Wild Brain Ltd

Sound bite for Twitter is: Consumer Sector Stock. Results of stock price testing is that the stock price could be reasonable. Debt Ratios are good. This company no longer pays dividends so there is no dividend yield or Dividend Payout Ratios (DPR). See my spreadsheet on Wild Brain Ltd.

Is it a good company at a reasonable price? They certainly have not done well as far as giving shareholders a reasonable return. Analysts do not seem to like this stock as an investment as there are few analysts following it and all give it a Hold. It would be nice if they could have positive earnings. Analysts are suggesting that earnings will turn positive in the near future. I would not spend any money on these shares that I could not afford to lose.

I do not own this stock of Wild Brain Ltd (TSX-WILD, OTC-WLDBF). In the CanTech Letter of May 2014 Byron Capital says investors should accumulate DHX Media aggressively. I also saw a report on this stock from Global Maxfin Capital who rates this stock a strong buy in January 2014.

When I was updating my spreadsheet, I noticed that there was a drop in Revenue due to the sale of their interest in Peanuts Holding LLC. See Notice. They had very good earnings this year due to the income from discontinued operations. Otherwise, there would be an earnings loss. Earnings per Share is expected to be around $0.01 in the next year.

Note that the financial year for this company ends June 30 each year, so I am doing a review from the June 30, 2026 financial year end.

The company eliminated the Company’s nonvoting shares and Preferred Variable Voting Shares, (ii) redesignate the Common Voting Shares and Variable Voting Shares as “Common shares”, (iii) amend the rights, privileges and restrictions attached to the “Common shares” and (iv) create an unlimited number of Preferred shares, issuable in series.

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 first quarter in 2027 and expected growth over this year. I am now including EBITDA in this chart as this item is becoming more important for analyzing stocks.

The last row of the stock price growth is for the next 12 months.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	-45.70%	-11.50%	-27.35%	<-12 mths
5	EPS Growth	4425.00%	114.35%	6.94%	<-12 mths
5	Net Income Growth	5327.74%	122.29%	7.02%	<-12 mths
5	Net Income Growth	-74.96%	-24.19%	-90.89%	<-12 mths
5	Cash Flow Growth	-45.23%	-11.34%	-48.35%	<-12 mths
5	Dividend Growth	0.00%	0.00%	0.00%	<-12 mths
5	Stock Price Growth	-1.12%	-0.22%	-26.55%	<-12 mths
10	Revenue Growth	-24.06%	-2.71%	-13.67%	<-this year
10	EPS Growth	686.36%	22.90%	-99.42%	<-this year
10	Net Income Growth	1236.20%	29.59%	98.92%	<-this year
10	Net Income Growth	-79.94%	-14.84%	37.74%	<-this year
10	Cash Flow Growth	371.86%	16.78%	-63.34%	<-this year
10	Dividend Growth	-100.00%	N/C	0.00%	<-this year
10	Stock Price Growth	-378.53%	N/C	-16.38%	<-12 mths

If you had invested in this company in December 2015, for $1,007.93 you would have bought 119 shares at $8.47 per share. In December 2025, after 10 years you would have received $18.33 in dividends. The stock would be worth $210.63. Your total return would have been $228.96. This would be a total loss of 14.29% per year with 14.49% from capital loss and 0.20% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$8.47	$1,007.93	119	10	$18.33	$210.63	$228.96

This company no longer pays dividends so there is no dividend yield or Dividend Payout Ratios (DPR).

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.00 and currently at 0.00. The Liquidity Ratio for 2025 is good at 1.84 and 1.84 currently. The Debt Ratio for 2025 is good at 2.32 and 2.32 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.74 and 0.75 and currently at 1.74 and 0.75.

