TFI International Inc.

TFII

NYSE · Trucking

$94.94

At close - Nov 6, 4:00 PM EST - USD

Market Cap$7.8B

P/E20.3x

52W High$167.69

Volume338.25K

VCP Research Verdict2026Q3

Acquisition-Fueled Growth Meets Softening Freight Demand and Leverage

TFI International's reported revenue growth has decelerated from 28.4% in 2025Q4 to 14.7% in 2026Q3, suggesting acquisition contributions are fading as organic freight demand softens.

GrowthMixed

ProfitabilityModerate

ValuationAttractive

TechnicalsWeak

Explore valuation models

MARKET ACTION

TFII price & volume

Price trend, volume and key moving averages

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Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Revenue growth slowed from 28.4% in 2025Q4 to 14.7% in 2026Q3 while operating margin ranged from 4.4% to 9.3% over recent quarters, pointing to uneven operating leverage as acquisition contributions fade.

Analyst Consensus+74.0% target

Buy(19 analysts)

14 Buy5 Hold0 Sell

The Bull Case

Upside Catalysts

North American logistics leader

TFI is a recognized leader in transportation and logistics across North America, serving a diverse customer base in the US and Canada.

Strong valuation metrics

TFII's trailing P/E of 27.84 and forward P/E of 20.53 suggest reasonable valuation and potential growth, as per Yahoo Finance data.

Bullish research coverage

Guardian Research's Substack highlights a bullish thesis on TFII, indicating positive sentiment among analysts.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

TFII-9.60%

S&P 500 (^GSPC)+7.63%

1-Year Return

TFII+13.13%

S&P 500 (^GSPC)+9.69%

3-Year Return

TFII-11.25%

S&P 500 (^GSPC)+66.48%

5-Year Return

TFII-10.60%

S&P 500 (^GSPC)+54.51%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/EMedian

20.3x

Forward P/EExpansion

16.8x

EV/EBITDA40th %ile

8.6x

FCF YieldCash Flow

8.4%

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

20.3x

19.9x

60th· Fair

EV/EBITDA

8.6x

9.3x

40th· Fair

Price/FCF

11.9x

17.4x

20th· Low

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$79.17-16.6%

Base (Fair)$154.77+63.0%

Bull$251.10+164.5%

$79.17 Bear$154.77 Base$251.10 Bull

Current Market Price: $94.94

Trades at a 38.7% discount to Base DCF ($154.77)

Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend

Revenue FY25

$11.01B+31.1% YoY

Net income FY25

$434M+2.6% YoY

Free cash flow FY25

$984M+48.2% YoY

Operating margin FY25

6.9%-1.6 pts YoY

ROIC (FY25)9.7%

Avg ROIC 5Y14.8%

ROE (TTM)14.2%

Piotroski Score5 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate7/12 (58%)

Revenue Beat Rate4/12 (33%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q4 2026Latest Oct 29, 2026	$1.67-4.6% vs $1.75	$2.2B-0.1% vs $2.2B
Q3 2026 Jul 27, 2026	$1.85+16.4% vs $1.59	$2.3B+2.8% vs $2.2B
Q2 2026 Apr 27, 2026	$0.69+16.9% vs $0.59	$1.9B+2.9% vs $1.9B
Q1 2026 Feb 17, 2026	$1.09+28.2% vs $0.85	$1.9B-0.4% vs $1.9B

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

4 Stories

Seeking Alpha·Oct 30, 2026

TFI International Inc. (TFII:CA) Q3 2026 Earnings Call Transcript

TFI International Inc. ( TFII:CA ) Q3 2026 Earnings Call October 30, 2026 9:30 AM EDT Company Participants Alain Bedard - President, CEO & Chairman David Saperstein - Chief Financial Officer Conference Call Participants Ken Hoexter - BofA Securities, Research Division Scott Group - Wolfe Research, LLC Uday Khanapurkar - TD Cowen, Research Division Ravi Shanker - Morgan Stanley, Research Division Walter Spracklin - RBC Capital Markets, Research Division Brian Ossenbeck - JPMorgan Chase & Co, Research Division Jordan Alliger - Goldman Sachs Group, Inc., Research Division Cameron Doerksen - National Bank Financial, Inc., Research Division Kevin Chiang - CIBC Capital Markets, Research Division J. Bruce Chan - Stifel, Nicolaus & Company, Incorporated, Research Division Konark Gupta - Scotiabank Global Banking and Markets, Research Division Benoit Poirier - Desjardins Securities Inc., Research Division Ariel Rosa - Citigroup Inc., Research Division Presentation Operator Good day, ladies and gentlemen.

