TFI International Inc. (TFII) 10-Year Financial Performance & Capital Metrics

TFII • • Industrial / General

IndustrialsTruckingLogistics & Brokerage ServicesIntegrated Logistics Providers

AboutTFI International Inc. provides transportation and logistics services in the United States, Canada, and Mexico. The company operates through Package and Courier, Less-Than-Truckload (LTL), Truckload (TL), and Logistics segments. The Package and Courier segment engages in the pickup, transport, and delivery of items. The LTL segment is involved in the pickup, consolidation, transportation, and delivery of smaller loads. The TL segment offers expedited transportation, flatbed, tank container, and dedicated services, as well as TL brokerage services. This segment carries full loads directly from the customer to the destination using a closed van or specialized equipment. The Logistics segment provides asset-light logistics services, including brokerage, freight forwarding, and transportation management, as well as small package parcel delivery. As of December 31, 2021, the company had 13,384 tractors, 50,091 trailers, and 9,428 independent contractors. The company was formerly known as TransForce Inc. and changed its name to TFI International Inc. in December 2016. TFI International Inc. is headquartered in Saint-Laurent, Canada.Show more

Revenue $8.4B +11.6%
EBITDA $1.3B +8.5%
Net Income $422M -16.3%
EPS (Diluted) 4.96 -16.1%
Gross Margin 14.9% -11.4%
EBITDA Margin 15.49% -2.9%
Operating Margin 8.56% -15.0%
Net Margin 5.03% -25.0%
ROE 16.05% -19.7%
ROIC 10.51% -20.0%
Debt/Equity 1.12 +23.4%
Interest Coverage 4.49 -46.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 23.5%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 16.0%
✓Share count reduced 2.1% through buybacks
✓Efficient asset utilization: 1.2x turnover

