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Altus Group
(TSX:AIF)
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Rating:69Neutral
Price Target:
C$49.00
▲(2.62% Upside)
Action:Downgraded
Date:08/10/26
The score is driven primarily by a constructive earnings outlook (raised guidance and significant expected EBITDA/margin expansion) and solid cash generation, which partially offset weak current GAAP profitability and soft TTM revenue. Technicals are supportive with the stock above major moving averages, while valuation remains constrained by negative earnings and only a modest dividend yield.
Positive Factors
Recurring Revenue Strength
Strong ARR growth and net revenue retention above 100% indicate durable customer adoption and expansion within Altus’s software base. This recurring revenue foundation improves visibility, supports cross-selling, and can provide resilience as more variable professional-services demand fluctuates.
Negative Factors
Declining Revenue and Net Loss
The decline in trailing revenue and current net loss show that improved adjusted operating metrics have not yet translated into stable GAAP earnings power. Persistent weakness would constrain reinvestment and make the business more dependent on cost reductions or favorable non-operating developments.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Revenue Strength
Strong ARR growth and net revenue retention above 100% indicate durable customer adoption and expansion within Altus’s software base. This recurring revenue foundation improves visibility, supports cross-selling, and can provide resilience as more variable professional-services demand fluctuates.
Read all positive factors
Altus Group (AIF) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.72B
Dividend Yield1.19%
Average Volume (3M)116.75K
Price to Earnings (P/E)―
Beta (1Y)0.88
Revenue Growth-7.33%
EPS Growth54.42%
CountryCA
Employees1,552
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)-0.62
Shares Outstanding34,221,150
10 Day Avg. Volume142,640
30 Day Avg. Volume116,754
Financial Highlights & Ratios
PEG Ratio0.70
Price to Book (P/B)5.43
Price to Sales (P/S)4.96
P/FCF Ratio31.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$53.25Price Target Upside11.52% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)2.48
Revenue Forecast (FY)C$458.40M
Altus Group Business Overview & Revenue Model
Company Description
Altus Group Limited is a global provider of software, data intelligence, and expert advisory services tailored for the commercial real estate industry. Operating across Canada, the United States, Europe, and the Asia Pacific region, the company st...
How the Company Makes Money
Altus Group primarily makes money through fees generated from two main lines of business: (1) software and analytics and (2) professional services. In software and analytics, Altus sells subscriptions/licenses to its commercial real estate softwar...
Altus Group Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive transition to a higher-growth, higher-margin business: solid top-line growth (6% / ~7% organic excluding divestitures), strong adjusted EBITDA and EPS expansion, material margin improvement, healthy recurring revenue metrics (ARR +10.4%, NRR ~107%), completed portfolio simplification, sizable capital returns, and an accretive tuck-in acquisition (Valos) to extend AI and data capabilities. Offsetting items include a decline in net income from non-operating FX and one-time costs, a still-recovering data/services mix, and comparability noise from divestitures. On balance, operating momentum, upgraded guidance, and strengthened capital allocation indicate positive trajectory despite near-term non-operating headwinds.Positive Updates
Revenue and Profitability Growth
Revenue grew 6% year-over-year (7% excluding One11), adjusted EBITDA increased 34%, adjusted EPS rose 36%, and gross margins expanded by 190 basis points, reflecting strong operating leverage.
Negative Updates
Net Income Decline Driven by Non-Operating Items
Net income declined year-over-year due primarily to approximately $10.7 million unfavorable foreign exchange swing and ~ $5.2 million of one-time costs related to strategic corporate initiatives and divestiture activities.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and Profitability Growth
Revenue grew 6% year-over-year (7% excluding One11), adjusted EBITDA increased 34%, adjusted EPS rose 36%, and gross margins expanded by 190 basis points, reflecting strong operating leverage.
