Element Fleet Management Corp. EFN

IndustrialsBanking ServicesCanada

Last close 22.12 CAD on Nov 2, 2026, −37.6% year to date

Quant rating

Quant rating D Rank 38 of 53 in Industrials

Growth B 16 of 53
Valuation A 5 of 53
Quality D 44 of 53
Revisions C 34 of 53
Momentum D 49 of 53

Wall Street consensus Buy (1.90)Average target 35.75 CAD +61.6%

Historical valuation

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

Key data

Market cap: 8.7B
Enterprise value: 21.7B
52-week range: 20.39 – 38.07
3-year range: 19.37 – 38.11
Dividend yield: 2.74%
Beta (5 years): 0.44
Shares outstanding: 391M
Next earnings: Nov 3, 2026

About the company

Element Fleet Management Corp. is a Canada-based fleet solutions providers. It operates as a pure-play automotive fleet manager. The Company offers a full range of fleet services and solutions to corporations, governments and not for profits across North America, Australia, and New Zealand. Its services address every aspect of clients' fleet requirements, from vehicle acquisition, maintenance, accidents and remarketing, to integrating electric vehicles' (EV) and managing the complexity of gradual fleet electrification. It offers a range of fleet solutions consisting of cost management; driver productivity and vehicle uptime; fleet electrification, lease vs ownership, sale leaseback, and others. Its fleet types include global; government and public sector; material handling equipment; sales, and heavy trucks. It offers fleet solutions to various industries, such as construction; energy, oil and gas; food and beverage; healthcare; services; transportation, and utilities.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,035	3,028	2,401	1,924	1,595	–
Revenue growth	0.2%	26.1%	24.8%	20.6%	−2.2%	13.2%
EPS (basic, normalized)	1.46	1.11	0.85	0.78	0.61	–
EPS growth	32.0%	30.4%	8.7%	27.9%	−3.8%	18.2%
Gross margin	74.8%	72.0%	74.3%	82.7%	85.1%	77.8%
Net margin	12.6%	18.0%	18.1%	20.6%	20.5%	18.0%
ROE	–	15.8%	14.3%	12.3%	9.8%	13.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	288
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	13,514
Net debt (mil)	13,228
Total equity (mil)	3,783
Net debt / equity	3.50x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	3,035	+0.2%	7.2x	9.33	−7.3%	2.4x	1.70	+7.7%	13.0x
2026	1,818	−40.1%	11.9x	9.86	+5.7%	2.2x	1.97	+16.1%	11.2x
2027	1,961	+7.9%	11.1x	10.76	+9.1%	2.1x	2.20	+11.5%	10.1x
2028	2,102	+7.2%	10.3x	11.92	+10.8%	1.9x	2.41	+9.6%	9.2x

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	1,818	−0.1%	+8.1%	−0.2%	1.97	−0.2%	−1.1%	−0.7%
2027	1,961	−0.2%	−1.2%	+0.1%	2.20	−0.8%	−0.3%	+0.1%
2028	2,102	−1.0%	−3.3%	–	2.41	−0.3%	+1.7%	–

Earnings surprises EPS beat in 2 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)	262	275	280	271	276	290	306	579	324	318
Sales mean (mil)	244	262	277	277	279	285	304	312	312	320
Surprise	+7.2%	+4.7%	+0.8%	−2.2%	−1.2%	+1.7%	+0.8%	+85.5%	+3.7%	−0.7%
EPS reported	0.26	0.29	0.29	0.27	0.28	0.30	0.33	0.33	0.35	0.34
EPS mean	0.25	0.27	0.28	0.28	0.28	0.30	0.33	0.34	0.34	0.35
Surprise	+5.1%	+7.9%	+4.0%	−4.4%	−0.9%	+1.0%	+0.6%	−1.8%	+4.3%	−2.7%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
EFN Element Fleet Management Corp.	8.7B	–	12.6%	–	11.2x	10.1x	2.2x	2.1x
RY Royal Bank of Canada	397.2B	14.9%	19.1%	1.45x	17.5x	16.0x	2.9x	2.7x
TD The Toronto-Dominion Bank	288.1B	16.1%	22.8%	1.37x	17.3x	15.6x	2.6x	2.5x
BMO Bank of Montreal	168.4B	14.7%	13.0%	1.44x	16.3x	14.6x	2.1x	2.0x
BNS The Bank of Nova Scotia	160.6B	15.1%	12.6%	1.25x	15.4x	13.8x	2.0x	1.9x
CM Canadian Imperial Bank of Commerce	149.5B	15.6%	16.5%	1.37x	15.6x	14.3x	2.5x	2.3x
Mean		15.3%	16.1%	1.38x	15.5x	14.1x	2.4x	2.3x
Median		15.1%	14.8%	1.37x	15.9x	14.5x	2.4x	2.2x

