Toromont Industries Ltd TIH

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsCanada

Last close 193.50 CAD on Nov 1, 2026, +17.5% year to date

Quant rating

Quant rating B Rank 14 of 53 in Industrials

Growth B 20 of 53
Valuation C 35 of 53
Quality A 1 of 53
Revisions C 24 of 53
Momentum D 41 of 53

Wall Street consensus Buy (2.09)Average target 253.50 CAD +31.0%

Historical valuation

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

Key data

Market cap: 15.8B
Enterprise value: 15.4B
52-week range: 153.95 – 243.50
3-year range: 108.03 – 243.50
Dividend yield: 1.16%
Beta (5 years): 0.84
Shares outstanding: 81.6M
Next earnings: Nov 2, 2026

About the company

Toromont Industries Ltd. is a Canada-based company, which serves the specialized equipment and product support needs of a diversified customer base. Its business units include Toromont Cat, Toromont Material Handling, SITECH, Battlefield Equipment Rentals-The Cat Rental Store, Jobsite Industrial Rental Services, and CIMCO. Its segment includes the Equipment Group and CIMCO. The Equipment Group segment includes a Caterpillar dealership by revenue and geographic territory, spanning the Canadian provinces of Newfoundland and Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Quebec, Ontario and Manitoba, in addition to various territories of Nunavut. Its business also includes heavy equipment rental operations and a material handling business. The CIMCO segment is engaged in the designing, engineering, fabrication and installation of industrial and recreational refrigeration systems. It is also engaged in designing and fabrication of power generation and storage enclosures.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	5,203	5,021	4,622	4,115	3,887	–
Revenue growth	3.6%	8.6%	12.3%	5.9%	11.7%	8.4%
EPS (basic, normalized)	6.16	6.13	6.38	5.47	4.00	–
EPS growth	0.5%	−3.9%	16.6%	36.7%	–	–
Gross margin	25.4%	25.1%	26.9%	27.2%	25.0%	25.9%
Net margin	9.5%	10.1%	11.4%	10.9%	8.6%	10.1%
ROE	15.9%	18.0%	21.1%	21.0%	18.2%	18.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,187
Current ratio	2.73x
Long-term debt (mil)	854
Net debt (mil)	−334
Total equity (mil)	3,448
Net debt / equity	−0.10x
Net debt / EBITDA	−0.33x

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	5,203	+3.6%	3.0x	998	+16.5%	15.5x	6.16	+0.5%	31.4x
2026	5,955	+14.4%	2.6x	1,176	+17.8%	13.1x	7.18	+16.6%	26.9x
2027	6,620	+11.2%	2.3x	1,341	+14.0%	11.5x	9.29	+29.3%	20.8x
2028	7,197	+8.7%	2.1x	1,465	+9.2%	10.5x	10.38	+11.8%	18.6x

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	5,955	0.0%	+0.1%	+3.9%	7.18	0.0%	−0.7%	+0.4%
2027	6,620	0.0%	0.0%	+8.5%	9.29	0.0%	−0.5%	+10.4%
2028	7,197	0.0%	+0.7%	+10.9%	10.38	0.0%	−0.1%	+12.2%

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)	1,016	1,360	1,338	1,307	1,090	1,376	1,315	1,422	1,228	1,598
Sales mean (mil)	1,082	1,212	1,262	1,292	1,070	1,343	1,386	1,379	1,159	1,488
Surprise	−6.0%	+12.2%	+6.0%	+1.2%	+1.8%	+2.5%	−5.1%	+3.1%	+5.9%	+7.4%
EPS reported	1.01	1.64	1.60	1.90	0.91	1.52	1.72	1.97	1.13	1.51
EPS mean	1.13	1.57	1.68	1.73	1.05	1.52	1.58	1.89	1.07	1.68
Surprise	−10.3%	+4.3%	−4.9%	+10.1%	−13.2%	+0.2%	+9.1%	+4.2%	+5.7%	−10.1%

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

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
TIH Toromont Industries Ltd	15.8B	−0.33x	9.5%	4.58x	26.9x	20.8x	13.1x	11.5x
FTT Finning International Inc	12.0B	1.84x	5.1%	4.02x	19.7x	17.2x	10.8x	9.9x
AIT Applied Industrial Technologies, Inc.	15.0B	0.28x	8.3%	5.71x	24.3x	22.2x	16.4x	15.2x
MSM MSC Industrial Direct Co., Inc.	9.5B	0.86x	5.3%	4.74x	21.6x	18.4x	12.9x	11.5x
DNOW DNOW Inc.	4.1B	1.75x	−3.2%	1.41x	47.0x	19.7x	14.8x	9.7x
DXPE DXP Enterprises, Inc.	3.8B	2.66x	4.4%	5.00x	26.9x	21.7x	12.4x	11.2x
Mean		1.17x	4.9%	4.24x	27.7x	20.0x	13.4x	11.5x
Median		1.30x	5.2%	4.66x	25.6x	20.3x	13.0x	11.4x

