Tearsheet

TFI International (TFII)

Market Price (12/4/2025): $96.16 | Market Cap: $7.9 Bil
Sector: Industrials | Industry: Cargo Ground Transportation

TFI International (TFII)

Market Price (12/4/2025): $96.16
Market Cap: $7.9 Bil
Sector: Industrials
Industry: Cargo Ground Transportation

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, Dividend Yield is 2.0%, FCF Yield is 9.4%	Weak multi-year price returns 2Y Excs Rtn is -68%, 3Y Excs Rtn is -79%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.0%, Rev Chg QQuarterly Revenue Change % is -9.9%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%
2	Low stock price volatility Vol 12M is 43%
3	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail, Future of Freight, and E-commerce & DTC Adoption. Themes include Last-Mile Delivery, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, Dividend Yield is 2.0%, FCF Yield is 9.4%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%
2	Low stock price volatility Vol 12M is 43%
3	Megatrend and thematic drivers Megatrends include E-commerce & Digital Retail, Future of Freight, and E-commerce & DTC Adoption. Themes include Last-Mile Delivery, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -68%, 3Y Excs Rtn is -79%
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.0%, Rev Chg QQuarterly Revenue Change % is -9.9%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$96.16	$132.95	$131.96	$96.14	$106.21
Market Cap CYE ($ Bil)	7.9	11.3	11.2	8.3	9.8
Total Debt ($ Bil)	3.0	3.0	2.3	1.7	2.0
Total Cash ($ Bil)	0.0	0.0	0.3	0.1	0.0
Enterprise Value ($ Bil)	10.9	14.3	13.5	10.0	11.8
Valuation Ratios
P/S TTM	0.9	1.4	1.6	1.0	1.4
P/EBIT TTM	12.9	16.0	15.5	7.9	10.8
P/E TTM	22.9	27.0	23.1	10.9	13.8
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4	1.1	1.6
P/EBIT TTM (Sector)	12.9	11.8	11.5	9.2	12.3
P/E TTM (Sector)	17.6	16.5	15.4	12.2	16.4

	12/4/25	2024	2023
Share Price CYE	$96.16	$132.95	$131.96
Market Cap CYE ($ Bil)	7.9	11.3	11.2
Total Debt ($ Bil)	3.0	3.0	2.3
Total Cash ($ Bil)	0.0	0.0	0.3
Enterprise Value ($ Bil)	10.9	14.3	13.5
Valuation Ratios
P/S TTM	0.9	1.4	1.6
P/EBIT TTM	12.9	16.0	15.5
P/E TTM	22.9	27.0	23.1
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4
P/EBIT TTM (Sector)	12.9	11.8	11.5
P/E TTM (Sector)	17.6	16.5	15.4

	TFII	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	8.0
Rev Chg Q	-9.9%	7.1%
Rev Chg LTM	-2.9%	6.1%
Rev Chg 3Y Avg	-3.0%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.6
CFO LTM ($ Bil)	1.0
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	7.6%	18.8%
CFO/Rev LTM	11.9%	20.5%
Net Inc Mgn	4.1%	13.1%
VALUATION	LOW
P/S	0.9	3.2
P/CFO	7.8	15.8
P/FCF	11.0	20.5
P/E	23.0	23.5
STABILITY	POOR
Debt/Equity	0.40	0.20
Cash/Assets	0.00	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Number of Trucks	19555	7282025	Link
Number of Company-Owned Trucks	13669	3312025	Link
Number of Trailers	42726	7282025	Link
Number of Employees	26312	3312025	Link
Number of Facilities	650	8312025	Link
Number of Independent Contractors	7087	3312025	Link
Number of Operating Companies	95+	8312025	Link
On-Time Service Improvement (Year-over-Year)	340 basis points	11042025	Link
Reduction in Missed Pickups (Year-over-Year)	60%	11042025	Link
Reduction in Reschedules (Year-over-Year)	34%	11042025	Link

Upcoming
12/31/2025	Dividend	Amount: $0.47 Payment On: 1/15/2026
2/18/2026	Earnings Release	Rev: - EPS: -

TFII Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are the key points explaining the downward pressure on TFI International (TFII) stock during the approximate period from late August 2025 to early December 2025, consistent with a negative movement.

1. Decline in Q3 2025 Financial Results
TFI International reported a significant decline in its third-quarter 2025 financial performance compared to the previous year. Operating income fell to $153.3 million from $201.2 million, net income decreased to $84.7 million from $125.9 million, and diluted earnings per share dropped to $1.02 from $1.48.

2. Reduced Revenue Due to Weaker Market Demand
The company experienced a decrease in total revenue, primarily driven by reduced volumes resulting from weaker end-market demand. Specifically, Less-Than-Truckload (LTL) revenue declined by 11%, Truckload by 7%, and Logistics by 14% compared to the third quarter of 2024, indicating ongoing customer uncertainty impacting business volumes.