Technical analysis

1M−1.7%
3M−29.2%
1Y−40.3%
3Y+20.9%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Element Fleet Management Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	3,035	3,028	2,401	1,924	1,595	1,631
Total interest expense	–	–	–	–	–	–
Net interest income	3,035	3,028	2,401	1,924	1,595	1,631
Loan loss provision	–	–	–	–	–	–
Net interest income after loan loss provision	–	–	–	–	–	–
Non-interest income	–	–	–	–	–	–
Non-interest expense	–	–	–	–	–	–
Net income before taxes	726	738	595	572	461	316
Provision for taxes	343	182	137	146	102	43.6
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	383	557	458	426	359	273
Extraordinary items	–	–	–	–	–	–
Net income	383	557	458	426	359	273
Basic weighted average shares (mil)	402	397	390	397	423	439
Diluted weighted average shares (mil)	402	404	405	413	439	439
Basic EPS excluding extraordinary items	0.95	1.38	1.11	1.00	0.77	0.53
Basic EPS, normalized	1.46	1.11	0.85	0.78	0.61	0.64

Balance sheet in millions of CAD, fiscal years

Balance sheet, Element Fleet Management Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	–	–	–	–	–	–
Other earning assets	–	–	–	–	–	–
Net loans	–	–	–	–	–	–
Property, plant & equipment	4,056	3,664	3,641	2,888	2,391	2,270
Goodwill	1,463	1,481	1,269	1,295	1,221	1,223
Intangibles	844	924	846	865	830	814
Long-term investments	–	–	–	–	–	–
Other long-term assets	627	692	637	799	819	833
Other assets	96.3	141	113	132	26.3	53.6
Total assets	19,054	18,264	16,464	14,332	12,973	14,991
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	1,588	1,794	1,600	1,401	1,133	1,051
Accrued expenses	–	–	–	–	–	–
Total deposits	–	–	–	–	–	–
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	–	–	–	–	–	–
Current portion of long-term debt	–	7.4	–	11.0	11.7	11.5
Long-term debt	13,448	12,294	10,789	9,025	8,259	10,019
Minority interest	–	–	–	–	–	–
Other liabilities	285	179	176	214	118	126
Total liabilities	15,321	14,274	12,565	10,651	9,522	11,207
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3,070	3,256	2,794	2,868	2,952	3,180
Additional paid-in capital	–	–	–	0	0	51.8
Retained earnings (accumulated deficit)	943	935	562	129	−22.5	−64.1
Treasury stock	–	–	–	–	–	–
Other equity	−280	−202	543	684	522	616
Total equity	3,733	3,989	3,899	3,681	3,451	3,784
Total liabilities & shareholders' equity	19,054	18,264	16,464	14,332	12,973	14,991

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Element Fleet Management Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	383	557	458	426	359	273
Depreciation, depletion & amortization	920	879	745	628	540	483
Deferred taxes	–	–	–	–	–	–
Non-cash items	142	72.0	56.5	57.3	40.1	94.8
Changes in working capital	−1,651	−1,662	−2,546	−873	1,593	1,793
Cash from operations	−206	−154	−1,286	239	2,532	2,644
Investing activities
Capital expenditures	−99.4	−111	−101	−71.7	−87.0	−95.3
Other investing cash flows	−91.7	−116	1.5	3.4	0.3	86.2
Cash from investing	−191	−227	−99.2	−68.3	−86.6	−9.1
Financing activities
Financing cash flow items	−115	1,367	2,036	−13.4	−34.0	−39.4
Cash dividends paid	−205	−211	−177	−158	−145	−96.8
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,022	−501	−463	164	−2,230	−2,554
Cash from financing	701	654	1,396	−7.9	−2,409	−2,691
Foreign exchange effects	−263	−226	49.0	−138	0.6	41.2
Net change in cash	41.7	46.6	60.4	24.6	36.8	−14.7
Free cash flow	−305	−265	−1,387	167	2,445	2,549

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 2, 2026 after market close.