Chorus Aviation Inc CHR

IndustrialsPassenger Transportation ServicesCanada

Last close 31.28 CAD on Nov 3, 2026, +47.8% year to date

Quant rating

Quant rating A Rank 3 of 53 in Industrials

Growth D 47 of 53
Valuation A 7 of 53
Quality B 13 of 53
Revisions A 6 of 53
Momentum B 11 of 53

Wall Street consensus Buy (2.00)Average target 34.00 CAD +8.7%

Historical valuation

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

Key data

Market cap: 688M
Enterprise value: 969M
52-week range: 20.80 – 31.44
3-year range: 14.00 – 31.44
Dividend yield: 1.42%
Beta (5 years): 1.56
Shares outstanding: 22.0M
Next earnings: Nov 9, 2026

About the company

Chorus Aviation Inc. is a Canada-based holding company, and its subsidiaries operate in the four sectors of the aviation industry, namely, contract flying, aircraft leasing, maintenance, repair, and operations (MRO), part sales and technical services, and pilot training. Its subsidiaries: Jazz Aviation LP, the regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation Corp, a provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy LP, a training academy preparing pilots for direct entry into airlines. Together, the Company's subsidiaries provide services that encompass every stage of an aircraft's lifecycle, including contract flying, aircraft refurbishment, engineering, modification, repurposing and transition; aircraft and component maintenance, disassembly, and parts provisioning; aircraft acquisition and leasing; and pilot training.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,316	1,405	1,400	1,596	1,023	–
Revenue growth	−6.3%	0.4%	−12.3%	56.0%	7.9%	6.8%
EPS (basic, normalized)	2.27	2.27	2.10	3.18	2.52	–
EPS growth	0.0%	8.1%	−33.9%	26.1%	–	–
Gross margin	67.1%	64.6%	67.4%	71.5%	76.3%	69.4%
Net margin	6.0%	−8.9%	4.4%	1.6%	−2.0%	0.2%
ROE	15.4%	−2.1%	8.2%	5.2%	−3.1%	4.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	26.8
Current ratio	0.97x
Long-term debt (mil)	190
Net debt (mil)	281
Total equity (mil)	506
Net debt / equity	0.56x
Net debt / EBITDA	1.36x

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
2025 actual	1,316	−6.3%	0.7x	207	−6.9%	4.7x	2.27	0.0%	13.8x
2026	1,338	+1.6%	0.7x	187	−9.6%	5.2x	2.53	+11.3%	12.4x
2027	1,346	+0.6%	0.7x	184	−1.8%	5.3x	2.48	−1.8%	12.6x
2028	1,334	−0.9%	0.7x	180	−2.1%	5.4x	2.60	+4.8%	12.0x

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
2026	1,338	+0.1%	+0.1%	+4.2%	2.53	+0.7%	+0.7%	+31.9%
2027	1,346	+0.5%	+0.5%	+3.6%	2.48	+1.6%	+1.6%	+14.6%
2028	1,334	+1.0%	+1.0%	+0.8%	2.60	+2.8%	+2.8%	+37.0%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	426	351	342	353	348	325	324	320	325	349
Sales mean (mil)	399	388	368	363	359	351	334	342	326	329
Surprise	+6.9%	−9.4%	−7.0%	−2.8%	−3.0%	−7.4%	−3.1%	−6.5%	−0.1%	+6.4%
EPS reported	0.42	0.07	0.42	0.60	0.57	0.66	0.60	0.57	0.54	0.83
EPS mean	0.37	0.35	0.14	0.47	0.54	0.59	0.57	0.65	0.49	0.54
Surprise	+14.9%	−80.0%	+211.0%	+26.8%	+4.9%	+12.1%	+4.9%	−11.9%	+11.0%	+54.2%

Peer comparison Passenger Transportation Services

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
CHR Chorus Aviation Inc	688M	1.36x	6.0%	1.40x	12.4x	12.6x	5.2x	5.3x
RYAAY Ryanair Holdings PLC	38.8B	−0.50x	14.0%	2.17x	14.2x	12.3x	6.4x	6.0x
ICAGY International Consolidated Airlines Group, S.A.	34.0B	–	–	–	8.1x	6.3x	–	–
LUV Southwest Airlines Co	29.8B	1.08x	1.6%	2.90x	15.7x	10.4x	6.9x	5.7x
AIRYY Air China Limited	23.3B	–	–	–	–	–	–	–
LTM LATAM Airlines Group S.A.	17.9B	1.67x	10.2%	6.33x	8.7x	6.3x	4.6x	3.8x
Mean		0.90x	7.9%	3.20x	11.8x	9.6x	5.8x	5.2x
Median		1.22x	8.1%	2.54x	12.4x	10.4x	5.8x	5.5x