3. Softness in the Broader Logistics and Freight Market
The overall supply chain and logistics sector faced headwinds during this period. The U.S. Logistics Managers' Index (LMI) notably fell in September 2025, signaling a slowdown in the logistics sector's expansion due to broader economic uncertainty. Freight trends indicated flat truckload rates and general softness in spot and contract rates across various transportation modes.

4. Analyst Downgrades and Target Price Reductions
Several financial analysts revised their outlooks and target prices for TFI International's stock. For example, Stifel Nicolaus cut its target price from $94.00 to $93.00 while maintaining a "hold" rating on November 4, 2025. Similarly, Susquehanna lowered its target from $115.00 to $105.00 on November 3, 2025.

5. Bearish Technical Momentum
Despite some underlying strengths, such as strong financial performance and cash flow, technical indicators for TFI International's stock suggested bearish momentum around late October 2025, according to TipRanks' AI Analyst. This technical outlook contributed to negative sentiment.

Show less

Stock Movement Drivers

Fundamental Drivers

The -1.9% change in TFII stock from 9/3/2025 to 12/3/2025 was primarily driven by a -8.8% change in the company's Net Income Margin (%).

	9032025	12032025	Change
Stock Price ($)	94.87	93.10	-1.86%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	8263.48	8047.57	-2.61%
Net Income Margin (%)	4.46%	4.06%	-8.80%
P/E Multiple	21.50	23.49	9.26%
Shares Outstanding (Mil)	83.46	82.52	1.12%
Cumulative Contribution			-1.87%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
TFII	-1.9%
Market (SPY)	6.2%	34.5%
Sector (XLI)	2.9%	44.0%

Fundamental Drivers

The 7.6% change in TFII stock from 6/4/2025 to 12/3/2025 was primarily driven by a 24.5% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	86.48	93.10	7.65%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	8490.40	8047.57	-5.22%
Net Income Margin (%)	4.54%	4.06%	-10.54%
P/E Multiple	18.88	23.49	24.46%
Shares Outstanding (Mil)	84.18	82.52	1.97%
Cumulative Contribution			7.61%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
TFII	7.6%
Market (SPY)	15.1%	41.2%
Sector (XLI)	7.6%	45.8%

Fundamental Drivers

The -37.1% change in TFII stock from 12/3/2024 to 12/3/2025 was primarily driven by a -27.7% change in the company's Net Income Margin (%).

	12032024	12032025	Change
Stock Price ($)	148.05	93.10	-37.12%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	8288.62	8047.57	-2.91%
Net Income Margin (%)	5.62%	4.06%	-27.68%
P/E Multiple	26.89	23.49	-12.64%
Shares Outstanding (Mil)	84.61	82.52	2.46%
Cumulative Contribution			-37.15%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
TFII	-37.1%
Market (SPY)	14.3%	44.8%
Sector (XLI)	9.8%	48.0%

Fundamental Drivers

The -7.9% change in TFII stock from 12/4/2022 to 12/3/2025 was primarily driven by a -55.1% change in the company's Net Income Margin (%).

	12042022	12032025	Change
Stock Price ($)	101.13	93.10	-7.94%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	8996.71	8047.57	-10.55%
Net Income Margin (%)	9.05%	4.06%	-55.08%
P/E Multiple	10.96	23.49	114.30%
Shares Outstanding (Mil)	88.23	82.52	6.46%
Cumulative Contribution			-8.33%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
TFII	-21.0%
Market (SPY)	53.2%	45.8%
Sector (XLI)	45.4%	50.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
TFII Return	56%	120%	-9%	37%	1%	-32%	191%
Peers Return	30%	41%	-15%	54%	10%	-3%	156%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
TFII Win Rate	67%	75%	50%	58%	50%	50%
Peers Win Rate	60%	68%	40%	62%	53%	56%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
TFII Max Drawdown	-49%	-1%	-35%	-1%	-4%	-45%
Peers Max Drawdown	-35%	-3%	-30%	-7%	-14%	-27%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: XPO, R, WERN, ODFL, JBHT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	TFII	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-39.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	64.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	235 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-52.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	112.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	106 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-16.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	19.7%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	115 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-51.0%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	103.9%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	56 days	1480 days

Compare to XPO, R, WERN, ODFL, JBHT

In The Past

TFI International's stock fell -39.3% during the 2022 Inflation Shock from a high on 10/28/2021. A -39.3% loss requires a 64.7% gain to breakeven.

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About TFI International (TFII)

TFI 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.

AI Generated Analysis | Feedback

1. The Berkshire Hathaway of North American trucking and logistics.

2. A highly asset-intensive and diversified XPO Logistics, offering services from parcel to full truckload.

3. The Waste Management of North American freight, consolidating diverse trucking and logistics companies.

AI Generated Analysis | Feedback

Truckload Services: Provides full truckload transportation, including specialized, dedicated, and temperature-controlled freight.
Less-Than-Truckload (LTL) Services: Offers transportation for smaller freight shipments that do not require a full truckload.
Package & Courier Services: Delivers parcels, documents, and small packages, often with time-sensitive requirements.
Logistics & Brokerage Services: Manages supply chains through freight forwarding, warehousing, and customs brokerage.

