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TMX Group Valuation Multiples

Discover revenue and EBITDA valuation multiples for TMX Group and similar public comparables like Cboe Global Markets, Euroxx Securities, and Athens Exchange Group.

TMX Group Overview

About TMX Group

TMX Group Ltd is a company that operates several markets to provide investment opportunities for its clients. Company has four operating segments: Global Solutions, Insights & Analytics, Capital Formation, Derivatives Trading & Clearing, and Equities and Fixed Income Trading & Clearing. Maximum of it revenue is from Global Solutions, Insights & Analytics which deliver equities data, index data as well as integrated data sets to fuel high value proprietary and third party analytics which help clients make trading and investment decisions. Company geographically operates in Canada, USA, UK, Germany and Other Countries, with maximum revenue from Canada.


Founded

2011

HQ

Canada
Employees

1.8K+

Website

tmx.com

Financials

LTM Revenue $1.1B

LTM EBITDA $578M

EV

$11.0B

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TMX Group Financials

TMX Group has a last 12-month revenue of $1.1B and a last 12-month EBITDA of $578M.

In the most recent fiscal year, TMX Group achieved revenue of $1.0B and an EBITDA of $1.7B.

TMX Group expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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TMX Group P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $835M $1.0B XXX XXX XXX
Gross Profit $525M $546M XXX XXX XXX
Gross Margin 63% 53% XXX XXX XXX
EBITDA $1.7B $1.7B XXX XXX XXX
EBITDA Margin 199% 168% XXX XXX XXX
Net Profit $380M $249M XXX XXX XXX
Net Margin 45% 24% XXX XXX XXX
Net Debt $445M $527M XXX XXX XXX

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TMX Group Stock Performance

As of April 15, 2025, TMX Group's stock price is CAD 51 (or $35).

TMX Group has current market cap of CAD 14.0B (or $9.8B), and EV of CAD 15.8B (or $11.0B).

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TMX Group Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$11.0B $9.8B XXX XXX XXX XXX $1.25

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TMX Group Valuation Multiples

As of April 15, 2025, TMX Group has market cap of $9.8B and EV of $11.0B.

TMX Group's trades at 10.5x LTM EV/Revenue multiple, and 19.1x LTM EBITDA.

Analysts estimate TMX Group's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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TMX Group Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $11.0B XXX XXX XXX
EV/Revenue 10.8x XXX XXX XXX
EV/EBITDA 6.4x XXX XXX XXX
P/E 29.2x XXX XXX XXX
P/E/Growth 5.2x XXX XXX XXX
EV/FCF 28.7x XXX XXX XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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TMX Group Valuation Multiples

TMX Group's NTM/LTM revenue growth is 9%

TMX Group's revenue per employee for the last fiscal year averaged $0.6M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, TMX Group's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

Analysts estimate TMX Group's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

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TMX Group Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth 22% XXX XXX XXX XXX
EBITDA Margin 168% XXX XXX XXX XXX
EBITDA Growth 3% XXX XXX XXX XXX
Rule of 40 (SaaS-only) 177% XXX XXX XXX XXX
Revenue per Employee $0.6M XXX XXX XXX XXX
Opex per Employee $0.1M XXX XXX XXX XXX
S&M Expenses to Revenue n/a XXX XXX XXX XXX
G&A Expenses to Revenue n/a XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue 22% XXX XXX XXX XXX

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TMX Group Public Comps

See public comps and valuation multiples for Stock Exchanges comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
ASX XXX XXX XXX XXX XXX XXX
Euroxx Securities XXX XXX XXX XXX XXX XXX
Athens Exchange Group XXX XXX XXX XXX XXX XXX
Cboe Global Markets XXX XXX XXX XXX XXX XXX
Indian Energy Exchange XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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TMX Group M&A and Investment Activity

TMX Group acquired  XXX companies to date.

Last acquisition by TMX Group was  XXXXXXXX, XXXXX XXXXX XXXXXX . TMX Group acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by TMX Group

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About TMX Group

When was TMX Group founded? TMX Group was founded in 2011.
Where is TMX Group headquartered? TMX Group is headquartered in Canada.
How many employees does TMX Group have? As of today, TMX Group has 1.8K+ employees.
Who is the CEO of TMX Group? TMX Group's CEO is Mr. John McKenzie.
Is TMX Group publicy listed? Yes, TMX Group is a public company listed on TSE.
What is the stock symbol of TMX Group? TMX Group trades under X ticker.
When did TMX Group go public? TMX Group went public in 2002.
Who are competitors of TMX Group? Similar companies to TMX Group include e.g. ASX, Euroxx Securities, Athens Exchange Group, Cboe Global Markets.
What is the current market cap of TMX Group? TMX Group's current market cap is $9.8B
What is the current revenue of TMX Group? TMX Group's last 12-month revenue is $1.1B.
What is the current EBITDA of TMX Group? TMX Group's last 12-month EBITDA is $578M.
What is the current EV/Revenue multiple of TMX Group? Current revenue multiple of TMX Group is 10.5x.
What is the current EV/EBITDA multiple of TMX Group? Current EBITDA multiple of TMX Group is 19.1x.
What is the current revenue growth of TMX Group? TMX Group revenue growth between 2023 and 2024 was 22%.
Is TMX Group profitable? Yes, TMX Group is EBITDA-positive (as of the last 12 months).

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