TMX Group (X.TO) Stock Price

TMX Group Price

TSX·CLOSED
53.38CAD-0.68 (-1.27 %)
Market closed

Over the last 19 years TMX Group grew revenue by 11.8% annually, reaching 2.92 B CAD. Earnings per share have grown at 7.4% per year over the last 19 years. For TMX Group, the net margin of 14.2% is down versus 34.5% a few years ago. At today's price the dividend yield works out to roughly 1.57%. The payout ratio is around 56% of earnings. The consensus 12-month price target for TMX Group is 62.22 CAD, about 16.6% above where the stock trades today. Of 14 analysts, 11 rate the stock a buy — an overall Buy consensus. The stock trades about 20% above its 52-week low.

TMX Group stock price

Volume
Ex-Dividend
Details

Stock Price

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How to Read This Chart

This chart tracks the historical stock price of TMX Group over time. You can switch between daily, weekly, and monthly views and select custom time ranges — from a single day to the full available history. Use the toggle to view price changes in absolute currency terms or as a percentage change relative to the starting date.

Total Return vs. Price Return

The "Total Return" toggle includes reinvested dividends on top of the pure price movement. This is critical because dividends can account for a significant portion of long-term returns. Historically, roughly 40 % of the S&P 500's total return has come from dividends. Always compare total return when evaluating a stock's real performance against a benchmark.

Intraday Price Data

When viewing a one-day time frame, the chart displays real-time intraday price movements. This is useful for observing how TMX Group stock reacts to market openings, earnings releases, or breaking news throughout the trading session.

What to Look For

Look for long-term trends (sustained upward or downward movements over months and years), support and resistance levels (price zones where the stock repeatedly bounces or reverses), and volatility (how much the price fluctuates day to day). Comparing TMX Group's price chart to a market index like the S&P 500 can reveal whether the stock is outperforming or underperforming the broader market.

