A 
53.29
+0.41%
Close of 9 Nov 2026, in CAD
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At a glance
Figures in CAD, from our data supplier.
Revenue
C$12.55bn
FY2016FY2025
Net income
C$768.0m
FY2016FY2025
Free cash flow
−C$344.0m
FY2016FY2025
Shareholders' equity
C$8.91bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$12.55bn | C$12.45bn | C$12.89bn | C$14.39bn | C$10.63bn | C$5.64bn | C$5.51bn | C$4.19bn | C$2.62bn | C$2.20bn |
| Gross profit | C$3.02bn | C$2.76bn | C$2.26bn | C$2.81bn | C$2.46bn | C$2.02bn | C$1.86bn | C$1.33bn | C$974.8m | C$908.5m |
| Operating income | C$1.17bn | C$1.14bn | C$1.12bn | C$1.03bn | C$920.0m | C$905.0m | C$483.4m | −C$407.9m | C$226.4m | C$394.1m |
| Net income | C$768.0m | C$596.0m | C$673.0m | C$523.0m | C$283.0m | C$552.0m | C$833.5m | −C$435.1m | C$91.6m | C$203.5m |
| Diluted earnings per share | 2.47 | 2.00 | 2.38 | 1.84 | 1.01 | 1.98 | 2.98 | -1.56 | 0.53 | 1.29 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | C$26.77bn | C$26.09bn | C$23.47bn | C$23.96bn | C$21.59bn | C$21.53bn | C$19.79bn | C$23.49bn | C$10.03bn | C$10.20bn |
| Cash and short-term investments | C$99.0m | C$85.0m | C$95.0m | C$53.0m | C$63.0m | C$32.0m | C$57.1m | C$101.6m | C$27.3m | C$19.0m |
| Total liabilities | C$17.22bn | C$17.05bn | C$15.61bn | C$16.35bn | C$13.99bn | C$13.87bn | C$12.43bn | C$15.85bn | C$5.39bn | C$5.59bn |
| Debt | C$10.14bn | C$10.03bn | C$9.53bn | C$9.87bn | C$8.36bn | C$8.24bn | C$7.31bn | C$10.17bn | C$3.67bn | C$3.88bn |
| Shareholders' equity | C$8.91bn | C$8.75bn | C$7.71bn | C$7.46bn | C$6.95bn | C$7.04bn | C$7.21bn | C$7.02bn | C$4.57bn | C$4.58bn |
| Shares outstanding | 311m | 298m | 283m | 284m | 280m | 279m | 279m | 279m | 171m | 158m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | C$1.24bn | C$1.54bn | C$1.12bn | C$539.0m | C$738.0m | C$773.0m | C$615.5m | −C$78.6m | C$545.2m | C$456.2m |
| Capital spending | −C$1.58bn | −C$1.39bn | −C$943.0m | −C$958.0m | −C$814.0m | −C$843.0m | −C$1.33bn | −C$1.03bn | −C$493.3m | −C$531.6m |
| Free cash flow | −C$344.0m | C$149.0m | C$178.0m | −C$419.0m | −C$76.0m | −C$70.0m | −C$719.0m | −C$1.11bn | C$51.9m | −C$75.4m |
| Dividends paid | −C$398.0m | −C$371.0m | −C$343.0m | −C$338.0m | −C$356.0m | −C$334.0m | −C$334.2m | −C$539.5m | −C$420.9m | −C$364.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | C$3.55bn | C$4.32bn | C$3.28bn | C$2.64bn | C$2.71bn | C$3.88bn | C$3.26bn | C$2.80bn |
| Gross profit | C$703.0m | C$1.11bn | C$844.0m | C$534.0m | C$604.0m | C$991.0m | C$792.0m | C$489.0m |
| Operating income | C$210.0m | C$613.0m | C$320.0m | C$105.0m | C$292.0m | C$519.0m | C$325.0m | C$75.0m |
| Net income | C$291.0m | C$150.0m | C$208.0m | −C$17.0m | C$180.0m | C$397.0m | C$208.0m | C$14.0m |
