Definity Financial Corporation

TSX:DFY Stock Report

Market Cap: CA$7.7b

Definity Financial Future Growth

Future criteria checks 3/6

Definity Financial is forecast to grow earnings and revenue by 12.2% and 14.1% per annum respectively. EPS is expected to grow by 9.8% per annum. Return on equity is forecast to be 11.8% in 3 years.

Key information

12.2%

Earnings growth rate

9.77%

EPS growth rate

Insurance earnings growth4.7%
Revenue growth rate14.1%
Future return on equity11.79%
Analyst coverage

Good

Last updated28 Apr 2026

Recent future growth updates

Recent updates

Narrative Update • Apr 28

DFY: Higher Dividend Will Support Shares Converging Toward Revised Fair Value Estimates

The analyst price target for Definity Financial has been trimmed by about CA$0.20 to CA$78.80, as analysts adjust their models following recent target resets from firms that have revisited assumptions such as fair value and future P/E multiples. Analyst Commentary Recent target moves cluster around the high CA$70s, with some trimming of prior assumptions rather than sweeping changes to the outlook.
Narrative Update • Apr 12

DFY: Higher Dividend And Richer Future P/E Will Drive Upside Potential

Narrative Update Overview The updated analyst narrative on Definity Financial reflects a modest reduction in the implied fair value to CA$79.00. Analysts point to slightly softer revenue growth and profit margin assumptions, as well as a higher future P/E multiple, as key drivers behind recent CA$3 price target cuts from firms such as Barclays and Scotiabank.
Narrative Update • Mar 29

DFY: Expanded Scale And Higher Dividend Will Drive Future Upside Potential

Narrative Update on Definity Financial Analysts have adjusted the blended price target for Definity Financial to CA$79.30, reflecting recent mixed target changes across firms and updated expectations for profit margins and future P/E levels. Analyst Commentary Recent research on Definity Financial presents a mixed picture, with some analysts leaning more positive on growth and valuation after recent developments, while others are turning more cautious and trimming price targets.
Narrative Update • Mar 14

DFY: Expanded Scale And Higher Dividend Will Support Future Returns

Narrative Update on Definity Financial Analysts have trimmed their blended 12 month price target on Definity Financial by CA$3 to CA$77. This reflects mixed revisions across recent research, where some firms raised estimates while others reduced them based on evolving views of the property and casualty insurance outlook and the impact of the Travelers Canada acquisition.
Narrative Update • Feb 28

DFY: Expanded Scale And Higher Dividend Are Expected To Support Returns

Analysts have slightly reduced their aggregate 12 month price target for Definity Financial to reflect mixed recent Street revisions, including Scotiabank's cut to CA$77 and earlier increases from Barclays and Scotiabank, while also updating assumptions on fair value, profit margins and future P/E levels. Analyst Commentary Recent research on Definity Financial reflects a mix of optimism around growth initiatives and caution around execution risks and sector trends.
Narrative Update • Feb 14

DFY: Expanded Scale And Dividend Policy Will Support Stronger Long Term Outlook

Analysts have increased their CA$ price targets on Definity Financial by a few dollars, supported by research that highlights its expanded scale following the Travelers Canada acquisition and revised expectations for growth, margins, and P/E across the North America property and casualty group. Analyst Commentary Bullish Takeaways Bullish analysts see the Travelers Canada acquisition as a meaningful step up in scale, with the company now referenced as holding the fourth largest market share in Canada, which they link to a stronger competitive position and potential for more efficient growth.
Analysis Article • Jan 14

Broker Revenue Forecasts For Definity Financial Corporation (TSE:DFY) Are Surging Higher

Definity Financial Corporation ( TSE:DFY ) shareholders will have a reason to smile today, with the analysts making...
Analysis Article • Jan 05

Definity Financial Corporation (TSE:DFY) Investors Are Less Pessimistic Than Expected

Definity Financial Corporation's ( TSE:DFY ) price-to-earnings (or "P/E") ratio of 19.1x might make it look like a sell...
Narrative Update • Jan 05

DFY: Higher Earnings Visibility And Capital Strength Are Expected To Support Balanced Outlook

Analysts have raised their price target on Definity Financial to C$73 from C$69. This reflects increased confidence in the company’s outlook while maintaining a market perform stance.
Narrative Update • Dec 19

