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TMX Group Valuation Multiples

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

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 $609M

EV

$12.4B

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TMX Group Financials

TMX Group has a last 12-month revenue (LTM) of $1.1B and a last 12-month EBITDA of $609M.

In the most recent fiscal year, TMX Group achieved revenue of $1.1B and an EBITDA of $1.8B.

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

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TMX Group P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $1.1B XXX $1.1B XXX XXX XXX
Gross Profit $1.1B XXX $692M XXX XXX XXX
Gross Margin 100% XXX 66% XXX XXX XXX
EBITDA $609M XXX $1.8B XXX XXX XXX
EBITDA Margin 55% XXX 168% XXX XXX XXX
EBIT $525M XXX $464M XXX XXX XXX
EBIT Margin 47% XXX 44% XXX XXX XXX
Net Profit $344M XXX $348M XXX XXX XXX
Net Margin 31% XXX 33% XXX XXX XXX
Net Debt XXX XXX $1.3B XXX XXX XXX

Financial data powered by Morningstar, Inc.

TMX Group Stock Performance

As of May 30, 2025, TMX Group's stock price is CAD 55 (or $40).

TMX Group has current market cap of CAD 15.4B (or $11.1B), and EV of CAD 17.2B (or $12.4B).

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TMX Group Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$12.4B $11.1B XXX XXX XXX XXX $1.32

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TMX Group Valuation Multiples

As of May 30, 2025, TMX Group has market cap of $11.1B and EV of $12.4B.

TMX Group's trades at 11.8x EV/Revenue multiple, and 7.0x EV/EBITDA.

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 32.3x.

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TMX Group Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $11.1B XXX $11.1B XXX XXX XXX
EV (current) $12.4B XXX $12.4B XXX XXX XXX
EV/Revenue 11.2x XXX 11.8x XXX XXX XXX
EV/EBITDA 20.4x XXX 7.0x XXX XXX XXX
EV/EBIT 23.6x XXX 26.8x XXX XXX XXX
EV/Gross Profit 11.2x XXX n/a XXX XXX XXX
P/E 32.3x XXX 32.0x XXX XXX XXX
EV/FCF 36.7x XXX 31.3x XXX XXX XXX

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TMX Group Margins & Growth Rates

TMX Group's last 12 month revenue growth is 10%

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 209% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

TMX Group's rule of X is 80% (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 10% XXX 9% XXX XXX XXX
EBITDA Margin 55% XXX 168% XXX XXX XXX
EBITDA Growth 12% XXX -38% XXX XXX XXX
Rule of 40 209% XXX 178% XXX XXX XXX
Bessemer Rule of X XXX XXX 80% 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

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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 $11.1B
What is the current revenue of TMX Group? TMX Group's last 12 months revenue is $1.1B.
What is the current revenue growth of TMX Group? TMX Group revenue growth (NTM/LTM) is 10%.
What is the current EV/Revenue multiple of TMX Group? Current revenue multiple of TMX Group is 11.2x.
Is TMX Group profitable? Yes, TMX Group is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of TMX Group? TMX Group's last 12 months EBITDA is $609M.
What is TMX Group's EBITDA margin? TMX Group's last 12 months EBITDA margin is 55%.
What is the current EV/EBITDA multiple of TMX Group? Current EBITDA multiple of TMX Group is 20.4x.
What is the current FCF of TMX Group? TMX Group's last 12 months FCF is $338M.
What is TMX Group's FCF margin? TMX Group's last 12 months FCF margin is 30%.
What is the current EV/FCF multiple of TMX Group? Current FCF multiple of TMX Group is 36.7x.

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