Latest Ratios: P/E Ratio 23.4x · EV/EBITDA 8.3x · ROE 16.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.0B | $8.6B | $11.5B | $11.8B | $9.1B | $10.7B | $4.7B | $2.9B | $2.4B | $2.3B | $2.5B |
| Enterprise Value | $13.5B | $12.1B | $14.5B | $13.8B | $10.7B | $12.7B | $5.9B | $4.6B | $3.5B | $3.5B | $3.7B |
| P/E Ratio → | 23.42 | 19.88 | 27.24 | 23.01 | 11.58 | 14.30 | 17.02 | 12.07 | 8.06 | 14.64 | 16.66 |
| P/S Ratio | 0.91 | 0.78 | 1.37 | 1.57 | 1.04 | 1.48 | 1.24 | 0.72 | 0.46 | 0.48 | 0.62 |
| P/B Ratio | 3.80 | 3.23 | 4.31 | 4.57 | 3.71 | 4.63 | 2.62 | 2.48 | 2.03 | 2.05 | 2.30 |
| P/FCF | 10.17 | 8.76 | 17.35 | 17.82 | 15.34 | 18.44 | 9.52 | 12.36 | 14.27 | 49.24 | 14.99 |
| P/OCF | 7.33 | 6.32 | 10.84 | 11.46 | 9.80 | 12.50 | 7.29 | 5.76 | 5.90 | 9.07 | 9.98 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.10 | 1.73 | 1.84 | 1.22 | 1.76 | 1.56 | 1.15 | 0.69 | 0.73 | 0.91 |
| EV / EBITDA | 8.34 | 7.49 | 11.14 | 11.54 | 6.81 | 9.26 | 8.26 | 7.07 | 5.13 | 6.89 | 9.35 |
| EV / EBIT | 17.65 | 15.28 | 20.34 | 18.41 | 9.49 | 13.16 | 14.42 | 11.65 | 8.52 | 14.60 | 15.10 |
| EV / FCF | — | 12.30 | 21.85 | 20.84 | 18.00 | 21.92 | 12.00 | 19.66 | 21.42 | 75.07 | 22.05 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 12.2% | 12.2% | 14.9% | 16.8% | 17.8% | 15.9% | 15.2% | 12.7% | 13.5% | 8.4% | 8.9% |
| Operating Margin | 6.9% | 6.9% | 8.6% | 10.1% | 13.0% | 13.6% | 11.0% | 8.7% | 8.4% | 5.1% | 6.2% |
| Net Profit Margin | 3.9% | 3.9% | 5.0% | 6.7% | 9.3% | 10.4% | 7.3% | 6.0% | 4.2% | 2.6% | 2.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.2% | 16.2% | 16.0% | 20.0% | 34.5% | 36.8% | 18.7% | 20.6% | 18.8% | 11.4% | 12.8% |
| ROA | 5.9% | 5.9% | 6.3% | 8.6% | 14.5% | 15.5% | 7.5% | 7.4% | 7.2% | 4.2% | 4.3% |
| ROIC | 9.7% | 9.7% | 10.5% | 13.1% | 20.5% | 20.0% | 10.6% | 9.2% | 12.7% | 8.0% | 8.0% |
| ROCE | 12.3% | 12.3% | 12.7% | 15.5% | 25.4% | 25.5% | 13.4% | 13.0% | 17.7% | 9.5% | 11.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.38 | 1.38 | 1.12 | 0.90 | 0.70 | 0.88 | 0.69 | 1.47 | 1.38 | 1.07 | 1.09 |
| Debt / EBITDA | 2.28 | 2.28 | 2.29 | 1.95 | 1.10 | 1.48 | 1.72 | 2.63 | 2.32 | 2.35 | 3.00 |
| Net Debt / Equity | — | 1.30 | 1.12 | 0.78 | 0.64 | 0.87 | 0.68 | 1.47 | 1.02 | 1.08 | 1.08 |
| Net Debt / EBITDA | 2.15 | 2.15 | 2.29 | 1.67 | 1.00 | 1.47 | 1.71 | 2.63 | 1.71 | 2.37 | 2.99 |
| Debt / FCF | — | 3.53 | 4.50 | 3.02 | 2.65 | 3.48 | 2.48 | 7.30 | 7.14 | 25.83 | 7.06 |
