TMX Group Limited (TMXXF) Stock Analysis
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
TMX Group Limited (TMXXF) trades at $37.68 with AI Score 48/100 (Grade C). TMX Group Limited operates exchanges, markets, and clearinghouses, primarily serving capital markets in Canada and internationally. Market cap: $10.4B, Sector: Financial services.
Price as of Aug 21, 2026 · Last analyzed: Mar 16, 2026Analyst Coverage for TMXXF: TMXXF does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates TMXXF against Financial Services peers across nine fundamental dimensions and assigns an underweight signal based on the underlying data.
TMXXF: this read rests on a single discipline (MoonshotScore) — the other council disciplines have no scored data yet.
How is this calculated? →Why this analysis is different
- A 9-signal quantitative MoonshotScore built from filings, insider activity, and market data — computed from the numbers, not from opinion.
- An AI Council read across up to eight perspectives — value, macro, quantitative, and momentum lenses — that shows where they disagree instead of averaging the tension away.
- Figures come straight from FMP and Yahoo Finance filings data. The AI writes the narrative around the numbers — it never edits the numbers.
TMX Group Limited (TMXXF) Financial Services Profile
TMX Group Limited, a Canadian financial services provider, operates exchanges and clearinghouses, including the Toronto Stock Exchange and Montreal Exchange. With a $10.4B market cap, TMX Group offers data, analytics, and trading infrastructure across equities, derivatives, and fixed income, serving global capital markets and maintaining a 24.2% profit margin.
What Is the Investment Thesis for TMXXF?
TMX Group Limited presents a compelling investment case based on its diversified revenue streams and strategic positioning within the Canadian and international capital markets. With a market capitalization of $10.4B and a healthy profit margin of 24.2%, TMX Group demonstrates financial stability. The company's role as the operator of key exchanges like the TSX and Montreal Exchange provides a consistent revenue base. Growth catalysts include the expansion of its Global Insights segment, leveraging data and analytics to drive revenue, and increasing activity in derivatives trading. However, potential risks include regulatory changes and competition from alternative trading platforms. The company's low beta of 0.04 suggests relatively low volatility compared to the broader market.
Based on FMP financials and quantitative analysis
TMXXF Key Highlights
Market Cap of $10.4B reflects TMX Group's significant presence in the financial services sector.
- Profit Margin of 24.2% indicates efficient operations and strong profitability.
- Gross Margin of 92.6% demonstrates the high value-added nature of TMX Group's services.
- Return on Equity (ROE) of 9.8% suggests effective utilization of shareholder equity.
- Debt-to-Equity Ratio of 43.64 indicates a moderate level of financial leverage.
Who Are TMXXF's Competitors?
TMXXF is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| ICE Intercontinental Exchange, Inc. | $158.61 | +0.87% | $89.0B | 73 |
| NDAQ Nasdaq, Inc. | $98.30 | +2.02% | $55.0B | 89 |
| FDS FactSet Research Systems Inc. | $300.06 | +0.66% | $10.7B | 90 |
| MORN Morningstar, Inc. | $217.49 | +1.80% | $8.16B | 85 |
| ASXFY ASX Limited | $40.97 | -0.29% | $8.00B | 51 |
| ASXFF ASX Limited | $40.58 | +3.73% | $7.92B | 46 |
| BOLSY B3 S.A. - Brasil, Bolsa, Balcão | $8.27 | -1.25% | $13.8B | 56 |
| JPXGY Japan Exchange Group, Inc. | $13.87 | -1.42% | $14.2B | 53 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are TMXXF's Key Strengths?
Dominant position in the Canadian market.
- Diversified revenue streams across multiple segments.
- Strong brand reputation and network effect.
- High gross margin and profitability.
What Are TMXXF's Weaknesses?
Limited geographic diversification.
- Dependence on the Canadian economy.
- Exposure to regulatory changes.
- Competition from alternative trading platforms.
What Could Drive TMXXF Stock Higher?
Expansion of data analytics services driving revenue growth in the Global Insights segment.
- Increasing derivatives trading volumes boosting clearing revenues.
- Strategic acquisitions expanding geographic reach and product offerings.
- Technological innovation enhancing operational efficiency and creating new revenue streams.
- International expansion diversifying revenue base and reducing reliance on the Canadian market.
What Are the Key Risks for TMXXF?
Financial-distress signal — its Altman Z-Score of 0.58 sits in the distress zone (elevated bankruptcy risk).
- Increased competition from global exchange operators.
- Regulatory scrutiny and compliance costs impacting profitability.
- Economic downturn in Canada reducing trading volumes.
- Cybersecurity risks compromising data security and operational integrity.