TMX Group Stock Price History
DateTMX Group Price
8/14/202653.38 CAD
8/13/202654.06 CAD
8/12/202653.71 CAD
8/11/202653.26 CAD
8/10/202652.58 CAD
8/7/202652.14 CAD
8/6/202652.44 CAD
8/5/202652.58 CAD
8/4/202651.98 CAD
7/31/202651.24 CAD
7/30/202651.72 CAD
7/29/202652.39 CAD
7/27/202651.40 CAD
7/23/202650.20 CAD
7/22/202650.62 CAD
7/21/202650.10 CAD
7/20/202650.45 CAD
7/17/202649.63 CAD
7/16/202650.25 CAD
7/15/202650.68 CAD
7/14/202649.54 CAD
7/13/202648.42 CAD
7/10/202648.40 CAD
7/9/202647.88 CAD
7/8/202647.12 CAD
7/7/202647.37 CAD
7/6/202647.58 CAD
7/3/202647.27 CAD
7/2/202646.76 CAD
6/30/202646.43 CAD
6/29/202645.82 CAD
6/26/202645.50 CAD
6/25/202645.41 CAD
6/24/202646.76 CAD
6/23/202648.05 CAD
6/22/202648.44 CAD
6/19/202648.00 CAD
6/18/202648.82 CAD
6/17/202651.78 CAD
6/16/202651.47 CAD
6/15/202651.78 CAD
6/12/202651.28 CAD
6/11/202650.37 CAD
6/10/202650.61 CAD
6/9/202650.44 CAD
6/8/202649.89 CAD
6/5/202648.83 CAD
6/4/202647.49 CAD
6/3/202647.10 CAD
6/2/202649.44 CAD
6/1/202651.42 CAD
5/29/202652.17 CAD
5/28/202652.20 CAD
5/27/202652.42 CAD
5/26/202652.89 CAD
5/25/202653.83 CAD
5/22/202653.56 CAD
5/21/202654.03 CAD
5/20/202653.81 CAD
5/19/202653.71 CAD
5/15/202653.70 CAD
5/14/202654.05 CAD
5/13/202653.13 CAD
5/12/202654.47 CAD
5/11/202653.95 CAD
5/8/202655.34 CAD
5/7/202655.78 CAD
5/6/202655.27 CAD
5/5/202655.73 CAD
5/4/202655.98 CAD
5/1/202655.48 CAD
4/30/202655.40 CAD
4/29/202654.37 CAD
4/28/202654.51 CAD
4/27/202653.72 CAD
4/24/202654.09 CAD
4/23/202654.56 CAD
4/22/202654.59 CAD
4/21/202653.89 CAD
4/20/202654.17 CAD
4/17/202653.60 CAD
4/16/202653.12 CAD
4/15/202653.62 CAD
4/14/202652.31 CAD
4/13/202651.16 CAD
4/10/202650.63 CAD
4/9/202650.65 CAD
4/8/202649.95 CAD
4/7/202649.81 CAD
4/6/202649.58 CAD
4/2/202649.61 CAD
4/1/202649.61 CAD
3/31/202648.94 CAD
3/30/202649.33 CAD
3/29/202648.19 CAD
3/26/202647.80 CAD
3/25/202648.41 CAD
3/24/202648.71 CAD
3/23/202649.41 CAD
3/22/202649.04 CAD
3/19/202648.58 CAD
3/18/202649.64 CAD
3/17/202649.43 CAD
3/16/202649.33 CAD
3/15/202649.00 CAD
3/12/202649.08 CAD
3/11/202648.12 CAD
3/10/202647.60 CAD
3/9/202646.75 CAD
3/8/202647.05 CAD
3/6/202647.11 CAD
3/5/202647.55 CAD
2/26/202647.73 CAD
2/25/202647.18 CAD
2/24/202646.42 CAD
2/23/202646.34 CAD
2/20/202646.11 CAD
2/19/202646.33 CAD
2/18/202644.80 CAD
2/17/202644.60 CAD
2/13/202645.18 CAD
2/12/202644.37 CAD
2/11/202645.78 CAD
2/10/202646.19 CAD
2/9/202646.35 CAD
2/6/202645.42 CAD
2/5/202646.15 CAD
2/4/202647.01 CAD
2/3/202647.31 CAD
2/2/202651.39 CAD
1/30/202650.30 CAD
1/29/202649.94 CAD
1/28/202650.48 CAD
1/27/202650.60 CAD
1/26/202650.67 CAD
1/23/202650.58 CAD
1/22/202651.42 CAD
1/21/202651.51 CAD
1/20/202650.81 CAD
1/19/202651.01 CAD
1/16/202651.65 CAD
1/15/202651.15 CAD
1/14/202651.12 CAD
1/13/202650.55 CAD
1/12/202650.12 CAD
1/9/202650.58 CAD
1/8/202650.50 CAD
1/7/202650.67 CAD
1/6/202652.31 CAD
1/5/202651.63 CAD
1/2/202651.47 CAD
12/31/202552.23 CAD
12/30/202552.02 CAD
12/29/202552.30 CAD
12/24/202552.03 CAD
12/23/202552.26 CAD
12/22/202552.30 CAD
12/19/202552.08 CAD
12/18/202551.59 CAD
12/17/202551.26 CAD
12/16/202552.16 CAD
12/15/202551.86 CAD
12/12/202551.43 CAD
12/11/202551.91 CAD
12/10/202552.03 CAD
12/9/202551.79 CAD
12/8/202551.27 CAD
12/5/202551.10 CAD
12/4/202551.06 CAD
12/3/202550.40 CAD
12/2/202550.94 CAD
12/1/202551.00 CAD
11/28/202551.30 CAD
11/27/202551.35 CAD
11/26/202551.47 CAD
11/25/202551.46 CAD
11/24/202552.08 CAD
11/21/202551.15 CAD
11/20/202551.26 CAD
11/19/202551.69 CAD
11/18/202551.50 CAD
11/17/202552.00 CAD
11/14/202552.28 CAD
11/13/202551.89 CAD
11/12/202552.61 CAD
11/11/202550.55 CAD
11/10/202550.30 CAD
11/7/202550.50 CAD
11/6/202549.91 CAD
11/5/202551.84 CAD
11/4/202551.79 CAD
11/3/202551.93 CAD
10/31/202551.44 CAD
10/30/202550.11 CAD
10/29/202550.39 CAD
10/28/202551.78 CAD
10/27/202549.83 CAD
10/24/202550.55 CAD
10/23/202549.59 CAD
10/22/202549.34 CAD
10/21/202549.28 CAD
10/20/202549.71 CAD
10/17/202549.99 CAD
10/16/202550.23 CAD
10/15/202551.06 CAD
10/14/202550.79 CAD
10/10/202551.20 CAD
10/9/202551.25 CAD
10/8/202551.38 CAD
10/7/202551.82 CAD
10/6/202552.20 CAD
10/3/202553.21 CAD
10/2/202552.82 CAD
10/1/202552.94 CAD
9/30/202553.24 CAD
9/28/202552.48 CAD
9/25/202552.25 CAD
9/24/202552.48 CAD
9/23/202553.57 CAD
9/22/202553.55 CAD
9/19/202553.37 CAD
9/18/202553.61 CAD
9/17/202554.48 CAD
9/16/202552.98 CAD
9/15/202553.87 CAD
9/12/202553.90 CAD
9/11/202554.07 CAD
9/10/202553.19 CAD
9/9/202554.18 CAD
9/8/202553.69 CAD
9/5/202554.36 CAD
9/4/202554.66 CAD
9/3/202554.83 CAD
9/2/202554.07 CAD
8/29/202555.13 CAD
8/28/202555.03 CAD
8/27/202554.29 CAD
8/26/202555.02 CAD
8/25/202554.97 CAD
8/22/202555.98 CAD
8/21/202555.97 CAD
8/20/202556.33 CAD
8/19/202556.48 CAD
8/18/202557.27 CAD
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TMX Group Revenue, EBIT, Net Income

