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TMX Group Limited (X.TO)
Toronto, ON, CA
TMX Group Limited is a major global player operating a network of exchanges, markets, and clearinghouses primarily dedicated to capital markets, both within Canada and internationally. The company organizes its business into four distinct segments: Global Solutions, Insights & Analytics; Capital Formation; Derivatives Trading and Clearing; and Equities and Fixed Income Trading & Clearing. The Global Solutions, Insights & Analytics segment offers comprehensive equity and index data, alongside integrated datasets, to support proprietary and third-party analytics that aid clients in their trading and investment decisions. This division also furnishes solutions for European and global wholesale energy markets, facilitating price discovery, trade execution, post-trade transparency, and streamlined processing. Within the Capital Formation segment, TMX Group manages the Toronto Stock Exchange, Canada's premier stock exchange for established public companies, and the TSX Venture Exchange, which caters to the public venture equity market. This segment additionally includes TSX Trust, providing a suite of services such as corporate trust administration, registrar duties, transfer agency, and foreign exchange. The Derivatives Trading and Clearing segment oversees the Montreal Exchange, a national platform for derivatives, and the Canadian Derivatives Clearing Corporation, which functions as a clearinghouse for options and futures contracts. This segment also handles various over-the-counter (OTC) products and fixed income repurchase agreements. Lastly, the Equities and Fixed Income Trading & Clearing segment is responsible for the trading operations across the Toronto Stock Exchange, TSX Venture Exchange, and TSX Alpha Exchange. It also manages the clearing and settlement processes for both equity and fixed income transactions, provides securities custody, and offers inter-dealer brokerage services for fixed income. Established in 2011, the company was initially known as Maple Group Acquisition Corporation before adopting the name TMX Group Limited in August 2012. Its corporate headquarters are located in Toronto, Canada.
4 articles
No mergers or acquisitions recorded for this company.
| Indicator | 1D | 1W | 2W | 3W | 1M |
|---|
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
| 1D | 5D | 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Max |
|---|---|---|---|---|---|---|---|---|---|---|
| -2.51% | -2.39% | +6.56% | +21.54% | +2.55% | +3.29% | -1.80% | +84.13% | +102.44% | +419.75% | +2,544.61% |
Revenue flow
Revenue by geography
Revenue by segment
Revenue composition
By product
By geography
Income Statement
Balance Sheet
Cash Flow Statement
Key Metrics
Financial Ratios
Employees
Financial Growth (CAGR)
Market Data
DCF figures are point estimates: small changes in growth or discount-rate assumptions move them materially. Read them as a reference, not a precise target.
| Rating | 2026-05 | Change |
|---|---|---|
| Strong Buy | 2 | 0 |
| Buy | 4 | 0 |
| Hold | 2 | 0 |
| Sell | 0 | 0 |
| Strong Sell | 0 | 0 |
-
Revenue growth Financial - Data & Stock Exchanges: +11.9%+100.1% ★ Q1'26: +1,668.1% (vs Q1'25)
-
EPS growth Financial - Data & Stock Exchanges: +19.9%-13.9% Q1'26: +2,015.8% (vs Q1'25)
-
FCF margin FCF growth · Financial - Data & Stock Exchanges: +25.6%+18.9% Q1'26: +8.9% (vs Q1'25)
-
EBIT margin Financial - Data & Stock Exchanges: +51.8%+66.3% ★ Q1'26: +46.0% (vs Q1'25)
-
ROIC Financial - Data & Stock Exchanges: +13.5%+22.6% ★ Q1'26: +15.3% (vs Q1'25)
-
Share dilution Financial - Data & Stock Exchanges: +0.6%+0.2% Q1'26: 0.0% (vs Q1'25)
-
Debt / EBITDA Net debt/EBITDA · Financial - Data & Stock Exchanges: -0.36×1.02× Q1'26: 1.38× (vs Q1'25)
* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.