| Interest Coverage | 3.50 | 3.50 | 4.45 | 8.27 | 14.47 | 12.78 | 6.90 | 6.02 | 8.99 | 4.77 | 6.35 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.03 | 1.03 | 1.03 | 1.25 | 1.31 | 0.83 | 1.00 | 1.08 | 1.08 | 1.22 | 1.10 |
| Quick Ratio | 1.02 | 1.02 | 1.02 | 1.23 | 1.28 | 0.81 | 0.98 | 1.06 | 1.06 | 1.20 | 1.08 |
| Cash Ratio | 0.18 | 0.18 | — | 0.31 | 0.15 | 0.01 | 0.01 | — | -0.01 | -0.03 | 0.01 |
| Asset Turnover | — | 1.47 | 1.18 | 1.20 | 1.60 | 1.23 | 0.98 | 1.14 | 1.72 | 1.63 | 1.33 |
| Inventory Turnover | 496.12 | 496.12 | 397.81 | 261.05 | 299.39 | 248.85 | 366.20 | 326.66 | 254.92 | 356.77 | 415.93 |
| Days Sales Outstanding | — | 30.01 | 40.85 | 44.57 | 43.22 | 53.69 | 58.45 | 44.36 | 45.79 | 41.21 | 53.03 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.1% | 2.4% | 1.2% | 1.0% | 1.0% | 1.0% | 1.5% | 2.2% | 2.3% | 2.4% | 2.6% |
| Payout Ratio | 48.7% | 48.7% | 31.7% | 24.4% | 11.4% | 14.3% | 25.8% | 26.0% | 25.4% | 43.7% | 55.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 5.0% | 3.7% | 4.3% | 8.6% | 7.0% | 5.9% | 8.3% | 12.4% | 6.8% | 6.0% |
| FCF Yield | 9.8% | 11.4% | 5.8% | 5.6% | 6.5% | 5.4% | 10.5% | 8.1% | 7.0% | 2.0% | 6.7% |
| Buyback Yield | 3.4% | 3.9% | 0.9% | 2.9% | 6.1% | 2.5% | 1.0% | 6.9% | 6.2% | 3.0% | 4.6% |
| Total Shareholder Yield | 5.5% | 6.4% | 2.1% | 3.9% | 7.1% | 3.6% | 2.5% | 9.1% | 8.5% | 5.3% | 7.2% |
| Shares Outstanding | — | $83M | $85M | $87M | $91M | $95M | $91M | $85M | $91M | $93M | $96M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying TFII stock.
TFI International Inc.'s current P/E ratio is 23.4x. The historical average is 17.9x. This places it at the 81th percentile of its historical range.
TFI International Inc.'s current EV/EBITDA is 8.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.8x.
TFI International Inc.'s return on equity (ROE) is 16.2%. The historical average is 17.1%.
Based on historical data, TFI International Inc. is trading at a P/E of 23.4x. This is at the 81th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TFI International Inc.'s current dividend yield is 2.08% with a payout ratio of 48.7%.
TFI International Inc. has 12.2% gross margin and 6.9% operating margin.
TFI International Inc.'s Debt/EBITDA ratio is 2.3x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Freight demand softness
Margin Compression Signals Pricing Limits
Gross margin fell to 10.3% in 2026Q1 from 14.2% in 2026Q2, a 390bps sequential drop, according to recent financial statements, suggesting limited pricing power in a capacity-surplus market.
