Aritzia Inc. ATZ

Consumer DiscretionarySpecialty RetailersCanada

Last close 155.50 CAD on Nov 1, 2026, +32.5% year to date

Quant rating

Quant rating A+ Rank 3 of 32 in Consumer Discretionary

Growth A 2 of 32
Valuation B 21 of 32
Quality A 2 of 32
Revisions A 1 of 32
Momentum A 1 of 32

Wall Street consensus Buy (2.12)Average target 187.87 CAD +20.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 14.9B
Enterprise value: 15.5B
52-week range: 92.30 – 174.52
3-year range: 21.02 – 174.52
Dividend yield: –
Beta (5 years): 1.73
Shares outstanding: 95.5M
Next earnings: Jan 6, 2027

About the company

Aritzia Inc. is a vertically integrated design house with a global platform. The Company is the creator and purveyor of Everyday Luxury, home to a portfolio of brands for every function and individual aesthetic. The Company provides personal shopping experiences at aritzia.com and in about 130 boutiques throughout Canada and the United States. The Company’s product categories include blazers and vests, intimates and shapewear, jackets and coats, jeans, bike shorts, bra tops, jackets, leggings, pants, shorts, and others. The Company offers its products under various brands, including Babaton, Denim Forum, Golden, Little Moon, Sunday Best, Ten, The Group, The Super Puff, Tna, Wilfred, Wilfred Free, and others. It also offers products from other brands, including adidas, AGOLDE, ASICS, Birkenstock, Citizens of Humanity, Levi’s Premium, New Balance, PUMA, RE/DONE, Salomon, and others. It offers various categories of accessories, including bags, belts, hats, shoes, socks and tights.

Growth and profitability fiscal year ends February 28

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	3,702	2,738	2,332	2,196	1,495	–
Revenue growth	35.2%	17.4%	6.2%	46.9%	74.3%	34.0%
EPS (basic, normalized)	3.25	1.98	0.92	1.86	1.53	–
EPS growth	64.1%	115.2%	−50.5%	21.6%	–	–
Gross margin	44.9%	43.1%	38.5%	41.6%	43.8%	42.4%
Net margin	10.3%	7.6%	3.4%	8.5%	10.5%	8.1%
ROE	31.1%	21.8%	10.6%	30.8%	35.2%	25.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	528
Current ratio	1.31x
Long-term debt (mil)	1,047
Net debt (mil)	650
Total equity (mil)	1,487
Net debt / equity	0.44x
Net debt / EBITDA	1.01x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	3,702	+35.2%	4.2x	646	+71.3%	24.0x	3.25	+64.1%	47.8x
2027	4,869	+31.5%	3.2x	984	+52.2%	15.8x	5.27	+62.2%	29.5x
2028	5,656	+16.2%	2.7x	1,176	+19.6%	13.2x	6.39	+21.2%	24.3x
2029	6,529	+15.4%	2.4x	1,408	+19.7%	11.0x	7.63	+19.4%	20.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	4,869	+3.4%	+3.3%	+15.5%	5.27	+6.8%	+7.7%	+31.2%
2028	5,656	+4.3%	+4.3%	+15.7%	6.39	+6.2%	+6.6%	+26.0%
2029	6,529	+4.9%	+5.6%	–	7.63	+4.9%	+7.0%	–

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	499	616	729	895	663	812	1,040	1,187	951	1,170
Sales mean (mil)	486	583	701	846	639	753	935	1,142	920	1,123
Surprise	+2.5%	+5.6%	+4.0%	+5.8%	+3.8%	+7.9%	+11.3%	+3.9%	+3.4%	+4.2%
EPS reported	0.22	0.21	0.71	0.83	0.42	0.59	1.10	1.15	0.96	1.31
EPS mean	0.16	0.15	0.62	0.70	0.38	0.39	0.89	1.03	0.88	1.05
Surprise	+34.4%	+40.0%	+14.2%	+17.9%	+9.4%	+50.9%	+23.7%	+11.7%	+9.3%	+24.4%

