| Market Cap | — | |
| Enterprise Value | — | |
| Revenue | CAD 65.19B | +21.9% |
| Gross Profit | — | — |
| EBITDA | CAD 16.62B | +12.2% |
| Net Income | CAD 7.49B | +37.7% |
| Diluted EPS | CAD 3.22 | +37.6% |
| Free Cash Flow | CAD 3.30B | −44.0% |
| DPS (FY2025) | CAD 3.76derived |
| Trailing yield | — |
| Payout ratio | 109.7% |
| Growth streak | 8 yrs |
| 5y DPS growth | 3.0% |
| Fiscal year | DPS | YoY | Basis |
|---|---|---|---|
| FY20252025-12-31 | CAD 3.76 | +3.0% | derived (paid ÷ diluted shares) |
| FY20242024-12-31 | CAD 3.65 | +3.2% | derived (paid ÷ diluted shares) |
| FY20232023-12-31 | CAD 3.54 |
| Ratio | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 12y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | |||||||||||||||
| Gross Margin | 21.67% | 25.31% | 30.54% | 35.47% | 36.61% | 38.08% | 47.12% | 39.02% | 38.87% | 51.05% | — | — | — | — | |
| Operating Margin | 8.50% | 5.51% | 7.47% | 3.54% | 10.38% | 16.50% | 20.36% | 16.58% | 9.71% | 19.82% | 18.04% | 16.81% | 71% | 68% | |
| EBITDA Margin | 12.69% | 11.50% | 13.95% | 10.67% | 17.38% | 23.27% | 29.85% | 24.76% | 17.81% | 30.39% | 27.71% | 25.49% | 71% | 56% | |
| NOPAT Margin | 6.11% | 0.00% | 7.04% | 3.54% | 9.69% | 12.76% | 16.60% | 13.55% | 6.28% | 15.24% | 13.92% | 13.37% | 63% | 69% | |
| Net Margin | 3.73% | 0.74% | 5.99% | 6.44% | 6.21% | 11.39% | 8.60% | 13.15% | 5.63% | 14.18% | 10.18% | 11.49% | 79% | 70% | |
| FCF Margin | −21.19% | −8.00% | 0.22% | −3.67% | 7.97% | 7.80% | 11.20% | 3.05% | 12.35% | 21.87% | 11.01% | 5.06% | 46% | 54% | |
| FCFF Margin | −19.04% | −8.00% | 4.56% | 2.09% | 13.41% | 11.91% | 17.01% | 7.66% | 16.21% | 28.59% | 17.39% | 11.19% | 46% | 61% | |
| FCFE Margin | −8.44% | −1.32% | 5.68% | 7.93% | 5.11% | 10.56% | 13.73% | 16.15% | 5.38% | 7.18% | −1.15% | −4.68% | 13% | 16% | |
| OCF Margin | 6.77% | 13.53% | 15.06% | 15.00% | 22.64% | 18.77% | 25.02% | 19.66% | 21.07% | 32.53% | 23.56% | 18.82% | 46% | 46% | |
| Gross Profitability | 11.20% | 10.12% | 12.39% | 9.71% | 10.17% | 11.69% | 11.49% | 10.88% | 11.54% | 12.36% | — | — | — | — | |
| Capex Intensity | 27.96% | 21.52% | 14.84% | 18.67% | 14.68% | 10.97% | 13.83% | 16.61% | 8.72% | 10.66% | 12.55% | 13.76% | 38% | 66% | |
| ▸Returns on Capital · 6 ratios | |||||||||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | |||||||||||||||
| ▸Earnings quality · 7 ratios | |||||||||||||||
| ▸Liquidity & coverage · 9 ratios | |||||||||||||||
| ▸Leverage · 9 ratios | |||||||||||||||
| ▸Working capital · 3 ratios | |||||||||||||||
| ▸Capital allocation · 5 ratios | |||||||||||||||
| ▸Per share · 6 ratios | |||||||||||||||
The five drivers multiply to 12.0% vs reported ROE 11.7%. High ROE from margin and turnover is earned; from the equity multiplier it is borrowed.