  • 3 Years

  • 5 Years

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  • 25 Years

  • Max

Revenue
EBIT
Net Income
Details
Date
Revenue
EBIT
Net Income
Jan 1, 2021
980.70 M CAD
491.20 M CAD
338.50 M CAD
Jan 1, 2022
1.11 B CAD
553.60 M CAD
542.70 M CAD
Jan 1, 2023
2.90 B CAD
540.00 M CAD
356.00 M CAD
Jan 1, 2024
1.46 B CAD
727.80 M CAD
481.50 M CAD
Jan 1, 2025
2.92 B CAD
771.00 M CAD
415.70 M CAD
Jan 1, 2026 (e)
1.95 B CAD
1.55 B CAD
680.22 M CAD
Jan 1, 2027 (e)
2.21 B CAD
1.72 B CAD
754.42 M CAD
Jan 1, 2028 (e)
2.20 B CAD
1.77 B CAD
795.68 M CAD

TMX Group Income Statement, Balance Sheet, Cash Flow Statement

Last updated Aug 18, 2026, 2:53 AM
 
REVENUEB CAD
REVENUE GROWTH%
GROSS MARGIN%
GROSS INCOMEB CAD
EBITB CAD
EBIT MARGIN%
NET INCOMEM CAD
NET INCOME GROWTH%
DIV.CAD
DIV. GROWTH%
SHARESM
20132014201520162017201820192020202120222023202420252026e2027e2028e
0.700.720.720.680.670.820.810.870.981.112.901.462.921.952.212.20
138.102.43–-4.74-2.2022.75-1.717.3213.2913.67160.14-49.62100.14-33.3313.40-0.41
60.1461.3758.5863.4066.7766.8367.8767.0567.5567.2496.8365.6242.0342.0342.0342.03
0.420.440.420.430.450.550.550.580.660.752.810.961.230.820.930.92
0.260.280.240.280.300.370.380.420.490.550.540.730.771.551.721.77
36.7138.7734.0340.8544.6145.0047.3947.9850.1049.6418.6349.7926.3979.5277.9180.55
123.00100.00-52.00196.00368.00286.00247.00279.00338.00542.00356.00481.00415.00680.00754.00795.00
720.00-18.70-152.00-476.9287.76-22.28-13.6412.9621.1560.36-34.3235.11-13.7263.8610.885.44
1.601.601.601.651.952.242.522.723.013.322.100.750.840.961.051.14
–––3.1218.1814.8712.507.9410.6610.30-36.75-64.2912.0014.299.388.57
270.65271.67271.83273.80279.08280.80283.25283.96281.47279.32277.89277.82278.21278.21278.21278.21
Details

Income Statement Key Figures

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Revenue and Revenue Growth

Revenue is the starting point of every income statement — it measures the total sales TMX Group generates from its core business. Revenue growth (expressed as year-over-year percentage change) is one of the most important indicators of business momentum. Sustained growth above 10 % annually is generally considered strong, while declining revenue is a serious warning sign that demands investigation.

Gross Margin

Gross margin = (Revenue − Cost of Goods Sold) ÷ Revenue. It reveals what percentage of each dollar of revenue TMX Group retains after direct production costs. High gross margins (above 50 %) are typical of asset-light businesses like software and brands, while capital-intensive industries like manufacturing often operate below 30 %. Compare TMX Group's gross margin to industry peers and track it over time to spot improving or deteriorating pricing power.

EBIT and EBIT Margin

EBIT measures operating profit — what remains after subtracting all operating expenses (including R&D, sales, and administrative costs) from gross profit. The EBIT margin shows this as a percentage of revenue. Because it excludes interest and taxes, EBIT allows fair comparisons between companies with different debt levels and tax jurisdictions. A rising EBIT margin indicates improving operational efficiency.

Net Income and Earnings Per Share (EPS)

Net income is the company's final profit after all expenses, interest, and taxes. Dividing net income by the number of shares outstanding gives you EPS — the single most influential metric in stock valuation. Consistent EPS growth is the primary driver of long-term stock price appreciation. Always check whether EPS growth comes from genuine profit improvement or from share buybacks reducing the share count.

Shares Outstanding

The total number of shares TMX Group has issued. A declining share count (through buybacks) boosts EPS and signals management confidence. A rising share count (through stock issuance) dilutes existing shareholders. Always monitor this number alongside EPS to get the full picture of per-share value creation.

Analyst Estimates

The projected figures represent consensus estimates from professional analysts. Compare these forecasts against TMX Group's historical growth rates to assess whether expectations are realistic. A company that consistently beats consensus estimates tends to see its stock price rewarded over time, while repeated misses erode investor confidence.

TMX Group stock margins

The TMX Group margin analysis displays the gross margin, EBIT margin, as well as the profit margin of TMX Group. The EBIT margin (EBIT/sales) indicates the percentage of sales that remains as operating profit. The profit margin shows the percentage of sales that remains for TMX Group.