Peer comparison Specialty Retailers

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ATZ Aritzia Inc.	14.9B	1.01x	10.3%	11.87x	29.5x	24.3x	15.8x	13.2x
ROST Ross Stores Inc	102.0B	−1.02x	9.4%	10.82x	27.4x	25.4x	17.4x	16.5x
AS Amer Sports Inc	23.0B	0.35x	6.5%	2.39x	22.2x	18.0x	10.7x	9.0x
BURL Burlington Stores, Inc.	20.8B	0.94x	5.3%	7.44x	20.1x	17.4x	10.7x	9.5x
URBN Urban Outfitters, Inc.	10.9B	−0.98x	7.5%	2.72x	14.5x	13.1x	8.1x	7.7x
VSXY Victoria's Secret & Co.	10.8B	0.83x	2.5%	7.81x	20.0x	16.8x	10.1x	8.9x
Mean		0.19x	6.9%	7.17x	22.3x	19.2x	12.1x	10.8x
Median		0.59x	7.0%	7.62x	21.1x	17.7x	10.7x	9.3x

Technical analysis

1M+29.7%
3M+12.9%
1Y+60.5%
3Y+606.8%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Aritzia Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	3,702	2,738	2,332	2,196	1,495	857
Cost of revenue	2,041	1,557	1,433	1,282	840	545
Gross profit	1,661	1,181	899	914	655	313
Selling, general & administrative expenses	1,137	886	741	627	425	261
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−5.2	2.8	10.1	1.0	−2.4	–
Other operating expenses	0	0	0	0	0	0
Operating income	529	292	148	286	233	51.1
Net interest income (expense)	−12.4	−9.0	−48.7	−22.4	−11.3	−24.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	7.5	15.0	0	−2.0	0
Net income before taxes	517	290	115	264	220	26.2
Provision for taxes	135	82.7	35.8	76.2	62.7	7.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	382	208	78.8	188	157	19.2
Extraordinary items	–	–	–	–	–	–
Net income	382	208	78.8	188	157	19.2
EBIT, normalized	524	295	158	287	229	18.5
EBITDA, normalized	738	481	326	421	341	124
Basic EPS, normalized	3.25	1.98	0.92	1.86	1.53	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Aritzia Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	592	286	163	86.5	265	149
Receivables	50.0	30.7	25.5	24.6	14.6	10.9
Total inventory	495	379	340	468	208	172
Prepaid expenses	–	40.0	37.3	33.1	33.6	23.5
Other current assets	115	21.2	0	0	0	0
Total current assets	1,252	757	566	612	522	355
Property, plant & equipment	1,571	1,380	1,064	923	586	553
Goodwill	199	199	199	199	199	152
Intangibles	105	104	85.0	86.4	87.4	62.0
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	8.6	16.4	32.4	16.8	30.7	18.7
Total assets	3,136	2,456	1,946	1,837	1,425	1,141
Liabilities
Accounts payable	411	189	134	149	125	96.5
Payable/accrued	–	–	–	–	–	–
Accrued expenses	30.2	64.7	53.7	44.2	38.5	23.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	105	108	107	117	86.7	71.5
Other current liabilities	329	164	109	106	138	58.2
Total current liabilities	875	525	403	417	387	249
Long-term debt	891	811	699	655	417	498
Minority interest	–	–	0	35.5	35.5	–
Other liabilities	8.9	24.5	36.6	43.3	53.9	33.0
Total liabilities	1,775	1,361	1,139	1,151	894	780
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	441	383	308	266	251	229
Additional paid-in capital	136	102	96.2	68.7	56.3	56.6
Retained earnings (accumulated deficit)	793	610	407	355	224	75.2
Treasury stock	–	–	–	–	–	–
Other equity	−8.7	−0.2	−3.8	−3.7	−0.4	−0.2
Total equity	1,361	1,095	807	686	531	360
Total liabilities & shareholders' equity	3,136	2,456	1,946	1,837	1,425	1,141

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Aritzia Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	382	208	78.8	188	157	19.2
Depreciation, depletion & amortization	214	187	168	134	113	105
Deferred taxes	–	–	–	–	–	–
Non-cash items	203	156	111	137	102	35.9
Changes in working capital	23.4	−94.9	0.7	−383	−33.1	−26.3
Cash from operations	823	456	359	74.9	338	134
Investing activities
Capital expenditures	−285	−277	−177	−126	−67.0	−50.8
Other investing cash flows	0	0	−6.3	−5.6	−32.6	0
Cash from investing	−285	−277	−183	−131	−99.6	−50.8
Financing activities
Financing cash flow items	–	0	−0.6	0	−0.7	–
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−227	−60.4	−98.1	−123	−123	−48.9
Cash from financing	−227	−60.4	−98.7	−123	−124	−48.9
Foreign exchange effects	−4.2	4.2	−0.4	0.1	1.4	−2.8
Net change in cash	306	122	76.8	−179	116	31.4
Free cash flow	538	179	182	−50.7	271	83.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.