AI Generated Analysis | Feedback

TFI International (TFII) primarily sells its services to **other companies** (B2B).

Due to its highly diversified customer base across various industries and geographies in North America, TFI International does not disclose specific major customers that account for a material portion (typically 10% or more) of its consolidated revenue in its public filings. Its revenue is generated from a broad portfolio of clients utilizing its Package & Courier, Less-Than-Truckload (LTL), Truckload, and Logistics services.

While specific customer names are not disclosed, TFI International's customers generally fall into the following categories of businesses:

Retail and E-commerce Businesses: Companies involved in selling goods directly to consumers, which rely on TFI for package delivery, fulfillment, and supply chain solutions to move products from distribution centers to stores or directly to customers.
Manufacturing and Industrial Companies: Businesses that produce goods, requiring TFI's services for the transportation of raw materials, components, and finished products across their supply chains.
Wholesale and Distribution Companies: Firms that procure, store, and resell products to other businesses or retailers, utilizing TFI's freight and logistics services for efficient inventory movement and distribution network management.

AI Generated Analysis | Feedback

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AI Generated Analysis | Feedback

Alain Bédard, Chairman of the Board, President and CEO

Mr. Bédard was appointed CEO of TFI International in January 1996. He began his career at KPMG in 1975, becoming a senior auditor within three years. Subsequently, he served as a Controller in the forest products sector before joining Saputo in 1984, where he progressed to Vice-President Finance. In 1996, he took over a regional trucking firm that eventually became TFI International. Under his leadership, TFI International has executed a bold strategic expansion plan through numerous acquisitions and strategic investments across Canada and the U.S. He has been the head of six different companies, including TFI International and its subsidiaries like TForce Premier Distribution, Inc. and TForce Holdings, Inc., and previously served as Chairman at Saputo, Inc. and Chairman, President & Chief Executive Officer of TransForce Income Fund.

David Saperstein, Chief Financial Officer

Mr. Saperstein joined TFI International in 2016 as Vice-President, Mergers & Acquisitions, focusing on M&A activities across the North American transportation industry. He was named Chief Financial Officer in 2019. Prior to joining TFI, Mr. Saperstein spent over 15 years in investment banking with several firms in the United States and Europe, including Goldman Sachs.

Steven Brookshaw, Senior Executive Vice President - Truckload

Mr. Brookshaw was appointed Vice-President of Contrans Flatbed Operations in 2007, then Vice-President of Contrans in 2017. In January 2018, he was named Executive Vice-President of TFI International and promoted to Senior Executive Vice-President in 2023. He oversees the majority of TFI's North American truckload and specialized truckload operations. He holds a BBA from Wilfrid Laurier University and received his CPA and CMA designations in 1990.

Patrick Croteau, Vice-President, Finance and Control

Mr. Croteau joined TFI International in 2015 as Assistant Controller and was promoted to Vice-President, Finance and Control in 2019. His responsibilities include financial reporting, internal controls, and overseeing the Company's accounting operations. He holds a Bachelor of Commerce degree from Concordia University and the CPA designation.

Daniel Chevalier, Vice-President, Finance, Operational Reporting

Mr. Chevalier joined TFI International in 2001 and has held various senior finance positions. These roles included Vice-President, Finance and Administration for Services Matrec, a TFI International subsidiary, and Director, Finance - Operational Support at TFI International. He was promoted to Vice-President, Finance, Operational Reporting in 2019. Mr. Chevalier holds a Bachelor's degree in Accounting from the Université du Québec à Montréal and the CPA designation.

AI Generated Analysis | Feedback

Emergence and growth of digital freight brokerage platforms: These platforms leverage advanced technology, data analytics, and real-time matching algorithms to connect shippers directly with carriers, often bypassing traditional brokers or making the process more transparent and efficient. This asset-light, tech-first model threatens traditional freight brokers and asset-based carriers like TFI International by increasing transparency, compressing margins, and potentially capturing market share through more efficient and cost-effective solutions.

Expansion of integrated logistics networks by major e-commerce players: Companies like Amazon are aggressively building out their own end-to-end logistics networks, moving beyond servicing their own needs to increasingly offering a full suite of transportation and warehousing services to third-party businesses. This creates a direct competitor with immense scale, capital, and technological capabilities across package & courier, LTL, and truckload segments, potentially eroding market share and increasing price competition for traditional carriers like TFI International.

AI Generated Analysis | Feedback

TFI International (TFII) operates in four primary business segments: Package and Courier, Less-Than-Truckload (LTL), Truckload (TL), and Logistics and Warehousing. The company's operations span across Canada, the United States, and Mexico.

