TMX Group Limited

TSX:X Stock Report

Market Cap: CA$13.2b

TMX Group Past Earnings Performance

Past criteria checks 4/6

TMX Group has been growing earnings at an average annual rate of 4.3%, while the Capital Markets industry saw earnings growing at 3.5% annually. Revenues have been growing at an average rate of 13.7% per year. TMX Group's return on equity is 11.7%, and it has net margins of 29.9%.

Key information

4.28%

Earnings growth rate

4.54%

EPS growth rate

Capital Markets Industry Growth12.07%
Revenue growth rate13.67%
Return on equity11.68%
Net Margin29.92%
Last Earnings Update31 Mar 2026

Recent past performance updates

Recent updates

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...
Analysis Article • Jun 14

TMX Group Limited's (TSE:X) Price Is Out Of Tune With Earnings

TMX Group Limited's ( TSE:X ) price-to-earnings (or "P/E") ratio of 34.8x might make it look like a strong sell right...
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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.

Revenue & Expenses Breakdown

How TMX Group makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

TSX:X Revenue, expenses and earnings (CAD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 261,7865346290
31 Dec 251,7174166280
30 Sep 251,6534605950
30 Jun 251,5884225610
31 Mar 251,5334485490
31 Dec 241,4604825200
30 Sep 241,3684075010
30 Jun 241,3024094980
31 Mar 241,2414074680
31 Dec 231,1943564440
30 Sep 231,1683744270
30 Jun 231,1483704090
31 Mar 231,1273643980
31 Dec 221,1155433870
30 Sep 221,0925283820
30 Jun 221,0565243750
31 Mar 221,0165103520
31 Dec 219813393380
30 Sep 219483223200
30 Jun 219243163060
31 Mar 218973063050
31 Dec 208652802990
30 Sep 208482552950
30 Jun 208372472960
31 Mar 208302572950
31 Dec 198072482890
30 Sep 198152702970
30 Jun 198122662940
31 Mar 198112843110
31 Dec 188212863210
30 Sep 187802563030
30 Jun 187392462970
31 Mar 187052122690
31 Dec 176691912540
30 Sep 176291882340
30 Jun 176581802430
31 Mar 176771772530
31 Dec 166841812600
30 Sep 16730-152940
30 Jun 16725-182970
31 Mar 16709-492990
31 Dec 15717-523030
30 Sep 157231483020
30 Jun 157171513020

Quality Earnings: X has high quality earnings.

Growing Profit Margin: X's current net profit margins (29.9%) are higher than last year (29.2%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: X's earnings have grown by 4.3% per year over the past 5 years.

Accelerating Growth: X's earnings growth over the past year (19.3%) exceeds its 5-year average (4.3% per year).

Earnings vs Industry: X earnings growth over the past year (19.3%) did not outperform the Capital Markets industry 21.9%.

Return on Equity

High ROE: X's Return on Equity (11.7%) is considered low.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/03 11:31
End of Day Share Price 2026/06/03 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