Exchange Income Management
Management criteria checks 3/4
Exchange Income's CEO is Mike Pyle, appointed in Aug 2006, has a tenure of 19.83 years. total yearly compensation is CA$6.65M, comprised of 14.7% salary and 85.3% bonuses, including company stock and options. directly owns 0.043% of the company’s shares, worth CA$2.98M. The average tenure of the management team and the board of directors is 6.8 years and 16.9 years respectively.
Key information
Mike Pyle
Chief executive officer
CA$6.7m
Total compensation
| CEO salary percentage | 14.73% |
| CEO tenure | 19.8yrs |
| CEO ownership | 0.04% |
| Management average tenure | 6.8yrs |
| Board average tenure | 16.9yrs |
Recent management updates
Recent updates
Narrative Update • Jun 01
EIF: Buybacks And Multi Segment Catalysts May Support Balanced Future Returns
Narrative Update on Exchange Income The analyst price target for Exchange Income has been reset to CA$125.83 from CA$123.33, reflecting a blend of recent target revisions around CA$120 to CA$129 and analyst views that the company has identifiable multi year, multi segment catalysts that support the updated assumptions on profit margin, discount rate, and future P/E. Analyst Commentary Recent research updates cluster around the CA$120 to CA$129 range, with analysts fine tuning their targets rather than making wholesale changes.Analysis Article • May 18
Exchange Income's (TSE:EIF) Earnings Are Weaker Than They Seem
Exchange Income Corporation ( TSE:EIF ) just reported some strong earnings, and the market reacted accordingly with a...Analysis Article • May 14
Earnings Beat: Exchange Income Corporation Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models
As you might know, Exchange Income Corporation ( TSE:EIF ) just kicked off its latest quarterly results with some very...Narrative Update • Apr 26
EIF: Future Share Repurchases And Higher P E Could Support Returns
The analyst price target for Exchange Income is updated to CA$123.33 from CA$122.25 as analysts reflect a range of higher targets that reference modestly adjusted fair value, discount rate, revenue growth, profit margin, and future P/E assumptions. Analyst Commentary Recent Street research shows a broad reset higher in price targets for Exchange Income, with several firms updating their valuation frameworks and ratings.Narrative Update • Apr 11
EIF: Future Share Repurchases And Higher P E Assumptions Could Support Returns
Analysts have lifted their price targets on Exchange Income to a range of CA$100 to CA$133, citing updated assumptions around growth, margins and a higher forward P/E multiple in their models. Analyst Commentary Recent Street research on Exchange Income centers on a series of target price revisions within a CA$100 to CA$133 band, alongside supportive ratings such as Outperform, Buy and Market Perform.Narrative Update • Mar 27
EIF: Higher Fair Value And Rising Street Confidence Should Support Future Returns
Narrative Update on Exchange Income Exchange Income's analyst price target has moved higher within recent research, with several firms lifting their targets into a range of CA$100 to CA$133. Analysts point to updated views on the company that align with only modest tweaks to discount rate, revenue growth, profit margin, and future P/E inputs in this model.Narrative Update • Mar 13
EIF: Higher P/E Assumptions And Rising Fair Value Estimate Will Drive Returns
Analysts have nudged our fair value estimate for Exchange Income higher to CA$122.25 from CA$120.58, reflecting a series of recent price target increases across the Street that are supported by updated assumptions around discount rate, profit margin, and future P/E expectations. Analyst Commentary Recent Street research on Exchange Income has been clustered around higher price targets, with several firms adjusting their views using updated assumptions for discount rates, margins, and P/E expectations.Narrative Update • Feb 27
EIF: Higher Earnings Efficiency And P/E Assumptions Will Shape Forward Return Potential
Analysts have lifted their average price target on Exchange Income, with recent moves such as increases to CA$133, CA$125, CA$121, CA$107 and CA$100 contributing to our updated fair value estimate of about CA$120.58, up from about CA$104.85 previously. Analyst Commentary Recent Street research on Exchange Income has been broadly constructive, with several bullish analysts lifting their price targets into a range between about CA$100 and CA$133 and maintaining positive ratings on the shares.