Addressable Market Sizes for TFI International's Main Products or Services:

Package and Courier
- North America: The North America Courier, Express, and Parcel (CEP) market was valued at approximately USD 216.19 billion in 2025 and is projected to reach USD 269.51 billion by 2030, with a CAGR of 4.51% over 2025-2030. Another source indicates the North America CEP market generated a revenue of USD 120,551.7 million in 2023 and is expected to reach US$ 245,057.1 million by 2030, with a CAGR of 10.7% from 2024 to 2030.
- Canada: The Canada Courier, Express, and Parcel (CEP) market was valued at USD 16.74 billion in 2025 and is expected to reach USD 21.55 billion by 2030, growing at a CAGR of 5.18% during this period. Another estimate places the market size at USD 17.4 billion in 2025, projected to reach USD 22.4 billion by 2030 with a 5.18% CAGR.
Less-Than-Truckload (LTL)
- North America: The North America Less-Than-Truckload (LTL) market generated a revenue of USD 84,628.9 million in 2024 and is expected to grow at a CAGR of 6.1% from 2025 to 2030, reaching a projected revenue of US$ 120,553.6 million by 2030. The LTL market in North America accounts for 42% of the global market share in 2024.
- Canada: Canada's LTL market is experiencing steady growth, driven by a strong manufacturing industry and increasing cross-border trade with the U.S. The less-than-truck-load (LTL) segment within Canada's road freight transport market is projected to climb at a 4.84% CAGR between 2025-2030.
Truckload (TL)
- North America: The Full Truckload (FTL) segment commanded a 79.98% share of the revenue in the North America road freight transport market in 2024. The overall North America road freight transport market size is valued at USD 660.24 billion in 2025 and is projected to reach USD 797.29 billion by 2030, with a 3.84% CAGR over 2025-2030.
- Canada: The Canada truckload market size was valued at USD 14.22 billion in 2024 and is expected to reach USD 24.36 billion by 2033, exhibiting a CAGR of 5.70% during 2025-2033. The Long-Distance Freight Trucking industry in Canada is valued at $32.6 billion in 2025.
- U.S.: The U.S. trucking freight bill was estimated at $906 billion in gross freight revenues in 2024. The U.S. for-hire trucking market contributes $185 billion to its annual GDP.
Logistics and Warehousing
- North America: The North America logistics market was valued at approximately USD 1.478 trillion in 2024 and is estimated to reach USD 1.768 trillion by 2033, with a CAGR of 2.0% during 2025-2033. Another report states the North America logistics market generated a revenue of USD 936.9 billion in 2024 and is expected to grow at a CAGR of 7% from 2025 to 2030, reaching US$ 1,408.8 billion by 2030.
- Canada: The Canada logistics market generated a revenue of USD 306.7 billion in 2024 and is expected to reach USD 473.7 billion by 2030, growing at a CAGR of 7.5% from 2025 to 2030. Another source indicates the Canada freight and logistics market size is estimated at USD 111.66 billion in 2025 and is expected to reach USD 139.17 billion by 2030, at a CAGR of 4.5%.

AI Generated Analysis | Feedback

TFI International (TFII) is expected to drive future revenue growth over the next two to three years through a combination of strategic initiatives and anticipated market improvements:

Strategic Acquisitions: A core component of TFI International's growth strategy is the continued pursuit of strategic acquisitions. The company has a history of completing numerous acquisitions, including five major ones since 2016, with a focus on targets that are immediately accretive to EPS and free cash flow, generate strong free cash flow, and offer synergy potential. Recent acquisitions, such as Daseke in April 2024, have already contributed to increased revenue in the Truckload segment.
Recovery in the Industrial Sector and Freight Market: TFI International anticipates a potential recovery in the industrial sector by late 2025 or early 2026. This recovery is expected to positively impact freight volumes, which have faced headwinds in recent periods due to economic uncertainty.
Growth in E-commerce and Supply Chain Management: E-commerce is identified as a significant growth opportunity for TFI International, driving increased demand for its transportation and logistics services. The company's diversified business model and strategic focus on e-commerce are expected to contribute to long-term resilience and growth.
Operational Efficiency and Market Penetration in Logistics and Truckload Segments: TFI International is focused on enhancing operational efficiency, improving freight quality, and optimizing revenue per shipment. The company also sees opportunities to further penetrate the market and improve performance within its logistics and truckload segments, both of which have shown solid performance.
Potential Pricing Strategy Adjustments: Adjustments to pricing strategies, particularly within the transportation sector, are also noted as a potential contributor to revenue growth.

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Share Repurchases

TFI International's Board approved continued share repurchases, resulting in over $100 million returned to shareholders in Q3 2025.
The company authorized a new Normal Course Issuer Bid (NCIB) in October 2024, permitting the purchase of up to 7,918,102 common shares, representing 10% of the public float, to be completed by November 1, 2025.
Between November 2, 2023, and October 21, 2024, TFI repurchased 1,035,140 common shares at a volume weighted average price of CAD $163.0739 per share under a prior NCIB.

