Molson Coors Canada

Sound bite for Twitter is: Dividend Growth Consumers. Results of stock price testing is that the stock price is probably relatively cheap. Debt Ratios need improving especially the Liquidity Ratio and Intangible and Goodwill Ratios. The Dividend Payout Ratios (DPR) are good. The current dividend yield is good with dividend growth recovering. See my spreadsheet on Molson Coors Canada.

Is it a good company at a reasonable price? Just because a stock is cheap, that does not make it a good buy. I do not think that beer companies are doing as well today as when I had Labatt’s so many years ago. Analysts are all over the place when it comes to recommendations. I would worry about some of the debt ratios. I would be cautious and this stock is not my idea of a good dividend growth stock. However, it is relatively cheap.

I do not own this stock of Molson Coors Canada (TSX-TPX.B, NYSE-TAP). In 2008 I did a spreadsheet on this stock as it has recently been recommended and generally, beer companies make good money. Labatt’s was one of the original companies that I purchased and I did very well with it before it was bought out. Molson Coors was formed in 2005 through the merger of Molson of Canada, and Coors of the United States

When I was updating my spreadsheet, I noticed that Molson Coors had a loss in 2025 was because of a Goodwill Impairment charge.

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the second quarter in 2026 and expected growth over this year. The N/C means non-calculable. You cannot do some calculations if you are using negative figures.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth US$	15.40%	2.91%	-0.51%	<-12 mths
5	AEPS Growth	38.27%	6.69%	-6.27%	<-12 mths
5	Net Income Growth	-125.46%	N/C	7.79%	<-12 mths
5	Cash Flow Growth	5.23%	1.02%	10.80%	<-12 mths
5	Dividend Growth	229.82%	26.96%	2.13%	<-12 mths
5	Stock Price Growth	3.30%	0.65%	-21.04%	<-12 mths
10	Revenue Growth US$	212.29%	12.06%	-0.73%	<-this year
10	AEPS Growth	44.15%	3.72%	-12.55%	<-this year
10	Net Income Growth	-695.16%	N/C	-150.57%	<-this year
10	Cash Flow Growth	156.23%	9.87%	-6.01%	<-this year
10	Dividend Growth	14.63%	1.38%	0.11%	<-this year
10	Stock Price Growth	-50.30%	-6.75%	-3.81%	<-this year

If you had invested in this company in December 2015, for $1,040.00 you would have bought 8 shares at $130 per share. In December 2025, after 10 years you would have received $159.47 in dividends. The stock would be worth $515.36. Your total return would have been $674.83. This would be a total loss of 4.70% per year with 6.78% from capital loss and 208% from dividends. This is in CDN$.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$130.00	$1,040.00	8	10	$159.47	$515.36	$674.83

The current dividend yield is good with dividend growth recovering. The current dividend growth is good (5% to 6% ranges) at 5.21%. The 5 and 10 year dividend yields are moderate (2% to 4% ranges) at 2.85% and 2.54%. The historical median dividend yield is low (below 2%) at 1.96%. The dividends were cut over 70% in 2020 and they are almost back to the dividends paid in 2019. The dividend growth looks so good for last 5 years because of the company increasing the dividends to make up for the cut in 2020. This is in US$ as reporting and dividends are in US$.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is non-calculable due to a negative EPS with 5 year coverage very high at 269%. However, DPR on AEPS is more important. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 35% with 5 year coverage at 30%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 16% with 5 year coverage at 14%. The DPR for 2025 for Free Cash Flow (FCF) is good at 35% with 5 year coverage at 28%. FCF for 2025 varies from $1,068M which I used to $1,240M.

Item	Cur	5 Years
EPS	-17.49%	269.06%
AEPS	34.69%	29.58%
CFPS	15.57%	13.60%
FCF	35.23%	28.15%

Debt Ratios need improving especially the Liquidity Ratio and Intangible and Goodwill Ratios. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.43 and currently high at 0.82. The Intangible and Goodwill Ratios are much too high at 1.96 and currently at 1.97. The Liquidity Ratio for 2025 is really low at 0.55 and 0.88 currently. If you added in Cash Flow after dividends, the ratios are still very low at 0.82 and somewhat better currently at 1.15. It is best when these ratios are 1.50 or higher. The Debt Ratio for 2025 is good at 1.86 and 1.75 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.22 and 1.19 and currently at 2.41 and 1.38.

Type	Year End	Ratio Curr
Lg Term R	0.43	0.82
Intang/GW	1.96	1.97
Liquidity	0.55	0.88
Liq. + CF	0.82	1.15
Debt Ratio	1.86	1.75
Leverage	2.22	2.41
D/E Ratio	1.19	1.38

The Total Return per Year is shown below for years of 5 to 30 to the end of 2025 in CDN$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	28.84%	5.40%	2.25%	3.16%
2015	10	1.27%	-4.70%	-6.78%	2.08%
2010	15	5.99%	4.78%	1.64%	3.14%
2005	20	6.41%	6.55%	2.70%	3.84%
2000	25	6.78%	12.22%	5.68%	6.54%
1995	30	5.62%	9.43%	5.02%	4.42%