  • 3 Years

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  • Max

Gross margin
EBIT margin
Profit margin
Details
Date
Gross margin
EBIT margin
Profit margin
Jan 1, 2021
67.56 %
50.09 %
34.52 %
Jan 1, 2022
67.21 %
49.65 %
48.68 %
Jan 1, 2023
96.82 %
18.63 %
12.28 %
Jan 1, 2024
65.67 %
49.85 %
32.98 %
Jan 1, 2025
42.04 %
26.38 %
14.23 %
Jan 1, 2026 (e)
42.04 %
79.51 %
34.91 %
Jan 1, 2027 (e)
42.04 %
77.94 %
34.15 %
Jan 1, 2028 (e)
42.04 %
80.55 %
36.17 %

TMX Group Stock Revenue, EBIT, Earnings per Share

The TMX Group earnings per share therefore indicates how much revenue TMX Group has generated per share in a given period. The earnings before interest and taxes per share shows how much of the operating profit corresponds to each share. The earnings per share indicates how much of the profit belongs to each share.

  • 3 Years

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  • Max

Revenue per Share
EBIT per share
Earnings per Share
Details
Date
Revenue per Share
EBIT per share
Earnings per Share
Jan 1, 2021
3.48 CAD
1.75 CAD
1.20 CAD
Jan 1, 2022
3.99 CAD
1.98 CAD
1.94 CAD
Jan 1, 2023
10.43 CAD
1.94 CAD
1.28 CAD
Jan 1, 2024
5.26 CAD
2.62 CAD
1.73 CAD
Jan 1, 2025
10.50 CAD
2.77 CAD
1.49 CAD
Jan 1, 2026 (e)
7.00 CAD
5.57 CAD
2.45 CAD
Jan 1, 2027 (e)
7.94 CAD
6.19 CAD
2.71 CAD
Jan 1, 2028 (e)
7.91 CAD
6.37 CAD
2.86 CAD

TMX Group business model & stock analysis

TMX Group Ltd is a company specializing in the operation of financial market infrastructures and services. The company is headquartered in Toronto, Canada and is listed on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE). The history of TMX dates back to 1852 when a stock exchange was established in Toronto. Over time, additional exchanges were opened in Canada, eventually leading to the formation of TMX Group in 2008. Since its inception, TMX Group has continuously expanded its range of products and services and has become one of the leading providers of financial market infrastructures in North America. TMX's business model is based on providing state-of-the-art trading platforms, data providers, and clearing and settlement services for a variety of financial markets, including stocks, bonds, currencies, commodities, and derivatives. TMX works closely with government and regulatory authorities to ensure that its activities comply with regulatory requirements and are transparent. TMX Group is divided into various business segments, each offering specialized services and products. These include: - TSX and TSX Venture Exchange: TSX is Canada's premier stock exchange, providing companies with the opportunity to list and publicly trade stocks and other securities. TSX Venture Exchange is a platform for emerging companies seeking capital-raising opportunities. - Montreal Exchange (MX): MX is Canada's leading exchange for options, futures, and other derivatives. Investors can place bets on future developments in stock prices, currencies, and other assets. - NGX: NGX is a leading operator of energy and commodity markets in North America, including natural gas, electricity, carbon emissions, and other commodities. - Shorcan: Shorcan is a leading provider of OTC market information and liquidity in Canada. Shorcan specifically serves the Canadian government securities market. - Trayport: Trayport is a company that offers trading platforms and data services for energy, metal, weather, and agricultural products. In addition to these segments, TMX also operates a range of other services, including: - Data and analytics services: TMX offers comprehensive data and analytics tools, including real-time and historical data, research reports, and data integration services. - Clearing and settlement services: TMX operates clearinghouses that handle transaction settlement and risk assessment. These services are essential for ensuring the security and stability of financial markets. - Technology and infrastructure services: TMX provides technology services that enable other companies to use its trading platforms and systems. It offers a wide portfolio of offerings, including cloud-based solutions and software-as-a-service offerings. Overall, TMX is a key player in North American financial markets. By providing innovative trading platforms, data offerings, and clearing services, TMX contributes to the efficient and transparent flow of capital between companies and investors.

TMX Group SWOT Analysis

Strengths

TMX Group Ltd holds a dominant position in the Canadian financial market as a leading integrated exchange operator.

The company offers a wide range of financial services, including equities, fixed income, derivatives, and energy products, catering to diverse customer needs.

TMX Group possesses advanced technology systems and trading platforms, ensuring efficient and reliable operations for its clients and partners.

Weaknesses

TMX Group's financial performance heavily relies on overall market conditions, making it vulnerable to economic downturns and fluctuations.

The company operates in a highly regulated industry, exposing it to potential changes in government policies or regulations, which may impact its operations and profitability.