Outbound Investments

In April 2024, TFI International acquired Daseke for $1.1 billion, a move that is expected to double the size of its Truckload segment.
TFI agreed to purchase UPS Freight for US$800 million in January 2021, positioning the company as one of North America's largest trucking firms.
In November 2020, the company completed the US$225 million acquisition of DLS Worldwide, enhancing its Logistics segment.

Capital Expenditures

For the full year 2025, net capital expenditures are forecasted to be between $150 million and $175 million.
Capital expenditures for the fiscal year ending December 2024 reached a peak of $564.8 million.
From 2020 to 2024, TFI International's capital expenditures averaged $408 million, with the lowest point being $181.6 million in 2020.

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Better Bets than TFI International (TFII)

	TFII	Better Performance than TFII
Metric	Value	INDUSTRY: Cargo Ground Transportation
Rev Chg LTM	-2.9%	SAIA (2.0%), R (1.3%), KNX (0.0%), XPO (-0.3%), JBHT (-1.6%)
Rev Chg 3Y Avg	-3.0%	XPO (38.4%), RXO (10.0%), SAIA (5.7%), R (2.0%), KNX (0.1%)
Op Mgn LTM	7.6%	ODFL (24.9%), SAIA (12.1%), XPO (8.8%), R (8.8%)
CFO/Rev LTM	11.9%	ODFL (26.2%), SAIA (19.2%), R (18.9%), JBHT (13.4%), MRTN (12.4%)
FCF/Rev LTM	8.5%	ODFL (16.5%)
Total Yield	6.5%	R (8.4%), CVLG (7.2%), ARCB (6.8%)
P/S	0.9	RXO (0.4), R (0.6), SNDR (0.7), KNX (0.9), LSTR (0.9)
P/Op Inc	11.9	R (6.9), ULH (7.6)

	TFII	Better Performance than TFII
Metric	Value	SECTOR: Industrials
Rev Chg LTM	-2.9%	UBER (18.2%), GE (17.7%), BA (10.2%), GEV (9.4%), RTX (8.8%)
Rev Chg 3Y Avg	-3.0%	UBER (19.6%), GE (15.7%), BA (10.1%), RTX (9.4%), CAT (5.8%)
Op Mgn LTM	7.6%	UNP (40.6%), GE (20.5%), CAT (18.2%), RTX (10.3%), UBER (9.2%)
CFO/Rev LTM	11.9%	UNP (39.6%), UBER (18.1%), CAT (18.0%), GE (17.2%), ETN (15.4%)
FCF/Rev LTM	8.5%	UNP (24.5%), UBER (17.5%), GE (14.7%), ETN (12.5%), CAT (12.3%)
Total Yield	6.5%	UPS (15.4%), UBER (8.1%), UNP (7.3%), HON (6.8%), CAT (6.7%)
P/S	0.9	UAL (0.5), DAL (0.6), FDX (0.6), LUV (0.6), UPS (0.8)
P/Op Inc	11.9	UAL (6.0), DAL (6.1), UPS (8.6), FDX (8.8), CNI (9.0)

	TFII	Better Performance than TFII
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-2.9%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	-3.0%	NVDA (92.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	7.6%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	11.9%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	8.5%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	6.5%	XOM (10.3%), JNJ (8.4%), UNH (8.1%), BAC (7.7%), JPM (6.7%)
P/S	0.9	CVS (0.2), MCK (0.2), ELV (0.4), UNH (0.7), DELL (0.8)
P/Op Inc	11.9	VZ (5.9), T (8.3), MRK (9.4), PFE (9.4), UNH (11.9)

		Best Bets In Industrials Sector
	TFII
What You Pay
P/E	22.2
P/EBIT	12.5
What You Get
Rev Chg Q	-9.9%
Rev Chg LTM	-2.9%
Rev Chg 3Y Avg	-3.0%
FCF/Rev 3Y Avg	8.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Would You Still Hold TFI International Stock If It Fell 30%?	Return
2	TFII Dip Buy Analysis
3	TFI International (TFII) Valuation Ratios Comparison	Financials
4	TFI International Total Shareholder Return (TSR): 2.5% in 2024 and 9.1% 3-yr compounded annual returns (above peer average)
5	Time To Buy TFI International Stock?	Buy or Fear
6	TFI International (TFII) Operating Cash Flow Comparison	Financials
7	TFI International (TFII) Net Income Comparison	Financials
8	TFI International (TFII) Operating Income Comparison	Financials
9	TFI International (TFII) Revenue Comparison	Financials
10	Fundamental Metrics: ...