Read all positive updates
Company Guidance
Altus raised its organic, constant‑currency revenue guidance by 25 basis points to 5.25%–7.25% for 2026 and lifted its full‑year adjusted EBITDA margin‑expansion outlook by 60 bps to 510–610 bps (organic), which management says translates to roughly $127–$131 million of adjusted EBITDA (versus $98 million last year); the guidance is seasonal (Q4 > Q3), excludes the small Valos tuck‑in, assumes leverage settling in the mid‑2x funded‑debt/EBITDA range (currently 2.0x), and comes alongside a balance sheet with $61.9 million cash, ~ $364 million available capital, ~ $450 million returned to shareholders YTD (share count down ~20% to 34.7M), and about $15 million of expected annualized restructuring savings as the company presses toward Rule‑of‑40.Altus Group Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
58
Neutral
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 486.07M | 502.89M | 519.73M | 509.73M | 735.45M | 625.39M |
| Gross Profit | 346.57M | 292.61M | 183.40M | 169.21M | 271.50M | 223.93M |
| EBITDA | 41.53M | 57.59M | 89.79M | 66.36M | 123.32M | 104.68M |
| Net Income | -25.85M | -15.86M | 13.42M | 10.23M | -886.00K | 25.69M |
Balance Sheet | ||||||
| Total Assets | 863.77M | 1.25B | 1.25B | 1.21B | 1.26B | 1.20B |
| Cash, Cash Equivalents and Short-Term Investments | 61.92M | 420.69M | 41.88M | 41.89M | 55.27M | 51.27M |
| Total Debt | 272.48M | 194.96M | 319.65M | 355.55M | 378.14M | 358.06M |
| Total Liabilities | 537.21M | 791.43M | 633.74M | 612.16M | 664.02M | 609.84M |
| Stockholders Equity | 326.56M | 458.88M | 617.22M | 602.54M | 599.87M | 589.48M |
Cash Flow | ||||||
| Free Cash Flow | 74.33M | 78.48M | 72.47M | 58.94M | 52.60M | 45.68M |
| Operating Cash Flow | 75.88M | 81.16M | 79.92M | 71.43M | 77.08M | 56.31M |
| Investing Cash Flow | -1.93M | 633.27M | 2.77M | -34.92M | -54.06M | -373.31M |
| Financing Cash Flow | -398.16M | -334.86M | -75.62M | -51.78M | -18.66M | 300.43M |
Altus Group Technical Analysis
Positive
47.75
Price Trends
46.65
Positive
46.26
Positive
45.88
Positive
Market Momentum
1.13
Negative
56.73
Neutral
53.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AIF, the sentiment is Positive. The current price of 47.75 is above the 20-day moving average (MA) of 47.49, above the 50-day MA of 46.65, and above the 200-day MA of 45.88, indicating a bullish trend. The MACD of 1.13 indicates Negative momentum. The RSI at 56.73 is Neutral, neither overbought nor oversold. The STOCH value of 53.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:AIF.
Altus Group Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | C$1.72B | -81.83 | -5.13% | 1.19% | -7.33% | 54.42% | |
66 Neutral | C$9.24B | 44.60 | 11.77% | 0.83% | 2.98% | 7.81% | |
66 Neutral | C$1.61B | 9.31 | 9.49% | 0.18% | 5.14% | -43.08% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | C$6.87B | 44.48 | 7.23% | 0.31% | 14.17% | -4.41% | |
49 Neutral | C$1.50B | -35.63 | -50.22% | 0.29% | 8.75% | -1098.96% | |
48 Neutral | C$22.76M | 9.60 | -2.50% | 56.25% | -6.17% | ― |
* Real Estate Sector Average
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Altus Group Corporate Events
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresM&A Transactions
Altus Group Lifts 2026 Outlook on Strong Recurring Revenue and Margin Gains
Positive
Aug 6, 2026
Altus Group reported second-quarter 2026 results showing steady revenue growth and notable adjusted EBITDA margin expansion from continuing operations, driven by strong performance in its software and valuation management solutions businesses. The...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.