New Narrative • Feb 26
Long Term Defense And Infrastructure Demand Will Support This Undervalued Aviation And Manufacturing Group
Catalysts About Exchange Income Exchange Income Corporation operates a diversified group of aviation and manufacturing businesses across essential air services, aerospace, defense, environmental access solutions and precision manufacturing. What are the underlying business or industry changes driving this perspective?Narrative Update • Feb 11
EIF: Dividend And Earnings Efficiency Assumptions Will Shape Forward Return Potential
Analysts have lifted their price targets for Exchange Income, and our updated work nudges fair value higher from $100.08 to $104.85 as they factor in refined views on growth, profitability, and a slightly lower future P/E. Analyst Commentary Bullish analysts have been lifting their formal price targets in stages, which lines up with the higher fair value estimate you see here.Narrative Update • Jan 28
EIF: Dividend Policy And Higher P/E Assumptions Will Steer Forward Return Potential
Analysts have lifted their price target on Exchange Income to about $100 from around $91, reflecting updated assumptions that include a slightly lower discount rate, modestly adjusted revenue growth and profit margin expectations, and a higher future P/E multiple. Analyst Commentary Recent Street research on Exchange Income has clustered around higher price targets, with several firms updating their models and valuation assumptions.Narrative Update • Jan 12
EIF: Dividend Stability And Refined P/E Assumptions Will Shape Future Returns
Narrative Update on Exchange Income The analyst price target for Exchange Income has moved higher by about C$1 to C$91, supported by recent Street research that raised targets to C$92 and C$94 as analysts refine assumptions around discount rate, fair value, profit margin and future P/E. Analyst Commentary Bullish analysts recently lifted their price targets on Exchange Income to a range of C$92 to C$94, reflecting updated views on valuation, profit margins and future P/E assumptions.Analysis Article • Dec 31
Exchange Income (TSE:EIF) Takes On Some Risk With Its Use Of Debt
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Narrative Update • Dec 26
EIF: Rising Dividend And Execution Will Support Shares Near C$94
Exchange Income's analyst price target has been lifted from C$90.23 to approximately C$94, as analysts cite a series of upward target revisions and sustained positive ratings that reflect confidence in the company’s earnings outlook and valuation resilience. Analyst Commentary Recent research updates highlight a constructive stance on Exchange Income, with multiple upward revisions to price targets reinforcing confidence in the company’s ability to execute on its growth strategy and support a higher valuation range.Narrative Update • Dec 12
EIF: Dividend Momentum And Execution Will Support Shares Near C$94
Exchange Income's analyst price target has been revised higher, with several firms lifting their objectives into the C$90 to C$94 range as analysts cite continued earnings momentum and sustained business strength. Analyst Commentary Bullish analysts point to the series of upward price target revisions, into the low to mid C$90 range, as evidence that the market is still catching up to Exchange Income's earnings trajectory and diversified business model.Analysis Article • Dec 01
At CA$79.55, Is It Time To Put Exchange Income Corporation (TSE:EIF) On Your Watch List?
Exchange Income Corporation ( TSE:EIF ), might not be a large cap stock, but it saw a decent share price growth of 14...Narrative Update • Nov 27
EIF: Confidence In Execution Will Drive Shares Toward C$94 This Year
Exchange Income's analyst price targets have recently increased, rising from C$85 to C$94. Analysts point to improving financial metrics and continued strong performance as key drivers of their updated outlook.Analysis Article • Nov 15
Impressive Earnings May Not Tell The Whole Story For Exchange Income (TSE:EIF)
Exchange Income Corporation's ( TSE:EIF ) robust earnings report didn't manage to move the market for its stock. Our...Narrative Update • Nov 13
EIF: Confidence In Execution Will Drive Shares Toward C$94 In Coming Quarters
Exchange Income's analyst price target has risen from C$85 to as high as C$94, as analysts cite improved revenue growth outlooks despite mixed margin trends. Analyst Commentary Recent street research has highlighted shifting sentiment around Exchange Income, as several analysts have updated their recommendations and price targets based on evolving company fundamentals.Narrative Update • Oct 29
Improved Profit Margins And Network Integration Will Sustain Future Expansion
Exchange Income's analyst price target has been raised from approximately C$81.31 to C$83.54, as analysts cite improved profit margins and a sustained growth outlook in their updated assessments. Analyst Commentary Recent street research updates have reflected growing optimism from analysts regarding Exchange Income's prospects, with several upward revisions to price targets across multiple firms.Analysis Article • Oct 28
Exchange Income (TSE:EIF) Will Pay A Dividend Of CA$0.22
Exchange Income Corporation ( TSE:EIF ) will pay a dividend of CA$0.22 on the 14th of November. This means the annual...Analysis Article • Sep 20
Exchange Income (TSE:EIF) Is Due To Pay A Dividend Of CA$0.22
