Want to see TSE:TFII full AI Analyst Report?
Top Page
TFI International
(TSX:TFII)
Select Model
Select Model
Rating:60Neutral
Price Target:
C$216.00
â–²(15.16% Upside)
Action:Reiterated
Date:07/28/26
The score is driven primarily by mixed financial performance—strong and positive free cash flow offset by margin compression and higher leverage. The latest earnings call adds support via strong Q2 execution and constructive Q3 guidance, while valuation is the key headwind due to a high P/E and modest yield. Technically, the stock shows near-term softness but remains in a longer-term uptrend.
Positive Factors
Diversified freight network
A broad portfolio across LTL, truckload, parcel/final‑mile and logistics reduces single‑segment cyclicality and enables cross‑sell and asset mix optimization. Scale across geographies and services supports purchasing power, network density and sustained revenue resilience over multiple cycles.
Negative Factors
Elevated leverage
Leverage remains meaningful for a freight operator, leaving less cushion in weaker freight cycles and limiting free capital for opportunistic M&A or share returns. Although debt has declined from prior peaks, elevated leverage increases interest and refinancing sensitivity across a volatile demand cycle.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified freight network
A broad portfolio across LTL, truckload, parcel/final‑mile and logistics reduces single‑segment cyclicality and enables cross‑sell and asset mix optimization. Scale across geographies and services supports purchasing power, network density and sustained revenue resilience over multiple cycles.
Read all positive factors
TFI International (TFII) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$14.94B
Dividend Yield1.43%
Average Volume (3M)199.37K
Price to Earnings (P/E)29.7
Beta (1Y)1.35
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. Volume217,818
30 Day Avg. Volume199,373
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$245.85Price Target Upside31.07% 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
58
Neutral
Balance Sheet
54
Neutral
Cash Flow
62
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
198.09
Negative
200.13
Negative
175.07
Positive
Market Momentum
-4.65
Negative
40.52
Neutral
41.56
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 below the 20-day moving average (MA) of 188.09, below the 50-day MA of 198.09, and above the 200-day MA of 175.07, indicating a neutral trend. The MACD of -4.65 indicates Negative momentum. The RSI at 40.52 is Neutral, neither overbought nor oversold. The STOCH value of 41.56 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | C$2.46B | 22.66 | 9.35% | 3.28% | 8.87% | -1.05% | |
69 Neutral | C$1.19B | 25.96 | 6.30% | 1.83% | 0.80% | -66.47% | |
64 Neutral | C$646.70M | 9.89 | 12.07% | 4.69% | -4.10% | 82.03% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | C$14.94B | 29.72 | 12.39% | 1.43% | -2.61% | -6.43% | |
59 Neutral | C$6.59B | 30.99 | 11.69% | 2.35% | 33.11% | 40.81% |
* Industrials Sector Average
TSE:TFII
TFI International
181.77
53.73
41.96%
TSE:EIF
Exchange Income
116.84
48.84
71.83%
TSE:MTL
Mullen Group
25.61
12.34
92.96%
TSE:WJX
Wajax Corporation
29.86
7.24
31.98%
TSE:CJT
Cargojet
80.22
-17.35
-17.78%
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.