IGM Financial

IGM.TO

Asset Management · Financial Services

Price

C$86.90

+1.18 (+1.38%)

Market Cap

C$20.12B

Exchange

Toronto Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Exceptional

Stability

Strong

Valuation

Good

Dividends

Good

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Share count falling — buybacks

−1.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 240.0M (2021) → 237.3M (2025)

Winston Score History

The full picture

IGM Financial is a Canadian company that helps people manage and invest their money. It owns well-known brands like IG Wealth Management and Mackenzie Investments, which offer mutual funds, financial planning, and investment advice mainly to everyday Canadian investors. It also holds a large stake in Great-West Lifeco, connecting it to the broader insurance and financial services industry.

IGM makes most of its money by charging fees based on how much money clients have invested — so when markets rise, revenue tends to rise too. The company operates almost entirely in Canada, with over $250 billion in assets under management, giving it significant scale in the domestic market. Its large advisor network and established brand relationships create some stickiness with clients, but the shift toward lower-cost index funds and robo-advisors is a real competitive pressure the company must navigate over time.

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

+7.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+8.7% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

C$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

64.3%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

C$13.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

IGM Financial is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

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Quality

Profit per sale

Gross Margin

55.0%

Healthy — 55.0% gross margin

Profit after running costs

Operating Margin

28.5%

Excellent — 28.5% operating margin

Return on the money invested

ROCE

7.7%

Weak — 7.7% 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

+7.8%

Steady sales growth (+7.8% YoY)

Profit growth

EPS YoY

+20.9%

Earnings growing fast (+20.9% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

105%

Turns 105% of profit into real cash

Spare cash per sale

FCF Margin

29.2%

Converts sales into free cash efficiently (29.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.81

Moderate — manageable debt (0.81)

Covers its interest

Interest Cover

9.92x

Comfortably covers interest (9.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

17.5x

Fair value — P/E 17.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.7

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

2.85%

Moderate income — 2.85% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+7.7%

Dividend growing modestly (7.7% YoY)

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