| Line | 2014↗ | 2015↗ | 2016↗ | 2017↗ | 2018↗ | 2019↗ | 2020↗ | 2021↗ | 2022↗ | 2023↗ | 2024↗ | 2025↗ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CAD 37.64B | CAD 33.79B | CAD 34.56B | CAD 44.38B | CAD 46.38B | CAD 50.07B | CAD 39.09B | CAD 47.07B | CAD 53.31B | CAD 43.65B | CAD 53.47B | CAD 65.19B |
| YoY % | -10.2% | +2.3% | +28.4% | +4.5% | +8.0% | -21.9% | +20.4% | +13.3% | -18.1% | +22.5% | +21.9% | |
| Cost of Revenue | CAD 29.48B | CAD 25.24B | CAD 24.00B | CAD 28.64B | CAD 29.40B | CAD 31.00B | CAD 20.67B | CAD 28.70B | CAD 32.59B | CAD 21.37B | — | — |
| YoY % | -14.4% | -4.9% | +19.3% | +2.7% | +5.5% | -33.3% | +38.9% | +13.5% | -34.4% | |||
| SG&A Expense | CAD 3.28B | CAD 4.13B | CAD 4.36B | CAD 6.44B | CAD 6.79B | CAD 6.99B | CAD 6.75B | CAD 6.71B | CAD 8.22B | CAD 8.60B | CAD 9.43B | CAD 9.97B |
| YoY % | +25.9% | +5.5% | +47.8% | +5.4% | +2.9% | -3.5% | -0.5% | +22.5% | +4.6% | +9.6% | +5.7% | |
| Total Operating Expenses | CAD 34.44B | CAD 31.93B | CAD 31.98B | CAD 42.81B | CAD 41.56B | CAD 41.81B | CAD 31.13B | CAD 39.27B | CAD 48.13B | CAD 35.00B | CAD 43.82B | CAD 54.24B |
| YoY % | -7.3% | +0.1% | +33.9% | -2.9% | +0.6% | -25.5% | +26.1% | +22.6% | -27.3% | +25.2% | +23.8% | |
| Operating Income | CAD 3.20B | CAD 1.86B | CAD 2.58B | CAD 1.57B | CAD 4.82B | CAD 8.26B | CAD 7.96B | CAD 7.80B | CAD 5.18B | CAD 8.65B | CAD 9.65B | CAD 10.96B |
| YoY % | -41.8% | +38.6% | -39.1% | +206.6% | +71.5% | -3.7% | -1.9% | -33.7% | +67.1% | +11.5% | +13.6% | |
| Interest Expense | CAD 1.13B | CAD 1.62B | CAD 1.59B | CAD 2.56B | CAD 2.70B | CAD 2.66B | CAD 2.79B | CAD 2.65B | CAD 3.18B | CAD 3.81B | CAD 4.42B | CAD 5.02B |
| YoY % | +43.8% | -2.1% | +60.8% | +5.8% | -1.5% | +4.8% | -4.8% | +19.7% | +19.9% | +15.9% | +13.7% | |
| Interest & Investment Income | CAD 3.0M | CAD 4.0M | CAD 3.0M | — | — | — | — | — | — | — | — | — |
| YoY % | +33.3% | -25.0% | ||||||||||
| Other Non-Operating Income | -CAD 266.0M | CAD 88.0M | CAD 93.0M | CAD 199.0M | CAD 516.0M | CAD 258.0M | CAD 238.0M | CAD 979.0M | -CAD 589.0M | CAD 1.22B | -CAD 1.33B | CAD 1.63B |
| YoY % | +5.7% | +114.0% | +159.3% | -50.0% | -7.8% | +311.3% | ||||||
| Equity Method Income | CAD 368.0M | CAD 475.0M | CAD 428.0M | CAD 1.10B | CAD 1.51B | CAD 1.50B | CAD 1.14B | CAD 1.60B | CAD 2.06B | CAD 1.82B | CAD 2.30B | CAD 2.22B |
| YoY % | +29.1% | -9.9% | +157.5% | +36.9% | -0.4% | -24.4% | +40.8% | +28.5% | -11.7% | +26.9% | -3.5% | |
| Pretax Income | CAD 2.17B | CAD 11.0M | CAD 2.45B | CAD 569.0M | CAD 3.57B | CAD 7.54B | CAD 4.19B | CAD 7.73B | CAD 4.54B | CAD 7.88B | CAD 7.30B | CAD 9.79B |
| YoY % | -99.5% | +22181.8% | -76.8% | +527.4% | +111.1% | -44.4% | +84.5% | -41.2% | +73.5% | -7.4% | +34.2% | |
| Income Tax | CAD 611.0M | CAD 170.0M | CAD 142.0M | -CAD 2.70B | CAD 237.0M | CAD 1.71B | CAD 774.0M | CAD 1.42B | CAD 1.60B | CAD 1.82B | CAD 1.67B | CAD 2.00B |
| YoY % | -72.2% | -16.5% | +620.7% | -54.7% | +82.8% | +13.4% | +13.5% | -8.4% | +20.1% | |||
| Income from Continuing Operations | CAD 1.11B | -CAD 37.0M | CAD 1.78B | — | — | — | — | — | — | — | — | — |
| Income from Discontinued Operations | CAD 46.0M | — | — | — | — | — | — | — | — | — | — | — |
