TFI International

TFII

Trucking · Industrials

Also trades as: TFII.TO

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Mixed

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Winston Score History

The full picture

TFI International is a large trucking and logistics company based in Canada. It moves goods for businesses across North America using trucks, and it also handles package delivery and logistics services. The company operates through four main segments: package and courier delivery, less-than-truckload (LTL) freight, truckload freight, and logistics.

TFI makes money by charging customers to transport their goods, earning fees on each shipment or delivery. It operates primarily in Canada and the United States, with some presence in Mexico, and generates roughly $7–8 billion in annual revenue. TFI has built its scale largely through acquisitions, buying smaller trucking companies over time — its 2021 purchase of UPS Freight (now TForce Freight) significantly expanded its U.S. LTL network. The main risk the company faces is that trucking demand is closely tied to the broader economy, meaning a slowdown in consumer spending or industrial activity can quickly reduce freight volumes and pressure profit margins.

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

+10.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+38.3% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

6.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$225M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

TFI International is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

14.2%

Thin — 14.2% gross margin

Profit after running costs

Operating Margin

9.3%

Modest — 9.3% operating margin

Return on the money invested

ROCE

12.0%

Good — 12.0% 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

+6.7%

Slow sales growth (+6.7% YoY)

Profit growth

EPS YoY

+1.4%

Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

282%

Turns 282% of profit into real cash

Spare cash per sale

FCF Margin

8.3%

Modest free cash flow (8.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.90

Moderate — manageable debt (0.90)

Covers its interest

Interest Cover

3.68x

Tight — interest eats into profit (3.7x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

31.5x

no trend

Pricey — P/E 31.5

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+16.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.5 → 15.1)

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Dividends

Dividend

Dividend Yield

1.27%

no trend

Small dividend — 1.27% yield

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

Dividend record

Dividend Growth

+4.6%

no trend

Dividend growing modestly (4.6% YoY)

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