Exchange Income Corp EIF

IndustrialsPassenger Transportation ServicesCanada

Last close 117.81 CAD on Nov 3, 2026, +46.7% year to date

Quant rating

Quant rating B Rank 13 of 53 in Industrials

Growth B 12 of 53
Valuation C 26 of 53
Quality C 22 of 53
Revisions B 16 of 53
Momentum C 25 of 53

Wall Street consensus Buy (1.83)Average target 152.00 CAD +29.0%

Historical valuation

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

Key data

Market cap: 6.7B
Enterprise value: 9.2B
52-week range: 73.81 – 136.75
3-year range: 43.28 – 136.75
Dividend yield: 2.52%
Beta (5 years): 0.91
Shares outstanding: 56.4M
Next earnings: Nov 12, 2026

About the company

Exchange Income Corporation is a diversified, acquisition-oriented corporation. The Company's segments include Aerospace & Aviation and Manufacturing. The Aerospace & Aviation segment comprises three lines of business: Essential Air Services, Aerospace, and Aircraft Sales & Leasing. Essential Air Services includes both fixed wing and rotary wing operations. Aerospace includes its vertically integrated aerospace offerings that provide customized and integrated special mission aircraft solutions primarily to governments across the globe. Aircraft Sales & Leasing includes aftermarket aircraft, engine and parts sales, aircraft and engine leasing and aircraft management services. These services encompass mission systems design and integration and aircraft modifications. It also offers essential passenger and cargo services. The Manufacturing segment comprises three lines of business: Environmental Access Solutions, Multi-Storey Window Solutions and Precision Manufacturing & Engineering.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,277	2,660	2,498	2,059	1,413	–
Revenue growth	23.2%	6.5%	21.3%	45.7%	22.9%	23.3%
EPS (basic, normalized)	3.61	3.10	3.07	3.13	2.26	–
EPS growth	16.5%	1.0%	−1.9%	38.5%	–	–
Gross margin	36.5%	36.4%	34.4%	34.5%	36.9%	35.7%
Net margin	5.1%	4.6%	4.9%	5.3%	4.9%	4.9%
ROE	10.6%	9.1%	10.8%	12.1%	9.2%	10.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	82.0
Current ratio	1.63x
Long-term debt (mil)	2,535
Net debt (mil)	2,514
Total equity (mil)	1,832
Net debt / equity	1.37x
Net debt / EBITDA	3.33x

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	3,277	+23.2%	2.8x	754	+20.1%	12.2x	3.61	+16.5%	32.6x
2026	3,912	+19.4%	2.3x	906	+20.1%	10.1x	4.66	+29.1%	25.3x
2027	4,215	+7.7%	2.2x	1,005	+10.9%	9.1x	5.30	+13.8%	22.2x
2028	4,540	+7.7%	2.0x	1,093	+8.8%	8.4x	6.29	+18.6%	18.7x

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	3,912	+0.2%	+3.0%	+4.6%	4.66	+0.2%	+1.5%	+14.7%
2027	4,215	+0.5%	+3.4%	+5.2%	5.30	0.0%	+2.0%	+6.6%
2028	4,540	+0.2%	+4.3%	+5.8%	6.29	−0.1%	+0.8%	+15.3%

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)	602	661	710	688	668	720	960	930	867	952
Sales mean (mil)	611	679	745	712	666	733	843	877	823	914
Surprise	−1.6%	−2.7%	−4.8%	−3.4%	+0.4%	−1.7%	+13.8%	+6.0%	+5.3%	+4.2%
EPS reported	0.20	0.77	1.18	0.80	0.28	0.88	1.36	1.04	0.61	1.11
EPS mean	0.19	0.85	1.22	0.83	0.31	0.89	1.45	1.00	0.36	1.09
Surprise	+4.6%	−9.8%	−3.3%	−3.7%	−9.7%	−1.6%	−6.0%	+4.5%	+70.0%	+2.1%

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
EIF Exchange Income Corp	6.7B	3.33x	5.1%	3.62x	25.3x	22.2x	10.1x	9.1x
ICAGY International Consolidated Airlines Group, S.A.	34.0B	–	–	–	8.1x	6.3x	–	–
AIRYY Air China Limited	23.3B	–	–	–	–	–	–	–
QABSY Qantas Airways Limited	13.9B	–	–	–	12.0x	8.1x	–	–
ESYJY easyJet plc	9.7B	–	–	–	120.5x	17.7x	–	–
CPA Copa Holdings, S.A.	7.8B	1.10x	18.6%	1.93x	9.2x	7.2x	5.7x	4.9x
Mean		2.22x	11.8%	2.78x	35.0x	12.3x	7.9x	7.0x
Median		2.22x	11.8%	2.78x	12.0x	8.1x	7.9x	7.0x