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.13%

5Y16.02%

3Y5.16%

TTM-3.4%

Profit (Net Income) CAGR

10Y14.38%

5Y12.04%

3Y-17.57%

TTM-31.4%

EPS CAGR

10Y16.36%

5Y12.12%

3Y-14.15%

TTM-30.43%

ROCE

10Y Avg14.43%

5Y Avg18.51%

3Y Avg17.87%

Latest12.66%

Peer Comparison

Integrated Logistics Providers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SNDRSchneider National, Inc.	2.75B	29.80	45.15	-3.79%	2.03%	3.78%	5.34%	0.20
TFIITFI International Inc.	9.26B	112.56	22.69	11.64%	4.01%	12.27%	7.16%	1.12
SLGBSmart Logistics Global Limited Ordinary Shares	52.48M	1.28	-1.80	815.03%	-382.47%	-7672.28%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	2.9B	2.99B	3.77B	3.76B	3.99B	3.78B	7.22B	8.81B	7.52B	8.4B
Revenue Growth %	-0.09%	0.03%	0.26%	-0%	0.06%	-0.05%	0.91%	0.22%	-0.15%	0.12%
Cost of Goods Sold+	2.55B	2.64B	3.36B	3.25B	3.49B	3.21B	6.07B	7.24B	6.26B	7.15B
COGS % of Revenue	0.88%	0.88%	0.89%	0.86%	0.87%	0.85%	0.84%	0.82%	0.83%	0.85%
Gross Profit+	352.55M	358.23M	405.21M	510.01M	506.32M	572.85M	1.15B	1.57B	1.27B	1.25B
Gross Margin %	0.12%	0.12%	0.11%	0.14%	0.13%	0.15%	0.16%	0.18%	0.17%	0.15%
Gross Profit Growth %	-0.16%	0.02%	0.13%	0.26%	-0.01%	0.13%	1%	0.37%	-0.2%	-0.01%
Operating Expenses+	173.12M	181.32M	213.6M	205.47M	159.52M	156.29M	168.81M	426.9M	507.76M	532.41M
OpEx % of Revenue	0.06%	0.06%	0.06%	0.05%	0.04%	0.04%	0.02%	0.05%	0.07%	0.06%
Selling, General & Admin	0	0	0	0	159.52M	23.11M	104.12M	139.4M	84.92M	76.31M
SG&A % of Revenue	-	-	-	-	0.04%	0.01%	0.01%	0.02%	0.01%	0.01%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	173.12M	181.32M	213.6M	205.47M	0	133.18M	64.69M	287.5M	422.83M	456.11M
Operating Income+	199.22M	192.11M	193.82M	316.09M	346.8M	416.57M	979.23M	1.15B	757.63M	718.96M
Operating Margin %	0.07%	0.06%	0.05%	0.08%	0.09%	0.11%	0.14%	0.13%	0.1%	0.09%
Operating Income Growth %	-0.07%	-0.04%	0.01%	0.63%	0.1%	0.2%	1.35%	0.17%	-0.34%	-0.05%
EBITDA+	326.22M	335.76M	522.83M	507.42M	649.32M	715.8M	1.37B	1.58B	1.2B	1.3B
EBITDA Margin %	0.11%	0.11%	0.14%	0.13%	0.16%	0.19%	0.19%	0.18%	0.16%	0.15%
EBITDA Growth %	-0.05%	0.03%	0.56%	-0.03%	0.28%	0.1%	0.92%	0.15%	-0.24%	0.08%
D&A (Non-Cash Add-back)	126.99M	143.65M	329.02M	191.33M	302.52M	299.23M	393.03M	430.59M	441.98M	582.07M
EBIT	187.93M	181.93M	138.45M	320.72M	393.95M	410.07M	965.68M	1.13B	752.24M	712.69M
Net Interest Income+	-65.73M	-36.54M	-48.46M	-44.09M	-63.13M	-58.34M	-73.37M	-79.63M	-82.69M	-152.78M
Interest Income	0	1.77M	2.11M	2.06M	2.31M	1.11M	2.17M	1.75M	8.27M	7.35M
Interest Expense	65.73M	38.31M	50.57M	46.15M	65.45M	59.44M	75.54M	82.15M	90.96M	160.14M
Other Income/Expense	-54.55M	-34.17M	-24.54M	-35.47M	-18.3M	-53.91M	-73.02M	-80.4M	-80.87M	-158.24M
Pretax Income+	144.67M	151.28M	93.32M	280.62M	328.5M	362.66M	906.21M	1.07B	676.76M	560.72M
Pretax Margin %	0.05%	0.05%	0.02%	0.07%	0.08%	0.1%	0.13%	0.12%	0.09%	0.07%
Income Tax+	39.65M	34.43M	-32.32M	66.24M	78.27M	86.98M	151.81M	242.41M	171.89M	138.24M
