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TFI International
(TSX:TFII)
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Rating:68Neutral
Price Target:
C$192.00
â–²(2.36% Upside)
Action:Reiterated
Date:07/29/26
Overall score is driven primarily by solid (but not peak) financial performance and a strong, upbeat earnings update with clear near-term EPS and operating-ratio improvement guidance. The main offsets are a demanding valuation (high P/E with modest yield) and only neutral-to-mixed near-term technical positioning (trading around the 20/50-day averages).
Positive Factors
Diversified freight platform
TFI's presence across LTL, truckload, courier and logistics spreads revenue exposure across distinct freight needs and geographies. That breadth can improve resilience when one transportation market weakens, while its operating-company network and scale support broader service capabilities.
Negative Factors
Elevated leverage
Debt of about $3.0B versus $2.7B of equity leaves leverage elevated at 1.20x debt-to-equity. Although debt has declined from 2025, this capital structure can amplify cyclicality, constrain flexibility during freight weakness and increase the importance of sustained cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified freight platform
TFI's presence across LTL, truckload, courier and logistics spreads revenue exposure across distinct freight needs and geographies. That breadth can improve resilience when one transportation market weakens, while its operating-company network and scale support broader service capabilities.
Read all positive factors
TFI International (TFII) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$14.48B
Dividend Yield1.47%
Average Volume (3M)198.41K
Price to Earnings (P/E)28.6
Beta (1Y)1.37
Revenue Growth-2.61%
EPS Growth-6.43%
CountryCA
Employees26,427
SectorIndustrials
Sector Strength72
IndustryTrucking
Share Statistics
EPS (TTM)4.41
Shares Outstanding82,193,030
10 Day Avg. Volume215,386
30 Day Avg. Volume198,414
Financial Highlights & Ratios
PEG Ratio-1.14
Price to Book (P/B)3.21
Price to Sales (P/S)1.07
P/FCF Ratio11.97
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$248.21Price Target Upside32.33% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)5.97
Revenue Forecast (FY)C$8.59B
TFI International Business Overview & Revenue Model
Company Description
TFI International Inc., headquartered in Saint-Laurent, Canada, delivers comprehensive transportation and logistics solutions across the United States, Canada, and Mexico. The company's operations are divided into four primary segments: Package an...
How the Company Makes Money
TFI International makes money primarily by charging customers fees to transport, handle, and arrange shipments across its business lines. Key revenue streams include: (1) Less-than-Truckload (LTL): Revenue is earned by consolidating multiple custo...
TFI International Earnings Call Summary
Earnings Call Date:Jul 27, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive performance with a clear EPS beat, double-digit operating income growth across segments, strong free cash flow generation and balance-sheet improvement. Truckload and logistics showed particularly strong momentum (notably revenue per truck up mid‑teens YoY and logistics revenue +10% with margins expanding). However, material near-term challenges remain in U.S. LTL—driven by inflated volume from low‑priced 3PL blanket business, short‑term service and cost pressure, and an elevated but non‑recurring claims reserve. Management has concrete remediation actions (pricing software, commercial reorganization, surgical repricing, operational fixes) and remains acquisitive with strong cash and leverage flexibility. On balance, the strength in core profitability, cash flow and truckload momentum outweigh the LTL and claims noise.Positive Updates
EPS Beat and Strong YoY Growth
Adjusted diluted EPS of CAD 1.85 beat guidance (CAD 1.50–1.60) and increased 38% year-over-year, reflecting stronger-than-expected quarterly profitability.
Negative Updates
LTL Pricing and Service Challenges
U.S. LTL market remained soft; shipment count up ~7.5% in the quarter but revenue per shipment (ex-fuel) down ~2%, producing excess cost (overtime, third-party carriers) and service degradation. Company expects Q3 LTL operating ratio broadly 'comparable' to Q2 (flat YoY), reflecting near-term pricing reset work.
Read all updates
Q2-2026 Updates
Positive
Negative
EPS Beat and Strong YoY Growth
Adjusted diluted EPS of CAD 1.85 beat guidance (CAD 1.50–1.60) and increased 38% year-over-year, reflecting stronger-than-expected quarterly profitability.