| Metric |
Dec 2009 actual |
Dec 2010 actual |
Dec 2011 actual |
Dec 2012 actual |
Dec 2013 actual |
Dec 2014 actual |
Dec 2015 actual |
Dec 2016 actual |
Dec 2017 actual |
Dec 2018 actual |
Dec 2019 actual |
Dec 2020 actual |
Dec 2021 actual |
Dec 2022 actual |
Dec 2023 actual |
Dec 2024 actual |
Dec 2025 actual |
Dec 2026 6 Rev. Ana. 5 EPS Ana. |
Dec 2027 7 Rev. Ana. 5 EPS Ana. |
Dec 2028 1 Rev. Ana. 2 EPS Ana. |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue |
560.13M
est: 544.10M (+2.9%)
|
625.60M
est: 593.17M (+5.5%)
|
—
est: 687.68M (-100.0%)
|
294.50M
est: 672.62M (-56.2%)
|
700.50M
est: 702.86M (-0.3%)
|
717.30M
est: 725.57M (-1.1%)
|
717.00M
est: 717.13M (0.0%)
|
683.70M
est: 741.85M (-7.8%)
|
668.90M
est: 722.59M (-7.4%)
|
820.70M
est: 812.23M (+1.0%)
|
806.90M
est: 801.97M (+0.6%)
|
865.10M
est: 860.59M (+0.5%)
|
980.70M
est: 979.09M (+0.2%)
|
1.11B
est: 1.12B (-0.3%)
|
2.90B
est: 3.06B (-5.2%)
|
1.46B
est: 1.44B (+1.3%)
|
2.92B
est: 1.70B (+71.8%)
|
1.90B
1.88B – 1.94B
+11.8% YoY
|
2.06B
1.95B – 2.19B
+8.2% YoY
|
2.10B
2.10B – 2.11B
+2.2% YoY
|
| EBITDA |
241.75M
est: 304.06M (-20.5%)
|
373.00M
est: 252.37M (+47.8%)
|
-37.30M
est: 368.55M (-110.1%)
|
102.90M
est: 352.51M (-70.8%)
|
317.60M
est: 48.49M (+555.0%)
|
208.00M
est: 214.62M (-3.1%)
|
97.60M
est: 177.00M (-44.9%)
|
335.90M
est: 39.95M (+740.7%)
|
372.60M
est: 282.85M (+31.7%)
|
476.70M
est: 565.74M (-15.7%)
|
453.90M
est: 416.34M (+9.0%)
|
664.60M
est: 415.75M (+59.9%)
|
658.00M
est: 427.75M (+53.8%)
|
1.57B
est: 453.46M (+246.2%)
|
2.38B
est: 2.58B (-7.7%)
|
2.46B
est: 1.22B (+102.0%)
|
2.12B
est: 1.43B (+47.7%)
|
1.60B
1.58B – 1.63B
+11.8% YoY
|
1.73B
1.64B – 1.85B
+8.2% YoY
|
1.77B
1.77B – 1.78B
+2.2% YoY
|
| EBIT |
209.56M
est: 295.49M (-29.1%)
|
343.60M
est: 224.47M (+53.1%)
|
-37.30M
est: 334.93M (-111.1%)
|
69.60M
est: 327.47M (-78.7%)
|
245.00M
est: 68.44M (+258.0%)
|
137.70M
est: 258.59M (-46.8%)
|
28.60M
est: 136.34M (-79.0%)
|
274.70M
est: 23.68M (+1,059.9%)
|
308.20M
est: 262.99M (+17.2%)
|
406.40M
est: 330.01M (+23.1%)
|
374.30M
est: 363.96M (+2.8%)
|
584.30M
est: 395.56M (+47.7%)
|
570.90M
est: 406.97M (+40.3%)
|
1.46B
est: 431.44M (+237.5%)
|
2.27B
est: 2.46B (-7.9%)
|
2.29B
est: 814.85M (+181.0%)
|
1.94B
est: 1.37B (+41.5%)
|
1.53B
1.51B – 1.56B
+11.8% YoY
|
1.66B
1.57B – 1.77B
+8.2% YoY
|
1.69B
1.69B – 1.70B
+2.2% YoY
|
| Net Income |
104.70M
est: 185.76M (-43.6%)
|
237.70M
est: 114.14M (+108.3%)
|
-37.30M
est: 227.81M (-116.4%)
|
15.10M
est: 232.30M (-93.5%)
|
123.90M
est: 15.99M (+675.0%)
|
100.50M
est: 127.90M (-21.4%)
|
-52.30M
est: 100.90M (-151.8%)
|
196.40M
est: -53.86M (+464.7%)
|
368.00M
est: 191.16M (+92.5%)
|
286.00M
est: 415.47M (-31.2%)
|
247.60M
est: 282.10M (-12.2%)
|
279.70M
est: 268.77M (+4.1%)
|
338.50M
est: 276.53M (+22.4%)
|
