EXFO (EXF.TO) Stock Price

EXFO Price

Delisted

Revenue has compounded at 3.2% per year over the past 19 years to 266.60 M USD. Earnings per share have declined at 16.4% per year over the last 11 years. EXFO's net margin stands at -3.6%, down from 3.8% several years earlier.

EXFO stock price

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Stock Price

How to Read This Chart

This chart tracks the historical stock price of EXFO 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 EXFO 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 EXFO's price chart to a market index like the S&P 500 can reveal whether the stock is outperforming or underperforming the broader market.

EXFO Stock Price History
DateEXFO Price
Access this data via the Eulerpool API

EXFO Revenue, EBIT, Net Income

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Revenue
EBIT
Net Income
Details
Date
Revenue
EBIT
Net Income
Jan 1, 2018
269.50 M USD
-2.80 M USD
-11.90 M USD
Jan 1, 2019
287.50 M USD
8.40 M USD
-2.50 M USD
Jan 1, 2020
266.60 M USD
1.80 M USD
-9.50 M USD
Jan 1, 2021 (e)
293.58 M USD
0.00 USD
0.00 USD
Jan 1, 2022 (e)
320.03 M USD
0.00 USD
0.00 USD
Jan 1, 2023 (e)
367.95 M USD
0.00 USD
56.04 M USD
Jan 1, 2024 (e)
406.16 M USD
0.00 USD
56.04 M USD
Jan 1, 2025 (e)
449.38 M USD
0.00 USD
56.04 M USD

EXFO Income Statement, Balance Sheet, Cash Flow Statement

Last updated Jul 20, 2026, 1:29 PM
 
REVENUEM USD
REVENUE GROWTH%
GROSS MARGIN%
GROSS INCOMEM USD
EBITM USD
EBIT MARGIN%
NET INCOMEM USD
NET INCOME GROWTH%
SHARESM
201020112012201320142015201620172018201920202021e2022e2023e2024e2025e
202.00269.00250.00242.00230.00222.00232.00243.00269.00287.00266.00293.00320.00367.00406.00449.00
32.0333.17-7.06-3.20-4.96-3.484.504.7410.706.69-7.3210.159.2214.6910.6310.59
63.3762.8363.2061.5762.6161.7162.5061.7361.3455.7554.1454.1454.1454.1454.1454.14
128.00169.00158.00149.00144.00137.00145.00150.00165.00160.00144.00158.62173.23198.68219.79243.07
10.0021.002.002.003.004.0015.0013.00-2.008.001.00
4.957.810.800.831.301.806.475.35-0.742.790.38
6.0022.00-3.001.004.008.00-11.00-2.00-9.0056.0056.0056.00
-137.50266.67-113.64-133.33100.00-81.82350.00
60.6061.5060.5061.1061.0057.5054.7055.6055.0055.3055.6055.6055.6055.6055.6055.60
Details

Income Statement Key Figures

Revenue and Revenue Growth

Revenue is the starting point of every income statement — it measures the total sales EXFO 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 EXFO 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 EXFO'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 EXFO 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 EXFO'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.

EXFO stock margins

The EXFO margin analysis displays the gross margin, EBIT margin, as well as the profit margin of EXFO. 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 EXFO.
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Gross margin
EBIT margin
Profit margin
Details
Date
Gross margin
EBIT margin
Profit margin
Jan 1, 2016
62.55 %
6.75 %
3.83 %
Jan 1, 2017
61.94 %
5.55 %
0.37 %
Jan 1, 2018
61.26 %
-1.04 %
-4.42 %
Jan 1, 2019
55.69 %
2.92 %
-0.87 %
Jan 1, 2020
54.31 %
0.68 %
-3.56 %
Jan 1, 2021 (e)
54.31 %
0.00 %
0.00 %
Jan 1, 2022 (e)
54.31 %
0.00 %
0.00 %
Jan 1, 2023 (e)
54.31 %
0.00 %
15.23 %

EXFO Stock Revenue, EBIT, Earnings per Share

The EXFO earnings per share therefore indicates how much revenue EXFO 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.
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Revenue per Share
EBIT per share
Earnings per Share
Details
Date
Revenue per Share
EBIT per share
Earnings per Share
Jan 1, 2016
4.25 USD
0.29 USD
0.16 USD
Jan 1, 2017
4.38 USD
0.24 USD
0.02 USD
Jan 1, 2018
4.90 USD
-0.05 USD
-0.22 USD
Jan 1, 2019
5.20 USD
0.15 USD
-0.05 USD
Jan 1, 2020
4.79 USD
0.03 USD
-0.17 USD
Jan 1, 2021 (e)
5.24 USD
0.00 USD
0.00 USD
Jan 1, 2022 (e)
5.71 USD
0.00 USD
0.00 USD
Jan 1, 2023 (e)
6.57 USD
0.00 USD
1.00 USD

