Fact based stock research
TMX (TSX:X)

CA87262K1057

How to read the free ranks

For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

TMX stock research in summary

tmx.com

ANALYSIS: With an Obermatt Combined Rank of 59 (better than 59% compared with investment alternatives), TMX (Financial Exchanges & Data, Canada) shares have above-average financial characteristics compared with similar stocks. Shares of TMX are a good value (attractively priced) with a consolidated Value Rank of 50 (better than 50% of alternatives), are safely financed (Safety Rank of 80, which means low debt burdens), but show below-average growth (Growth Rank of 31). ...read more

RECOMMENDATION: A Combined Rank of 59, is a buy recommendation based on TMX's financial characteristics. As the company TMX's key financial metrics exhibit good value (Obermatt Value Rank of 50) but low growth (Obermatt Growth Rank of 31) while being safely financed (Obermatt Safety Rank of 80), it may be a safer investment because companies with low debt can better withstand times of crises. Yet the good value, better than 50% of comparable companies, may also indicate that the company's future is challenging. If you believe that low growth is temporary or just due to a specific current event, you may conclude that the good value of the stock provides an attractive investment opportunity and the downside is limited due to below-average financing risks. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	50
Growth Rank	31
Safety Rank	80
Combined Rank	59

Country	Canada
Industry	Financial Exchanges & Data
Index	TSX Composite
Size class	Medium

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

Multiple opinions. One number.

Analysts rarely agree on a stock’s future. So, who do you believe? Obermatt translates those collective views into a single Sentiment Rank. That plus the financial ranks give you the ultimate 360° View. Sign up to access them.

Why popular stocks have low ratings

It’s easier said than done. When your stock drops, it’s easy to want to sell it and find a better performer. Think twice, or even three times, before trading. Those fees (especially the hidden ones) can eat up your gains.

Review the performance ranks of the individual metrics that form each investment strategy.

Research History: TMX

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	42	37	41	50
GROWTH
GROWTH	9	71	33	31
SAFETY
SAFETY	84	93	81	80
SENTIMENT
SENTIMENT	86	74	99	^new
360° VIEW
360° VIEW	64	89	81	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better TMX is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	42	37	41	50
GROWTH
GROWTH	9	71	33	31
SAFETY
SAFETY	84	93	81	80
COMBINED
COMBINED	37	93	58	59

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of TMX the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 50 (better than 50% compared with alternatives), TMX shares are more attractively priced than the majority of comparable stocks. The Value Rank is based on consolidating four value indicators, with half of the indicators below and half above average for TMX. Expected dividend yields are higher than for 54% of comparable companies (a Dividend Yield rank of 54), making the stock attractive. The same is valid for Price-to-Book Capital (also referred to as market-to-book ratio) with a Price-to-Book Rank of 61, which means that the stock price is lower compared with invested capital than for 61% of comparable investments. But in respect to sales and profits, the picture is reversed. Price-to-Sales is 30 which means that the stock price compared with what market professionals expect for future profits is higher than for 70% of comparable companies, indicating a low value concerning TMX's sales levels. The Price-to-Profit ratio (also referred to as price-earnings (P/E) ratio) is also unfavorable for TMX with a rank of 30. This means that the stock price, compared with what market professionals expect for future profits, is higher than for 70% of comparable companies, indicating a low value concerning TMX's profit levels. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 50, is a buy recommendation based on TMX's stock price compared with the company's operational size and dividend yields. The company seems confident that it can generate a reasonable return on invested capital, because it pays an above-average dividend while profits are below what you would expect for a company with this stock price. If you agree with this practice and believe that profits will return to higher levels, as the current dividend policy suggests, TMX may be an attractive investment. If this is not the case, you may want to be careful with this stock as it is also expensive compared with its expected revenue levels. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision, which is essential in this case, as the financial indicators are inconclusive. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	28	24	25	30
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	39	34	27	30
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	68	54	61	61
DIVIDEND YIELD
DIVIDEND YIELD	55	54	51	54
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	42	37	41	50

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of TMX; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 31 (better than 31% compared with alternatives), TMX shows a below-average growth dynamic in its industry. There is limited momentum in this company. The Growth Rank is based on consolidating four value indicators, with three out of four indicators below average for TMX. Sales Growth has a below market rank of 42, which means that, currently, professionals expect the company to grow less than 58% of its competitors. The same is valid for Capital Growth, with a rank of 33, and Profit Growth, with a rank of 48. Currently, professionals expect the company to grow its profits less than 52% of its competitors). Only shareholders are optimistic. Stock Returns are above average at a rank of 61, which means that the stock returns have recently been above 61% of alternative investments. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 31, is a hold recommendation for growth and momentum investors. That picture may be the result for a company that has reached the bottom. All went south for TMX, and it still looks bad, but some investors already see light at the end of the tunnel, rewarding the stock with recent above-market stock returns. It could also mean that investors are correcting an overreaction to negative news. If that were the case, the positive stock returns are not yet a sign of recovery. Investors should look closely at the Value and Sentiment indicators before they make a stock purchasing decision, because growth is unlikely to be the driving argument behind this investment. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance is low here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	41	85	41	42
PROFIT GROWTH
PROFIT GROWTH	36	42	39	48
CAPITAL GROWTH
CAPITAL GROWTH	33	73	13	33
STOCK RETURNS
STOCK RETURNS	10	45	73	61
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	9	71	33	31

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of TMX.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 80 (better than 80% compared with alternatives) for 2025, the company TMX has safe financing practices, which means that their overall debt burden is low. This doesn't mean that the business of TMX is safe, it only means that the company is on the safer side regarding possible bankruptcy, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators where two out of three are above average for TMX.Leverage is at 57, meaning the company has a below-average debt-to-equity ratio. It has less debt than 57% of its competitors.Refinancing is at a rank of 87, meaning that the portion of the debt that is about to be refinanced is below average. It has less debt in the refinancing stage than 87% of its competitors. Liquidity is at 37, meaning that the company generates less profit to service its debt than 63% of its competitors. This indicates that the company is on the riskier side regarding debt service. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 80 (better than 80% compared with alternatives), TMX has a financing structure that is significantly safer than that of its competitors. Low leverage and low refinancing risk mean a safer financing situation. However, low liquidity means that current company cash flows are low in relation to the level of debt. This is a sign of caution in case it is expected for profits to remain low. Investors should compare Obermatt’s Value, Growth, and Sentiment Ranks before deciding. They may also want to investigate why cash flows are expected to be low, making debt service for TMX more challenging. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	64	67	75	57
REFINANCING
REFINANCING	90	93	95	87
LIQUIDITY
LIQUIDITY	48	62	36	37
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	84	93	81	80

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of TMX and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	13	31	^new
OPINIONS CHANGE
OPINIONS CHANGE	75	50	96	^new
PRO HOLDINGS
PRO HOLDINGS	80	92	94	^new
MARKET PULSE
MARKET PULSE	94	100	90	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	86	74	99	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for TMX.
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