542.70M
est: 293.15M (+85.1%)
|
356.00M
est: 409.20M (-13.0%)
|
481.50M
est: 431.67M (+11.5%)
|
415.70M
est: 583.11M (-28.7%)
|
662.97M
633.53M – 692.40M
+13.7% YoY
|
719.96M
682.22M – 757.71M
+8.6% YoY
|
774.49M
739.90M – 818.20M
+7.6% YoY
|
| SGA |
244.76M
est: 206.69M (+18.4%)
|
257.20M
est: 262.62M (-2.1%)
|
273.40M
est: 294.70M (-7.2%)
|
36.70M
est: 267.41M (-86.3%)
|
91.20M
est: 152.35M (-40.1%)
|
91.60M
est: 382.16M (-76.0%)
|
84.20M
est: 369.85M (-77.2%)
|
76.70M
est: 391.92M (-80.4%)
|
82.10M
est: 318.28M (-74.2%)
|
108.90M
est: 344.01M (-68.3%)
|
81.40M
est: 376.19M (-78.4%)
|
84.70M
est: 370.38M (-77.1%)
|
84.30M
est: 381.06M (-77.9%)
|
112.70M
est: 403.97M (-72.1%)
|
444.40M
est: 307.52M (+44.5%)
|
150.90M
est: 446.20M (-66.2%)
|
173.50M
est: 171.15M (+1.4%)
|
191.34M
188.68M – 194.80M
+11.8% YoY
|
206.98M
195.94M – 220.85M
+8.2% YoY
|
211.50M
211.15M – 211.85M
+2.2% YoY
|
| EPS |
0.28
est: 2.40 (-88.3%)
|
0.64
est: 2.77 (-76.9%)
|
1.26
est: 3.72 (-66.1%)
|
0.14
est: 3.00 (-95.3%)
|
0.46
est: 3.35 (-86.3%)
|
0.37
est: 3.97 (-90.7%)
|
-0.19
est: 0.72 (-126.4%)
|
0.72
est: 0.89 (-19.2%)
|
1.33
est: 0.90 (+47.1%)
|
1.03
est: 1.04 (-0.9%)
|
0.88
est: 1.05 (-16.2%)
|
0.99
est: 1.18 (-16.2%)
|
1.21
est: 1.42 (-14.6%)
|
1.95
est: 1.42 (+37.8%)
|
1.28
est: 1.48 (-13.2%)
|
1.74
est: 1.65 (+5.3%)
|
1.49
est: 2.07 (-28.1%)
|
2.41
2.27 – 2.48
+16.1% YoY
|
2.59
2.44 – 2.71
+7.8% YoY
|
2.77
2.65 – 2.93
+6.7% YoY
|
| Date | Rating | Overall | DCF | ROE | ROA | D/E | P/E | P/B |
|---|---|---|---|---|---|---|---|---|
| 2026-05-11 | B | 3/5 | 3/5 | 2/5 | 2/5 | 2/5 | 4/5 | 4/5 |
| 2026-05-08 | B+ | 3/5 | 3/5 | 2/5 | 3/5 | 2/5 | 4/5 | 4/5 |
| 2026-05-07 | B+ | 3/5 | 3/5 | 2/5 | 3/5 | 2/5 | 4/5 | 4/5 |
| 2026-05-06 | B+ | 3/5 | 3/5 | 2/5 | 3/5 | 2/5 | 4/5 | 4/5 |
| 2026-05-05 | C+ | 2/5 | 3/5 | 3/5 | 3/5 | 2/5 | 1/5 | 1/5 |
| 2026-05-04 | C+ | 2/5 | 3/5 | 3/5 | 3/5 | 2/5 | 1/5 | 1/5 |
| 2026-05-01 | C+ | 2/5 | 3/5 | 3/5 | 3/5 | 2/5 | 1/5 | 1/5 |
| 2026-04-30 | C+ | 2/5 | 3/5 | 3/5 | 3/5 | 2/5 | 1/5 | 1/5 |
| 2026-04-29 | C+ | 2/5 | 3/5 | 3/5 | 3/5 | 2/5 | 1/5 | 1/5 |
| 2026-04-28 | C+ | 2/5 | 3/5 | 3/5 | 3/5 | 2/5 | 1/5 | 1/5 |
| 2026-04-27 | B- | 2/5 | 3/5 | 3/5 | 4/5 | 2/5 | 1/5 | 1/5 |
| 2026-04-24 | B- | 2/5 | 3/5 | 3/5 | 4/5 | 2/5 | 1/5 | 1/5 |
| 2026-04-23 | B- | 2/5 | 3/5 | 3/5 | 4/5 | 2/5 | 1/5 | 1/5 |
| 2026-04-22 | B- | 2/5 | 3/5 | 3/5 | 4/5 | 2/5 | 1/5 | 1/5 |
| 2026-04-21 | B- | 3/5 | 4/5 | 3/5 | 4/5 | 2/5 | 1/5 | 1/5 |
| 2026-04-20 | B- | 3/5 | 4/5 | 3/5 | 4/5 | 2/5 | 1/5 | 1/5 |
| 2026-04-17 | B- | 3/5 | 4/5 | 3/5 | 4/5 | 2/5 | 1/5 | 1/5 |
| 2026-04-16 | B- | 3/5 | 4/5 | 3/5 | 4/5 | 2/5 | 1/5 | 1/5 |
| 2026-04-15 | B- | 3/5 | 4/5 | 3/5 | 4/5 | 2/5 | 1/5 | 1/5 |
Owner Earnings
Ownership Overview
No beneficial ownership filings recorded.