The Total Return per Year is shown below for years of 5 to 35 to the end of 2025 in US$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	26.96%	3.88%	0.65%	3.22%
2015	10	1.38%	-4.55%	-6.75%	2.20%
2010	15	3.76%	2.50%	-0.48%	2.98%
2005	20	5.54%	3.97%	1.00%	2.97%
2000	25	6.84%	3.03%	0.60%	2.43%
1995	30	6.96%	8.59%	4.92%	3.68%
1990	35	5.93%	7.61%	4.43%	3.19%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.26, 10.97 and 12.67. The corresponding 10 year ratios are 9.32, 11.12 and 12.91. The corresponding historical ratios are 9.12, 13.71 and 17.98. The current ratio is 8.03 based on a stock price of $36.86 and EPS estimate for 2026 of $6.54. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 9.03, 11.02, and 13.01. The corresponding 10 year ratios are 10.70, 12.70 and 14.64. The corresponding historical ratios are 8.93, 11.53 and 13.78. The current ratio is 7.78 based on a stock price of $36.86 and AEPS estimate for 2026 of $4.74. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get a Graham Price of $75.99. The 10-year low, median, and high median Price/Graham Price Ratios are 0.61, 0.71 and 0.82. The current ratio is 0.49 based on a stock price of $36.86. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get a 10-year median Price/Book Value per Share Ratio of 0.97. The current ratio is 0.68 based on a Book Value of $10,120M, Book Value per Share of $54.14 and a stock price of $36.86. The current ratio is 30% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get a 10-year median Price/Cash Flow per Share Ratio of 6.87. The current ratio is 4.11 based on Cash Flow per Share estimate for 2026 of $8.97, Cash Flow of $1,677M and a stock price of $36.86. The current ratio is 40% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get an historical median dividend yield of 1.96%. The current dividend is 5.21% based on dividends of $1.92 and a stock price of $36.86. The current dividend yield is 166% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get a 10 year median dividend yield of 2.54%. The current dividend is 5.21% based on dividends of $1.92 and a stock price of $36.86. The current dividend yield is 105% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

The 10-year median Price/Sales (Revenue) Ratio is 1.09. The current ratio is 0.62 based on Revenue estimate for 2026 of $11,059M, Revenue per Share of $59.17 and a stock price of $36.86. The current ratio is 43% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

Results of stock price testing is that the stock price is probably relatively cheap. The dividend yield testing says this and it is confirmed by the P/S Ratio test. All the testing is saying that the stock price is relatively cheap. I am testing in US$ as the financials are in US$ and the estimates are in US$.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (2), Hold (11), Underperform (3), and Sell (1). The consensus would be a Hold. The 12 month consensus stock price is $44.90 with a high of $61.00 and a low of $33.00. The consensus stock price of $44.90 implies a total return of 27.02% with 21.81% from capital gains and 5.21% from dividends based on a current stock price of $36.86. This testing is in US$.

The analysts’ recommendations are Strong Buy (4), Buy (2), Hold (11), Underperform (3), and Sell (1). The consensus would be a Hold. The 12 month consensus stock price is $63.96 with a high of $86.90 and a low of $47.01. The consensus stock price of $63.96 implies a total return of 23.40% with 18.34% from capital gains and 5.06% from dividends based on a current stock price of $54.05. This testing is in CDN$. I am using the latest exchange rates. Sometimes there is a difference in CDN and US markets. I did the rest of the testing is US$ because the financials are in US$ and the estimates are in US$.

There is one entry on Stock Chase for 2025 and the analysts says that the Beer Market is tough and Do Not Buy. Tony Dong on Motley Fool thinks this is a great company to buy and hold forever. Nikhil Kumar on Motley Fool thinks that this company is uniquely positioned to thrive in the current consumer market. The company put out a press release about their fourth quarter for 2025. The company put out a Press Release about their second quarter of 2026.

Zacks Equity Research via Yahoo Finance reviews the beer consumer industry. Simply Wall Street via Yahoo Finance reviews this stock and talks about whether it is under or overvalued.

Molson Coors Canada Inc is a large brewer and distributor of beer and other malt beverages. Its brands include Coors Light, Miller Lite, Molson Canadian, Carling, Staropramen, Coors Banquet, Blue Moon, Vizzy, Leinenkugel, and Creemore. Its breweries are located across the U.S., Canada, and Europe, with the majority of the company's revenue generated in the Americas. Its web site is here Molson Coors Canada.

The last stock I wrote about was about was Medtronic PLC (NYSE-MDT) ... learn more. The next stock I will write about will be Brookfield Corp (TSX-BN, NYSE-BN) ... learn more on Monday, October 12, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Medtronic PLC

Sound bite for Twitter is: Dividend Growth Health Care. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are good. The Dividend Payout Ratios (DPR) are too high, but are expected to be fine in 2027. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Medtronic PLC.

Is it a good company at a reasonable price? I can see why an analyst does not think this stock is a long term buy. If you look at Total Return chart, some long term returns are below my preferred 8%. You have to be careful about when you buy this stock. It can have long periods of low growth. On the positive side, it does have a long history of dividend payments and increases. The current price is testing a relatively cheap.

I do not own this stock of Medtronic PLC (NYSE-MDT). In 2009 I was looking for a good US stock for my US$ account. I had heard good things about this stock and also it is in Health Care sector which is a weak sector in Canada. This is one of the few US stocks that I follow.

When I was updating my spreadsheet, I noticed that the company has been growing better than the stock price over the past 5 and 10 years. However, the stock price has grown some 20% this year and analysts expect further growth in the current year. See the chart below. Note that the financial year end is April 30 each year so I am reviewing the annual report for April 2026.