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to TFII. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	9.5%	9.5%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.2%	3.2%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.5%	7.5%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.8%	2.8%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	0.0%	0.0%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	9.5%	9.5%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.2%	3.2%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.5%	7.5%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.8%	2.8%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	0.0%	0.0%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for TFI International

Peers to compare with:

Financials

	TFII	XPO	R	WERN	ODFL	JBHT	Median
Name	TFI Inte.	XPO	Ryder Sy.	Werner E.	Old Domi.	JB Hunt .
Mkt Price	93.10	139.76	178.49	28.79	150.94	187.92	145.35
Mkt Cap	7.7	16.5	7.3	1.7	31.7	18.1	12.1
Rev LTM	8,048	8,067	12,708	2,991	5,575	12,049	8,057
Op Inc LTM	610	706	1,112	54	1,391	826	766
FCF LTM	685	232	-88	-55	921	790	459
FCF 3Y Avg	648	-206	-458	-88	827	388	150
CFO LTM	958	949	2,403	191	1,461	1,610	1,209
CFO 3Y Avg	1,007	808	2,329	347	1,550	1,647	1,278

Growth & Margins

	TFII	XPO	R	WERN	ODFL	JBHT	Median
Name	TFI Inte.	XPO	Ryder Sy.	Werner E.	Old Domi.	JB Hunt .
Rev Chg LTM	-2.9%	-0.3%	1.3%	-3.4%	-5.9%	-1.6%	-2.3%
Rev Chg 3Y Avg	-3.0%	38.4%	2.0%	-2.1%	-3.3%	-6.3%	-2.5%
Rev Chg Q	-9.9%	2.8%	-0.3%	3.5%	-4.3%	-0.5%	-0.4%
QoQ Delta Rev Chg LTM	-2.6%	0.7%	-0.1%	0.9%	-1.1%	-0.1%	-0.1%
Op Mgn LTM	7.6%	8.8%	8.8%	1.8%	24.9%	6.9%	8.2%
Op Mgn 3Y Avg	8.9%	8.0%	8.8%	3.9%	26.9%	7.2%	8.4%
QoQ Delta Op Mgn LTM	-0.4%	0.1%	0.0%	-1.0%	-0.4%	0.2%	-0.2%
CFO/Rev LTM	11.9%	11.8%	18.9%	6.4%	26.2%	13.4%	12.6%
CFO/Rev 3Y Avg	12.7%	10.1%	18.7%	10.9%	26.8%	13.1%	12.9%
FCF/Rev LTM	8.5%	2.9%	-0.7%	-1.8%	16.5%	6.6%	4.7%
FCF/Rev 3Y Avg	8.1%	-2.6%	-3.7%	-2.7%	14.3%	3.2%	0.3%

Valuation

	TFII	XPO	R	WERN	ODFL	JBHT	Median
Name	TFI Inte.	XPO	Ryder Sy.	Werner E.	Old Domi.	JB Hunt .
Mkt Cap	7.7	16.5	7.3	1.7	31.7	18.1	12.1
P/S	0.9	1.9	0.6	0.5	5.3	1.1	1.0
P/EBIT	12.5	22.9	7.0	20.7	21.2	15.5	18.1
P/E	22.2	45.9	15.3	62.3	27.9	22.5	25.2
P/CFO	7.6	16.1	3.2	8.3	20.2	8.0	8.1
Total Yield	6.5%	2.2%	8.4%	3.8%	4.4%	5.8%	5.1%
Dividend Yield	2.0%	0.0%	1.9%	2.2%	0.8%	1.3%	1.6%
FCF Yield 3Y Avg	6.8%	-1.8%	-8.5%	-4.0%	2.2%	2.8%	0.2%
D/E	0.4	0.3	1.2	0.5	0.0	0.1	0.3
Net D/E	0.4	0.2	1.1	0.4	0.0	0.1	0.3

