NFI Group Past Earnings Performance
Past criteria checks 0/6
NFI Group's earnings have been declining at an average annual rate of -10.8%, while the Machinery industry saw earnings growing at 6.5% annually. Revenues have been growing at an average rate of 11.2% per year.
Key information
-10.81%
Earnings growth rate
-0.20%
EPS growth rate
| Machinery Industry Growth | 16.34% |
| Revenue growth rate | 11.16% |
| Return on equity | -20.77% |
| Net Margin | -3.43% |
| Last Earnings Update | 29 Mar 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jan 27
NFI: New Leadership And Guidance Reset Will Support Future Margin Expansion
Analysts have adjusted their price target for NFI Group from $20.84 to $21.94, citing updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News NFI Group’s Board appointed John Sapp as Chief Executive Officer, effective January 1, 2026, following a global search led by the Board’s Human Resources, Compensation and Governance committee (Key Developments).Analysis Article • Jan 13
Further Upside For NFI Group Inc. (TSE:NFI) Shares Could Introduce Price Risks After 25% Bounce
NFI Group Inc. ( TSE:NFI ) shareholders would be excited to see that the share price has had a great month, posting a...Narrative Update • Jan 09
NFI: Leadership Transition And Supply Chain Securing Will Support Future Margin Expansion
Analysts have made a small upward adjustment to their price target for NFI Group to approximately $20.84 from about $20.79. This reflects updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E multiples.Narrative Update • Dec 23
NFI: Transit Demand Tailwinds Will Drive Margin Expansion And Zero Emission Recovery
Analysts have trimmed their average price target on NFI Group to about C$21 from roughly C$23, reflecting modestly lower growth expectations but still supportive views on improving margins and the company’s long term earnings power. Analyst Commentary Analysts remain broadly constructive on NFI Group despite the modest reset in price targets, with consensus still anchored in the view that the company can execute on its margin expansion and backlog conversion plans.Narrative Update • Dec 09
NFI: Transit Demand Tailwinds Will Support Future Recovery In Zero Emission Deliveries
NFI Group's analyst price target has been trimmed slightly to about C$20.40 from C$20.76, as analysts modestly adjust fair value assumptions while maintaining a generally constructive outlook on the company. Analyst Commentary Recent Street research reflects modestly reduced price targets for NFI Group, clustering in the C$20 to C$22 range, while ratings remain skewed toward Outperform.Narrative Update • Nov 25
NFI: Recovery in Transit Demand Will Drive Revenue Upside Ahead
The average analyst price target for NFI Group has been revised downward from approximately C$21.54 to C$20.76. This reflects recent adjustments as analysts cite lower profit margin estimates and moderated fair value projections, despite continued revenue growth expectations.Narrative Update • Nov 10
NFI: Order Backlog and Transit Market Recovery Will Drive Upside
Analysts have lowered their average price target for NFI Group from approximately C$22.35 to C$21.54. They cited more cautious forecasts for revenue growth and profitability.Narrative Update • Oct 27
Record Backlog And Industry Partnerships Will Drive Long-Term Market Expansion
The average analyst price target for NFI Group has been revised slightly lower from approximately $22.42 to $22.35. This change reflects recent analyst adjustments in response to updated company forecasts and market conditions.Narrative Update • Oct 13
Record Backlog And Government Funding Will Expand Bus Market
NFI Group's average analyst price target has decreased from C$23 to a range between C$20 and C$22. Analysts cite tempered expectations for revenue growth and profit margins in their latest updates.Narrative Update • Sep 29
Record Backlog And Government Funding Will Expand Bus Market
Analysts modestly lowered NFI Group’s price target to CA$22.58, reflecting near-term supply chain challenges despite expectations for earnings inflection in H2 2025 and positive demand and defense trends. Analyst Commentary Bullish analysts see an inflection point in earnings in H2 2025 as seat supplier issues are expected to ease.Analysis Article • Sep 15
NFI Group Inc. (TSE:NFI) Screens Well But There Might Be A Catch
NFI Group Inc.'s ( TSE:NFI ) price-to-sales (or "P/S") ratio of 0.5x may look like a pretty appealing investment...Analysis Article • Jun 21
Here's Why NFI Group (TSE:NFI) Has A Meaningful Debt Burden
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Analysis Article • May 10
A Piece Of The Puzzle Missing From NFI Group Inc.'s (TSE:NFI) 28% Share Price Climb
Despite an already strong run, NFI Group Inc. ( TSE:NFI ) shares have been powering on, with a gain of 28% in the last...