Opportunities

TMX Group can explore growth opportunities by expanding its presence in emerging markets, capitalizing on their growth potential and increasing demand for financial services.

The ongoing evolution of technology provides opportunities for TMX Group to develop innovative products and services, enhancing its competitive edge in the market.

Threats

The financial industry is highly competitive, and TMX Group faces competition from both traditional and new technology-driven players, which may impact market share and profitability.

Global economic uncertainties and market volatility present potential threats to TMX Group's performance, as they can influence investor sentiment and trading activities.

TMX Group Eulerpool Fair Value

Details

Fair Value Estimate

ⓘ

What Is Fair Value?

Fair value is an estimate of what a stock is truly "worth" based on its financial fundamentals, independent of the current market price. If the calculated fair value is above the current share price, the stock may be undervalued — and vice versa. This chart shows three different fair value approaches so you can cross-check them against each other.

Earnings-Based Fair Value

Calculated by multiplying the current earnings per share (EPS) by the average historical P/E ratio over a selected multi-year period. The smoothing over several years filters out temporary spikes or dips. If this fair value exceeds the market price, it suggests the stock is cheap relative to its earning power.

Example: Fair Value (Earnings) 2022 = EPS 2022 × Average P/E 2019–2021

Revenue-Based Fair Value

Derived by multiplying revenue per share by the average historical price-to-sales ratio. This method is particularly useful for companies with volatile or temporarily depressed earnings, as revenue tends to be more stable than profits. It answers: "At what price has the market historically valued each dollar of this company's sales?"

Example: Fair Value (Revenue) 2022 = Revenue per Share 2022 × Average P/S 2019–2021

Dividend-Based Fair Value

Calculated by dividing the dividend per share by the average historical dividend yield. This approach is most relevant for mature, consistently dividend-paying companies. If the resulting fair value is higher than the current price, it implies the stock offers a better yield than its historical average.

Example: Fair Value (Dividend) 2022 = Dividend per Share 2022 ÷ Average Yield 2019–2021

How to Use This Chart

When all three fair value lines converge above the current price, it strengthens the case that the stock is undervalued. When they diverge, investigate why — it may indicate a structural shift in margins, payout policy, or growth rate. The forward estimates on the right extend the analysis using projected fundamentals, helping you assess whether the current price already reflects future growth expectations.

TMX Group historical P/E ratio, EBIT multiple, and P/S ratio

TMX Group annual returns

Details

Annual Return

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What This Chart Shows

This chart breaks down 's total annual return into two components: price return (gains or losses from stock price movement) and dividend return (income received from dividend payments). Together, they represent the total return an investor would have earned in each calendar year.

Price Return

Price return measures the percentage change in 's stock price from January 1st to December 31st of each year. Positive bars indicate the stock appreciated; negative bars show a decline. This is the component most investors focus on, but it tells only part of the story — especially for dividend-paying stocks.

Dividend Return

Dividend return represents the income generated from dividends paid during the year, expressed as a percentage of the starting stock price. While it may seem small in any single year (typically 1–4 % for established companies), dividends compound significantly over decades and have historically contributed roughly 40 % of total stock market returns.

What to Look For

Examine how many years showed positive vs. negative returns to gauge consistency. A stock with mostly positive years and small drawdowns suggests lower risk. Also compare 's annual returns to a benchmark index — consistently outperforming the market is a hallmark of a strong investment. Pay attention to the worst years: understanding downside risk is just as important as chasing upside potential.

TMX Group shares outstanding

The number of shares of TMX Group was 278.21 M in 2025. This indicates how many shares TMX Group is divided into. Since shareholders are the owners of a company, each share represents a small portion of the company's ownership.

  • 3 Years

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  • Max

Number of stocks
Details
Date
Number of stocks
Jan 1, 2021
281.47 M Stocks
Jan 1, 2022
279.32 M Stocks
Jan 1, 2023
277.89 M Stocks
Jan 1, 2024
277.82 M Stocks
Jan 1, 2025
278.21 M Stocks
Jan 1, 2026 (e)
278.21 M Stocks
Jan 1, 2027 (e)
278.21 M Stocks
Jan 1, 2028 (e)
278.21 M Stocks

TMX Group stock splits

In TMX Group's history, there have been no stock splits.

TMX Group Dividend History

24 years of dividend payments

YearAnnual DividendYoY ChangePayments
20260.48CADYTD—2×
Feb 20, 20260.24CAD↑ 9.1%1/2
May 22, 20260.24CAD 0.0%2/2
20250.84CAD↑ 12.0%4×
Feb 21, 20250.20CAD↑ 5.3%1/4
May 23, 20250.20CAD 0.0%2/4
Aug 15, 20250.22CAD↑ 10.0%3/4
Nov 14, 20250.22CAD 0.0%4/4
20240.75CAD↓ 64.3%4×
20232.10CAD↓ 36.7%4×
20223.32CAD↑ 10.3%4×
20213.01CAD↑ 10.7%4×
20202.72CAD↑ 7.9%4×
20192.52CAD↑ 12.5%4×
20182.24CAD↑ 14.9%4×
20171.95CAD↑ 18.2%4×

TMX Group dividend history and estimates

In 2025, TMX Group paid a dividend amounting to 0.84 CAD. Dividend means that TMX Group distributes a portion of its profits to its owners.