Zacks Investment Research·Oct 29, 2026

TFI International Inc. (TFII) Q3 Earnings Miss Estimates

TFI International Inc. (TFII) came out with quarterly earnings of $1.67 per share, missing the Zacks Consensus Estimate of $1.75 per share. This compares to earnings of $1.2 per share a year ago.

Zacks Investment Research·Oct 29, 2026

Compared to Estimates, TFI International (TFII) Q3 Earnings: A Look at Key Metrics

The headline numbers for TFI International (TFII) give insight into how the company performed in the quarter ended September 2026, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

GlobeNewsWire·Oct 29, 2026

TFI International Announces 2026 Third Quarter Results

MONTREAL, Oct. 29, 2026 (GLOBE NEWSWIRE) -- TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced its results for the third quarter ended September 30, 2026. All amounts are shown in U.S. dollars.

Filtered for TFI International Inc.More Headlines

Compare before deciding

Benchmark TFII against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for TFI International Inc. (TFII)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
TFIITFI International Inc.Current	$94.94	$7.8B	20.32	31.1%	4.21%	14.16%	2.66%
ODFLOld Dominion Freight Line, Inc.	$164.92	$34.3B	29.54	-5.48%	20.08%	25.92%	0.68%
SAIASaia, Inc.	$331.90	$8.85B	31.44	0.79%	8.01%	10.53%	—
XPOXPO Logistics, Inc.	$176.95	$20.78B	41.51	1.05%	5.69%	26.31%	—
ARCBArcBest Corp	$127.91	$2.85B	100.02	-4.04%	0.66%	2.23%	0.37%
WERNWerner Enterprises, Inc.	$26.95	$1.62B	-85.07	-1.84%	-0.56%	-1.39%	2.09%

Compare TFII vs Peers

TFI International Inc. (TFII) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ODFL

Most directly comparable listed peer for TFII.

Scale Benchmark

vs UPS

Larger-name benchmark to compare TFII against a more recognizable public peer.

Peer Set

Compare Top 5

vs ODFL, SAIA, XPO, ARCB

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TFII Frequently Asked Questions

TFI International Inc. (TFII) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is TFI International Inc.'s revenue?

TFI International Inc. (TFII) reported $9.14B in revenue over the trailing twelve months. Revenue was $11.01B in fiscal year 2025. That is 13098% more than the $83.4M of fiscal year 1996.

How fast is TFI International Inc. growing?

TFI International Inc. (TFII) grew revenue by 13.4% over the trailing twelve months, compared with the twelve months before.

Is TFII profitable?

Yes. TFI International Inc. (TFII) earned $385.0M in net income over the trailing twelve months (a 4.2% net margin).

Dividend & Returns

Does TFII pay dividends?

Yes. TFI International Inc. (TFII) pays a dividend that yields 2.66% at the current price, a moderate yield.

What is TFII's return on equity?

TFI International Inc. (TFII) had a return on equity (ROE) of 14.2% over the trailing twelve months. That is in line with the market's typical 10-15%.

What is TFI International Inc.'s free cash flow?

TFI International Inc. (TFII) generated $654.3M in free cash flow over the trailing twelve months.

What if you invested $1,000 in TFII back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q4 2026Latest

Oct 29, 2026

$1.67-4.6%

vs $1.75

$2.2B-0.1%

vs $2.2B

Q3 2026

Jul 27, 2026

$1.85+16.4%

vs $1.59

$2.3B+2.8%

vs $2.2B

Q2 2026

Apr 27, 2026

$0.69+16.9%

vs $0.59

$1.9B+2.9%

vs $1.9B

Q1 2026

Feb 17, 2026

$1.09+28.2%

vs $0.85

$1.9B-0.4%

vs $1.9B

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

TFIITFI International Inc.Current

$94.94

$7.8B

20.32

31.1%

4.21%

14.16%

2.66%

ODFLOld Dominion Freight Line, Inc.

$164.92

$34.3B

29.54

-5.48%

20.08%

25.92%

0.68%

SAIASaia, Inc.

$331.90

$8.85B

31.44

0.79%

8.01%

10.53%

—

XPOXPO Logistics, Inc.

$176.95

$20.78B

41.51

1.05%

5.69%

26.31%

—

ARCBArcBest Corp

$127.91

$2.85B

100.02

-4.04%

0.66%

2.23%

0.37%

WERNWerner Enterprises, Inc.

$26.95

$1.62B

-85.07

-1.84%

-0.56%

-1.39%

2.09%