I 
174.70
-1.12%
Close of 9 Nov 2026, in CAD
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At a glance
Figures in CAD, from our data supplier.
Revenue
C$46.92bn
FY2016FY2025
Net income
C$3.27bn
FY2016FY2025
Free cash flow
C$4.70bn
FY2016FY2025
Shareholders' equity
—
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$46.92bn | C$51.36bn | C$50.70bn | C$59.41bn | C$37.51bn | C$22.28bn | C$34.00bn | C$34.96bn | C$29.13bn | C$25.45bn |
| Gross profit | C$9.84bn | C$11.58bn | C$11.42bn | C$14.27bn | C$8.02bn | C$3.30bn | C$6.54bn | C$7.30bn | C$5.28bn | C$5.10bn |
| Research and development | C$7.0m | C$3.0m | C$5.0m | C$5.0m | C$32.0m | C$13.0m | C$47.0m | C$19.0m | C$183.0m | C$94.0m |
| Operating income | C$4.11bn | C$6.11bn | C$6.17bn | C$9.29bn | C$3.25bn | −C$1.05bn | C$2.04bn | C$3.05bn | C$361.0m | C$601.0m |
| Net income | C$3.27bn | C$4.79bn | C$4.89bn | C$7.34bn | C$2.48bn | −C$1.86bn | C$2.20bn | C$2.31bn | C$490.0m | C$2.17bn |
| Diluted earnings per share | 6.48 | 9.03 | 8.49 | 11.44 | 3.48 | -2.53 | 2.88 | 2.86 | 0.58 | 2.55 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | — | C$42.94bn | C$41.20bn | C$43.52bn | C$40.78bn | C$38.03bn | C$42.19bn | C$41.46bn | C$41.60bn | C$41.65bn |
| Cash and short-term investments | — | C$979.0m | C$864.0m | C$3.75bn | C$2.15bn | C$771.0m | C$1.72bn | C$988.0m | C$1.20bn | C$391.0m |
| Total liabilities | — | C$19.46bn | C$18.98bn | C$21.11bn | C$19.05bn | C$16.61bn | C$17.91bn | C$16.97bn | C$17.17bn | C$16.63bn |
| Debt | — | C$4.01bn | C$4.13bn | C$4.16bn | C$5.18bn | C$5.18bn | C$5.21bn | C$5.18bn | C$5.21bn | C$5.23bn |
| Shareholders' equity | — | C$23.47bn | C$22.22bn | C$22.41bn | C$21.73bn | C$21.42bn | C$24.28bn | C$24.49bn | C$24.43bn | C$25.02bn |
| Shares outstanding | 504m | 531m | 576m | 642m | 713m | 735m | 765m | 810m | 846m | 851m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | C$6.71bn | C$5.98bn | C$3.73bn | C$10.48bn | C$5.48bn | C$798.0m | C$4.43bn | C$3.92bn | C$2.76bn | C$2.02bn |
| Capital spending | −C$2.00bn | −C$1.87bn | −C$1.78bn | −C$1.53bn | −C$1.11bn | −C$868.0m | −C$1.64bn | −C$1.49bn | −C$993.0m | −C$1.07bn |
| Free cash flow | C$4.70bn | C$4.11bn | C$1.95bn | C$8.96bn | C$4.37bn | −C$70.0m | C$2.79bn | C$2.43bn | C$1.77bn | C$942.0m |
| Dividends paid | −C$1.40bn | −C$1.24bn | −C$1.10bn | −C$851.0m | −C$706.0m | −C$649.0m | −C$631.0m | −C$572.0m | −C$524.0m | −C$492.0m |
Latest quarters
By quarter end
| Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | C$11.25bn | C$11.99bn | C$11.21bn | C$12.47bn | C$12.55bn | C$13.21bn | C$13.35bn | C$12.25bn |
| Gross profit | C$1.90bn | C$2.59bn | C$2.33bn | C$3.02bn | C$2.93bn | C$2.96bn | C$2.80bn | C$2.88bn |
| Operating income | C$603.0m | C$654.0m | C$1.22bn | C$1.64bn | C$1.52bn | C$1.57bn | C$1.47bn | C$1.55bn |
| Net income | C$492.0m | C$539.0m | C$949.0m | C$1.29bn | C$1.23bn | C$1.24bn | C$1.13bn | C$1.20bn |