Technical analysis

1M+2.0%
3M−5.6%
1Y+55.6%
3Y+192.1%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Exchange Income Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,277	2,660	2,498	2,059	1,413	1,150
Cost of revenue	2,080	1,692	1,638	1,348	892	693
Gross profit	1,197	968	860	711	521	457
Selling, general & administrative expenses	443	340	305	255	191	172
Research & development	–	–	–	–	–	–
Depreciation/amortization	385	310	266	220	186	183
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	9.7	11.8	7.8	6.8	3.0	7.9
Other operating expenses	0	0	0	0	0	0
Operating income	360	306	282	230	140	93.8
Net interest income (expense)	−132	−138	−120	−78.4	−52.2	−50.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	1.0	0	6.0	0.2
Net income before taxes	228	168	163	151	94.3	43.0
Provision for taxes	60.6	46.7	40.8	41.8	25.7	14.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	168	121	122	110	68.6	28.1
Extraordinary items	–	–	–	–	–	–
Net income	168	121	122	110	68.6	28.1
EBIT, normalized	369	318	290	237	125	37.7
EBITDA, normalized	754	628	556	456	312	221
Basic EPS, normalized	3.61	3.10	3.07	3.13	2.26	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Exchange Income Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	146	71.8	104	140	75.4	69.9
Receivables	655	674	584	468	329	285
Total inventory	511	497	408	335	255	236
Prepaid expenses	60.6	37.0	63.6	103	40.1	28.0
Other current assets	0	0	0	0	0	0
Total current assets	1,373	1,279	1,159	1,046	700	619
Property, plant & equipment	2,604	1,993	1,741	1,442	1,154	1,041
Goodwill	825	827	713	626	487	398
Intangibles	348	365	332	300	181	162
Long-term investments	86.8	110	121	109	58.8	49.0
Note receivable	4.8	1.3	0.9	10.1	5.2	24.4
Other long-term assets	19.0	23.5	11.6	15.2	2.6	1.9
Total assets	5,262	4,599	4,080	3,549	2,589	2,294
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	577	474	462	452	268	215
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	56.6	39.8	36.9	31.1	119	22.6
Other current liabilities	171	137	120	97.5	88.3	58.2
Total current liabilities	805	651	619	580	475	295
Long-term debt	2,376	2,293	1,970	1,747	1,170	1,184
Minority interest	5.0	–	–	–	–	–
Other liabilities	318	246	246	202	143	129
Total liabilities	3,504	3,189	2,834	2,530	1,788	1,608
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,734	1,377	1,253	1,020	853	731
Additional paid-in capital	17.9	17.1	16.6	16.6	13.0	9.8
Retained earnings (accumulated deficit)	−51.2	−78.8	−74.2	−81.9	−94.1	−77.3
Treasury stock	–	–	–	–	–	–
Other equity	57.2	94.2	50.1	64.6	28.5	22.1
Total equity	1,757	1,410	1,245	1,019	800	686
Total liabilities & shareholders' equity	5,262	4,599	4,080	3,549	2,589	2,294

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Exchange Income Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	168	121	122	110	68.6	28.1
Depreciation, depletion & amortization	385	310	266	220	186	183
Deferred taxes	26.6	6.4	14.8	19.9	7.9	−2.1
Non-cash items	3.4	0.7	2.9	7.0	1.4	12.7
Changes in working capital	65.6	−81.8	−52.6	−21.2	20.8	38.5
Cash from operations	648	357	353	335	285	260
Investing activities
Capital expenditures	−730	−490	−506	−367	−279	−146
Other investing cash flows	−49.9	−77.2	−145	−289	−78.5	−50.0
Cash from investing	−780	−568	−651	−655	−358	−196
Financing activities
Financing cash flow items	0	1.6	−1.1	−0.4	–	0
Cash dividends paid	−140	−126	−115	−97.5	−85.4	−80.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	349	301	377	479	165	64.9
Cash from financing	209	176	261	381	79.4	−15.2
Foreign exchange effects	−3.0	2.4	−0.2	3.9	−1.0	−0.7
Net change in cash	74.0	−31.8	−36.3	64.5	5.5	47.8
Free cash flow	−82.2	−133	−153	−31.5	5.6	114

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.