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. In column 5, I am showing what growth has been over the past 12 months to the end of the first quarter in July 2026 and what is expected to the end of this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	20.74%	3.84%	3.24%	<-12 mths
5	AEPS Growth	24.55%	4.49%	3.44%	<-12 mths
5	Net Income Growth	33.14%	5.89%	8.96%	<-12 mths
5	Cash Flow Growth	17.47%	3.27%	9.62%	<-12 mths
5	Dividend Growth	22.41%	4.13%	1.41%	<-12 mths
5	Stock Price Growth	-38.15%	-9.16%	6.61%	<-12 mths
10	Revenue Growth	26.12%	2.35%	7.42%	<-this year
10	AEPS Growth	26.61%	2.39%	8.14%	<-this year
10	Net Income Growth	35.70%	3.10%	25.93%	<-this year
10	Cash Flow Growth	40.48%	3.46%	28.32%	<-this year
10	Dividend Growth	86.84%	6.45%	-0.81%	<-this year
10	Stock Price Growth	2.30%	0.23%	29.47%	<-this year

If you had invested in this company in December 2015, for $1,076.88.24 you would have bought 14 shares at $76.92 per share. In December 2025, after 10 years you would have received $331.52 in dividends. The stock would be worth $1,344.84. Your total return would have been $1,676.36. This would be a total return of 4.99% per year with 2.25% from capital gain and 2.74% from dividends. This is in US$.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$76.92	$1,076.88	14	10	$331.52	$1,344.84	$1,676.36

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 3.34%. The 5 and 10 year median dividend yields are moderate at 3.05% and 2.23%. The historical median dividend yield is low (below 2%) at 1.23%. The current dividend increases are low (below 8% per year) at 4.13% per year over the past 5 years.

The Dividend Payout Ratios (DPR) are too high, but are expected to be fine in 2027. The DPR for 2025 for Earnings per Share (EPS) is too high at 76% with 5 year coverage at 82%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 51% with 5 year coverage at 50%. It is best when the DPR for AEPS is in the 40% range or lower. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 42% with 5 year coverage at 45%. It is best when the CFPS is 40% or less. The DPR for 2025 for Free Cash Flow (FCF) is high at 58% with 5 year coverage at 60%. FCF varies for 2025 from $5,426M to $6,240M. I am using $6,240M value. The DPR for AEPS is expected to be in the 40% ranges in 2027 and the DPR for CFPS is expected to be below 40% in 2027.

Item	Cur	5 Years
EPS	75.53%	81.77%
AEPS	51.36%	50.45%
CFPS	41.53%	45.46%
FCF	58.32%	59.78%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.25 and currently at 0.23. The Liquidity Ratio for 2025 is good at 2.13 and 2.07 currently. The Debt Ratio for 2025 is good at 2.17 and 2.20 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.88 and 0.87 and currently at 1.86 and 0.85.

Type	Year End	Ratio Curr
Lg Term R	0.25	0.23
Intang/GW	0.51	0.48
Liquidity	2.13	2.07
Liq. + CF	2.44	2.55
Debt Ratio	2.17	2.20
Leverage	1.88	1.86
D/E Ratio	0.87	0.85

The Total Return per Year is shown below for years of 5 to 36 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	4.13%	-1.37%	-3.89%	2.52%
2015	10	6.45%	4.99%	2.25%	2.74%
2010	15	7.96%	9.73%	6.55%	3.18%
2005	20	10.44%	4.62%	2.59%	2.02%
2000	25	11.20%	3.46%	1.87%	1.58%
1995	30	13.42%	8.91%	6.71%	2.20%
1989	36	14.29%	16.16%	12.25%	3.91%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 25.16, 29.01 and 32.86. The corresponding 10 year ratios are 26.08, 29.01 and 33.56. The corresponding historical ratios are 23.44, 27.13 and 31.82. The current ratio is 18.24 based on a stock price of $86.32 and EPS estimate for 2027 of $4.73. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 14.39, 16.82 and 19.05. The corresponding 10 year ratios are 15.95, 17.79 and 19.71. The corresponding historical ratios are 14.49, 17.03 and 18.88. The current ratio is 14.43 based on a stock price of $86.32 and AEPS estimate for 2027 of $5.98. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $72.66. The 10-year low, median, and high median Price/Graham Price Ratios are 1.19, 1.35 and 1.54. The current ratio is 1.19 based on a stock price of $86.32. The current ratio is at the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median, but very close to cheap.

I get a 10-year median Price/Book Value per Share Ratio of 2.38. The current ratio is 2.20 based on a Book Value of $50,232M, Book Value per Share of $39.24 and a stock price of $86.32. The current ratio is 8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have a Book Value per Share estimate for 2027 of $40.36. This implies a ratio of 2.14 with a stock price of $86.32 and Book Value of $51,663M. This ratio is 10% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 17.58. The current ratio is 11.75 based on a stock price of $86.32, Cash Flow per Share estimate for 2027 of $7.35 and a Cash Flow of $9,406M. The current ratio is 33% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 1.23%. The current dividend yield is 3.34% based on dividends of $2.88 and a stock price of $86.32. The current ratio is 171% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 10 year median dividend yield of 2.23%. The current dividend yield is 3.34% based on dividends of $2.88 and a stock price of $86.32. The current ratio is 50% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 3.88. The current ratio is 2.83 based on Revenue estimate for 2027 of $39,061M, Revenue per Share of $30.52 and a stock price of $86.32. The current ratio is 27% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably cheap. The Dividend Yield tests say this and it is confirmed by the P/S Ratio test. The rest of the testing is saying that the stock price is relatively cheap or reasonable and below the median.