Technical analysis

1M−14.6%
3M−7.3%
1Y+24.7%
3Y+96.8%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Toromont Industries Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	5,203	5,021	4,622	4,115	3,887	3,479
Cost of revenue	3,881	3,759	3,377	2,997	2,917	2,643
Gross profit	1,322	1,263	1,245	1,119	970	836
Selling, general & administrative expenses	614	573	524	481	476	442
Research & development	–	–	–	–	–	–
Depreciation/amortization	40.9	19.7	16.9	18.0	17.8	21.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−14.3	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	681	670	704	619	476	372
Net interest income (expense)	8.1	25.0	17.9	−5.6	−19.1	−20.9
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−7.9	0	0	0	0	0
Net income before taxes	681	695	722	613	457	352
Provision for taxes	185	189	193	163	124	96.6
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	497	507	529	450	333	255
Extraordinary items	–	0	5.6	4.1	–	–
Net income	497	507	535	454	333	255
EBIT, normalized	667	670	704	619	476	372
EBITDA, normalized	984	875	887	782	634	539
Basic EPS, normalized	6.16	6.13	6.38	5.47	4.00	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Toromont Industries Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,325	891	1,041	928	917	591
Receivables	725	637	627	580	452	542
Total inventory	1,191	1,322	1,119	1,026	720	728
Prepaid expenses	–	–	–	–	–	–
Other current assets	25.4	41.4	23.7	36.0	19.2	10.9
Total current assets	3,267	2,891	2,811	2,569	2,108	1,872
Property, plant & equipment	1,610	1,447	1,254	1,110	995	988
Goodwill	115	95.3	93.8	93.8	93.8	93.8
Intangibles	408	374	376	379	381	384
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	71.3	61.8	36.8	30.5	5.2	8.8
Total assets	5,470	4,868	4,572	4,182	3,584	3,347
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	691	698	646	683	566	575
Accrued expenses	–	–	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	10.0	159	9.2	7.7	7.8	9.2
Other current liabilities	412	363	411	366	240	210
Total current liabilities	1,113	1,220	1,066	1,057	814	794
Long-term debt	841	531	673	663	658	663
Minority interest	–	–	–	–	–	–
Other liabilities	225	163	149	137	159	191
Total liabilities	2,180	1,913	1,888	1,857	1,630	1,648
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	640	598	583	561	540	517
Additional paid-in capital	40.3	34.3	27.3	19.3	16.4	14.2
Retained earnings (accumulated deficit)	2,609	2,310	2,080	1,732	1,393	1,169
Treasury stock	–	–	–	–	–	–
Other equity	2.0	13.3	−6.2	13.4	4.7	−1.4
Total equity	3,290	2,955	2,684	2,325	1,953	1,699
Total liabilities & shareholders' equity	5,470	4,868	4,572	4,182	3,584	3,347

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Toromont Industries Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	497	507	529	454	333	255
Depreciation, depletion & amortization	317	205	182	163	158	166
Deferred taxes	−24.2	−0.7	18.7	9.8	3.6	−2.9
Non-cash items	−8.5	−14.4	−26.2	−24.8	−13.9	−8.1
Changes in working capital	−38.7	−337	−348	−385	62.0	−61.2
Cash from operations	742	359	356	217	543	349
Investing activities
Capital expenditures	−228	−137	−114	−69.3	−71.2	−43.3
Other investing cash flows	−30.7	−70.3	36.4	25.0	2.3	10.7
Cash from investing	−259	−207	−78.1	−44.3	−68.9	−32.6
Financing activities
Financing cash flow items	−3.0	−0.1	0	0	−1.0	−0.3
Cash dividends paid	−166	−154	−139	−125	−109	−98.5
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	122	−150	−25.9	−36.9	−38.1	8.0
Cash from financing	−47.3	−304	−164	−162	−148	−90.9
Foreign exchange effects	−1.3	1.2	−0.2	0.5	0	−0.1
Net change in cash	435	−150	113	10.9	326	226
Free cash flow	514	223	241	148	472	306

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.