TMX Group - Public Comps and Valuation Multiples

TMX Group Overview

About TMX Group

TMX Group Ltd is a company that operates several markets to provide investment opportunities for its clients. The company has four operating segments: Global Solutions, Insights & Analytics, Capital Formation, Derivatives Trading & Clearing, and Equities and Fixed Income Trading & Clearing. The maximum of its 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. The company geographically operates in Canada, USA, UK, Germany, and Other Countries, with maximum revenue from Canada.

Founded

2011

HQ

Employees

1.8K+

Website

tmx.com

Sectors

Stock Exchanges
FinTech

Financials

LTM Revenue $1.2B

LTM EBITDA $633M

EV

$11.1B

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TMX Group Financials

As of September 2025, TMX Group reported last 12-month revenue of $1.2B and EBITDA of $633M.

In the same period, TMX Group achieved $318M in LTM net income.

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TMX Group P&L

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

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

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.2B	XXX	$1.0B	XXX	XXX	XXX
Gross Profit	n/a	XXX	$683M	XXX	XXX	XXX
Gross Margin	n/a	XXX	66%	XXX	XXX	XXX
EBITDA	$633M	XXX	$1.7B	XXX	XXX	XXX
EBITDA Margin	54%	XXX	168%	XXX	XXX	XXX
EBIT	$566M	XXX	$457M	XXX	XXX	XXX
EBIT Margin	49%	XXX	44%	XXX	XXX	XXX
Net Profit	$318M	XXX	$343M	XXX	XXX	XXX
Net Margin	27%	XXX	33%	XXX	XXX	XXX
Net Debt	XXX	XXX	$1.2B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for TMX Group including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.2B. EBITDA for the last twelve months was $633M. In the most recent fiscal year, TMX Group achieved $1.0B in revenue and $1.7B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.2B	Analyst estimates available to subscribers	$1.0B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$683M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	65.7% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$633M	Analyst estimates available to subscribers	$1.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	54.4% EBITDA margin	Analyst estimates available to subscribers	168.1% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$566M	Analyst estimates available to subscribers	$457M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	48.7% EBIT margin	Analyst estimates available to subscribers	44.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$318M	Analyst estimates available to subscribers	$343M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	27.3% net profit margin	Analyst estimates available to subscribers	33.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$1.2B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for TMX Group

This financial data table provides comprehensive performance metrics for TMX Group, a company based in Canada. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

TMX Group generated $1.2B in revenue over the last twelve months.
The company achieved $633M in EBITDA over the last twelve months.
Net income over the last twelve months reached $318M.

Fiscal Year Performance

In the most recent fiscal year, TMX Group reported $1.0B in total revenue.
Fiscal year EBITDA was $1.7B.
The company maintained a gross profit margin of 65.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was 168.1%.
Net profit margin reached 33.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for TMX Group. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

TMX Group Stock Performance

TMX Group has current market cap of CAD 13.9B (or $9.9B), and EV of CAD 15.5B (or $11.1B).

Market Cap Evolution

TMX Group Stock Data

As of October 17, 2025, TMX Group's stock price is CAD 50 (or $36).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$11.1B	$9.9B	XXX	XXX	XXX	XXX	$1.39

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TMX Group Valuation Multiples

TMX Group's trades at 10.6x EV/Revenue multiple, and 6.3x EV/EBITDA.

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TMX Group Financial Valuation Multiples

As of October 17, 2025, TMX Group has market cap of $9.9B and EV of $11.1B.

Equity research analysts estimate TMX Group's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

TMX Group has a P/E ratio of 31.2x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$9.9B	XXX	$9.9B	XXX	XXX	XXX
EV (current)	$11.1B	XXX	$11.1B	XXX	XXX	XXX
EV/Revenue	9.5x	XXX	10.6x	XXX	XXX	XXX
EV/EBITDA	17.5x	XXX	6.3x	XXX	XXX	XXX
EV/EBIT	19.5x	XXX	24.2x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	31.2x	XXX	28.9x	XXX	XXX	XXX
EV/FCF	30.8x	XXX	28.2x	XXX	XXX	XXX

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

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TMX Group Margins & Growth Rates

TMX Group's last 12 month revenue growth is 8%

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

TMX Group's rule of 40 is 208% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

TMX Group's rule of X is 76% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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TMX Group Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	8%	XXX	11%	XXX	XXX	XXX
EBITDA Margin	54%	XXX	168%	XXX	XXX	XXX
EBITDA Growth	11%	XXX	-38%	XXX	XXX	XXX
Rule of 40	208%	XXX	177%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	76%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	22%	XXX	XXX	XXX

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

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