Technical analysis

1M+7.7%
3M+27.7%
1Y+36.0%
3Y+97.5%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Chorus Aviation Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,316	1,405	1,400	1,596	1,023	949
Cost of revenue	433	497	456	456	243	172
Gross profit	883	908	944	1,140	781	777
Selling, general & administrative expenses	511	520	515	514	374	322
Research & development	–	–	–	–	–	–
Depreciation/amortization	107	116	91.5	182	147	156
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	20.5	54.6	68.2
Other operating expenses	165	178	179	235	135	116
Operating income	99.6	92.6	159	188	71.0	115
Net interest income (expense)	−1.0	−95.4	−21.5	−115	−101	−65.6
Gain (loss) on sale of assets	0	0.1	0	0.2	1.7	−1.9
Other non-operating income (expense)	0	0	0	0	0.3	0
Net income before taxes	98.6	−2.6	137	73.8	−27.9	47.0
Provision for taxes	19.9	13.2	35.4	21.9	−7.4	5.5
Minority interest	0	−2.1	−4.8	−3.0	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	78.7	−17.8	96.9	48.9	−20.5	41.5
Extraordinary items	0	−141	4.5	–	–	–
Net income	78.7	−158	101	48.9	−20.5	41.5
EBIT, normalized	99.6	106	160	210	89.0	77.3
EBITDA, normalized	205	210	250	388	234	233
Basic EPS, normalized	2.27	2.27	2.10	3.18	2.52	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Chorus Aviation Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	28.7	222	86.0	100	124	166
Receivables	124	145	226	203	138	121
Total inventory	159	149	207	114	76.2	81.2
Prepaid expenses	24.7	24.3	22.3	19.3	12.2	11.0
Other current assets	0	0	90.4	67.9	0	0
Total current assets	337	540	631	504	350	379
Property, plant & equipment	920	1,011	2,967	3,282	2,589	2,772
Goodwill	10.4	7.2	9.0	9.0	7.2	7.2
Intangibles	1.7	1.7	14.6	18.9	1.7	1.7
Long-term investments	–	0	24.8	26.0	–	–
Note receivable	5.3	0	39.5	42.8	3.6	6.2
Other long-term assets	36.2	46.6	166	173	229	172
Total assets	1,310	1,607	3,851	4,056	3,181	3,338
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	173	258	300	331	195	137
Accrued expenses	18.1	18.3	24.4	15.3	12.6	8.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	66.9	234	433	345	230	220
Other current liabilities	1.3	61.4	46.6	41.0	14.3	14.9
Total current liabilities	259	571	805	733	452	380
Long-term debt	307	283	1,322	1,685	1,684	1,974
Minority interest	–	0	86.6	88.8	–	–
Other liabilities	237	241	443	370	355	342
Total liabilities	803	1,095	2,657	2,876	2,490	2,696
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	344	395	782	789	357	288
Additional paid-in capital	898	926	1,034	1,038	1,040	1,040
Retained earnings (accumulated deficit)	−737	−813	−625	−678	−706	−684
Treasury stock	–	–	–	–	–	–
Other equity	2.5	4.2	3.0	31.1	0.4	−2.6
Total equity	508	512	1,194	1,180	690	641
Total liabilities & shareholders' equity	1,310	1,607	3,851	4,056	3,181	3,338

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Chorus Aviation Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	78.7	−15.8	106	51.9	−20.5	41.5
Depreciation, depletion & amortization	107	116	238	203	201	224
Deferred taxes	−7.5	−8.5	32.5	−14.2	−14.2	12.3
Non-cash items	−12.9	152	−14.9	10.5	21.9	−16.8
Changes in working capital	−103	21.0	−62.1	28.8	−3.3	−105
Cash from operations	62.7	265	300	280	185	157
Investing activities
Capital expenditures	−34.9	−52.9	−43.2	−62.3	−74.7	−406
Other investing cash flows	6.9	872	80.7	−169	29.0	−1.5
Cash from investing	−28.0	819	37.6	−231	−45.7	−408
Financing activities
Financing cash flow items	0	−210	82.0	−6.4	–	–
Cash dividends paid	−3.9	−26.8	−35.1	−14.6	0	−18.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−222	−827	−372	−50.4	−181	353
Cash from financing	−225	−1,063	−326	−71.5	−181	335
Foreign exchange effects	−2.8	25.3	−3.2	12.8	−0.4	−5.1
Net change in cash	−194	45.8	8.5	−10.5	−42.1	78.5
Free cash flow	27.9	212	257	217	110	−249

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 3, 2026 after market close.