- Limited liquidity due to OTC market trading.
What Are the Growth Opportunities for TMXXF?
- Expansion of Global Insights Segment: TMX Group's Global Insights segment offers significant growth potential by leveraging its extensive data and analytics capabilities. The increasing demand for sophisticated investment tools and data-driven insights presents a market opportunity to expand its offerings to institutional investors and trading firms. By developing new data products and analytics platforms, TMX Group can capture a larger share of the financial data market, estimated to reach $45 billion by 2028. Timeline: Ongoing.
- Derivatives Trading Growth: The Derivatives Trading & Clearing segment can capitalize on the increasing demand for risk management tools and hedging strategies. By expanding its range of derivative products and attracting more participants to the Montreal Exchange, TMX Group can increase trading volumes and clearing revenues. The global derivatives market is projected to grow at a CAGR of 6% over the next five years, providing a favorable backdrop for TMX Group's growth. Timeline: Ongoing.
- Strategic Acquisitions: TMX Group can pursue strategic acquisitions to expand its geographic reach and product offerings. Acquiring complementary businesses in areas such as data analytics, trading technology, or clearing services can enhance its competitive position and accelerate growth. Potential acquisition targets could include fintech companies or smaller exchange operators in emerging markets. Timeline: Ongoing.
- Technological Innovation: Investing in new technologies such as blockchain and artificial intelligence can enhance TMX Group's operational efficiency and create new revenue streams. Blockchain technology can be used to improve the security and transparency of trading and clearing processes, while AI can be used to develop more sophisticated trading algorithms and analytics tools. Timeline: Ongoing.
- International Expansion: TMX Group can expand its presence in international markets by forming partnerships or establishing new operations. Focusing on regions with high growth potential, such as Asia and Latin America, can diversify its revenue base and reduce its reliance on the Canadian market. This expansion could involve offering its data and analytics services, or even establishing new exchanges or clearinghouses. Timeline: Ongoing.
What Are TMXXF's Competitive Advantages?
- Network Effect: The value of TMX Group's exchanges increases as more participants join, creating a strong network effect.
- Regulatory Licenses: TMX Group holds licenses to operate exchanges and clearinghouses, which are difficult to obtain.
- Data and Analytics: Its proprietary data and analytics provide a competitive advantage, offering valuable insights to investors.
- Brand Reputation: TMX Group has a strong brand reputation in the Canadian market, built over many years of operation.
What Does TMXXF Do?
TMX Group Limited, established in 2011 and headquartered in Toronto, Canada, is a multifaceted financial services company operating exchanges, markets, and clearinghouses primarily for capital markets. Originally named Maple Group Acquisition Corporation, the company rebranded as TMX Group Limited in August 2012. Its operations span Canada, the United States, the United Kingdom, and Germany. TMX Group is structured into four key segments: Global Insights; Capital Formation; Derivatives Trading & Clearing; and Equities and Fixed Income Trading & Clearing. The Global Insights segment delivers equities and index data, along with integrated data sets for proprietary and third-party analytics, aiding clients in trading and investment decisions. The Capital Formation segment oversees the Toronto Stock Exchange (TSX), a national stock exchange for senior equities, and the TSX Venture Exchange, catering to the public venture equity market. The Derivatives Trading & Clearing segment manages the Montreal Exchange, a national derivatives exchange, and the Canadian Derivatives Clearing Corporation, which clears options and futures contracts. The Equities and Fixed Income Trading & Clearing segment handles trading operations for the TSX, TSX Venture Exchange, and Alpha Exchange. Additionally, TMX Group provides corporate trust, registrar, transfer agency, and foreign exchange services through TSX Trust, and news dissemination and regulatory filing services via Newsfile. TMX Group also operates BOX, a US equity options market, and is involved in over-the-counter products and fixed income repurchase agreements. CDS Clearing, an automated facility for clearing and settling equities and fixed income transactions, and fixed income inter-dealer brokerage services are also part of its operations.
What Products and Services Does TMXXF Offer?
- Operates the Toronto Stock Exchange (TSX) for senior equities.
- Manages the TSX Venture Exchange for public venture equity.
- Runs the Montreal Exchange for derivatives trading.
- Provides clearing services through the Canadian Derivatives Clearing Corporation.
- Offers data and analytics services through its Global Insights segment.
- Facilitates fixed income trading and clearing.
- Provides corporate trust, registrar, and transfer agency services through TSX Trust.
- Operates BOX, a US equity options market.
How Does TMXXF Make Money?
- Exchange Fees: Generates revenue from listing fees, trading fees, and data fees charged to participants on its exchanges.
