TFI International Inc. (TFII) 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

+47.4%

$143.89

vs $97.62 price

Levered DCF

$121.21

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

3.26

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	19.84×	27.02×	22.74×	11.33×	13.94×	16.69×	15.28×	10.66×
P/B	3.21×	4.27×	4.51×	3.64×	4.52×	2.57×	3.15×	2.69×
P/S	0.78×	1.36×	1.55×	1.02×	1.44×	1.22×	0.92×	0.61×
EV / EBITDA	7.34×	11.13×	11.46×	6.75×	9.16×	8.03×	7.7×	7.07×
Gross margin	12.2%	14.9%	16.8%	17.8%	15.9%	15.2%	12.7%	13.5%
Operating margin	6.9%	8.6%	10.1%	13.0%	13.6%	11.0%	8.7%	8.4%
Net margin	3.9%	5.0%	6.7%	9.3%	10.4%	7.3%	6.0%	4.2%
Current ratio	1.03×	1.03×	1.25×	1.31×	0.83×	1×	1.08×	1.08×
Debt / equity	1.38×	1.12×	0.9×	0.7×	0.88×	0.69×	1.47×	1.38×
Interest coverage	3.38×	4.49×	8.33×	14.66×	12.96×	7.01×	5.3×	9.33×
Dividend yield	2.5%	1.1%	1.1%	1.0%	1.0%	1.5%	1.7%	1.7%
Payout ratio	48.7%	30.2%	24.4%	11.4%	14.3%	25.8%	26.0%	25.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.2%	15.8%	19.5%	33.4%	32.7%	15.4%	20.6%	18.5%
Return on invested capital	8.7%	8.5%	10.2%	18.9%	16.4%	9.5%	8.4%	13.5%
Return on assets	5.8%	5.9%	8.0%	15.0%	12.8%	7.2%	6.8%	7.2%
Free cash flow yield	11.5%	5.8%	5.7%	6.7%	5.6%	10.7%	6.4%	5.3%
Earnings yield	5.1%	3.7%	4.3%	9.2%	7.2%	6.0%	6.5%	6.9%
Enterprise value	$12.1B	$14.4B	$13.7B	$10.5B	$12.5B	$5.8B	$5.4B	$4.7B
Net debt / EBITDA	2.11×	2.3×	1.68×	1.01×	1.49×	1.69×	2.45×	2.4×
Cash conversion cycle (days)	13	20	20	19	18	25	22	9