When I look at analysts’ recommendations, I find Strong Buy (16), Buy (3), and Hold (9). The consensus is a Strong Buy. The 12 month stock price consensus is $104.83 with a high of $121.00 and low of $85.00. The 12 months stock price consensus implies a total return of 24.78% with 21.44% from capital gains and 3.34% from dividends based on a current stock price of $86.32.

Analysts on Stock Chase like this stock and think it is a buy. One analyst says that it is not a long term buy type stock. Reuben Gregg Brewer on Motley Fool likes this stock for its long history of dividend increases. Matt DiLallo on Motley Fool says that JNJ crushed this stock over the last decade, but thinks that MDT could be a better investment over the next 10 years. The company put out a Press Release about their fourth quarter ending in April 2026. The company put out a Press Release about their first quarter of 2027 ending in July 2026.

Simply Wall Street via Yahoo Finance reviews this stock and suggests it might be undervalued. Simply Wall Street lists no risks for this stock.

Medtronic, Inc. acquired Ireland-based Covidien plc. The acquisition resulted in the formation of a new holding company incorporated in Ireland - Medtronic plc. The company currently generates revenues from four major segments - namely Cardiovascular Portfolio, Medical Surgical Portfolio, Neuroscience Portfolio and Diabetes. Its web site is here Medtronic PLC.

The last stock I wrote about was about was Pason Systems Inc (TSX-PSI, OTC-PSYTF) ... learn more. The next stock I will write about will be Molson Coors Canada (TSX-TPX.B, NYSE-TAP) ... learn more on Friday, October 9, 2026 around 5 pm. Tomorrow on my other blog I will write about Something to Buy October 2026 learn more on Thursday, October 8, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Pason Systems Inc

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are very good. The Dividend Payout Ratios (DPR) need to improve and is expected to improve. The current dividend yield is moderate with dividend growth currently stopped. See my spreadsheet on Pason Systems Inc.

Is it a good company at a reasonable price? This is a rather small cap company that hit a significant high in 2014 that it has never again came close to. For most of the last 5 years the stock has been up and down but never made any real progress. It is just off its recent high and even though it is testing as reasonable, you have to wonder. I would say be very careful if you invest in this company. See the Total Return chart in a paragraph below. However, it is testing as relatively reasonable compared to the last 10 years.

I do not own this stock of Pason Systems Inc (TSX-PSI, OTC-PSYTF). I read a report on this stock in the Buy and Sell Advisor in September 2013. I had not heard of this dividend growth company before so I decided to investigate it.

When I was updating my spreadsheet, I noticed this company has a checker past when it comes to dividends. Recently it cut the dividends by 74% in 2020. They raised the dividends in from 2022 to 2024 and since 2024, the dividends have been flat. I have data on dividends on this stock for the past 21 years and the company increased dividends in 14 of these years and cut them in 4 of them.

It would appear from the chart below that the company has done better in the last 5 years than in the last 10 years. The last 12 months is not great, but analysts expect better by the year end. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the second quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	167.67%	21.76%	-1.52%	<-12 mths
5	FFO Growth	169.13%	21.90%	3.08%	<-12 mths
5	Net Income Growth	709.17%	51.92%	-10.45%	<-12 mths
5	Cash Flow Growth	74.44%	11.77%	-18.30%	<-12 mths
5	EBITDA	287.96%	31.15%	-1.88%	<-12 mths
5	Dividend Growth	8.33%	1.61%	0.00%	<-12 mths
5	Stock Price Growth	52.16%	8.76%	17.85%	<-12 mths
10	Revenue Growth	47.03%	3.93%	2.97%	<-this year
10	FFO Growth	15.04%	1.41%	48.46%	<-this year
10	Net Income Growth	463.76%	18.88%	20.97%	<-this year
10	Cash Flow Growth	-21.44%	-2.38%	29.03%	<-this year
10	EBITDA	59.03%	4.75%	5.21%	<-this year
10	Dividend Growth	-23.53%	-2.65%	0.00%	<-this year
10	Stock Price Growth	-38.16%	-4.69%	34.28%	<-this year

If you had invested in this company in December 2015, for $1,008.28 you would have bought 52 shares at $19.39 per share. In December 2025, after 10 years you would have received $278.72 in dividends. The stock would be worth $623.48. Your total return would have been $902.20. This would be a total loss of 1.30% per year with 4.69% from capital loss and 3.40% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$19.39	$1,008.28	52	10	$278.72	$623.48	$902.20

The current dividend yield is moderate with dividend growth currently stopped. The current dividend yield is moderate (2% to 4% ranges) at 3.62%. The 5, 10 and historical dividend yields are also moderate at 3.31%, 3.57% and 2.64%. The last dividend increase was in 2024 and it was for 8%. Dividends are still almost 30% below the dividends given in 2019.

