TMX Group Limited

TSX:X Stock Report

Market Cap: CA$14.3b

TMX Group Management

Management criteria checks 3/4

TMX Group's CEO is John McKenzie, appointed in Jan 2020, has a tenure of 6.42 years. total yearly compensation is CA$5.86M, comprised of 14.5% salary and 85.5% bonuses, including company stock and options. directly owns 0.059% of the company’s shares, worth CA$8.42M. The average tenure of the management team and the board of directors is 5.8 years and 5.8 years respectively.

Key information

John McKenzie

Chief executive officer

CA$5.9m

Total compensation

CEO salary percentage14.50%
CEO tenure6.4yrs
CEO ownership0.06%
Management average tenure5.8yrs
Board average tenure5.8yrs

Recent management updates

Recent updates

Narrative Update • Jun 14

X: Index Acquisition And Record IPO Will Support Higher Future P/E Multiples

TMX Group's analyst price target has inched higher, reflecting mixed but generally supportive research updates from several firms that highlight modestly stronger revenue growth expectations, slightly lower discount rates, and relatively steady P/E assumptions despite some differences in individual targets, including a CA$1 trim from Barclays and increases ranging from CA$1 to CA$4 at other banks. Analyst Commentary Bullish Takeaways Bullish analysts are lifting price targets by CA$1 to CA$4, which signals increased confidence that recent revenue trends and cost control can support current valuation assumptions.
Narrative Update • May 31

X: Modest Earnings Assumption Tweaks Will Support Higher Future P/E Multiples

Analysts have made a modest net upward adjustment to TMX Group's average price target, with several firms raising their CA$ expectations by CA$1 to CA$4, while one trimmed its target by CA$1, reflecting updated views on earnings potential and valuation. Analyst Commentary Recent research updates cluster around modest revisions to TMX Group's price targets.
Narrative Update • May 09

X: Buybacks And Revised P/E Assumptions Will Support Higher Future Earnings Multiples

TMX Group's analyst price target has increased to CA$64.44 from CA$62.56. Analysts attribute this change to updated assumptions around revenue growth, profit margins and future P/E, along with a series of recent target increases from several brokerages.
Narrative Update • Apr 20

X: Share Buybacks And Higher Margins Will Support Stronger Future Earnings Multiples

Narrative Update on TMX Group The updated analyst price target for TMX Group reflects a modest adjustment, with mixed Street research that includes a CA$3 increase from TD Securities, alongside reductions from other firms. Analysts are factoring in revised fair value estimates, a slightly lower revenue growth outlook, stronger profit margin assumptions, and a lower future P/E.
Narrative Update • Jan 21

X: Earnings Momentum And Data Partnerships Will Support Higher Future P/E

Narrative Update on TMX Group The analyst price target range for TMX Group has been adjusted between C$59 and C$67. This reflects updated views on discount rate, revenue growth, profit margins and future P/E assumptions cited by analysts in their recent research.
Narrative Update • Jan 07

X: Earnings Momentum And Data Partnerships Will Support Future Outperformance

Analysts have made a modest adjustment to their outlook on TMX Group, with recent price targets ranging from C$59 to C$67 as they factor in updated views on the company’s earnings power and valuation multiples. Analyst Commentary Bullish and cautious voices are both active around TMX Group, and the recent price target range of C$59 to C$67 reflects that split view on valuation and execution risk.
Narrative Update • Dec 15

X: Earnings Momentum Will Support Future Outperformance As Business Model Shows Durable Resilience

The Analyst Price Target for TMX Group has nudged higher to approximately C$62.63 from C$62.50, as analysts point to resilient earnings momentum, steady revenue growth expectations, and valuation support from recent target revisions across the Street. Analyst Commentary Recent research updates present a mixed but generally constructive backdrop for TMX Group, with several firms adjusting price targets while reiterating positive views on the company’s earnings profile and strategic execution.
Narrative Update • Nov 29

X: Earnings Momentum Will Drive Outperformance As Volumes Show Steady Improvement

Analysts have recently adjusted their price targets for TMX Group, with modest changes reflecting a balanced outlook as they cite the company’s earnings durability, valuation convergence with peers, and overall growth prospects. Analyst Commentary Recent street research on TMX Group reveals a mix of optimism and caution, with analysts updating their price targets and ratings in light of the company’s performance and market positioning.
Narrative Update • Nov 15

X: Earnings Momentum And Trading Volumes Will Drive Future Market Performance

TMX Group's average analyst price target has seen mixed adjustments recently, with updates ranging from a reduction to C$58 to an increase to C$70. Analysts cite steady earnings momentum and ongoing growth potential despite minor revisions in revenue growth and profit margins.
Narrative Update • Nov 01

X: Future Earnings Momentum Will Drive Sector Outperformance Over Peers

TMX Group's analyst price target has been modestly increased from C$61.79 to C$62.50, as analysts cite ongoing earnings resilience and industry growth potential despite some recent mixed target revisions. Analyst Commentary Recent analyst activity reflects ongoing debate about TMX Group’s valuation and growth trajectory.
Analysis Article • Oct 30

Weekly Picks: 🤝 Alphabet's Anthropic Deal And 2 More Picks

This week’s picks cover:  Why Alphabet’s Anthropic deal could justify a re-rating higher, how Flower Foods' turnaround plans support the >7% dividend yield, and why TMX Group is a reliable high-quality compounder at a fair price.
New Narrative • Oct 18