Type	Year End	Ratio Curr
Lg Term R	0.00	0.00
Intang/GW	0.07	0.06
Liquidity	1.84	1.84
Liq. + CF	2.13	1.95
Debt Ratio	2.32	2.32
Leverage	1.74	1.74
D/E Ratio	0.75	0.75

The Total Return per Year is shown below for years of 5 to 20 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	0.00%	-0.22%	-0.22%	0.00%
2015	10	0.00%	-14.29%	-14.49%	0.20%
2010	15		5.76%	3.74%	2.01%
2005	20		-0.33%	-1.17%	0.84%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and unusable. The corresponding 10 year and historical ratios are also negative and unusable. The current ratio is 130.00, a very high ratio.

This stock price testing suggests that the stock price is relatively reasonable and below the median.

Because of all the negative earnings, I cannot do any testing with the Graham Price. There is also the current problem with negative Book Values.

I get a 10-year median Price/Book Value per Share Ratio of 2.38. The current ratio is 1.04 based on a stock price of $1.30, Book Value of $265.96M and Book Value per Share of $1.25. The current ratio is 56% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Cash Flow per Share Ratio of 4.75. The current ratio is 13.00 based on Cash Flow per Share estimate for 2027 of $0.10, Cash Flow of $21.2M and a stock price of $1.30. The current ratio is 173% above the 10 year median ratio. Note that estimates are expecting Cash Flow per Share to fall some 54% this year. I note that the Cash Flow per Share did fall some 63% in 2025 after an increase of 101% in 2025. I do wonder about how valid this test might be.

The dividends have been suspended on this stock, so there is not dividend yield testing.

The 10-year median Price/Sales (Revenue) Ratio is 0.92. The current ratio is 0.99 based on Revenue for 2027 of $279.3M, Revenue per Share of $1.32 and a stock price of $1.30. The current ratio is 7.6% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

Results of stock price testing is that the stock price could be reasonable. There are only two good tests and that is the P/S Ratio test where the stock price is considered reasonable but above the median and the P/B Ratio test where the stock price is considered cheap.

When I look at analysts’ recommendations, I find only Holds (4). The consensus would be a Hold. The 12 month target price is $1.48 with a high of $1.50 and a low of 1.45. The consensus 12 month stock price of $1.48 implies a total return of 13.85% all from capital gains based on a current stock price of $1.30.

There is no entry at all on Stock Chase. There are no entries on Motley Fool. The company put out a Press Release about its fourth quarter of 2026.

Guru Focus via Yahoo Finance talks about this stock in September 2026. As usual, Guru Focus talks about the positive and negative points of this stock. They say it is a transformational year because of their selling of the Peanuts interest. They also give a transcript of the earnings call.

Simply Wall Street gives this stock one and one half stars. They say that they have no risks. I note the Guru Focus says that they have 4 warnings.

WildBrain Ltd develops, produces, and distributes films and television programs for domestic and international markets; licenses its brands in domestic and international markets; sells advertising on various ad-supported video-on-demand platforms; and manages copyrights, licensing, and brands for third parties. The Company operates in Canada, the USA, the UK, and Rest of the world, with USA generating maximum revenue. Its web site is here Wild Brain Ltd.

The last stock I wrote about was about was Stella-Jones Inc (TSX-SJ, OTC-STLJF) ... learn more. The next stock I will write about will be Stantec Inc (TSX-STN, NYSE-STN) ... learn more on Monday, November 16, 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 Lost Worlds by Patrick Wyman learn more...

Stella-Jones Inc

Sound bite for Twitter is: Dividend Growth Materials. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are good. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth good. See my spreadsheet on Stella-Jones Inc.

Is it a good company at a reasonable price? I think that the analyst on Stock Chase that was worried about this stock as it could not brake out of the $90 range twice, does heighten the risk level for this stock. This stock has generally produced good returns to its shareholders. But I do understand the caution of some analysts because this is the second time the stock has pulled back from a peak. However, it is relatively cheap.

I do not own this stock of Stella-Jones Inc (TSX-SJ, OTC-STLJF). I started a spreadsheet on this stock in mid-2009 because of a favorable report I read on this stock. It was considered to be a dividend growth stock and I am always on the lookout for dividend growth stocks.