The Dividend Payout Ratios (DPR) need to improve and is expected to improve. The DPR for 2025 for Earnings per Share (EPS) is too high at 76% with 5 year coverage good at 41%. The DPR for 2025 for Funds from Operations (FFO) is good at 40% with 5 year coverage at 29%. The DPR for 2025 for Cash Flow per Share (CFPS) is high at 47% with 5 year coverage better at 29%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 62% with 5 year coverage at 59%. For 2025 FCF varies from $14.68M to $65.9M. I am using $65.9M. The DPR for EPS is expected to be good by 2027.

Item	Cur	5 Years
EPS	76.47%	40.63%
FFO	40.00%	28.64%
CFPS	46.66%	28.83%
FCF	61.79%	59.26%

Debt Ratios are very good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.03 and currently at 0.01. The Liquidity Ratio for 2025 is good at 1.98 and 2.57 currently. The Debt Ratio for 2025 is good at 4.78 and 5.64 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.24 and 0.26 and currently at 1.19 and 0.21.

Type	Year End	Ratio Curr
Lg Term R	0.03	0.01
Intang/GW	0.22	0.19
Liquidity	1.98	2.57
Liq. + CF	2.66	3.93
Debt Ratio	4.78	5.64
Leverage	1.24	1.19
D/E Ratio	0.26	0.21

The Total Return per Year is shown below for years of 5 to 29 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	1.61%	13.06%	8.76%	4.31%
2015	10	-2.65%	-1.30%	-4.69%	3.40%
2010	15	3.74%	3.11%	-1.01%	4.12%
2005	20	3.99%	2.36%	-0.93%	3.29%
2000	25	13.05%	14.62%	8.31%	6.31%
1996	29		18.07%	11.32%	6.75%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.09, 11.4 and 13.88. The corresponding 10 year ratios are 17.08, 20.98 and 24.87. The corresponding historical ratios are 13.59, 19.22 and 23.95. The current ratio is 17.31 based on a stock price of $14.37 and EPS estimate for 2026 of $0.83. This ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. Note that P/E Ratios have varied a lot because the EPS has varied a lot over the years.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 7.88, 9.57 and 11.27. The corresponding 10 year ratios are 9.41, 12.27 and 14.52. The corresponding historical ratios are 9.20, 11.78 and 13.83. The current ratio is 7.45 based on a stock price of $14.37 and FFO estimate for 2026 of $1.93. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $10.78. The 10-year low, median, and high median Price/Graham Price Ratios are 1.46, 1.91 and 2.29. The current ratio is 1.33 based on a stock price of $14.37. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 2.88. The current ratio is 2.31 based on a Book Value of $484.5M, Book Value per Share of $6.23 and a stock price of $14.37. The current ratio is 19.8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 12.37. The current ratio is 8.48 based on a stock price of $14.37, Cash Flow per Share estimate for 2026 of $1.70 and Cash Flow of $131.9M. The current ratio is 31% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 2.64%. The current dividend yield is 3.62% based on dividends of $0.52 and a stock price of $14.37. The current dividend yield is 37% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 3.57%. The current dividend yield is 3.62% based on dividends of $0.52 and a stock price of $14.37. The current dividend yield is 1.4% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

The 10-year median Price/Sales (Revenue) Ratio is 4.31. The current ratio is 2.59 based on Revenue estimate for 2026 of $431.7M, Revenue per Share of $5.55 and a stock price of $14.37. The current ratio is 40% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably reasonable. The 10 year median dividend yield says this and so I am going with this. The P/S Ratio test says the stock price is cheap. A lot of the other tests are saying that the stock price is cheap, but some also says reasonable and below the median.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (1), Hold (2). The consensus is a Buy. The 12 month stock price consensus is $16.10 with a High of $18.00 and Low of $15.00. The 12 months stock price of $16.10 implies a total return of 15.66% with 12.04% from capital gains and 3.62% from dividends based on a current stock price of $14.37.

The last analyst comment was in 2024 on Stock Chase. It is never a good sign when analysts stop commenting on a stock. Amy Legate-Wolfe on Motley Fool says she is continuing to buy this stock even with market sell-off. She says Pason sells essential drilling tech and generates steady cash flow, even if energy activity gets uneven. Jitendra Parashar on Motley Fool in 2025 says that Pason Systems offers strong dividends and growth, even after posting solid third-quarter results. The company put out a press release via Newswire about their fourth quarter of 2025 results. The company put out a press release via Newswire about their second quarter of 2025.

Guru Focus via Yahoo Financereviews this stock and gives its positive and negative points. Simply Wall Street gives to risks of Profit margins (11.5%) are lower than last year (17.4%); and unstable dividend track record.

Pason Systems Inc is a provider of instrumentation and data management systems for drilling rigs. The company reports on four strategic business units: The North American Drilling (Canada and the United States) and International Drilling (Latin America, including Mexico, Offshore, the Eastern Hemisphere, and the Middle East) and completions business units, all of which offer technology services to the oil and gas industry, and the Solar and Energy Storage business unit, which provides technology services to solar and energy storage developers. Its web site is here Pason Systems Inc.

The last stock I wrote about was about was Linamar Corporation (TSX-LNR, OTC-LIMAF) ... learn more. The next stock I will write about will be Medtronic PLC (NYSE-MDT) ... learn more on Wednesday, October 7, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks October 2026.... learn more on October 6, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Linamar Corporation

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably reasonable and could be cheap. Debt Ratios are good. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on Linamar Corporation.