Effective Tax Rate %	0.81%	3.15%	1.35%	0.76%	0.73%	0.76%	0.83%	0.77%	0.75%	0.75%
Net Income+	117.78M	475.84M	125.64M	214.38M	239.28M	275.68M	754.4M	823.23M	504.88M	422.48M
Net Margin %	0.04%	0.16%	0.03%	0.06%	0.06%	0.07%	0.1%	0.09%	0.07%	0.05%
Net Income Growth %	0.07%	3.04%	-0.74%	0.71%	0.12%	0.15%	1.74%	0.09%	-0.39%	-0.16%
Net Income (Continuing)	105.02M	116.85M	125.64M	214.38M	250.22M	275.68M	754.4M	823.23M	504.88M	422.48M
Discontinued Operations	0	0	0	0	-10.95M	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.15	4.98	1.35	2.36	2.80	3.19	7.84	8.66	5.91	4.96
EPS Growth %	0.06%	3.33%	-0.73%	0.75%	0.19%	0.14%	1.46%	0.1%	-0.32%	-0.16%
EPS (Basic)	1.17	5.08	1.39	2.44	2.87	3.26	8.04	8.85	5.98	5.00
Diluted Shares Outstanding	101.99M	95.52M	92.78M	90.8M	85.36M	90.93M	95.34M	91.26M	87.05M	85.24M
Basic Shares Outstanding	100.21M	93.71M	90.49M	87.97M	83.39M	89.11M	93.05M	89.36M	85.91M	84.55M
Dividend Payout Ratio	0.42%	0.1%	0.44%	0.25%	0.26%	0.26%	0.14%	0.11%	0.24%	0.32%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	589.76M	471.74M	518.82M	520.58M	527.42M	652.77M	1.16B	1.26B	1.34B	1.04B
Cash & Short-Term Investments	-27.7M	2.72M	-11.89M	-6.73M	0	4.3M	19.29M	147.12M	335.56M	0
Cash Only	-27.7M	2.72M	-11.89M	-6.73M	0	4.3M	19.29M	147.12M	335.56M	0
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	376.78M	431.93M	462.79M	473.37M	485.32M	605.48M	1.06B	1.04B	918.41M	939.65M
Days Sales Outstanding	47.36	52.64	44.8	45.93	44.36	58.45	53.69	43.22	44.57	40.85
Inventory	5.1M	6.34M	7.39M	9.36M	10.68M	8.76M	24.4M	24.18M	23.96M	17.96M
Days Inventory Outstanding	0.73	0.88	0.8	1.05	1.12	1	1.47	1.22	1.4	0.92
Other Current Assets	285.44M	1.93M	22.21M	46.99M	3.6M	4.33M	1.94M	10.25M	1.8M	13.63M
Total Non-Current Assets+	1.84B	2.56B	2.45B	2.45B	2.99B	3.19B	4.72B	4.24B	4.95B	6.11B
Property, Plant & Equipment	707.55M	1.04B	952.38M	1.03B	1.46B	1.41B	2.85B	2.51B	2.84B	3.43B
Fixed Asset Turnover	4.10x	2.89x	3.96x	3.67x	2.73x	2.68x	2.53x	3.51x	2.65x	2.45x
Goodwill	826.78M	1.1B	1.11B	1.09B	1.19B	1.38B	1.42B	1.28B	1.48B	1.92B
Intangible Assets	299.19M	377.2M	350.75M	310.66M	321.43M	372.05M	368.11M	310.78M	536.22M	701.34M
Long-Term Investments	2.75M	11.82M	5.02M	1.1M	4.39M	9.73M	31.39M	85.96M	50.21M	22.1M
Other Non-Current Assets	3.12M	20.99M	26.94M	25.79M	4.28M	14.17M	13.72M	23.55M	16.39M	22.19M
Total Assets+	2.43B	3.03B	2.96B	2.97B	3.51B	3.85B	5.88B	5.51B	6.28B	7.15B
Asset Turnover	1.19x	0.99x	1.27x	1.27x	1.14x	0.98x	1.23x	1.60x	1.20x	1.18x
Asset Growth %	-0.18%	0.24%	-0.02%	0%	0.18%	0.09%	0.53%	-0.06%	0.14%	0.14%
Total Current Liabilities+	769.86M	429.38M	426.04M	481.81M	488.39M	654.46M	1.41B	966.68M	1.07B	1B
Accounts Payable	228.02M	236.95M	243.17M	247.77M	224.44M	305.92M	612.09M	498.78M	450.64M	430.58M
Days Payables Outstanding	32.62	32.8	26.38	27.81	23.49	34.8	36.79	25.15	26.29	21.99
Short-Term Debt	449.6M	22.79M	41.24M	98.88M	120.75M	131.52M	363.59M	37.09M	174.35M	100.23M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	0	0	0	0	959.42K	0