| Net Income (incl. NCI) | CAD 1.61B | -CAD 159.0M | CAD 2.31B | CAD 3.27B | CAD 3.33B | CAD 5.83B | CAD 3.42B | CAD 6.31B | CAD 2.94B | CAD 6.06B | CAD 5.63B | CAD 7.79B |
| YoY % | +41.4% | +2.1% | +74.8% | -41.4% | +84.8% | -53.5% | +106.2% | -7.0% | +38.3% | |||
| Minority Interest (P&L) | CAD 203.0M | -CAD 410.0M | CAD 240.0M | CAD 407.0M | CAD 451.0M | CAD 122.0M | CAD 53.0M | CAD 125.0M | -CAD 65.0M | -CAD 133.0M | CAD 190.0M | — |
| YoY % | +69.6% | +10.8% | -72.9% | -56.6% | +135.8% | |||||||
| Net Income | CAD 1.41B | CAD 251.0M | CAD 2.07B | CAD 2.86B | CAD 2.88B | CAD 5.71B | CAD 3.36B | CAD 6.19B | CAD 3.00B | CAD 6.19B | CAD 5.44B | CAD 7.49B |
| YoY % | -82.1% | +724.3% | +38.2% | +0.8% | +98.0% | -41.1% | +84.0% | -51.5% | +106.2% | -12.1% | +37.7% | |
| Net Income to Common | CAD 1.15B | -CAD 37.0M | CAD 1.78B | CAD 2.53B | CAD 2.52B | CAD 5.32B | CAD 2.98B | CAD 5.82B | CAD 2.59B | CAD 5.84B | CAD 5.05B | CAD 7.07B |
| YoY % | +42.4% | -0.6% | +111.6% | -43.9% | +95.0% | -55.5% | +125.5% | -13.5% | +40.0% | |||
| Preferred Dividends | CAD 251.0M | CAD 288.0M | CAD 293.0M | CAD 330.0M | CAD 367.0M | CAD 383.0M | CAD 380.0M | CAD 373.0M | CAD 414.0M | CAD 352.0M | CAD 388.0M | CAD 419.0M |
| YoY % | +14.7% | +1.7% | +12.6% | +11.2% | +4.4% | -0.8% | -1.8% | +11.0% | -15.0% | +10.2% | +8.0% | |
| EPS (Basic) | CAD 1.39 | -CAD 0.04 | CAD 1.95 | CAD 1.66 | CAD 1.46 | CAD 2.64 | CAD 1.48 | CAD 2.87 | CAD 1.28 | CAD 2.84 | CAD 2.34 | CAD 3.23 |
| YoY % | -14.9% | -12.0% | +80.8% | -43.9% | +93.9% | -55.4% | +121.9% | -17.6% | +38.0% | |||
| EPS (Diluted) | CAD 1.37 | -CAD 0.04 | CAD 1.93 | CAD 1.65 | CAD 1.46 | CAD 2.63 | CAD 1.48 | CAD 2.87 | CAD 1.28 | CAD 2.84 | CAD 2.34 | CAD 3.22 |
| YoY % | -14.5% | -11.5% | +80.1% | -43.7% | +93.9% | -55.4% | +121.9% | -17.6% | +37.6% | |||
| Weighted Avg Shares (Basic) | 829.0M | 847.0M | 911.0M | 1.52B | 1.72B | 2.02B | 2.02B | 2.02B | 2.02B | 2.06B | 2.15B | 2.18B |
| YoY % | +2.2% | +7.6% | +67.4% | +13.0% | +17.0% | +0.1% | +0.1% | +0.1% | +1.5% | +4.8% | +1.2% | |
| Weighted Avg Shares (Diluted) | 840.0M | 847.0M | 918.0M | 1.53B | 1.73B | 2.02B | 2.02B | 2.02B | 2.03B | 2.06B | 2.16B | 2.19B |
| YoY % | +0.8% | +8.4% | +66.9% | +12.7% | +17.0% | +0.0% | +0.2% | +0.2% | +1.4% | +4.9% | +1.3% |
The sector classification is SIC-derived, not official GICS. Statement lines are XBRL facts as filed with the company's home regulator (SEC EDGAR for US filers; ESEF/EDINET and other national regulators for foreign filers); ratios and other derived figures are computed from them. A blank cell means the tag was absent — never imputed.
| +2.9% |
| derived (paid ÷ diluted shares) |
| FY20222022-12-31 | CAD 3.43 | +2.8% | derived (paid ÷ diluted shares) |
| FY20212021-12-31 | CAD 3.34 | +2.9% | derived (paid ÷ diluted shares) |
| FY20202020-12-31 | CAD 3.25 | +9.8% | derived (paid ÷ diluted shares) |
| FY20192019-12-31 | CAD 2.96 | +46.7% | derived (paid ÷ diluted shares) |
| FY20182018-12-31 | CAD 2.02 | +12.3% | derived (paid ÷ diluted shares) |
| FY20172017-12-31 | CAD 1.80 | — | derived (paid ÷ diluted shares) |