Is it a good company at a reasonable price? It maybe a dividend growth stock, but it does not consistently grow. It has decreased dividends twice over the past 30 years and raised them 14 times. I rather like stocks that raise dividends each year. There are concerns that the trade war with US will impact this company. The stock price might be cheap as the 10 year Dividend Yield test says this.

I do not own this stock of Linamar Corporation (TSX-LNR, OTC-LIMAF). I looked at this stock back in 2000 and it was not a stock I thought fit my investment philosophy. In 2008 I read an article that recommended this company as a dividend stock with good value. This stock used to be on the Investment reporter portfolio stock list as an average risk stock. However, it has now been taken off this list. It is on the Money Saving list of Top 100 Canadian Dividend stocks, and is on the 2026 list.

When I was updating my spreadsheet, I noticed the dividend yield is low, but dividend growth recently has been quite high. Dividend growth over the past 5 years is 25.48% per year. However, dividends were cut in 2020 and then greatly increased in 2021. Dividends in the past has often been flat interspersed with good increases. They can afford to increase dividends as the Dividend Payout Ratios are quite low. The stock price went up 46% in 2025 and the stock in 2026 is higher than the last high point in 2017.

Note that cash flow can vary quite a bit. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the second quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	75.94%	11.96%	8.83%	<-12 mths
5	AEPS Growth	115.38%	16.59%	7.63%	<-12 mths
5	Net Income Growth	109.40%	15.93%	17.08%	<-12 mths
5	Cash Flow Growth	-7.20%	-1.48%	11.53%	<-12 mths
5	Dividend Growth	211.11%	25.48%	8.93%	<-12 mths
5	Stock Price Growth	23.05%	4.24%	15.96%	<-12 mths
10	Revenue Growth	98.20%	7.08%	15.18%	<-this year
10	AEPS Growth	56.26%	4.56%	13.22%	<-this year
10	Net Income Growth	33.86%	2.96%	23.81%	<-this year
10	Cash Flow Growth	92.35%	6.76%	-40.34%	<-this year
10	Dividend Growth	180.00%	10.84%	11.61%	<-this year
10	Stock Price Growth	11.01%	1.05%	37.02%	<-this year

If you had invested in this company in December 2015, for $1,046.22 you would have bought 26 shares at $74.73 per share. In December 2025, after 10 years you would have received $93.52 in dividends. The stock would be worth $1,161.44. Your total return would have been $1,254.96. This would be a total return of 1.89% per year with 1.05% from capital gain and 0.84% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$74.73	$1,046.22	14	10	$93.52	$1,161.44	$1,254.96

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at 1.33%. The 5,10 and historical median dividend yields are also low at 1.30%, 0.98% and 1.22%. The dividend increases are moderate (between 8 and 14% per year). The dividends have increased by 25% per year over the past 5 years, but this is because of a dividend decrease in 2020. Dividend have gone both up and down over the years, so they can vary. The last dividend increase was in 2026 and it was for 10%. In the previous 4 years the dividend increases are 17.65%, 10.00%, 13.64%, and 12.00%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 12% with 5 year coverage at 13%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 11% with 5 year coverage at 11%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 5% with 5 year coverage at 5%. The DPR for 2025 for Free Cash Flow (FCF) is good at 9% with 5 year coverage at 10%.

Item	Cur	5 Years
EPS	11.51%	12.74%
AEPS	10.81%	10.84%
CFPS	5.29%	5.05%
FCF	8.93%	10.27%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.37 and currently at 0.37. The Liquidity Ratio for 2025 is good at 1.73 and 1.88 currently. The Debt Ratio for 2025 is good at 2.27 and 2.21 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.79 and 0.79 and currently at 1.83 and 0.83.

Type	Year End	Ratio Curr
Lg Term R	0.37	0.37
Intang/GW	0.42	0.36
Liquidity	1.73	1.88
Liq. + CF	2.21	2.12
Debt Ratio	2.27	2.21
Leverage	1.79	1.83
D/E Ratio	0.79	0.83

The Total Return per Year is shown below for years of 5 to 37 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	25.48%	5.45%	4.24%	1.21%
2015	10	10.84%	1.89%	1.05%	0.84%
2010	15	10.82%	11.15%	9.82%	1.33%
2005	20	8.01%	11.69%	10.27%	1.42%
2000	25	8.09%	9.52%	8.32%	1.20%
1995	30	8.64%	9.52%	8.26%	1.26%
1990	35		16.66%	13.73%	2.93%
1988	37		15.06%	12.81%	2.25%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.00, 9.58 and 12.17. The corresponding 10 year ratios are 6.25, 8.21 and 9.61. The corresponding historical ratios are 8.26, 11.55 and 15.03. The current ratio is 7.86 based on a stock price of $96.38 and EPS estimate for 2026 of $12.27. The current ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 6.47, 7.68 and 8.89. The corresponding 10 year ratios are 5.56, 7.53 and 9.11. The corresponding historical ratios are 6.46, 9.68 and 12.09. The current ratio is 8.22 based on a stock price of $96.38 and AEPS estimate for 2026 of $11.73. The current ratio is between the median and high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $171.04. The 10-year low, median, and high median Price/Graham Price Ratios are 0.42, 0.56 and 0.74. The current ratio is 0.56 based on a stock price of $96.38. The current ratio is at the median ratio. This stock price testing suggests that the stock price is relatively reasonable and at the median.