Other Current Liabilities	-206.56M	123.26M	180.81M	-58.45M	39.71M	45.27M	49.58M	63.18M	90.94M	102.79M
Current Ratio	0.77x	1.10x	1.22x	1.08x	1.08x	1.00x	0.83x	1.31x	1.25x	1.03x
Quick Ratio	0.76x	1.08x	1.20x	1.06x	1.06x	0.98x	0.81x	1.28x	1.23x	1.02x
Cash Conversion Cycle	15.47	20.72	19.23	19.17	21.98	24.64	18.37	19.29	19.68	19.77
Total Non-Current Liabilities+	923.96M	1.51B	1.41B	1.33B	1.86B	1.4B	2.17B	2.08B	2.63B	3.47B
Long-Term Debt	728.05M	1.14B	1.15B	1.07B	1.3B	829.55M	1.24B	1.28B	1.71B	2.31B
Capital Lease Obligations	23.11M	9.23M	3.97M	3.67M	279.71M	267.46M	313.86M	297.11M	332.76M	421.21M
Deferred Tax Liabilities	169.22M	314.96M	206.91M	212.87M	240.7M	232.17M	423.75M	368.19M	433.24M	521.25M
Other Non-Current Liabilities	361.79M	842.13M	626.88M	739.73M	40.39M	75M	184.22M	132.12M	150.26M	217.03M
Total Liabilities	1.69B	1.94B	1.84B	1.82B	2.35B	2.06B	3.57B	3.04B	3.69B	4.47B
Total Debt+	1.18B	1.18B	1.2B	1.17B	1.7B	1.23B	2.04B	1.73B	2.34B	2.98B
Net Debt	1.21B	1.18B	1.21B	1.18B	1.7B	1.22B	2.02B	1.58B	2.01B	2.98B
Debt / Equity	1.59x	1.09x	1.07x	1.01x	1.47x	0.69x	0.88x	0.70x	0.90x	1.12x
Debt / EBITDA	3.61x	3.51x	2.29x	2.31x	2.63x	1.72x	1.48x	1.10x	1.95x	2.29x
Net Debt / EBITDA	3.69x	3.50x	2.32x	2.32x	2.63x	1.71x	1.47x	1.00x	1.67x	2.29x
Interest Coverage	3.03x	5.01x	3.83x	6.85x	5.30x	7.01x	12.96x	13.95x	8.33x	4.49x
Total Equity+	740.35M	1.09B	1.13B	1.16B	1.16B	1.79B	2.31B	2.46B	2.59B	2.67B
Equity Growth %	-0.17%	0.47%	0.04%	0.03%	0%	0.54%	0.29%	0.07%	0.05%	0.03%
Book Value per Share	7.26	11.36	12.13	12.75	13.60	19.67	24.23	26.99	29.77	31.36
Total Shareholders' Equity	740.35M	1.09B	1.13B	1.16B	1.16B	1.79B	2.31B	2.46B	2.59B	2.67B
Common Stock	550.8M	538.2M	565.44M	517.25M	524.57M	1.12B	1.13B	1.09B	1.11B	1.14B
Retained Earnings	143.16M	493.31M	544.66M	577.89M	601.44M	803.5M	1.28B	1.57B	1.65B	1.84B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	33.54M	38.67M	-2.24M	47.57M	18.87M	-154.72M	-144.66M	-239.12M	-200.54M	-331.9M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	306.21M	250.19M	254.61M	399.04M	500.57M	643.13M	855.35M	933.15M	1.03B	1.06B
Operating CF Margin %	0.11%	0.08%	0.07%	0.11%	0.13%	0.17%	0.12%	0.11%	0.14%	0.13%
Operating CF Growth %	0.17%	-0.18%	0.02%	0.57%	0.25%	0.28%	0.33%	0.09%	0.11%	0.03%
Net Income	105.02M	116.85M	125.64M	214.38M	250.22M	290.24M	754.4M	790.61M	514.14M	422.48M
Depreciation & Amortization	126.99M	143.65M	329.02M	191.33M	302.52M	315.04M	393.03M	413.53M	450.08M	582.07M
Stock-Based Compensation	3.13M	4.59M	5.42M	4.35M	0	0	15.42M	0	0	11.07M
Deferred Taxes	39.65M	34.43M	-32.32M	66.24M	12.05M	-18.1M	151.81M	-8.14M	-22.86M	138.24M
Other Non-Cash Items	-10.07M	-60.24M	-163.88M	-86.55M	-79.33M	20.52M	-501.26M	-121.24M	-17.52M	-102.78M
Working Capital Changes	41.49M	10.91M	-9.26M	9.29M	15.11M	35.44M	41.94M	-141.61M	108.59M	11.57M
Change in Receivables	0	29.83M	11.57M	-1.93M	59.67M	-17.27M	-101.66M	-56.76M	228.23M	145.43M
Change in Inventory	0	621.98K	-189.26K	318.64K	2.34M	2.32M	-1.23M	-1.44M	6.65M	8.1M
