TFI International Inc. (TFII.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+123.4%

CA$299.67

vs CA$134.16 price

Levered DCF

CA$231.70

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

3.29

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	27.18×	28.36×	30.65×	14.72×	17.49×	21.21×	15.36×	14.47×
P/B	3.21×	6.15×	5.99×	4.88×	5.76×	3.28×	2.42×	1.97×
P/S	1.07×	1.43×	2.03×	1.42×	1.86×	1.47×	0.94×	0.83×
EV / EBITDA	10.07×	12.28×	14.25×	8.96×	11.24×	9.35×	8.64×	9.07×
Gross margin	12.2%	13.7%	15.5%	16.2%	14.2%	14.3%	12.7%	13.6%
Operating margin	6.9%	8.7%	9.7%	10.6%	9.1%	9.0%	8.7%	8.1%
Net margin	3.9%	5.0%	6.7%	9.3%	10.4%	7.3%	6.0%	5.7%
Current ratio	1.03×	1.03×	1.25×	1.31×	0.83×	1×	1.08×	1×
Debt / equity	1.38×	1.12×	0.9×	0.7×	0.88×	0.69×	1.47×	1.01×
Interest coverage	3.38×	4.35×	6.15×	8.56×	6.73×	4.71×	3.98×	4.84×
Dividend yield	1.8%	0.8%	0.8%	0.8%	0.6%	1.2%	1.7%	1.8%
Payout ratio	48.7%	22.0%	24.0%	11.8%	11.3%	24.5%	26.0%	25.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.8%	21.7%	19.8%	32.1%	32.4%	16.2%	15.5%	13.6%
Return on invested capital	6.3%	11.8%	10.0%	14.8%	10.9%	8.2%	6.3%	7.2%
Return on assets	4.2%	8.1%	8.2%	14.4%	12.7%	7.6%	5.1%	5.3%
Free cash flow yield	8.4%	3.9%	4.3%	5.0%	4.4%	8.4%	6.2%	5.4%
Earnings yield	3.7%	3.5%	3.3%	6.6%	5.6%	5.0%	6.4%	6.9%
Enterprise value	CA$16.6B	CA$19.4B	CA$17.5B	CA$13.7B	CA$15.2B	CA$7.1B	CA$5.9B	CA$4.7B
Net debt / EBITDA	2.9×	1.89×	1.63×	1.04×	1.48×	1.62×	3.26×	3.08×
Cash conversion cycle (days)	18	13	16	17	15	18	22	24