New Narrative • Apr 27
Record Backlog And Diverse Bus Models Will Drive Production Efficiency
Strong order backlog and propulsion-agnostic strategy position the company for revenue growth and market share capture across changing demand types.Analysis Article • Mar 15
Investors Still Aren't Entirely Convinced By NFI Group Inc.'s (TSE:NFI) Revenues Despite 35% Price Jump
Those holding NFI Group Inc. ( TSE:NFI ) shares would be relieved that the share price has rebounded 35% in the last...Analysis Article • Mar 11
NFI Group (TSE:NFI) Could Be At Risk Of Shrinking As A Company
To avoid investing in a business that's in decline, there's a few financial metrics that can provide early indications...Analysis Article • Jan 28
Sentiment Still Eluding NFI Group Inc. (TSE:NFI)
NFI Group Inc.'s ( TSE:NFI ) price-to-sales (or "P/S") ratio of 0.4x may look like a pretty appealing investment...Analysis Article • Dec 07
NFI Group Inc.'s (TSE:NFI) Intrinsic Value Is Potentially 77% Above Its Share Price
Key Insights Using the 2 Stage Free Cash Flow to Equity, NFI Group fair value estimate is CA$24.66 NFI Group's CA$13.94...Analysis Article • Oct 07
Investors Continue Waiting On Sidelines For NFI Group Inc. (TSE:NFI)
NFI Group Inc.'s ( TSE:NFI ) price-to-sales (or "P/S") ratio of 0.5x may look like a pretty appealing investment...Analysis Article • Jun 18
Does NFI Group (TSE:NFI) Have A Healthy Balance Sheet?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysis Article • May 23
A Piece Of The Puzzle Missing From NFI Group Inc.'s (TSE:NFI) 41% Share Price Climb
NFI Group Inc. ( TSE:NFI ) shares have had a really impressive month, gaining 41% after a shaky period beforehand. The...Analysis Article • Mar 28
Investors Holding Back On NFI Group Inc. (TSE:NFI)
With a price-to-sales (or "P/S") ratio of 0.4x NFI Group Inc. ( TSE:NFI ) may be sending bullish signals at the moment...Analysis Article • Jan 19
Health Check: How Prudently Does NFI Group (TSE:NFI) Use Debt?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Analysis Article • Dec 22
NFI Group Inc. (TSE:NFI) Screens Well But There Might Be A Catch
NFI Group Inc.'s ( TSE:NFI ) price-to-sales (or "P/S") ratio of 0.5x may look like a pretty appealing investment...Analysis Article • Sep 29
Is NFI Group (TSE:NFI) Using Debt Sensibly?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...Analysis Article • Jan 05
NFI Group (TSE:NFI) Has Debt But No Earnings; Should You Worry?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How NFI Group makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 29 Mar 26 | 3,615 | -124 | 281 | 0 |
| 28 Dec 25 | 3,615 | -142 | 272 | 0 |
| 28 Sep 25 | 3,426 | -290 | 256 | 0 |
| 29 Jun 25 | 3,258 | -164 | 264 | 0 |
| 30 Mar 25 | 3,241 | 0 | 245 | 0 |
| 29 Dec 24 | 3,122 | -3 | 239 | 0 |
| 29 Sep 24 | 3,082 | -24 | 245 | 0 |
| 30 Jun 24 | 3,081 | -49 | 247 | 0 |
| 31 Mar 24 | 2,890 | -100 | 245 | 0 |
| 31 Dec 23 | 2,692 | -136 | 245 | 0 |
| 01 Oct 23 | 2,585 | -286 | 241 | 0 |
| 02 Jul 23 | 2,389 | -287 | 231 | 0 |
| 02 Apr 23 | 2,126 | -295 | 233 | 0 |
| 01 Jan 23 | 2,061 | -276 | 232 | 0 |
| 02 Oct 22 | 2,066 | -133 | 229 | 0 |
| 03 Jul 22 | 2,044 | -108 | 226 | 0 |
| 03 Apr 22 | 2,229 | -49 | 213 | 0 |
| 02 Jan 22 | 2,344 | -14 | 213 | 0 |
| 26 Sep 21 | 2,360 | 3 | 227 | 0 |
| 27 Jun 21 | 2,532 | -7 | 236 | 0 |
| 28 Mar 21 | 2,283 | -83 | 235 | 0 |
| 27 Dec 20 | 2,419 | -158 | 238 | 0 |
| 27 Sep 20 | 2,625 | -132 | 250 | 0 |
| 28 Jun 20 | 2,687 | -108 | 253 | 0 |
| 29 Mar 20 | 3,037 | -26 | 252 | 0 |
| 29 Dec 19 | 2,893 | 58 | 241 | 0 |
| 29 Sep 19 | 2,638 | 66 | 215 | 0 |
| 30 Jun 19 | 2,518 | 105 | 203 | 0 |
| 31 Mar 19 | 2,507 | 146 | 204 | 0 |
| 30 Dec 18 | 2,519 | 160 | 204 | 0 |
| 30 Sep 18 | 2,512 | 193 | 205 | 0 |
| 01 Jul 18 | 2,448 | 191 | 203 | 0 |
| 01 Apr 18 | 2,388 | 184 | 201 | 0 |
| 31 Dec 17 | 2,382 | 191 | 196 | 0 |
| 01 Oct 17 | 2,350 | 157 | 186 | 0 |
| 02 Jul 17 | 2,320 | 148 | 182 | 0 |
| 02 Apr 17 | 2,293 | 140 | 178 | 0 |
| 01 Jan 17 | 2,274 | 125 | 186 | 0 |
| 02 Oct 16 | 2,071 | 97 | 175 | 0 |
| 03 Jul 16 | 1,924 | 88 | 156 | 0 |
| 03 Apr 16 | 1,712 | 66 | 135 | 0 |
| 27 Dec 15 | 1,539 | 54 | 104 | 0 |
| 27 Sep 15 | 1,540 | 47 | 91 | 0 |
| 28 Jun 15 | 1,536 | 41 | 86 | 0 |
Quality Earnings: NFI is currently unprofitable.
Growing Profit Margin: NFI is currently unprofitable.
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: NFI is unprofitable, and losses have increased over the past 5 years at a rate of 10.8% per year.
Accelerating Growth: Unable to compare NFI's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: NFI is unprofitable, making it difficult to compare its past year earnings growth to the Machinery industry (5.8%).
Return on Equity
High ROE: NFI has a negative Return on Equity (-20.77%), as it is currently unprofitable.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/03 21:50 |
| End of Day Share Price | 2026/06/03 00:00 |
| Earnings | 2026/03/29 |
| Annual Earnings | 2025/12/28 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
| |
| Analyst Consensus Estimates | +3 years |
|
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
| |
| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
NFI Group Inc. is covered by 10 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Christopher Murray | ATB Cormark |
| Sarah Hughes | ATB Cormark Historical (Cormark Securities) |
| John Gibson | BMO Capital Markets Equity Research |