- Clearing Services: Earns revenue from clearing and settlement services provided to derivatives and equities transactions.
- Data and Analytics: Sells financial data, analytics, and index products to institutional investors and trading firms.
- Technology Solutions: Provides technology solutions and infrastructure to support trading and clearing operations.
What Industry Does TMXXF Operate In?
TMX Group operates within the financial data and stock exchange industry, which is characterized by increasing globalization and technological advancements. The industry is driven by the growing demand for financial data, analytics, and trading infrastructure. Competition comes from established players like Intercontinental Exchange (ICE) and Nasdaq (NDAQ), as well as emerging fintech companies. TMX Group's position as the dominant exchange operator in Canada provides a competitive advantage, but it must continue to innovate and expand its global reach to maintain its market position. The industry is also subject to regulatory scrutiny, which can impact profitability and growth.
Who Are TMXXF's Key Customers?
- Institutional Investors: Asset managers, hedge funds, and pension funds that use TMX Group's data and trading infrastructure.
- Trading Firms: Proprietary trading firms and market makers that trade on TMX Group's exchanges.
- Corporations: Companies that list their shares on the TSX and TSX Venture Exchange.
- Retail Brokers: Brokerage firms that provide trading services to retail investors.
Forward Outlook
Wall Street analysts project TMX Group Limited revenue of about $1.97B for fiscal 2026, with EPS near $1.74. The estimate reflects 6 contributing analysts.
Quarterly Financial Performance: TMX Group Limited
Revenue for TMX Group Limited came in at $757.2M during Q2 2026, a 55.1% improvement versus the preceding quarter. The company recorded net income of $142.7M, with diluted EPS of $0.51. Revenue has increased across the last three reported quarters, suggesting sustained momentum for this large-cap Financial Services company. Across the four most recent quarters, TMXXF averaged $0.54 in diluted EPS.
TMXXF Valuation & Market Position
With a $10.4B market cap, TMX Group Limited sits in the large-cap segment of the market. Relative to its peer group, TMXXF's quantitative score of 48/100 is below the peer average of 78/100.
Key Financial Metrics
Return on equity for TMX Group Limited stands at 3.8%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 1.2%, showing how much profit it generates from its asset base. TMXXF trades at a trailing price-to-earnings ratio of 24.73, above the Financial Services sector average of ~18x. Its free cash flow yield is 7.9%, a gauge of the cash the business throws off relative to its market value. A current ratio of 2.76 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is 4.0%, the inverse of the P/E and a quick read on earnings relative to price.
Financial Health
TMX Group Limited's Piotroski F-Score is 7/9, a 9-point checklist of profitability, leverage and efficiency — signaling solid underlying fundamentals. Its Altman Z-Score of 0.58 places it in the distress zone, a signal of elevated financial risk.
Earnings Track Record
TMX Group Limited has beaten Wall Street's EPS estimate in 5 of its last 8 reported quarters — more hits than misses. Reported results have landed about 2.0% below estimates on average.
Company Profile
TMX Group Limited operates in the Financial - Data & Stock Exchanges industry within the Financial Services sector. It is headquartered in Toronto, CA. The company is led by CEO John McKenzie. TMXXF has traded publicly since 2012.
TMXXF Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Recent insider buying suggests confidence in TMX Group's future, indicating that those closest to the company believe in its potential.
- Community sentiment has shifted positively as discussions around the company's strategic initiatives gain traction, reflecting optimism.
- The ongoing expansion in the capital markets sector is likely to benefit TMX Group, as more companies seek to list and raise funds.
- Analysts are highlighting the company's strong position in the market, with increasing interest in its technology services and data offerings.
Bear Case
- Concerns about regulatory changes in the financial sector could impact TMX Group's operations, leading to uncertainty among investors.
- Recent bearish sentiment in online forums indicates that some traders are worried about potential market volatility affecting trading volumes.
- The competitive landscape is intensifying, with new entrants in the market that could challenge TMX Group's dominance.
- Some analysts express caution over the company's reliance on transaction fees, which may fluctuate with market conditions, raising concerns about revenue stability.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q2 2026 | $757M | $143M | $0.51 |
| Q1 2026 | $488M | $225M | $0.80 |
| Q4 2025 | $181M | $115M | $0.42 |
| Q3 2025 | $696M | $121M | $0.43 |
Based on FMP financials and quantitative analysis
TMXXF Latest News
No recent news available for TMXXF.
TMXXF Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for TMXXF.
Price Targets
Wall Street price target analysis for TMXXF.
TMXXF MoonshotScore
What does this score mean?
The MoonshotScore rates TMXXF 0-100 on quantitative fundamentals — growth, financial health, valuation, momentum, and risk.