  • 3 Years

  • 5 Years

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  • Max

Dividend
Dividend (Estimate)
Details
Date
Dividend
Dividend (Estimate)
Jan 1, 2021
3.01 CAD
0.00 CAD
Jan 1, 2022
3.32 CAD
0.00 CAD
Jan 1, 2023
2.10 CAD
0.00 CAD
Jan 1, 2024
0.75 CAD
0.00 CAD
Jan 1, 2025
0.84 CAD
0.00 CAD
Jan 1, 2026 (e)
0.48 CAD
0.48 CAD
Jan 1, 2027 (e)
0.00 CAD
1.05 CAD
Jan 1, 2028 (e)
0.00 CAD
1.14 CAD

TMX Group dividend payout ratio

In 2025, TMX Group had a payout ratio of 56.22%. The payout ratio indicates the percentage of the company's profits that TMX Group distributes as dividends.

  • 3 Years

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  • Max

Payout ratio
Details
Date
Payout ratio
Jan 1, 2021
50.06 %
Jan 1, 2022
34.18 %
Jan 1, 2023
55.27 %
Jan 1, 2024
43.27 %
Jan 1, 2025
56.22 %
Jan 1, 2026 (e)
39.26 %
Jan 1, 2027 (e)
38.62 %
Jan 1, 2028 (e)
39.94 %

Current TMX Group forecasts and price targets in August 2026

Analyst Price Targets 2026
Δ MOM Price Target
0.00 %
Buy
78.57 % (11)
Hold
21.43 % (3)
Sell
0.00 % (0)
12M Price Target
62.22
Last Price
53.38
Currency
CAD
12M Return Potential
16.56 %
LTM Return
0 %

TMX Group Analyst Rating Actions

DateFirmActionRating
4/9/2021
Deutsche Bank
Deutsche Bank
MaintainedBuy

TMX Group Earnings Calls

2025

TMX Group Earnings Estimates & Surprises

DateEPS estimateEPS ActualRevenue EstimatePrice reactionQuarterly report
4/29/20240.40CAD--CAD-2024 Q1
2/5/20240.37CAD-303.78 MCAD-2023 Q4
7/26/20231.90CAD--CAD-2023 Q2
5/1/20231.79CAD--CAD-2023 Q1
2/6/20231.78CAD-285.46 MCAD-2022 Q4
10/26/20221.75CAD-284.44 MCAD-2022 Q3
7/28/20221.80CAD-286.24 MCAD-2022 Q2
5/2/20221.76CAD-265.14 MCAD-2022 Q1
2/7/20221.76CAD-255.14 MCAD-2021 Q4
11/8/20211.63CAD-235.50 MCAD-2021 Q3
...

EESG©

Eulerpool ESG Scorecard© for the TMX Group stock

67/100
64
Environment
99
Social
38
Governance
E

Environment

20
Scope 1 - Direct Emissions55
Scope 2 - Indirect emissions from purchased energy1,828
Scope 3 - Indirect emissions within the value chain4,319
Total CO₂ emissions1,883
CO₂ reduction strategy
Coal energy
Nuclear power
Animal experiments
Fur & Leather—
Pesticides—
Palm Oil—
Tobacco
Genetically modified organisms
Climate concept—
Sustainable forestry—
Recycling regulations
Environmentally friendly packaging
Hazardous substances
Fuel consumption and efficiency
Water consumption and efficiency
S

Social

20
Percentage of female employees40
Percentage of women in management—
Percentage of Asian employees—
Share of Asian management—
Percentage of Hispanic/Latino employees—
Hispano/Latino Management share—
Percentage of Black employees—
Black Management Share—
Percentage of white employees—
White Management Share—
Adult content
Alcohol
Weapons—
Firearms
Gambling
Military contracts
Human rights concept
Privacy concept—
Occupational health and safety
Catholic
G

Governance (Corporate Governance)

4
Environmental reporting
Stakeholder Engagement
Call Back Policies
Antitrust law

The Eulerpool ESG Scorecard© is the strictly copyrighted intellectual property of Eulerpool Research Systems. Any unauthorized use, imitation, or infringement will be actively pursued and may lead to significant legal consequences. For licenses, collaborations, or usage rights, please contact us directly via our contact form. Contact Form to us.

TMX Group shareholder structure

% Name
0.03734%
MN SERVICES VERMOGENSBEHEER B.V.
MN SERVICES VERMOGENSBEHEER B.V.