I get a 10-year median Price/Book Value per Share Ratio of 0.80. The current ratio is 0.87 based on a stock price of $96.38, Book Value of $6,538M and a Book Value per Share of $110.84. The current ratio is 9% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 4.74. The current ratio is 4.58 based on Cash Flow per Share estimate for 2026 of $21.04, Cash Flow of $1,241M and a stock price of $96.38. The current ratio is 15% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 1.22%. The current dividend yield is 1.33% based on dividends of $1.28 and a stock price of $96.38. The current dividend yield is 9% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10 year median dividend yield of 0.98%. The current dividend yield is 1.33% based on dividends of $1.28 and a stock price of $96.38. The current dividend yield is 36% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 0.51. The current ratio is 0.48 based on a stock price of $96.38, Revenue estimate for 2026 of $11,785M and Revenue per Share of $199.80. The current ratio is 5% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably reasonable and could be cheap. The 10 year median dividend yield tests shows that the stock price is relatively cheap. The P/S Ratio test says it is reasonable and below the median. The rest of the testing is saying that the stock price is reasonable and above and below the median.

When I look at analysts’ recommendations, I find Strong Buy (3), and Hold (3). The consensus would be a Buy. The 12 month stock price consensus is $113.67 with a high of $123.00 and low of $100.00. The 12 months consensus stock price of $113.67 implies a total return of 19.27% with 17.94% from capital gains and 1.33% from dividends based on a current stock price of $96.38.

Analysts on Stock Chase thinks it is a buy but some are concerned about how CUSMA renegotiations or non-negotiations could affect the company. Amy Legate-Wolfe on Motley Fool thinks this stock is a buy but says that tariffs and auto cycles can still swing results. Aditya Raghunath on Motley Fool says the company faces real risks right now because of the current trade war with US. The company put out a press release via Globe and Mail about their fourth quarter results for 2025. The company put out a press release via Globe Newswire about their second quarter results for 2026.

Investing.com via Yahoo Finance says that the Linamar shares slide after a BMO downgrade due to renewed trade tensions. Simply Wall Street gives this stock 3 and one half stars out of 5. They have one warning of significant insider selling over the past 3 months. Both the CEO and CFO sold significate amount of their shares over the past year.

Linamar Corp is a diversified world-wide manufacturing company of engineered products. Its web site is here Linamar Corporation.

The last stock I wrote about was about was North West Company (TSX-NWC, OTC-NWTUF) ... learn more. The next stock I will write about will be Pason Systems Inc (TSX-PSI, OTC-PSYTF) ... learn more on Monday, October 5, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

North West Company

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are good. The Dividend Payout Ratios (DPR) are fine for AEPS and CFPS. The current dividend yield is moderate with dividend growth low. See my spreadsheet on North West Company.

Is it a good company at a reasonable price? What you expect from such stock is about half the return from dividends and around half from capital gains. In this stock you are normally getting a bit more from capital gains than dividends. I think that Amy Legate-Wolfe on Motley Fool is right that it is a defensive stock. However, I would think that buying now you would be overpaying for this stock and that is not a good idea. I think that the current price is too high.

I do not own this stock of North West Company (TSX-NWC, OTC-NWTUF). I wanted to review all the income trust stocks touted in the Money Show of 2009. There was a lot of talk at this show about some of the Income Trust being currently good buys with very good yields. This stock changed from an income trust to a corporation in 2011.

When I was updating my spreadsheet, I noticed that both the CEO and CFO increased their shares in the past year. Please note that I am reviewing their fourth quarter financial year end of January 2026. Their second quarter (for 2027) is dated July 2026.

I also noticed that growth has been low in the last 5 years. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the second quarter in 2027 dated July 31, 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	10.13%	1.95%	0.97%	<-12 mths
5	AEPS Growth	12.42%	2.37%	-1.25%	<-12 mths
5	Net Income Growth	-0.28%	-0.06%	1.57%	<-12 mths
5	Cash Flow Growth	-17.45%	-3.76%	2.38%	<-12 mths
5	Dividend Growth	17.39%	3.26%	2.47%	<-12 mths
5	Stock Price Growth	37.43%	6.57%	12.94%	<-12 mths
10	Revenue Growth	44.66%	3.76%	3.15%	<-this year
10	AEPS Growth	113.32%	7.87%	11.02%	<-this year
10	Net Income Growth	99.90%	7.17%	2.08%	<-this year
10	Cash Flow Growth	110.24%	7.71%	0.37%	<-this year
10	Dividend Growth	35.00%	3.05%	2.47%	<-this year
10	Stock Price Growth	59.22%	4.76%	26.00%	<-this year

If you had invested in this company in December 2015, for $1,003.45 you would have bought 35 shares at $28.67 per share. In December 2025, after 10 years you would have received $496.65 in dividends. The stock would be worth $1,711.85. Your total return would have been $2,208.50. This would be a total return of 9.40% per year with 5.49% from capital gain and 3.91% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$28.67	$1,003.45	35	10	$496.65	$1,711.85	$2,208.50

The current dividend yield is Moderate with dividend growth Low. The current dividend yield is moderate (2% to 4% ranges) at 3.06%. The 5, 10 and historical median dividend yields are also moderate at 4.15%, 4.34% and 4.51%. The dividend growth in the last 5 years is low (below 8% per year) at 3.3% per year. The last dividend increase was in 2026 and it was for 2.4%.