The sequential decline in gross margin, coupled with operating margin falling to 4.4% in 2026Q1 from 9.3% in 2026Q2, indicates that TFII's high variable cost structure is amplifying the impact of softer freight demand. The 12.2% average gross margin over the last four quarters remains well below ODFL's 32.2%, highlighting a structural difference in business models. This suggests that TFII's roll-up strategy may not be generating the same pricing power as pure-play LTL carriers, and margin recovery will depend on yield management and cost discipline.
ROIC Lags Peers Despite Acquisition Spree
ROIC averaged 2.2% over the last ten quarters, per reported figures, far below ODFL's 23.6%, indicating that TFII's capital deployment has yet to generate comparable returns.
ROIC has remained in a narrow 1.1% to 3.0% range over the past ten quarters, with no clear upward trend despite significant acquisition activity. This suggests that the integration of TForce Freight and Daseke has not yet translated into improved returns on invested capital. The gap versus peers like ODFL (23.6%) and SAIA (9.4%) implies that TFII's asset-heavy, lower-margin mix is structurally less capital-efficient, though the potential for margin improvement in US LTL operations could drive future ROIC expansion.
Working Capital Efficiency Shows Stability
Cash conversion cycle averaged 10.6 days over the last ten quarters, based on reported data, with DSO around 42 days, indicating stable working capital management despite revenue volatility.
The CCC has remained consistently low, ranging from 6 to 16 days, reflecting TFII's ability to collect receivables quickly and manage payables effectively. DSO has been stable at approximately 42 days, while DPO has averaged 33 days, suggesting a balanced approach to supplier payments. This stability is notable given the acquisition-driven revenue swings, implying that working capital management is not a source of strain. However, the low DIO of 1 day indicates minimal inventory, consistent with a service-oriented trucking model.
Leverage Elevated but Moderating
Debt-to-equity peaked at 1.38 in 2025Q4 and declined to 1.11 by 2026Q2, as per balance sheet data, while interest coverage improved to 6.0x, suggesting deleveraging progress.
The reduction in D/E from 1.38 to 1.11 over two quarters indicates that TFII is actively deleveraging following its acquisition spree, likely using operating cash flow to pay down debt. Interest coverage of 6.0x in 2026Q2 is the highest in the past ten quarters, up from 2.42x in 2026Q1, reflecting both lower debt and improved operating income. Despite this, leverage remains significantly higher than pure-play LTL peers like ODFL (0.03) and SAIA (0.16), which could constrain future M&A capacity and increase sensitivity to interest rate movements.
Liquidity Buffer Rebuilds After Tightness
Current ratio improved to 1.09 in 2026Q2 from 0.94 in 2024Q2, according to reported figures, with cash surging to $205M, indicating a rebuilding of short-term liquidity.
The current ratio has been below 1.1 for most of the past ten quarters, but the recent improvement to 1.09, coupled with a cash balance of $205M, suggests that TFII is rebuilding its liquidity buffer after a period of tightness. The quick ratio of 1.08 indicates that the company can cover short-term obligations without relying on inventory, which is minimal in this business. However, the buffer remains thin relative to the cyclicality of freight demand, and a prolonged downturn could strain liquidity if cash flows deteriorate.
P/E Misleads on Roll-Up Platform
TFII's P/E of 25.97 appears reasonable versus peers, but as a roll-up platform, EV/EBITDA of 9.02 better captures acquisition-driven value, per reported multiples.
The P/E ratio is often misapplied to TFII because earnings are heavily distorted by acquisition-related charges, bargain purchase gains, and integration costs, making trailing earnings an unreliable gauge of ongoing profitability. EV/EBITDA of 9.02 is more appropriate as it normalizes for capital structure and non-cash charges, and it is lower than pure-play LTL peers like ODFL (25.58) and SAIA (16.10), reflecting the conglomerate discount. Investors should focus on EV/EBITDA and operating ratio improvements in the US LTL segment rather than P/E, which may understate the earnings power of the platform.