TMX Group Beneficial Ownership Filings (SEC 13D/G)

Free Float
98.1%
Float Shares
-
Shares Outstanding
-

TMX Group Executives and Management Board

15 members · avg. age 61 · 27 % women

JM

Mr. John Mckenzie (52)

Chief Executive Officer, Director

4.76 M CAD

Management

JR

Mr. Jayakumar Rajarathinam

Chief Operating Officer

2.46 M CAD
LF

Mr. Luc Fortin

President and Chief Executive Officer - Montreal Exchange and Global Head of Trading · since 2018

1.83 M CAD
DA

Mr. David Arnold

Chief Financial Officer

1.55 M CAD
PC

Mr. Peter Conroy

Chief Executive Officer - Trayport · since 2021

1.43 M CAD
CG

Ms. Cheryl Graden

Chief Legal and Enterprise Corporate Affairs Officer, Corporate Secretary

1.30 M CAD

Board of Directors

LB

Mr. Luc Bertrand (70)

Independent Chairman of the Board · since 2008

385,000.00 CAD
WL

Mr. William Linton (71)

Independent Director

339,167.00 CAD
MM

Ms. Monique Mercier (68)

Independent Director

250,000.00 CAD
MI

Ms. Martine Irman (60)

Independent Director

245,000.00 CAD
CT

Mr. Claude Tessier (61)

Independent Director

235,000.00 CAD
MK

Dr. Moe Kermani (54)

Independent Director

225,000.00 CAD

TMX Group Supply Chain

TMX Group Supply Chain

Correlation: how closely stock prices move together

Same directionNo relationOpposite
5 companies
#NameTrend
1
Trans-Lux
Supplier·Electronic Equipment, Instruments & Components·US
-0.64
-0.67
0.15
0.46
-0.24
—
2
Interactive Brokers Group A
Supplier·Customer·Capital Markets·US
0.62
-0.46
-0.58
-0.69
-0.48
-0.38
3
Altair Engineering A
Supplier·Customer·Software·US
-0.02
-0.48
-0.30
-0.54
0.28
-0.09
4
National Bank of Canada
Supplier·Customer·Banks·CA
0.81
0.60
0.03
-0.34
0
-0.01
5
S&P Global
Supplier·Customer·Capital Markets·US
0.46
-0.54
-0.53
-0.67
0.02
0.18

Frequently asked questions about TMX Group

The business model of TMX Group Ltd is centered around operating global markets and providing innovative trading solutions for various asset classes. TMX Group operates multiple exchanges, such as the Toronto Stock Exchange (TSX) and the TSX Venture Exchange, facilitating the listing and trading of equities, fixed income, derivatives, and commodities. The company also offers data and analytics services, clearing and settlement services, and technology solutions to support efficient and secure trading. TMX Group's business model focuses on promoting market integrity, liquidity, and transparency, while connecting market participants to drive growth and investment opportunities.

TMX Group Ltd is primarily active in the financial services industry.

Some of the main competitors of TMX Group Ltd in the market include Nasdaq, Intercontinental Exchange (ICE), Chicago Mercantile Exchange (CME), and London Stock Exchange Group (LSEG).

TMX Group Ltd, a leading financial services provider, has a rich history and a strong background. Founded in 2008, TMX Group is based in Canada and operates global exchanges for equities, fixed income, and energy markets. As a diversified company, it also offers clearing and data services. With a vision to drive growth and innovation in the capital markets, TMX Group has established itself as a trusted partner for investors and businesses worldwide. It is renowned for its commitment to integrity, transparency, and operational excellence. TMX Group continues to play a vital role in shaping the future of the financial industry, delivering efficient and secure marketplaces for trading various asset classes.

TMX Group Ltd, a leading Canadian financial services company, has achieved several significant milestones throughout its history. Notably, the company successfully merged with the Montreal Exchange in 2008, creating a pivotal platform for trading derivatives in Canada. In 2012, TMX Group launched the groundbreaking Alpha Exchange, providing a unique marketplace for trading and accessing Canadian and U.S. securities. TMX Group also formed strategic partnerships, such as the joint venture with the Shanghai Stock Exchange in 2012, facilitating cross-border investment opportunities between China and Canada. These milestones solidify TMX Group Ltd's position as a key player in the global financial industry, offering innovative solutions for market participants and investors.

TMX Group Ltd is primarily present in Canada. As a leading integrated exchange group, TMX operates multiple marketplaces for listing and trading securities. Its subsidiaries include the Toronto Stock Exchange (TSX), the TSX Venture Exchange, and the Canadian Depository for Securities. TMX Group also offers a wide range of services, including clearing, settlement, data, and analytics. With its headquarters in Toronto, TMX Group has a strong presence in the Canadian financial market, serving companies, investors, and trading participants across the country.

TMX Group Ltd represents a strong set of values and a distinctive corporate philosophy. With a commitment to integrity, excellence, and innovation, TMX Group Ltd aims to provide trusted and efficient marketplaces for capital formation and trading activities. The company is focused on facilitating the growth and development of businesses while fostering fair and transparent markets. TMX Group Ltd is dedicated to working collaboratively with stakeholders to deliver cutting-edge solutions and support the success of its clients. Their corporate philosophy emphasizes accountability, diversity, and a customer-centric approach, making TMX Group Ltd a trusted and leading player in the global financial industry.

