Altus Group Limited

AIF.TO

Real Estate - Services · Real Estate

Price

C$47.62

+0.34 (+0.72%)

Market Cap

C$1.69B

Exchange

Toronto Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Mixed

Stability

Good

Valuation

Data not available

Dividends

Weak

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Share count rising — dilution

+2.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 42.9M (2021) → 44.0M (2025)

Winston Score History

The full picture

Altus Group is a Canadian company that helps real estate owners, investors, and developers understand the value of their properties and make smarter decisions. Its main product is Altus Analytics, a software platform that tracks property values, cash flows, and market data for commercial real estate. The company also offers property tax consulting services, helping clients reduce the taxes they owe on their buildings.

Altus makes money through software subscriptions and professional services fees. It operates mainly in Canada, the United States, and the United Kingdom, with a market cap of roughly $1.9 billion. Its competitive edge comes from deep data assets and switching costs — once large real estate firms build their workflows around Altus software, it is costly to leave. The key growth driver is expanding its analytics software business globally, but the main risk is that rising interest rates and a slowdown in commercial real estate activity can reduce demand for its services and hurt revenue growth.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-14.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-97.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

C$50M/ year

↑ Rising (+251% vs prior year)

9.9% of revenue

9.9x the sector average (1%)

R&D investment increasing — building for the future

Insider Activity

8.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$83M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Altus Group Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

65.5%

Premium pricing power — 65.5% gross margin

Profit after running costs

Operating Margin

9.9%

Modest — 9.9% operating margin

Return on the money invested

ROCE

8.4%

Below par — 8.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-7.3%

Shrinking sales (-7.3% YoY)

Profit growth

EPS YoY

-107.1%

Earnings shrinking (-107.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

15.3%

Converts sales into free cash efficiently (15.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.78

Moderate — manageable debt (0.78)

Covers its interest

Interest Cover

7.84x

Adequate interest coverage (7.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

1.26%

Small dividend — 1.26% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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