Returns

	TFII	XPO	R	WERN	ODFL	JBHT	Median
Name	TFI Inte.	XPO	Ryder Sy.	Werner E.	Old Domi.	JB Hunt .
1M Rtn	4.2%	1.1%	6.5%	12.1%	10.0%	10.7%	8.3%
3M Rtn	-1.9%	11.1%	-3.5%	1.6%	2.1%	29.6%	1.9%
6M Rtn	7.6%	21.6%	21.4%	7.6%	-6.2%	34.9%	14.5%
12M Rtn	-37.1%	-8.9%	9.6%	-26.9%	-30.4%	2.8%	-17.9%
3Y Rtn	-7.9%	266.4%	112.3%	-32.0%	1.5%	5.9%	3.7%
1M Excs Rtn	4.3%	1.1%	6.6%	12.1%	10.0%	10.7%	8.3%
3M Excs Rtn	-8.6%	1.5%	-10.2%	-4.9%	-3.7%	24.3%	-4.3%
6M Excs Rtn	-7.1%	6.9%	6.6%	-7.1%	-20.9%	20.2%	-0.2%
12M Excs Rtn	-51.0%	-21.8%	-5.7%	-41.8%	-45.9%	-13.0%	-31.8%
3Y Excs Rtn	-79.3%	206.7%	35.1%	-102.3%	-66.2%	-62.9%	-64.6%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/30/2025	2/19/2025	2/16/2024	2/23/2023	3/15/2022	2/18/2021	2/10/2020
Key Financials
Total Revenue	8,048	8,397	7,521	8,812	7,220	3,781	3,904
EBITDA	1,198	1,295	1,194	1,562	1,359	709	674
Operating Income	610	740	746	941	664	399	342
Net Income	327	422	505	823	754	276	234
EPS	3.92	5.00	5.88	9.21	8.11	3.09	2.80
Growth Rates
Total Revenue Growth	-2.9%	11.6%	-14.7%	22.0%	91.0%	-3.1%	3.8%
EBITDA Growth	-7.8%	8.4%	-23.5%	14.9%	91.6%	5.2%	29.4%
Operating Income Growth	-20.7%	-0.8%	-20.8%	41.8%	66.2%	16.8%	9.9%
Net Income Growth	-29.8%	-16.3%	-38.7%	9.1%	173.7%	18.0%	9.0%
Margins
EBITDA Margin	14.9%	15.4%	15.9%	17.7%	18.8%	18.8%	17.3%
Operating Income Margin	7.6%	8.8%	9.9%	10.7%	9.2%	10.6%	8.8%
Net Income Margin	4.1%	5.0%	6.7%	9.3%	10.4%	7.3%	6.0%
Cash & Debt
Total Cash	32	0	336	147	19	4	0
Total Debt	2,994	2,983	2,344	1,729	2,037	1,229	1,702
Net Debt / (Cash)	2,963	2,983	2,009	1,582	2,018	1,224	1,702
Cash Flows
Net Cash from Operations	958	1,063	1,014	972	855	611	488
Free Cash from Operations	685	664	650	615	580	466	224
Returns to Shareholders
Dividends	147	134	121	97	85	68	60
Share Repurchases	268	106	335	577	215	43	194

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/30/2025	7/28/2025	4/23/2025	2/19/2025	10/21/2024	7/25/2024	4/25/2024	2/16/2024	10/23/2023	7/31/2023	4/25/2023	2/23/2023
Key Financials Quarterly
Total Revenue	1,969	2,038	1,964	2,077	2,185	2,265	1,871	1,969	1,911	1,791	1,850	1,957
Ebitda	302	324	262	311	359	356	269	316	311	298	269	317
Operating Income	150	167	104	189	198	205	148	219	187	188	151	204
Net Income	85	98	56	88	126	116	93	131	133	128	112	153
EPS	1.03	1.18	0.67	1.04	1.49	1.37	1.10	1.55	1.55	1.49	1.29	1.79
Key Financials TTM
Total Revenue TTM	8,048	8,263	8,490	8,397	8,289	8,015	7,542	7,521	7,509	7,840	8,471	8,812
Ebitda TTM	1,198	1,256	1,288	1,295	1,300	1,252	1,194	1,194	1,195	1,305	1,505	1,562
Operating Income TTM	610	658	696	740	770	759	742	746	730	775	893	941
Net Income TTM	327	368	386	422	466	473	486	505	527	639	787	823
Growth Rates Quarterly
Total Revenue Growth	-9.9%	-10.0%	5.0%	5.5%	14.3%	26.4%	1.1%	0.6%	-14.8%	-26.1%	-15.6%	-8.6%
EBITDA Growth	-16.1%	-9.1%	-2.4%	-1.7%	15.4%	19.5%	-0.1%	-0.4%	-26.0%	-40.2%	-17.3%	-0.7%
Operating Income Growth	-24.1%	-18.8%	-29.3%	-13.8%	5.8%	8.9%	-2.4%	7.6%	-19.3%	-38.4%	-24.4%	-1.6%
Net Income Growth	-32.7%	-15.1%	-39.7%	-32.9%	-5.6%	-9.8%	-17.0%	-14.4%	-45.6%	-53.7%	-24.2%	6.5%
Margins Quarterly
EBITDA Margin	15.3%	15.9%	13.4%	15.0%	16.4%	15.7%	14.4%	16.0%	16.3%	16.6%	14.5%	16.2%
Operating Income Margin	7.6%	8.2%	5.3%	9.1%	9.1%	9.1%	7.9%	11.1%	9.8%	10.5%	8.2%	10.4%
Net Income Margin	4.3%	4.8%	2.9%	4.2%	5.8%	5.1%	5.0%	6.7%	7.0%	7.2%	6.0%	7.8%
Cash & Debt
Total Cash	32	28	16	0	55	-	902	336	88	178	136	147
Total Debt	2,994	3,021	2,955	2,983	3,169	0	2,945	2,344	2,026	1,737	1,703	1,729
Net Debt / (Cash)	2,963	2,993	2,938	2,983	3,114	-	2,042	2,009	1,937	1,559	1,567	1,582
Cash Flows Quarterly
FCF from Operations	255	247	194	262	351	249	201	303	279	200	232	248
Cash Flows TTM
FCF from Operations TTM	958	1,054	1,056	1,063	1,103	1,031	982	1,014	960	1,019	1,066	972
Returns to Shareholders Quarterly
Dividends	37	39	38	33	34	33	34	30	30	31	30	24
Share Repurchases	67	85	73	43	1	35	28	169	-0	114	52	84
Return on Invested Capital (ROIC) Quarterly
ROIC	11.9%	12.9%	8.3%	14.9%	15.3%	-	14.9%	22.3%	19.5%	22.2%	18.1%	25.2%
Return on Invested Capital (ROIC) TTM
ROIC TTM	12.0%	12.9%	13.9%	14.6%	14.3%	-	18.7%	18.8%	19.2%	24.1%	27.6%	29.3%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Less-Than-Truckload	3,949	4,023	2,815	583	719
Truckload	1,936	2,451	2,163	1,732	1,876
Logistics	1,697	1,763	1,662	941	772
Corporate	0	0	-61
Eliminations	-61	-76	0
Package and Courier		651	641	526	536
Total	7,521	8,812	7,220	3,781	3,904

