T 
19.25
+4.73%
Close of 9 Nov 2026, in CAD
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At a glance
Figures in CAD, from our data supplier.
Revenue
C$2.41bn
FY2016FY2025
Net income
−C$138.0m
FY2016FY2025
Free cash flow
C$397.0m
FY2016FY2025
Shareholders' equity
C$1.40bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | C$2.41bn | C$2.85bn | C$3.35bn | C$2.98bn | C$2.72bn | C$2.10bn | C$2.35bn | C$2.25bn | C$2.31bn | C$2.40bn |
| Gross profit | C$785.0m | C$1.14bn | C$1.64bn | C$1.11bn | C$978.0m | C$661.0m | C$786.0m | C$634.0m | C$774.0m | C$945.0m |
| Operating income | −C$222.0m | C$585.0m | C$1.07bn | C$531.0m | −C$192.0m | −C$99.0m | C$335.0m | C$160.0m | C$138.0m | C$478.0m |
| Net income | −C$138.0m | C$229.0m | C$695.0m | C$50.0m | −C$537.0m | −C$287.0m | C$82.0m | −C$198.0m | −C$160.0m | C$169.0m |
| Diluted earnings per share | -0.46 | 0.76 | 2.26 | 0.18 | -1.98 | -1.06 | 0.30 | -0.69 | -0.56 | 0.59 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | C$8.66bn | C$9.50bn | C$8.66bn | C$10.74bn | C$9.23bn | C$9.75bn | C$9.51bn | C$9.43bn | C$10.30bn | C$11.00bn |
| Cash and short-term investments | C$283.0m | C$337.0m | C$348.0m | C$1.13bn | C$947.0m | C$703.0m | C$411.0m | C$89.0m | C$314.0m | C$305.0m |
| Total liabilities | C$7.20bn | C$7.66bn | C$7.00bn | C$8.75bn | C$6.63bn | C$6.31bn | C$5.45bn | C$5.29bn | C$5.92bn | C$6.33bn |
| Debt | C$4.34bn | C$4.56bn | C$4.21bn | C$4.41bn | C$4.00bn | C$4.09bn | C$3.54bn | C$3.27bn | C$3.71bn | C$4.36bn |
| Shareholders' equity | C$1.40bn | C$1.75bn | C$1.54bn | C$1.11bn | C$1.58bn | C$2.35bn | C$2.96bn | C$3.00bn | C$3.33bn | C$3.51bn |
| Shares outstanding | 297m | 302m | 308m | 271m | 271m | 270m | 277m | 285m | 288m | 288m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | C$646.0m | C$796.0m | C$1.46bn | C$877.0m | C$1.00bn | C$702.0m | C$849.0m | C$820.0m | C$626.0m | C$744.0m |
| Capital spending | −C$249.0m | −C$321.0m | −C$888.0m | −C$949.0m | −C$489.0m | −C$500.0m | −C$431.0m | −C$297.0m | −C$389.0m | −C$379.0m |
| Free cash flow | C$397.0m | C$475.0m | C$576.0m | −C$72.0m | C$512.0m | C$202.0m | C$418.0m | C$523.0m | C$237.0m | C$365.0m |
| Dividends paid | −C$126.0m | −C$123.0m | −C$109.0m | −C$97.0m | −C$87.0m | −C$86.0m | −C$85.0m | −C$86.0m | −C$86.0m | −C$111.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | C$487.0m | C$565.0m | C$599.0m | C$615.0m | C$433.0m | C$758.0m | C$678.0m | C$638.0m |
| Gross profit | C$433.0m | C$243.0m | C$138.0m | C$174.0m | C$161.0m | C$259.0m | C$156.0m | C$241.0m |
| Operating income | C$202.0m | C$24.0m | −C$90.0m | C$11.0m | −C$32.0m | C$108.0m | C$6.0m | C$91.0m |
| Net income | C$49.0m | C$13.0m | −C$36.0m | −C$49.0m | −C$99.0m | C$46.0m | −C$39.0m | −C$23.0m |
| Diluted earnings per share | 0.16 | 0.04 | -0.12 | -0.16 | -0.33 | 0.15 | -0.13 | -0.08 |
| Cash from operations | C$62.0m | C$120.0m | C$238.0m | C$251.0m | C$157.0m | C$7.0m | C$215.0m | C$229.0m |
| Capital spending | −C$45.0m | −C$27.0m | −C$91.0m | −C$55.0m | −C$78.0m | −C$34.0m | −C$114.0m | −C$74.0m |
| Free cash flow | C$17.0m | C$93.0m | C$147.0m | C$196.0m | C$79.0m | −C$27.0m | C$101.0m | C$155.0m |
| Total assets | C$8.84bn | C$8.79bn | C$8.66bn | C$8.89bn | C$8.94bn | C$9.48bn | C$9.50bn | C$8.65bn |
| Cash and short-term investments | C$302.0m | C$334.0m | C$283.0m | C$211.0m | C$222.0m | C$238.0m | C$337.0m | C$401.0m |
| Debt | C$4.24bn | C$4.46bn | C$4.34bn | C$4.42bn | C$4.51bn | C$4.63bn | C$4.56bn | C$4.17bn |
| Shareholders' equity | C$1.78bn | C$1.41bn | C$1.40bn | C$1.53bn | C$1.58bn | C$1.73bn | C$1.75bn | C$1.81bn |
Financial ratios
Data as of 16 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 32.6% | 40.0% | 49.0% | 37.4% | 35.9% | 31.5% |
| Operating margin | 6.2% | 21.3% | 32.0% | 19.9% | 15.3% | -0.9% |
| Net margin | -5.7% | 8.0% | 20.7% | 1.7% | -19.7% | -13.7% |
| Return on equity | -9.9% | 13.1% | 45.2% | 4.5% | -33.9% | -12.2% |
| Return on assets | -1.6% | 2.4% | 8.0% | 0.5% | -5.8% | -2.9% |
| Free cash flow yield | 16.7% | 20.5% | 42.4% | 37.4% | 30.5% | 24.7% |
| Revenue growth | -15.4% | -15.2% | 12.7% | 9.4% | 29.5% | -10.5% |
| Earnings growth | -160.3% | -67.1% | 1290.0% | -109.3% | 87.1% | -450.0% |
| Current ratio | 0.73x | 0.69x | 0.91x | 1.29x | 1.14x | 2.03x |
| Debt to equity | 3.00x | 2.53x | 2.65x | 3.86x | 2.47x | 1.38x |
| Equity ratio | 16.2% | 18.4% | 17.8% | 10.3% | 17.1% | 24.1% |
| Interest coverage | 0.51x | 2.24x | 5.07x | 2.48x | 1.81x | -0.08x |
| Buybacks as a share of market value | 1.7% | 1.9% | -13.7% | 0.0% | -0.4% | 2.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.8% | 2.7% | 0.6% |
| Operating income | — | 17.5% | — |
| Net income | — | -13.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 36.6% | 40.4% | 38.5% | 36.5% |
| Operating margin | 6.9% | 17.0% | 10.2% | 10.5% |
| Net margin | 1.7% | 7.2% | 0.1% | -0.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -37.4 | 26.8 | 4.9 | 65.6 | -7.1 | -9.1 | 31.4 | -8.1 | -13.4 | 12.7 |
| Price to sales | 2.1 | 2.2 | 1.0 | 1.1 | 1.4 | 1.2 | 1.1 | 0.7 | 0.9 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 37 years. Last went ex-dividend on 1 Sept 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.14 | 0.26 | 0.24 | 0.225 | 0.21 | 0.19 | 0.215 | 0.12 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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