NFI Group Inc.

TSX:NFI Stock Report

Market Cap: CA$2.6b

NFI Group Future Growth

Future criteria checks 4/6

NFI Group is forecast to grow earnings and revenue by 82.8% and 9.8% per annum respectively while EPS is expected to grow by 76.8% per annum.

Key information

82.8%

Earnings growth rate

76.80%

EPS growth rate

Machinery earnings growth59.0%
Revenue growth rate9.8%
Future return on equityn/a
Analyst coverage

Good

Last updated30 Apr 2026

Recent future growth updates

Recent updates

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).

Further Upside For NFI Group Inc. (TSE:NFI) Shares Could Introduce Price Risks After 25% Bounce

Jan 13
Further Upside For NFI Group Inc. (TSE:NFI) Shares Could Introduce Price Risks After 25% Bounce

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.

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.

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.

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.

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.

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.

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.

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.

NFI Group Inc. (TSE:NFI) Screens Well But There Might Be A Catch

Sep 15
NFI Group Inc. (TSE:NFI) Screens Well But There Might Be A Catch

Here's Why NFI Group (TSE:NFI) Has A Meaningful Debt Burden

Jun 21
Here's Why NFI Group (TSE:NFI) Has A Meaningful Debt Burden

A Piece Of The Puzzle Missing From NFI Group Inc.'s (TSE:NFI) 28% Share Price Climb

May 10
A Piece Of The Puzzle Missing From NFI Group Inc.'s (TSE:NFI) 28% Share Price Climb
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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.

Investors Still Aren't Entirely Convinced By NFI Group Inc.'s (TSE:NFI) Revenues Despite 35% Price Jump

Mar 15
Investors Still Aren't Entirely Convinced By NFI Group Inc.'s (TSE:NFI) Revenues Despite 35% Price Jump

NFI Group (TSE:NFI) Could Be At Risk Of Shrinking As A Company

Mar 11
NFI Group (TSE:NFI) Could Be At Risk Of Shrinking As A Company

Sentiment Still Eluding NFI Group Inc. (TSE:NFI)

Jan 28
Sentiment Still Eluding NFI Group Inc. (TSE:NFI)

NFI Group Inc.'s (TSE:NFI) Intrinsic Value Is Potentially 77% Above Its Share Price

Dec 07
NFI Group Inc.'s (TSE:NFI) Intrinsic Value Is Potentially 77% Above Its Share Price

Investors Continue Waiting On Sidelines For NFI Group Inc. (TSE:NFI)

Oct 07
Investors Continue Waiting On Sidelines For NFI Group Inc. (TSE:NFI)

Does NFI Group (TSE:NFI) Have A Healthy Balance Sheet?

Jun 18
Does NFI Group (TSE:NFI) Have A Healthy Balance Sheet?

A Piece Of The Puzzle Missing From NFI Group Inc.'s (TSE:NFI) 41% Share Price Climb

May 23
A Piece Of The Puzzle Missing From NFI Group Inc.'s (TSE:NFI) 41% Share Price Climb

Investors Holding Back On NFI Group Inc. (TSE:NFI)

Mar 28
Investors Holding Back On NFI Group Inc. (TSE:NFI)

Health Check: How Prudently Does NFI Group (TSE:NFI) Use Debt?

Jan 19
Health Check: How Prudently Does NFI Group (TSE:NFI) Use Debt?

NFI Group Inc. (TSE:NFI) Screens Well But There Might Be A Catch

Dec 22
NFI Group Inc. (TSE:NFI) Screens Well But There Might Be A Catch

Is NFI Group (TSE:NFI) Using Debt Sensibly?

Sep 29
Is NFI Group (TSE:NFI) Using Debt Sensibly?

NFI Group (TSE:NFI) Has Debt But No Earnings; Should You Worry?

Jan 05
NFI Group (TSE:NFI) Has Debt But No Earnings; Should You Worry?

NFI Group Inc. (TSE:NFI) Shares Could Be 49% Below Their Intrinsic Value Estimate

Nov 12
NFI Group Inc. (TSE:NFI) Shares Could Be 49% Below Their Intrinsic Value Estimate

Earnings and Revenue Growth Forecasts

TSX:NFI - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20284,810203200N/A1
12/31/20274,4671791192037
12/31/20264,0891351081477
12/28/20253,615-142128174N/A
9/28/20253,426-2902273N/A
6/29/20253,258-164-101-57N/A
3/30/20253,2410-243N/A
12/29/20243,122-3-3315N/A
9/29/20243,082-24853N/A
6/30/20243,081-491359N/A
3/31/20242,890-100-2816N/A
12/31/20232,692-136-101-64N/A
10/1/20232,585-286-150-117N/A
7/2/20232,389-287-227-198N/A
4/2/20232,126-295-204-175N/A
1/1/20232,061-276-273-242N/A
10/2/20222,066-133-131-93N/A
7/3/20222,044-108-47-13N/A
4/3/20222,229-493270N/A
1/2/20222,344-1479115N/A
9/26/20212,36032455N/A
6/27/20212,532-75989N/A
3/28/20212,283-83-29-5N/A
12/27/20202,419-1584066N/A
9/27/20202,625-132117140N/A
6/28/20202,687-10884116N/A
3/29/20203,037-265189N/A
12/29/20192,893586199N/A
9/29/20192,63866N/A2N/A
6/30/20192,518105N/A72N/A
3/31/20192,507146N/A151N/A
12/30/20182,519160N/A175N/A
9/30/20182,512193N/A115N/A
7/1/20182,448191N/A90N/A
4/1/20182,388184N/A99N/A
12/31/20172,382191N/A172N/A
10/1/20172,350157N/A199N/A
7/2/20172,320148N/A212N/A
4/2/20172,293140N/A212N/A
1/1/20172,274125N/A150N/A
10/2/20162,07197N/A140N/A
7/3/20161,92488N/A122N/A
4/3/20161,71266N/A41N/A
12/27/20151,53954N/A43N/A
9/27/20151,54047N/A44N/A
6/28/20151,53641N/A33N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: NFI is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (2.9%).

Earnings vs Market: NFI is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: NFI is expected to become profitable in the next 3 years.

Revenue vs Market: NFI's revenue (9.8% per year) is forecast to grow faster than the Canadian market (5% per year).

High Growth Revenue: NFI's revenue (9.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if NFI's Return on Equity is forecast to be high in 3 years time

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/04 13:30
End of Day Share Price 2026/05/04 00:00
Earnings2025/12/28
Annual Earnings2025/12/28

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Christopher MurrayATB Cormark
Sarah HughesATB Cormark Historical (Cormark Securities)
John GibsonBMO Capital Markets Equity Research