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Less-Than-Truckload	425	471	573	88	82
Truckload	237	367	230	206	192
Logistics	160	140	143	84	57
Eliminations	0	0	0
Corporate	-65	34	-75	-41	-31
Package and Courier		134	108	79	82
Total	758	1,146	979	417	383

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Less-Than-Truckload	2,689	2,276	2,351	594	596
Truckload	2,004	1,861	2,318	2,101	2,067
Logistics	1,140	732	747	730	422
Corporate	450	275	88	35	53
Eliminations	0	0	0
Package and Courier		363	380	388	371
Total	6,284	5,506	5,884	3,847	3,509

Price Behavior

Price Behavior

Market Price	$93.10
Market Cap ($ Bil)	7.7
First Trading Date	10/27/2008
Distance from 52W High	-38.3%
	50 Days	200 Days
DMA Price	$88.77	$87.43
DMA Trend	down	down
Distance from DMA	4.9%	6.5%
	3M	1YR
Volatility	35.6%	43.6%
Downside Capture	130.42	161.41
Upside Capture	85.10	94.97
Correlation (SPY)	34.5%	44.7%

TFII Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.98	0.99	1.01	1.39	0.99	1.06
Up Beta	-1.15	-0.50	0.10	1.30	1.20	1.18
Down Beta	1.52	1.77	1.46	1.25	0.30	0.51
Up Capture	139%	95%	65%	126%	85%	132%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	10	21	29	62	114	371
Down Capture	143%	117%	136%	163%	131%	107%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	21	34	64	134	378

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of TFII With Other Asset Classes (Last 1Y)
	TFII	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-35.6%	8.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	43.5%	18.9%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.88	0.32	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		48.0%	44.8%	3.3%	7.3%	36.9%	20.7%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of TFII With Other Asset Classes (Last 5Y)
	TFII	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	14.5%	13.1%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	39.3%	17.2%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.45	0.61	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		50.3%	48.9%	6.8%	11.5%	37.5%	19.5%

Based On 10-Year Data

		Comparison of TFII With Other Asset Classes (Last 10Y)
	TFII	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	19.9%	12.8%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	43.1%	19.9%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.68	0.57	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		54.1%	53.5%	6.1%	21.0%	44.8%	21.3%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	809,560
Short Interest: % Change Since 10312025	-7.8%
Average Daily Volume	208,495
Days-to-Cover Short Interest	3.88
Basic Shares Quantity	82,523,756
Short % of Basic Shares	1.0%

Returns Analyses

	Title
0	Would You Still Hold TFI International Stock If It Fell 30%?

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10302025	6-K 9/30/2025
6302025	7282025	6-K 6/30/2025
3312025	4232025	6-K 3/31/2025
12312024	2192025	40-F 12/31/2024
9302024	10212024	6-K 9/30/2024
6302024	7252024	6-K 6/30/2024
3312024	4252024	6-K 3/31/2024
12312023	2162024	40-F 12/31/2023
9302023	10232023	6-K 9/30/2023
6302023	7312023	6-K 6/30/2023
3312023	4252023	6-K 3/31/2023
12312022	2232023	40-F 12/31/2022
9302022	10272022	6-K 9/30/2022
6302022	7282022	6-K 6/30/2022
3312022	4282022	6-K 3/31/2022
12312021	3152022	40-F 12/31/2021

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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TFI International (TFII)

Market Price (12/4/2025): $96.16 | Market Cap: $7.9 BilSector: Industrials | Industry: Cargo Ground Transportation

TFI International (TFII)

Market Price (12/4/2025): $96.16Market Cap: $7.9 BilSector: IndustrialsIndustry: Cargo Ground Transportation

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Market Price (12/4/2025): $96.16 | Market Cap: $7.9 Bil
Sector: Industrials | Industry: Cargo Ground Transportation

Market Price (12/4/2025): $96.16
Market Cap: $7.9 Bil
Sector: Industrials
Industry: Cargo Ground Transportation