| Diluted earnings per share | 1.00 | 1.07 | 1.86 | 2.52 | 2.37 | 2.33 | 2.11 | 2.23 |
| Cash from operations | C$1.92bn | C$1.80bn | C$1.47bn | C$1.53bn | C$1.79bn | C$1.49bn | C$1.63bn | C$1.08bn |
| Capital spending | −C$632.0m | −C$504.0m | −C$471.0m | −C$398.0m | −C$423.0m | −C$486.0m | −C$461.0m | −C$497.0m |
| Free cash flow | C$1.29bn | C$1.29bn | C$994.0m | C$1.13bn | C$1.37bn | C$1.00bn | C$1.17bn | C$579.0m |
| Total assets | C$42.31bn | C$42.96bn | C$44.18bn | C$43.89bn | C$42.94bn | C$42.53bn | C$44.13bn | C$42.51bn |
| Cash and short-term investments | C$1.14bn | C$1.86bn | C$2.39bn | C$1.76bn | C$979.0m | C$1.49bn | C$2.02bn | C$1.18bn |
| Debt | C$3.98bn | C$3.98bn | C$3.98bn | C$3.99bn | C$3.99bn | C$4.00bn | C$4.00bn | C$4.01bn |
| Shareholders' equity | C$22.25bn | C$23.68bn | C$25.00bn | C$24.41bn | C$23.47bn | C$23.64bn | C$23.94bn | C$23.11bn |
Financial ratios
Data as of 10 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 21.2% | 17.9% | 18.1% | 20.5% | 16.2% | 7.7% | — |
| Operating margin | 9.1% | 15.8% | 16.1% | 15.8% | 13.7% | 3.3% | — |
| Net margin | 6.9% | 9.3% | 9.6% | 12.3% | 6.6% | -8.3% | — |
| Return on equity | 14.7% | 20.4% | 22.0% | 32.7% | 11.4% | -8.7% | — |
| Return on assets | 7.7% | 11.2% | 11.9% | 16.9% | 6.1% | -4.9% | — |
| Free cash flow yield | 9.8% | 8.4% | 5.5% | 11.0% | 5.3% | 1.2% | — |
| Revenue growth | -8.6% | 1.2% | -14.5% | 58.7% | 68.3% | -34.5% | — |
| Earnings growth | -31.8% | -2.0% | -33.4% | 196.1% | -233.5% | -184.4% | — |
| Current ratio | 1.27x | 1.33x | 1.26x | 1.21x | 1.41x | 1.34x | — |
| Debt to equity | 0.16x | 0.15x | 0.16x | 0.16x | 0.21x | 0.22x | — |
| Equity ratio | 52.6% | 54.7% | 53.9% | 51.5% | 53.3% | 56.3% | — |
| Interest coverage | 164.12x | 198.22x | 118.67x | 156.43x | 95.24x | 11.56x | — |
| R&D as a share of sales | — | 0.2% | 0.2% | 0.1% | 0.2% | 0.5% | 0.4% |
| Buybacks as a share of market value | 5.1% | 6.7% | 8.2% | 12.5% | 6.1% | 2.1% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -7.6% | 16.1% | 5.8% |
| Operating income | -23.8% | — | 8.1% |
| Net income | -23.6% | — | 11.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 21.8% | 22.6% | 21.8% | 21.2% |
| Operating margin | 10.4% | 12.3% | 10.4% | 8.6% |
| Net margin | 8.2% | 9.7% | 7.8% | 7.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 18.3 | 9.8 | 8.9 | 5.8 | 13.1 | -9.6 | 11.9 | 12.1 | 67.7 | 18.4 |
| Price to sales | 1.3 | 0.9 | 0.9 | 0.7 | 0.9 | 0.8 | 0.8 | 0.8 | 1.1 | 1.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 37 years. Last went ex-dividend on 4 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.61 | 2.88 | 2.40 | 1.94 | 1.46 | 1.03 | 0.88 | 0.85 |
- 3-for-1 split · 17 May 2006
- 3-for-1 split · 12 May 1998
- 1-to-1 reverse split · 15 Jul 1991
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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