| Diluted earnings per share | 0.93 | 0.48 | 0.67 | -0.05 | 0.58 | 1.28 | 0.70 | 0.05 |
| Cash from operations | C$490.0m | C$574.0m | C$209.0m | C$34.0m | C$365.0m | C$627.0m | C$508.0m | C$21.0m |
| Capital spending | −C$411.0m | −C$433.0m | −C$462.0m | −C$417.0m | −C$356.0m | −C$351.0m | −C$401.0m | −C$405.0m |
| Free cash flow | C$79.0m | C$141.0m | −C$253.0m | −C$383.0m | C$9.0m | C$276.0m | C$107.0m | −C$384.0m |
| Total assets | C$27.71bn | C$27.36bn | C$26.77bn | C$25.97bn | C$25.27bn | C$26.16bn | C$26.09bn | C$24.75bn |
| Cash and short-term investments | C$131.0m | C$163.0m | C$99.0m | C$120.0m | C$320.0m | C$197.0m | C$85.0m | C$775.0m |
| Debt | C$10.18bn | C$10.09bn | C$10.29bn | C$10.36bn | C$9.88bn | C$10.00bn | C$10.15bn | C$10.54bn |
| Shareholders' equity | C$9.53bn | C$9.14bn | C$8.91bn | C$8.52bn | C$8.62bn | C$9.09bn | C$8.75bn | C$8.02bn |
Financial ratios
Data as of 1 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 24.1% | 22.2% | 17.5% | 19.5% | 23.1% | 35.7% |
| Operating margin | 9.3% | 9.2% | 8.7% | 7.2% | 8.7% | 16.0% |
| Net margin | 6.1% | 4.8% | 5.2% | 3.6% | 2.7% | 9.8% |
| Return on equity | 8.6% | 6.8% | 8.7% | 7.0% | 4.1% | 7.8% |
| Return on assets | 2.9% | 2.3% | 2.9% | 2.2% | 1.3% | 2.6% |
| Free cash flow yield | 17.3% | 18.8% | 14.0% | 10.1% | 10.6% | 11.1% |
| Revenue growth | 0.8% | -3.5% | -10.4% | 35.4% | 88.4% | 2.5% |
| Earnings growth | 28.9% | -11.4% | 28.7% | 84.8% | -48.7% | -33.8% |
| Current ratio | 0.82x | 0.81x | 0.89x | 1.36x | 0.99x | 0.96x |
| Debt to equity | 1.12x | 1.15x | 1.23x | 1.33x | 1.21x | 1.18x |
| Equity ratio | 33.3% | 33.5% | 32.9% | 31.1% | 32.2% | 32.7% |
| Interest coverage | 2.51x | 2.51x | 2.85x | 3.13x | 3.35x | 3.30x |
| Buybacks as a share of market value | -4.4% | -5.3% | 0.4% | -1.4% | -0.3% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.5% | 17.3% | 19.1% |
| Operating income | 4.2% | 5.3% | 12.6% |
| Net income | 13.7% | 6.8% | 31.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 23.1% | 20.8% | 22.4% | 24.9% |
| Operating margin | 9.2% | 8.5% | 9.2% | 8.6% |
| Net margin | 5.5% | 4.9% | 5.0% | 4.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 16.9 | 16.7 | 11.7 | 12.7 | 27.0 | 9.5 | 6.6 | -8.9 | 53.5 | 26.3 |
| Price to sales | 1.0 | 0.8 | 0.6 | 0.5 | 0.7 | 0.9 | 1.0 | 0.9 | 1.9 | 2.4 |
Dividends and splits
Per share, in the currency the company pays
Paid for 25 years. Last went ex-dividend on 16 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.668 | 1.279 | 1.208 | 1.138 | 1.075 | 1.265 | 0.963 | 0.96 |
- 1-to-1 reverse split · 6 Jul 2010
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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