Change in Payables	0	-20.74M	-27.85M	11.61M	-50.76M	50.19M	0	-92.94M	-114.44M	0
Cash from Investing+	-70.73M	-70.41M	-87.13M	-266.14M	-310.76M	-398.47M	-1.16B	214.57M	-811.95M	-1.24B
Capital Expenditures	-113.56M	-83.53M	-207.73M	-234M	-270.78M	-152M	-268.66M	-342.8M	-371M	-392.82M
CapEx % of Revenue	0.04%	0.03%	0.06%	0.06%	0.07%	0.04%	0.04%	0.04%	0.05%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	75.09M	619.18M	114.31M	24.75M	-131.87K	23.21M	109.36M	-58.58K	25.02M	88.02M
Cash from Financing+	-235.48M	-177.06M	-170.39M	-132.9M	-189.81M	-240.13M	322.3M	-1.02B	-28.58M	-164.44M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-49.4M	-47.66M	-54.88M	-54.4M	-62.23M	-71.18M	-107.97M	-93.46M	-123.32M	-127.5M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	963.47K	44.27M	4.96M	-38.35M	-78.38M	-81.96M	-68.89M	-138.98M	-140.2M	2.72M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	192.65M	166.65M	46.88M	165.03M	233.51M	492.88M	579.55M	596.22M	664.24M	663.56M
FCF Margin %	0.07%	0.06%	0.01%	0.04%	0.06%	0.13%	0.08%	0.07%	0.09%	0.08%
FCF Growth %	0.04%	-0.13%	-0.72%	2.52%	0.41%	1.11%	0.18%	0.03%	0.11%	-0%
FCF per Share	1.89	1.74	0.51	1.82	2.74	5.42	6.08	6.53	7.63	7.78
FCF Conversion (FCF/Net Income)	2.60x	0.53x	2.03x	1.86x	2.09x	2.33x	1.13x	1.13x	2.04x	2.52x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	14.48%	52.13%	11.37%	18.78%	20.64%	18.69%	36.81%	34.49%	19.98%	16.05%
Return on Invested Capital (ROIC)	6.97%	6.85%	6.32%	10.15%	10%	10.63%	20.01%	20.53%	13.15%	10.51%
Gross Margin	12.14%	11.96%	10.75%	13.56%	12.68%	15.15%	15.9%	17.85%	16.82%	14.9%
Net Margin	4.06%	15.89%	3.33%	5.7%	5.99%	7.29%	10.45%	9.34%	6.71%	5.03%
Debt / Equity	1.59x	1.09x	1.07x	1.01x	1.47x	0.69x	0.88x	0.70x	0.90x	1.12x
Interest Coverage	3.03x	5.01x	3.83x	6.85x	5.30x	7.01x	12.96x	13.95x	8.33x	4.49x
FCF Conversion	2.60x	0.53x	2.03x	1.86x	2.09x	2.33x	1.13x	1.13x	2.04x	2.52x
Revenue Growth	-9.25%	3.12%	25.89%	-0.23%	6.18%	-5.32%	90.96%	22.05%	-14.65%	11.64%

Frequently Asked Questions

Valuation & Price

TFI International Inc. (TFII) has a price-to-earnings (P/E) ratio of 22.7x. This is roughly in line with market averages.

Growth & Financials

TFI International Inc. (TFII) reported $8.06B in revenue for fiscal year 2024. This represents a 206% increase from $2.64B in 2011.

TFI International Inc. (TFII) grew revenue by 11.6% over the past year. This is steady growth.

Yes, TFI International Inc. (TFII) is profitable, generating $323.5M in net income for fiscal year 2024 (5.0% net margin).

Dividend & Returns

Yes, TFI International Inc. (TFII) pays a dividend with a yield of 1.40%. This makes it attractive for income-focused investors.

TFI International Inc. (TFII) has a return on equity (ROE) of 16.0%. This is reasonable for most industries.

TFI International Inc. (TFII) generated $683.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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