B | -2% | +14% | 57% | 27.0× | n/a | n/a |
| Virtu Financial VIRT | United States | $8.37B | +5% | +28% | 38% | 7.8× | n/a | n/a |
| XP Inc. Class A XP | United States | $7.83B | -21% | +17% | 32% | 6.7× | n/a | n/a |