Read all positive updates
Company Guidance
Management guided Q3 adjusted EPS of CAD 1.70–1.80 (the high end would be ~50% YoY growth), forecasting year‑over‑year adjusted operating‑ratio improvements of 500–600 bps in truckload, 250–350 bps in logistics and a comparable OR in LTL; they reiterated full‑year net CapEx (ex‑real estate) of CAD 225–250M and assumed no significant change in the operating environment. The guidance was supported by strong Q2 metrics: adjusted diluted EPS CAD 1.85 (up 38% YoY), total revenue before fuel CAD 1.9B (+6% YoY), operating income CAD 220M (margin 11.6%, +~200 bps YoY), free cash flow just over CAD 200M, net cash from operations CAD 256M, funded debt/EBITDA 2.4 (improved from 2.5), and a quarterly dividend of ~CAD 40M; segmented Q2 detail included LTL revenue CAD 725M (+3%), LTL OR 88.5 and operating income CAD 86M (+17%); truck revenue CAD 761M (+7%), revenue per truck/week +13%, brokerage +34%, truck operating income CAD 106M (+50%) and truck OR 86.1 (‑400 bps); and logistics revenue CAD 432M (+10%), operating income CAD 50M (+32%) with an 11.5% margin.TFI International Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
64
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.82B | 11.02B | 11.50B | 7.64B | 8.55B | 7.10B |
| Gross Profit | 1.09B | 1.35B | 1.57B | 1.18B | 1.38B | 1.01B |
| EBITDA | 1.29B | 1.65B | 1.80B | 1.23B | 1.53B | 1.35B |
| Net Income | 362.41M | 433.93M | 578.79M | 513.06M | 798.73M | 741.74M |
Balance Sheet | ||||||
| Total Assets | 7.49B | 10.29B | 7.14B | 6.27B | 5.56B | 5.83B |
| Cash, Cash Equivalents and Short-Term Investments | 205.45M | 288.11M | 0.00 | 334.75M | 148.45M | 19.13M |
| Total Debt | 3.05B | 5.07B | 2.98B | 2.34B | 1.74B | 2.02B |
| Total Liabilities | 4.76B | 6.62B | 4.47B | 3.68B | 3.07B | 3.54B |
| Stockholders Equity | 2.74B | 3.67B | 2.67B | 2.59B | 2.49B | 2.29B |
Cash Flow | ||||||
| Free Cash Flow | 733.47M | 984.48M | 637.67M | 662.85M | 602.34M | 576.84M |
| Operating Cash Flow | 1.02B | 1.37B | 1.01B | 1.03B | 942.73M | 840.99M |
| Investing Cash Flow | -425.73M | -505.65M | -1.18B | -810.26M | 216.77M | -1.14B |
| Financing Cash Flow | -350.80M | -562.41M | -156.54M | -28.52M | -1.04B | 316.89M |
TFI International Technical Analysis
Negative
187.57
Price Trends
196.42
Negative
199.88
Negative
176.27
Negative
Market Momentum
-4.66
Positive
37.01
Neutral
28.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TFII, the sentiment is Negative. The current price of 187.57 is above the 20-day moving average (MA) of 184.50, below the 50-day MA of 196.42, and above the 200-day MA of 176.27, indicating a bearish trend. The MACD of -4.66 indicates Positive momentum. The RSI at 37.01 is Neutral, neither overbought nor oversold. The STOCH value of 28.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:TFII.
TFI International Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | C$650.17M | 10.15 | 12.07% | 4.57% | -4.10% | 82.03% | |
68 Neutral | C$14.48B | 28.55 | 12.39% | 1.51% | -2.61% | -6.43% | |
66 Neutral | C$6.55B | 30.93 | 11.69% | 2.38% | 33.11% | 40.81% | |
63 Neutral | C$2.42B | 22.35 | 9.35% | 3.33% | 8.87% | -1.05% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | C$1.20B | 26.10 | 6.30% | 1.86% | 0.80% | -66.47% |
* Industrials Sector Average
TSE:TFII
TFI International
176.14
48.22
37.69%
TSE:EIF
Exchange Income
116.60
46.96
67.43%
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25.25
11.92
89.44%
TSE:WJX
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30.66
8.16
36.27%
TSE:CJT
Cargojet
80.66
-16.36
-16.86%
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.