The board of Exchange Income Corporation ( TSE:EIF ) has announced that it will pay a dividend on the 15th of October...Narrative Update • Sep 04
Nunavut Contract And Canadian North Integration Will Expand Air Connectivity
Despite ongoing bullish support driven by Exchange Income’s robust M&A execution and long-term defense tailwinds, tempered by concerns over limited ROIC spreads, the consensus analyst price target remained unchanged at CA$81.31. Analyst Commentary Bullish analysts raised price targets citing the company's consistent track record of successful M&A, highlighting Exchange Income as a strong compounder with ongoing opportunities for both organic and inorganic growth.Analysis Article • Jul 21
Exchange Income (TSE:EIF) Is Paying Out A Dividend Of CA$0.22
The board of Exchange Income Corporation ( TSE:EIF ) has announced that it will pay a dividend of CA$0.22 per share on...Analysis Article • Jul 06
We Think Exchange Income (TSE:EIF) Is Taking Some Risk With Its Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Analysis Article • Jun 21
Exchange Income (TSE:EIF) Will Pay A Dividend Of CA$0.22
Exchange Income Corporation's ( TSE:EIF ) investors are due to receive a payment of CA$0.22 per share on 15th of July...CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Mar 31 2026 | n/a | n/a | CA$188m |
| Dec 31 2025 | CA$7m | CA$980k | CA$168m |
| Sep 30 2025 | n/a | n/a | CA$144m |
| Jun 30 2025 | n/a | n/a | CA$131m |
| Mar 31 2025 | n/a | n/a | CA$124m |
| Dec 31 2024 | CA$4m | CA$909k | CA$121m |
| Sep 30 2024 | n/a | n/a | CA$122m |
| Jun 30 2024 | n/a | n/a | CA$116m |
| Mar 31 2024 | n/a | n/a | CA$120m |
| Dec 31 2023 | CA$4m | CA$866k | CA$122m |
| Sep 30 2023 | n/a | n/a | CA$120m |
| Jun 30 2023 | n/a | n/a | CA$120m |
| Mar 31 2023 | n/a | n/a | CA$113m |
| Dec 31 2022 | CA$4m | CA$830k | CA$110m |
| Sep 30 2022 | n/a | n/a | CA$106m |
| Jun 30 2022 | n/a | n/a | CA$79m |
| Mar 31 2022 | n/a | n/a | CA$65m |
| Dec 31 2021 | CA$3m | CA$780k | CA$69m |
| Sep 30 2021 | n/a | n/a | CA$59m |
| Jun 30 2021 | n/a | n/a | CA$54m |
| Mar 31 2021 | n/a | n/a | CA$40m |
| Dec 31 2020 | CA$2m | CA$623k | CA$28m |
| Sep 30 2020 | n/a | n/a | CA$40m |
| Jun 30 2020 | n/a | n/a | CA$52m |
| Mar 31 2020 | n/a | n/a | CA$71m |
| Dec 31 2019 | CA$2m | CA$714k | CA$84m |
Compensation vs Market: Mike's total compensation ($USD4.75M) is about average for companies of similar size in the Canadian market ($USD4.52M).
Compensation vs Earnings: Mike's compensation has increased by more than 20% in the past year.
CEO
Mike Pyle (62 yo)
19.8yrs
Tenure
CA$6,654,444
Compensation
Mr. Michael C. Pyle, also known as Mike, MBA, ICD D., has been the Chief Executive Officer at Exchange Income Corporation since August 01, 2006. He serves as Chairman at Manitoba First Investment Inc. He h...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 19.8yrs | CA$6.65m | 0.043% CA$ 3.0m | |
| Executive Vice Chairman | 16.9yrs | CA$268.40k | 0.066% CA$ 4.6m | |
| President | less than a year | CA$2.34m | no data | |
| Chief Financial Officer | 4yrs | CA$1.33m | 0.015% CA$ 1.0m | |
| President of Regional One | no data | CA$1.86m | no data | |
| Chief Operating Officer | no data | no data | 0.032% CA$ 2.2m | |
| Chief Technology Officer | 4.4yrs | no data | no data | |
| Chief Administrative Officer | less than a year | no data | 0.0036% CA$ 248.2k | |
| Vice President of Investor Development | no data | no data | no data | |
| Manager of Compliance & Corporate Secretary | 20.8yrs | no data | 0.0017% CA$ 116.8k | |
| Chief Legal Officer | 9.2yrs | no data | 0.0021% CA$ 144.5k | |
| Chief Corporate Development Officer | 11.9yrs | CA$672.71k | 0.093% CA$ 6.4m |
6.8yrs
Average Tenure
62yo
Average Age
Experienced Management: EIF's management team is seasoned and experienced (6.8 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 16.9yrs | CA$6.65m | 0.043% CA$ 3.0m | |
| Executive Vice Chairman | 16.9yrs | CA$268.40k | 0.066% CA$ 4.6m | |
| Independent Director | 16.9yrs | CA$203.13k | 0.33% CA$ 23.0m | |
| Independent Chairman | 16.9yrs | CA$325.00k | 0.23% CA$ 16.2m | |
| Independent Director | 8.1yrs | CA$217.50k | no data | |
| Independent Director | 16.9yrs | CA$217.50k | 0.86% CA$ 59.3m | |
| Independent Director | 16.9yrs | CA$203.13k | no data | |
| Director | 1.2yrs | CA$3.88m | 0.0090% CA$ 623.6k | |
| Independent Director | 3.1yrs | CA$200.00k | 0.0036% CA$ 245.4k | |
| Independent Director | 8.1yrs | CA$200.00k | 0.0076% CA$ 528.9k | |
| Independent Director | 4.1yrs | CA$222.50k | 0.021% CA$ 1.5m |
16.9yrs
Average Tenure
68yo
Average Age
Experienced Board: EIF's board of directors are seasoned and experienced ( 16.9 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/11 21:21 |
| End of Day Share Price | 2026/06/11 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
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.
| 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 |
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| 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
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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
Exchange Income Corporation is covered by 16 analysts. 11 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 |
| Jeffrey Fenwick | ATB Cormark |
| Michael Goldie | BMO Capital Markets Equity Research |