The Dividend Payout Ratios (DPR) are fine for AEPS and CFPS. The DPR for 2025 for Earnings per Share (EPS) is high at 56% with 5 year coverage at 55%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 49% with 5 year coverage high at 50%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 23% with 5 year coverage at 24%. The DPR for 2025 for Free Cash Flow (FCF) is high at 70% with 5 year coverage at 52%. FCF varies for 2026 from $110M to $141.28M. I am using $141.28M.

Item	Cur	5 Years
EPS	56.45%	54.77%
AEPS	49.27%	50.41%
CFPS	23.36%	24.04%
FCF	70.42%	51.68%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.13 and currently at 0.12. The Liquidity Ratio for 2025 is good at 2.10 and 2.06 currently. The Debt Ratio for 2025 is good at 2.11 and 2.05 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.96 and 0.93 and currently at 2.01 and 0.98.

Type	Year End	Ratio Curr
Lg Term R	0.13	0.12
Intang/GW	0.04	0.03
Liquidity	2.10	2.06
Liq. + CF	2.87	2.78
Debt Ratio	2.11	2.05
Leverage	1.96	2.01
D/E Ratio	0.93	0.98

The Total Return per Year is shown below for years of 5 to 35 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	3.26%	12.61%	8.56%	4.05%
2015	10	3.05%	9.40%	5.49%	3.91%
2010	15	1.17%	10.26%	5.93%	4.34%
2005	20	4.86%	13.62%	7.28%	6.34%
2000	25	5.75%	22.13%	10.70%	11.43%
1995	30	8.73%	20.76%	10.42%	10.35%
1990	35	8.08%	17.61%	9.76%	7.85%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.73, 14.31 and 15.90. The corresponding 10 year ratios are 14.16, 16.53 and 18.90. The corresponding historical ratios are 10.92, 13.01 and 15.36. The current ratio is 18.67 based on a stock price of $54.90 and EPS estimate for 2027 of $2.94. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 11.74, 13.21 and 14.68. The corresponding 10 year ratios are 12.65, 15.09 and 17.53. The corresponding historical ratios are 12.65, 15.09 and 17.53. The current ratio is 15.04 based on a stock price of $54.90 and AEPS estimate for 2027 of $3.65. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $36.52. The 10-year low, median, and high median Price/Graham Price Ratios are 1.19, 1.41 and 1.64. The current ratio is 1.50 based on a stock price of $54.90. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 2.97. The current ratio is 3.38 based on a Book Value of $771.8M, Book Value per Share of $16.24 and a stock price of $54.90. The current ratio is14% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 8.95. The current ratio is 9.30 based on Cash Flow per Share of $5.91 and a stock price of $54.90. The current ratio is 4% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 4.51%. The current dividend yield is 3.06% based on dividends of $1.68 and a stock price of $54.90. The current dividend yield is 32% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. But this company was an income trust between 1997 and 2011 and because of this had some high dividend yields. So, this is probably not a good test.

I get a 10 year median dividend yield of 4.34%. The current dividend yield is 3.06% based on dividends of $1.68 and a stock price of $54.90. The current dividend yield is 30% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 072. The current P/S Ratio is 0.97 based on Revenue estimate for 2027 of $2,680M Revenue per Share of $56.39 and a stock price of $54.90. The current ratio is 35% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. The 10 year dividend yield test says this and it is confirmed by the P/S Ratio test. Most of the rest of the testing is saying the stock price is reasonable but above the median.

When I look at analysts’ recommendations, I find Strong Buy (3) and Buy (1). The consensus is a Strong Buy. The 12 month stock price consensus is $61.25 with a high of $63.00 and low of $59.00. The consensus stock price of $61.25 implies a total return of 14.63% with 11.57% from capital gains and 3.06% from dividends based on a stock price of $64.90.

Analysts on Stock Chase like this stock. They think it is a well-run business but it is a relatively small company. Amy Legate-Wolfe on Motley Fool likes this stock because it is a defensive stock. Daniel Da Costa on Motley Fool likes this stock because it has consistently raised their dividends. The company put out a press release via Globe Newswire about their fourth quarter ending in 2026. The company put out a press release via Globe Newswire about their second quarter for 2027 dated July 2026.

Guru Focus via Yahoo Finance reviews this company. Guru Focus has 3 warnings of P/E Ratio Near Highs; Elevated PEG Ratio; and Slow Dividend Growth. They still think it is fairly valued.

Simply Wall Street via Yahoo Finance is reviewing three Canadian stocks with Yield of 3% and NWC is the third one. Simply Wall Street has one warning on this stock of earnings have declined by 0.2% per year over past 5 years.

The North West Co Inc is a retailer to rural and remote communities and underserved urban neighbourhood markets in Northern Canada, Western Canada, rural Alaska, the South Pacific islands, and the Caribbean. Its web site is here North West Company.

The last stock I wrote about was about was Teck Resources Ltd (TSX-TECK.B, NYSE-TECK) ... learn more. Next, I will write about Linamar Corporation (TSX-LNR, OTC-LIMAF) ... learn more on Friday, October 2, 2026 around 5 pm. Tomorrow on my other blog I will write about Enbridge Buys Tallgrass.... learn more on Thursday, October 1, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Also, on my book blog I have put a review of the book The World According to China by Elizabeth Economy learn more...