Institutional Activity (13F)
| # | Investor | Shares / Δ | Mkt value / Δ | Own% / Δ | Weight% / Δ | Avg px / Perf. | Hold / Status |
|---|---|---|---|---|---|---|---|
| 1 | MN SERVICES VERMOGENSBEHEER B.V. | 103.9K +1.4K (+1.4%) | 3.96M +37.0K (+0.9%) | 0.04% +0.001 pp | 0.02% -0.001 pp | CAD30.68 +70.2% | 18 qtrs — |
ETF Ownership
| # | ETF | Weight | Est. AUM exposure | TER |
|---|---|---|---|---|
| 1 | Horizon Kinetics Blockchain Development ETF BCDF | 5.21% | 1.17M | 0.85% |
| 2 | BMO Low Volatility Canadian Equity ETF ZLB.TO | 2.80% | 123.27M | 0.39% |
| 3 | Horizon Kinetics Inflation Beneficiaries ETF INFL | 2.14% | 31.33M | 0.85% |
| 4 | NYLI International Small-Mid Cap Equity ETF NISM | 1.86% | 465.6K | 0.70% |
| 5 | TD Q Canadian Low Volatility ETF TCLV.TO | 1.86% | 1.60M | 0.34% |
| 6 | iShares S&P/TSX Completion Index ETF XMD.TO | 1.34% | 7.47M | 0.60% |
| 7 | BMO Canadian High Dividend Covered Call ETF ZWC.TO | 0.90% | 15.35M | 0.72% |
| 8 | BMO Canadian Dividend ETF ZDV.TO | 0.87% | 11.39M | 0.39% |
| 9 | iShares ESG Aware MSCI Canada Index ETF XESG.TO | 0.80% | 3.66M | 0.17% |
| 10 | iShares Canadian Growth Index ETF XCG.TO | 0.77% | 783.8K | 0.55% |
Insider Activity
No insider activity available.
Insider history not available.
No recent insider transactions.
Executive team
Executive compensation
Executive compensation not available.
No CEO compensation history available.
Proxy statements
No proxy statements available for this company yet.
Recent SEC filings
No SEC filings available for this company yet.
Executive team
| Name | Title | Compensation | Gender |
|---|---|---|---|
| John D. McKenzie | Chief Executive Officer & Director | 3M | male |
| Peter Alexander Conroy | Chief Executive Officer of Global Insights | 1M | male |
| Luc Fortin | President & Chief Executive Officer of TMX Global Markets and Post Trade | 1M | male |
| David Arnold | Chief Financial Officer | 1M | male |
| Judy Dinn | Chief Information Officer | 993.0K | female |
| Cheryl Graden | Chief Legal & Enterprise Corporate Affairs Officer and Corporate Secretary | 923.9K | female |
| Loui Anastasopoulos | Chief Executive Officer of Toronto Stock Exchange & Global Head of Capital Formation | 856.3K | male |
| Cindy Bush | Chief Human Resources Officer | — | female |
| Amin Mousavian | Vice President of Investor Relations, Treasury & Interim Chief Risk Officer | — | male |
No data available for this company.
No Senate trading activity found for this company.
No House trading activity found for this company.
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Community Opinion for X.TO
Short-term intention
Target Price Distribution
These are community opinions and do not constitute buy or sell advice to act on. The results shown are based on aggregated opinions and are not an investment recommendation, nor do they intend to influence any investment decision.