TMX Group will thrive with 33.3% profit margin and enduring market moat

(Updated October 2025) 1. Business Summary TMX Group is the backbone of Canada’s financial markets.
Narrative Update • Sep 18

Digital Platforms And Global Trading Will Empower Capital Markets

Analysts have raised TMX Group’s price target to CA$61.79, citing durable earnings momentum, anticipated valuation multiple expansion, and a strong combination of resilience and growth, supported by robust trading activity and a favorable rate environment. Analyst Commentary Bullish analysts believe TMX's earnings momentum is durable and underappreciated at current share levels.
Analysis Article • Aug 04

TMX Group's (TSE:X) Dividend Will Be Increased To CA$0.22

The board of TMX Group Limited ( TSE:X ) has announced that it will be paying its dividend of CA$0.22 on the 29th of...
User avatar
New Narrative • Nov 25

Calculated Acquisitions And Innovations Set The Stage For Thriving Global Solutions Growth

TMX Group's strategic acquisitions and partnerships are set to enhance capabilities and product offerings, driving future revenue growth in various markets.

CEO Compensation Analysis

How has John McKenzie's remuneration changed compared to TMX Group's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

CA$534m

Dec 31 2025CA$6mCA$850k

CA$416m

Sep 30 2025n/an/a

CA$460m

Jun 30 2025n/an/a

CA$422m

Mar 31 2025n/an/a

CA$448m

Dec 31 2024CA$5mCA$824k

CA$482m

Sep 30 2024n/an/a

CA$407m

Jun 30 2024n/an/a

CA$409m

Mar 31 2024n/an/a

CA$407m

Dec 31 2023CA$4mCA$800k

CA$356m

Sep 30 2023n/an/a

CA$374m

Jun 30 2023n/an/a

CA$370m

Mar 31 2023n/an/a

CA$364m

Dec 31 2022CA$3mCA$750k

CA$543m

Sep 30 2022n/an/a

CA$528m

Jun 30 2022n/an/a

CA$524m

Mar 31 2022n/an/a

CA$510m

Dec 31 2021CA$5mCA$750k

CA$339m

Sep 30 2021n/an/a

CA$322m

Jun 30 2021n/an/a

CA$316m

Mar 31 2021n/an/a

CA$306m

Dec 31 2020CA$4mCA$541k

CA$280m

Compensation vs Market: John's total compensation ($USD4.19M) is below average for companies of similar size in the Canadian market ($USD8.49M).

Compensation vs Earnings: John's compensation has increased by more than 20% in the past year.

CEO

John McKenzie (53 yo)

6.4yrs
Tenure
CA$5,862,110
Compensation

Mr. John D. McKenzie, B.B.A., C.M.A., C.P.A. & M.B.A., has been Chief Executive Officer at TMX Group Limited since August 17, 2020 and has been its Director since August 17, 2020. Mr. McKenzie served as In...

Leadership Team

NamePositionTenureCompensationOwnership
John McKenzie
CEO & Director6.4yrsCA$5.86m0.059%
CA$ 8.4m
David Arnold
Chief Financial Officer5yrsCA$1.76m0.0024%
CA$ 340.0k
Judy Dinn
Chief Information Officer1.2yrsCA$2.78mno data
Luc Fortin
President & CEO of TMX Global Markets and Post Trade8.4yrsCA$2.16m0.0060%
CA$ 864.4k
Peter Conroy
Chief Executive Officer of Global Insightsno dataCA$2.39m0.0019%
CA$ 275.8k
Amin Mousavian
Vice President of Investor Relationsno datano datano data
Cheryl Graden
Chief Legal & Enterprise Corporate Affairs Officer and Corporate Secretary11.3yrsCA$1.30m0.0015%
CA$ 218.6k
Cindy Bush
Chief Human Resources Officer5.5yrsno data0.0015%
CA$ 211.5k
Loui Anastasopoulos
CEO of Toronto Stock Exchange & Global Head of Capital Formation5.8yrsCA$1.53mno data
5.8yrs
Average Tenure

Experienced Management: X's management team is seasoned and experienced (5.8 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
John McKenzie
CEO & Director5.8yrsCA$5.86m0.059%
CA$ 8.4m
Monique Mercier
Corporate Independent Director4.1yrsCA$266.25kno data
Mohammad Kermani
Independent Director5.8yrsCA$245.00kno data
William Linton
Independent Corporate Director13.9yrsCA$372.50kno data
Michael Ptasznik
Independent Director1.1yrsCA$200.00k0%
CA$ 0
Ava Yaskiel
Independent Corporate Director4.1yrsCA$244.17kno data
Peter Rockandel
Independent Corporate Director1.5yrsCA$225.00kno data
Stephanie Cuskley
Independent Director1.1yrsCA$193.33kno data
Luc Bertrand
Independent Chairman of the Board15.1yrsCA$420.00k1.09%
CA$ 155.2m
Nicolas Darveau-Garneau
Independent Director7.8yrsCA$240.00kno data
Claude Tessier
Independent Director5.8yrsCA$255.00k0.0022%
CA$ 310.0k
David Wood
Chairman of the Canadian Depository for Securities Limitedno datano datano data
5.8yrs
Average Tenure
62yo
Average Age

Experienced Board: X's board of directors are considered experienced (5.8 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/16 13:19
End of Day Share Price 2026/06/16 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

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

TMX Group Limited is covered by 14 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
Jeffrey FenwickATB Cormark Historical (Cormark Securities)
Benjamin BudishBarclays
Jeremy CampbellBarclays