Onex Corporation ONEX

FinancialsInvestment Banking & Investment ServicesCanada

Last close 104.94 CAD on Nov 1, 2026, −6.8% year to date

Quant rating

Quant rating D Rank 46 of 51 in Financials

Growth D 39 of 51
Valuation C 33 of 51
Quality C 35 of 51
Revisions D 39 of 51
Momentum D 40 of 51

Wall Street consensus Buy (2.20)Average target 155.00 CAD +47.7%

Historical valuation

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

Key data

Market cap: 8.0B
Enterprise value: 8.5B
52-week range: 95.15 – 124.06
3-year range: 79.72 – 125.78
Dividend yield: 0.38%
Beta (5 years): 1.03
Shares outstanding: 76.0M
Next earnings: Nov 9, 2026

About the company

Onex Corporation invests and manages capital on behalf of its shareholders and clients across the globe. Its segments include Investing and Asset management. Its Investing segment is engaged in the activity of investing its capital. Its Asset management segment comprises the asset management activities provided by the Company to support its private equity and credit strategies, as well as its corporate functions. It has two primary businesses: Private Equity and Credit. In Private Equity, it raises funds from third-party investors and invests them, along with its own investing capital, through the funds of its private equity platforms: Onex Partners and ONCAP. Similarly, in Credit, it raises and invests capital across several private credit, liquid credit and public equity strategies. Its investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,234	933	1,491	599	2,570	–
Revenue growth	32.2%	−37.4%	149.0%	−76.7%	76.9%	−3.2%
EPS (basic, normalized)	–	–	6.65	–	15.76	–
EPS growth	–	–	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	68.6%	46.7%	47.0%	53.2%	69.1%	56.9%
ROE	–	–	–	–	–	–

Balance sheet, last quarter
Cash & short-term investments (mil)	183
Current ratio	2.99x
Long-term debt (mil)	664
Net debt (mil)	481
Total equity (mil)	13,735
Net debt / equity	0.04x

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	1,234	+32.2%	6.9x	–	–	–	–	–	–

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	–	–	–	–	–	–	–	–
2027	–	–	–	–	–	–	–	–
2028	–	–	–	–	–	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Investment Banking & Investment 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
ONEX Onex Corporation	8.0B	–	68.6%	0.59x	–	–	–	–
BN Brookfield Corporation	134.7B	–	1.5%	1.88x	13.8x	11.0x	37.1x	43.2x
BAM BROOKFIELD ASSET MANAGEMENT LTD	110.6B	2.81x	53.3%	10.26x	26.4x	22.3x	24.7x	20.8x
IGM IGM Financial Inc	18.8B	5.64x	28.8%	2.05x	14.9x	13.5x	14.2x	13.4x
PS Pershing Square Inc	25.5B	–	32.8%	13.42x	88.3x	48.9x	79.3x	39.4x
X TMX Group Ltd	16.5B	–	14.2%	3.33x	24.1x	22.0x	17.1x	15.3x
Mean		4.23x	33.2%	5.26x	33.5x	23.5x	34.5x	26.4x
Median		4.23x	30.8%	2.69x	24.1x	22.0x	24.7x	20.8x

Technical analysis

1M−0.2%
3M−4.8%
1Y−12.8%
3Y+40.1%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Onex Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,234	933	1,491	599	2,570	1,452
Cost of revenue	–	–	–	–	–	–
Gross profit	1,234	933	1,491	599	2,570	1,452
Selling, general & administrative expenses	309	372	456	115	647	299
Research & development	–	–	–	–	–	–
Depreciation/amortization	27.4	34.5	46.4	89.4	74.5	72.6
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2.7	30.2	281	8.1	19.0	132
Other operating expenses	41.2	54.6	1.3	66.4	53.1	17.8
Operating income	854	441	707	320	1,776	931
Net interest income (expense)	−1.4	−2.9	−2.6	−2.7	−2.5	−1.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	852	439	705	317	1,774	929
Provision for taxes	5.5	2.9	4.0	−1.4	−1.3	0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	847	436	701	318	1,775	929
Extraordinary items	–	–	–	–	–	–
Net income	847	436	701	318	1,775	929
EBIT, normalized	856	472	988	328	1,795	1,063
EBITDA, normalized	884	506	1,034	417	1,870	1,136
Basic EPS, normalized	–	–	6.65	–	15.76	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Onex Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,824	1,336	351	150	691	899
Receivables	3,902	8,188	6,036	5,463	5,210	5,479
Total inventory	–	–	–	–	–	–
Prepaid expenses	6.9	5.8	9.3	10.8	11.4	8.9
Other current assets	0	0	0	0	0	0
Total current assets	5,733	9,530	6,396	5,624	5,913	6,387
Property, plant & equipment	52.2	131	158	190	187	215
Goodwill	195	204	197	348	334	336
Intangibles	11.0	15.8	45.0	126	176	213
Long-term investments	9,593	9,990	10,128	10,079	9,512	7,842
Note receivable	–	–	–	–	–	–
Other long-term assets	202	210	160	112	160	116
Total assets	15,785	20,080	17,085	16,480	16,281	15,108
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	57.6	37.4	31.8	37.9	31.6	36.9
Accrued expenses	390	429	432	351	769	494
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	0	0	0	0	0	0
Total current liabilities	447	466	464	389	801	531
Long-term debt	3,259	7,472	5,212	4,821	4,834	5,242
Minority interest	–	–	–	–	–	–
Other liabilities	22.0	35.9	66.2	92.1	67.0	115
Total liabilities	3,729	7,974	5,742	5,302	5,702	5,888
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	351	381	372	389	384	400
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	11,704	11,724	10,970	10,788	10,177	8,803
Treasury stock	–	–	–	–	–	–
Other equity	1.4	1.4	1.3	1.4	19.0	17.8
Total equity	12,057	12,107	11,343	11,178	10,580	9,220
Total liabilities & shareholders' equity	15,785	20,080	17,085	16,480	16,281	15,108

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Onex Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	847	436	701	318	1,775	929
Depreciation, depletion & amortization	27.4	34.5	46.4	89.4	74.5	72.6
Deferred taxes	–	–	–	–	–	–
Non-cash items	−15.1	−374	−470	−660	−1,222	−616
Changes in working capital	61.8	154	−187	−268	−172	101
Cash from operations	921	250	90.1	−520	456	486
Investing activities
Capital expenditures	–	0	−10.6	−10.8	0	−1.3
Other investing cash flows	206	54.6	83.4	328	−69.5	−10.2
Cash from investing	206	54.6	72.8	317	−69.5	−11.5
Financing activities
Financing cash flow items	−1.4	−2.9	−2.6	−2.7	−2.5	−2.5
Cash dividends paid	−27.4	−33.1	−31.8	−35.2	−35.4	−36.9
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−549	687	74.2	−344	−550	−797
Cash from financing	−578	651	39.7	−382	−587	−836
Foreign exchange effects	0	−1.4	1.3	−5.4	0	2.5
Net change in cash	549	955	204	−591	−201	−359
Free cash flow	921	250	79.5	−531	456	485

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.