Analysts currently set an average price target of 63.88 CAD for the TMX Group stock (median: 62.22 CAD), implying +19.7 % versus the latest price. The consensus is based on 14 analyst ratings.

TMX Group Analyst Price Targets 2026

14 analysts currently rate the TMX Group stock: 11 recommend buying, 3 holding and 0 selling. For 2026, analysts expect TMX Group to generate revenue of 1.95 B CAD and earnings per share of 2.45 CAD.

TMX Group Analyst Price Targets 2026

Converted at the current exchange rate, the TMX Group share trades at 33.25 EUR (53.38 CAD).

The TMX Group share (X.TO) is listed on 3 stock exchanges, including: Frankfurt (9TX.F), Toronto (X.TO).

TMX Group Ltd. is a Canadian operator of stock exchanges and financial services. The company was founded in 2008 and is headquartered in Toronto, Canada. TMX Group offers a wide range of products and services to promote and facilitate trading and capital raising. One of TMX Group's key divisions is the Toronto Stock Exchange (TSX), the largest and most well-known stock exchange in Canada. TSX offers trading of stocks, bonds, investment funds, exchange-traded funds (ETFs), as well as commodities such as gold and silver. Additionally, TSX also provides a variety of market indices reflecting the value of the Canadian market. Another important division of TMX Group is the Montreal Exchange (MX), specialized in trading derivatives such as futures and options. MX is the largest derivatives exchange in Canada and also offers innovative financial products such as index options and exchange-traded notes (ETNs). TMX Group also provides trading platforms for trading private companies, including the TSX Venture Exchange (TSXV). TSXV is an exchange for smaller companies and start-ups seeking capital for their business. TSXV offers a variety of instruments such as stocks, warrants, and options rights to facilitate trading with young companies. TMX Group also offers over-the-counter trading for buying and selling securities, including stocks and bonds. Additionally, the company provides a wide range of data products for exchanges, trading, and market data to help companies make decisions and manage their risks more effectively. To continue growing, TMX Group has also invested in new technologies to facilitate trading and capital raising. The company has launched a blockchain project called "Shorcan DCN" to facilitate trading of Canadian treasury bills and provide its users with faster and more efficient settlement of transactions. Overall, TMX Group's business model is focused on facilitating capital raising and trading, and assisting companies in achieving growth and expansion. The company has a wide range of products and services serving a variety of clients, from large institutions to small businesses and start-ups. By investing in new technologies and innovative products, TMX Group remains competitive in an ever-changing economic environment and solidifies its position as a leading provider of stock exchanges and financial services in Canada and beyond.

The expected revenue of TMX Group is 1.95 B CAD. This figure is based on current financial data and reflects the company's business performance.

The expected profit of TMX Group is 680.22 M CAD. The net profit reflects the company's profitability after deducting all expenses.

The price-to-earnings ratio (P/E) of TMX Group is currently 21.83. The P/E ratio compares the current share price to the earnings per share and helps investors assess the valuation of the TMX Group stock.

The price-to-sales ratio (P/S) of TMX Group is currently 7.62. The P/S ratio compares the market capitalization to the annual revenue and serves as a valuation metric for the TMX Group stock.

The Eulerpool Quality Score for TMX Group is 7/10.

The ISIN of TMX Group is CA87262K1057. The ISIN (International Securities Identification Number) is a globally unique identifier for securities.

The WKN of TMX Group is A1J4GR. The WKN (Wertpapierkennnummer) is a six-digit German security identification number.

The ticker of TMX Group is X.TO. The ticker symbol is used to trade TMX Group shares on the stock exchange.

Over the past 12 months, TMX Group paid a dividend of 0.84 CAD . This corresponds to a dividend yield of about 1.57 %. For the coming 12 months, TMX Group is expected to pay a dividend of 1.05 CAD.

The current dividend yield of TMX Group is 1.57 %.

TMX Group pays a dividend, distributed in the months of , , , .

TMX Group paid dividends every year for the past 23 years.

For the upcoming 12 months, dividends amounting to 1.05 CAD are expected. This corresponds to a dividend yield of 1.96 %.

TMX Group is assigned to the 'Finance' sector.

In the year 2025, TMX Group distributed 0.75 CAD as dividends.

The dividends of TMX Group are distributed in CAD.

All fundamentals and in-depth analysis of TMX Group

Our stock analysis for TMX Group stock includes important financial indicators such as revenue, profit, P/E ratio, P/S ratio, EBIT, as well as information on dividends. We also assess aspects such as stocks, market capitalization, debt, equity, and liabilities of TMX Group. If you are looking for more detailed information on these topics, we offer comprehensive analyses on our subpages.

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