TMXXF OTC Market Information
The OTC Other tier represents the lowest tier of the OTC market, indicating that TMX Group Limited (TMXXF) may have limited regulatory oversight and reporting requirements compared to companies listed on major exchanges like the NYSE or NASDAQ. Companies in this tier often have minimal financial disclosure, which can increase investment risk. This tier is typically reserved for companies that do not meet the listing requirements of higher tiers or major exchanges. Investors should exercise caution and conduct thorough due diligence before investing in OTC Other securities.
- OTC Tier: OTC Other
- Limited Financial Disclosure: The lack of comprehensive financial reporting increases the risk of investing in TMXXF.
- Low Liquidity: Low trading volume can make it difficult to buy or sell shares without affecting the price.
- Price Volatility: OTC stocks are often more volatile than those listed on major exchanges.
- Regulatory Uncertainty: The OTC market is subject to less regulatory oversight than major exchanges.
- Potential for Fraud: The risk of fraudulent activity is higher on the OTC market due to less stringent listing requirements.
- Verify the company's registration and legal status.
- Review any available financial statements and disclosures.
- Assess the company's management team and track record.
- Research the company's business model and competitive landscape.
- Evaluate the liquidity and trading volume of the stock.
- Understand the risks associated with investing in OTC securities.
- Established Business Operations: TMX Group Limited operates major exchanges and clearinghouses, indicating a legitimate business.
- Regulatory Oversight in Canada: While trading on the OTC market in the US, TMX Group is subject to regulatory oversight in Canada.
- Market Capitalization: A market cap of $10.4B suggests a substantial and established company.
- Publicly Available Information: Some information is available through news releases and regulatory filings in Canada.
What Investors Ask About TMX Group Limited (TMXXF) — Financial Services
What does the AI Score mean for TMXXF?
TMXXF holds an AI Score of 48/100 (Grade: C). This is an educational research signal, not a buy or sell recommendation. TMX Group Limited operates exchanges, markets, and clearinghouses, primarily serving capital markets in Canada and internationally. The company's diverse segments include global insights, capital …
What does TMX Group Limited do?
TMX Group Limited operates as a crucial infrastructure provider for capital markets, primarily in Canada but also internationally. It manages the Toronto Stock Exchange (TSX) for senior equities and the TSX Venture Exchange for emerging companies. Furthermore, it oversees the Montreal Exchange, specializing in derivatives trading.
What do analysts say about TMXXF stock?
Analyst coverage of TMXXF is limited due to its OTC listing. However, considering TMX Group's strong market position in Canada and its diversified revenue streams, analysts generally view the company as a stable and reliable performer. Key valuation metrics, such as price-to-earnings ratio and dividend yield (if any), are important considerations.
What are the main risks for TMXXF?
TMXXF faces several risks, including increased competition from global exchange operators, regulatory scrutiny and compliance costs, and the potential for an economic downturn in Canada. Cybersecurity risks are also a concern, as a data breach could damage the company's reputation and disrupt its operations. Additionally, the company's reliance on the Canadian market makes it vulnerable to regional economic conditions. The OTC listing introduces liquidity risks and potential price volatility.
How does TMX Group Limited generate revenue?
TMX Group Limited generates revenue through a variety of sources related to its exchange and clearinghouse operations. These include listing fees paid by companies to list their securities on the TSX and TSX Venture Exchange, trading fees charged on each transaction executed on its exchanges, and clearing fees for settling trades.
What regulatory challenges does TMX Group Limited face?
As an operator of exchanges and clearinghouses, TMX Group Limited is subject to significant regulatory oversight in both Canada and the United States. These regulations are designed to ensure fair and efficient markets, protect investors, and prevent market manipulation. Compliance with these regulations requires significant investment in technology, personnel, and processes.
What are the key factors to evaluate for TMXXF?
TMX Group Limited (TMXXF) holds an AI score of 48/100 (low). TMX Group Limited presents a compelling investment case based on its diversified revenue streams and strategic positioning within the Canadian and international capital markets. Not financial advice.
How frequently does TMXXF data refresh on this page?
TMXXF's price was last updated on Aug 21, 2026 and refreshes on page view during U.S. market hours — it is not a real-time exchange feed. Fundamentals update after quarterly filings; the MoonshotScore recalculates nightly; news aggregates continuously.
What has driven TMXXF's recent stock price performance?
TMX Group Limited (TMXXF) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Dominant position in the Canadian market. See the News tab for the latest drivers. Past performance does not predict future results.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Financial data is based on the most recent available information.
- OTC market data may be limited.
- AI analysis is pending.