EXFO business model & stock analysis

EXFO Inc is a leading company in the field of test and measurement technology for the telecommunications industry. It was founded in 1985 by Germain Lamonde in Quebec, Canada. EXFO's vision was to find and offer innovative solutions for the growing demands of the telecommunications industry. From day one, the company has worked hard to build its reputation as a provider of high-quality and reliable products. EXFO's business model is based on the development and manufacturing of test solutions for use in network technology, especially in telecommunications. EXFO's products are used by network equipment manufacturers, service providers, and companies worldwide to enable fast and efficient diagnosis of network issues. EXFO has divided its business into three main segments: network test solutions, service assurance, and fiber systems. The network test solutions include various products and solutions used for testing and measurements in optical networks. The service assurance segment offers automated solutions for monitoring and improving the service quality of telecommunications services, while the fiber systems provide fiber optic products and solutions for various industries. Among the products offered by EXFO are optical test systems, optical spectrometers, optical power meters, light sources, detectors, OTDR systems, and visual fault locators (VFLs). The company has also developed a wide range of software solutions focusing on network performance monitoring, diagnosis, and optimization. One of EXFO's most well-known product families is the iOptics family of testing tools. This series of portable test and measurement devices is ideal for mobile technicians who need to perform tests quickly and reliably. It is also suitable for technicians who require robust and portable devices. Another well-known product from EXFO is the FTBx system, a platform of test modules that can easily be integrated into a variety of optical or copper-based networks. Over the years, EXFO has received numerous awards and recognitions for its products and services. The company is also a pioneer in the industry and actively works on the development of new technologies and solutions. EXFO's customers rely on the quality of its products and the first-class customer service provided by its experienced team. Overall, EXFO is an important player in the telecommunications industry and a leading company in the development and provision of innovative test and measurement technology. The company's history is characterized by constant growth and development, as well as a continuous commitment to providing its customers with products and solutions that meet the highest standards.

EXFO SWOT Analysis

Strengths

EXFO Inc excels in technology innovation within the telecommunications industry. Their advanced solutions and products consistently push the boundaries of what's possible, giving them a competitive edge.

With a solid market presence, EXFO Inc has established a reputable brand and customer base. Their products and services are highly regarded, allowing them to maintain a substantial market share.

EXFO Inc boasts a talented team of professionals who possess the necessary skills and expertise to deliver innovative solutions to their clients. This skilled workforce contributes to the company's overall success.

Weaknesses

EXFO Inc's success is heavily dependent on the telecommunications industry. Any significant downturn or disruption in this sector could potentially impact their revenue and growth opportunities.

EXFO Inc is subject to global economic conditions, which can affect the demand for their products and services. Economic instability in key markets may hinder their growth and profitability.

EXFO Inc relies on a few key customers for a significant portion of their revenue. Any loss of these key customers or a decline in their business could have a detrimental impact on EXFO Inc's financial performance.

Opportunities

EXFO Inc can leverage the growing demand for telecommunications services worldwide. The expansion of 5G networks and increasing reliance on broadband create opportunities for EXFO Inc to expand their product offerings.

The rise of emerging technologies such as Internet of Things (IoT) and artificial intelligence (AI) opens new doors for EXFO Inc. They can develop advanced testing and monitoring solutions to support these technologies.

EXFO Inc can explore international markets and expand their geographical footprint to increase their customer base and revenue streams. Targeting emerging markets with growing telecommunications sectors could be a viable strategy.

Threats

EXFO Inc faces fierce competition from established companies as well as new entrants in the telecommunications industry. This competition can potentially impact market share and profitability.

The rapid pace of technological advancements poses a threat to EXFO Inc. They must continually invest in research and development to stay ahead of the curve and ensure their solutions remain relevant.

EXFO Inc operates in a highly regulated industry with evolving standards and regulations. Compliance with these regulations and adapting to new requirements can present challenges and impact their business operations.

EXFO 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.

EXFO historical P/E ratio, EBIT multiple, and P/S ratio

EXFO annual returns

Details

Annual Return

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.

EXFO shares outstanding

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Number of stocks
Details
Date
Number of stocks
Jan 1, 2016
54.70 M Stocks
Jan 1, 2017
55.60 M Stocks
Jan 1, 2018
55.00 M Stocks
Jan 1, 2019
55.30 M Stocks
Jan 1, 2020
55.60 M Stocks
Jan 1, 2021 (e)
55.60 M Stocks
Jan 1, 2022 (e)
55.60 M Stocks
Jan 1, 2023 (e)
55.60 M Stocks
Price targets and forecasts for EXFO are not yet available.

EXFO shareholder structure

% Name
6.55342%
Lamonde (Germain)
Lamonde (Germain)
5.69544%
G Lamonde Investissements Financiers Inc
G Lamonde Investissements Financiers Inc
2.34282%
Fidelity International
Fidelity International
2.34282%
Fidelity Investments Canada ULC
Fidelity Investments Canada ULC
1.86513%
Renaissance Technologies LLC
Renaissance Technologies LLC
1.66525%
Hillsdale Investment Management Inc.
Hillsdale Investment Management Inc.

Frequently asked questions about EXFO

EXFO Inc. operates in the telecommunications industry, providing test, monitoring, and analytics solutions for network operators and equipment manufacturers. The company offers a comprehensive range of products and services to improve network performance, ensure reliability, and enhance subscriber experience. EXFO's business model focuses on developing innovative solutions that address the evolving needs of the telecommunications sector. By delivering advanced testing and monitoring solutions, EXFO enables its customers to optimize their network infrastructure, enhance operational efficiency, and deliver high-quality services to end-users. With a strong emphasis on technological innovation and customer satisfaction, EXFO Inc. continues to make significant contributions to the telecommunications industry.

All fundamentals and in-depth analysis of EXFO

Our stock analysis for EXFO 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 EXFO. If you are looking for more detailed information on these topics, we offer comprehensive analyses on our subpages.