DFY: Rising Margins And Cost Discipline Are Expected To Support Balanced Outlook

Analysts have modestly raised their price target on Definity Financial to C$73 from C$69, reflecting confidence in slightly stronger profit margins even as revenue growth expectations ease. Analyst Commentary Analyst reactions to the updated price target highlight a balanced view of Definity Financial, with acknowledgement of operational progress alongside lingering execution and valuation risks.
Narrative Update • Dec 05

DFY: Improved Earnings Visibility And New Notes Are Expected To Support Upside

Analysts have raised their price target on Definity Financial by C$4 to C$73, citing an improved outlook and reaffirmed market perform expectations. Analyst Commentary Analysts note that the higher price target reflects a more constructive view on Definity Financial's near to medium term fundamentals, while maintaining a neutral stance on relative performance.
Narrative Update • Nov 21

DFY: Execution On Strategic Plans And New Note Issue Will Support Profitability

Analysts have raised their price target for Definity Financial from C$69 to C$73, citing improved revenue growth projections and revised future profit expectations. Analyst Commentary Bullish Takeaways Bullish analysts point to stronger than anticipated revenue growth, supporting the upward revision in the price target.
Narrative Update • Nov 06

DFY: Private Placement Of Senior Notes Will Drive Stronger Profitability

Analysts have lowered their price target for Definity Financial from $79.80 to $77.00, citing updated forecasts and adjusted expectations for future growth and profitability. What's in the News Definity Financial announced a private placement aiming to raise CAD 1,000 million through senior unsecured notes to accredited Canadian investors (Key Developments).
Narrative Update • Oct 22

Analysts Raise Definity Financial Price Target Amid Mixed Outlook and Recent Valuation Updates

Analysts have increased their price target for Definity Financial by C$2 to C$92. They cite supportive fundamental trends and sustained outperforming expectations.
Analysis Article • Sep 07

Definity Financial Corporation's (TSE:DFY) Popularity With Investors Is Clear

When close to half the companies in Canada have price-to-earnings ratios (or "P/E's") below 16x, you may consider...
Analysis Article • May 28

Is Now The Time To Put Definity Financial (TSE:DFY) On Your Watchlist?

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...
User avatar
New Narrative • Dec 10

Shrinking Profit Margins And Overvaluation Risks Threaten Canadian Insurer's Earnings Outlook

Strong revenue growth anticipated due to firm insurance market conditions and increased premiums; however, stock overvaluation could arise from regulatory constraints and cost pressures.

Earnings and Revenue Growth Forecasts

TSX:DFY - Analysts future estimates and past financials data (CAD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20287,336551N/AN/A1
12/31/20276,978554N/A1,2462
12/31/20266,565434N/A3,9092
12/31/20254,710418413513N/A
9/30/20254,616477385479N/A
6/30/20254,581389339424N/A
3/31/20254,421417307383N/A
12/31/20244,315430232307N/A
9/30/20244,370540235313N/A
6/30/20244,028387274359N/A
3/31/20243,927354204293N/A
12/31/20233,862350264352N/A
9/30/20233,647309246336N/A
6/30/20233,616393209292N/A
3/31/20233,406244218309N/A
12/31/20223,049111215306N/A
9/30/20222,878-40300370N/A
6/30/20222,797-23401453N/A
3/31/20222,81998518546N/A
12/31/20212,963213655655N/A
9/30/20212,875246637637N/A
6/30/20212,795239567567N/A
3/31/20212,692216433433N/A
12/31/20202,582154490490N/A
12/31/20192,49817139139N/A
12/31/20182,426-73N/A45N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: DFY's forecast earnings growth (12.2% per year) is above the savings rate (3%).

Earnings vs Market: DFY's earnings (12.2% per year) are forecast to grow faster than the Canadian market (10.8% per year).

High Growth Earnings: DFY's earnings are forecast to grow, but not significantly.

Revenue vs Market: DFY's revenue (14.1% per year) is forecast to grow faster than the Canadian market (4.9% per year).

High Growth Revenue: DFY's revenue (14.1% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: DFY's Return on Equity is forecast to be low in 3 years time (11.8%).

Discover growth companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/07 08:34
End of Day Share Price 2026/05/07 00:00
Earnings2025/12/31
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

Definity Financial Corporation 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
Lemar PersaudATB Cormark Historical (Cormark Securities)
Taylor ScottBarclays
John AikenBarclays