When I was updating my spreadsheet, I noticed that this stock is down by some 22% so far this year. I noticed that the dividend yield was over 2%. The dividends for this stock have seldom been over 2%.

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 Third quarter in 2026 and expected growth over this year. I am now including EBITDA in this chart as this item is becoming more important for analyzing stocks.

The last row of the stock price growth is for the next 12 months.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	36.89%	6.48%	1.35%	<-12 mths
5	EPS Growth	95.19%	14.31%	-33.17%	<-12 mths
5	Net Income Growth	60.48%	9.92%	-34.12%	<-12 mths
5	EBITDA Growth	71.69%	11.42%	-11.65%	<-12 mths
5	Cash Flow Growth	212.92%	25.63%	-1.62%	<-12 mths
5	Dividend Growth	106.67%	15.63%	9.68%	<-12 mths
5	Stock Price Growth	83.95%	12.96%	-22.42%	<-12 mths
10	Revenue Growth	123.94%	8.40%	2.09%	<-this year
10	EPS Growth	198.53%	11.56%	-24.75%	<-this year
10	Net Income Growth	138.37%	9.07%	-34.87%	<-this year
10	EBITDA Growth	171.57%	10.51%	-13.74%	<-this year
10	Cash Flow Growth	9849.98%	58.41%	-35.23%	<-this year
10	Dividend Growth	287.50%	14.51%	9.92%	<-this year
10	Stock Price Growth	62.12%	4.95%	15.77%	<-12 mths

If you had invested in this company in December 2015, for $1,050.20 you would have bought 26 shares at $52.51 per share. In December 2025, after 10 years you would have received $145.60 in dividends. The stock would be worth $1,702.60. Your total return would have been $1,848.20. This would be a total return of 6.01% per year with 4.95% from capital gain and 1.06% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$52.51	$1,050.20	20	10	$145.60	$1,702.60	$1,848.20

The dividends are low, so if you buy this stock what sort of dividends would you get in the future? This chart is an attempt to show this. If dividends continue to increase by 15.63% as they have in the past 5 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on the current stock price of $66.51 would be. The last column shows the percentage of your stock’s price would be covered by dividends in 5, 10, 15, 20 and 25 years.

Div Pd	Div Yield	Years	At IRR	Div Cov
$2.81	4.23%	5	15.63%	13.96%
$5.81	8.73%	10	15.63%	38.58%
$12.00	18.05%	15	15.63%	89.47%
$24.81	37.30%	20	15.63%	140.35%
$51.27	77.09%	25	15.63%	357.69%

The current dividend yield is moderate with dividend growth good. The current dividend yield is moderate (2% to 4% ranges) at 2.04%. The 5, 10 and historical median dividend yields are low (below 2%) at 1.51%, 1.38% and 1.33%. The dividend growth is good (15% and over per year) at 15.6% per year over the past 5 years. The last dividend increase was in 2026 and it was for 9.7%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 20% with 5 year coverage at 19%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 10% with 5 year coverage at 10%. The DPR for 2025 for Free Cash Flow (FCF) is good at 19% with 5 year coverage at 20%. FCF varies in 2025 from $239.8M to $350.6M.

Item	Cur	5 Years
EPS	20.36%	19.36%
CFPS	10.89%	9.67%
FCF	19.43%	19.72%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.28 and currently at 0.31. The Liquidity Ratio for 2025 is good at 7.50 and 4.86 currently. The Debt Ratio for 2025 is good at 1.98 and 2.09 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.02 and 1.02 and currently good at 1.92 and 0.92.

Type	Year End	Ratio Curr
Lg Term R	0.28	0.31
Intang/GW	0.15	0.19
Liquidity	7.40	4.86
Liq. + CF	9.19	5.51
Debt Ratio	1.98	2.09
Leverage	2.02	1.92
D/E Ratio	1.02	0.92

The Total Return per Year is shown below for years of 5 to 31 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	15.63%	14.56%	12.96%	1.59%
2015	10	14.51%	6.01%	4.95%	1.06%
2010	15	18.68%	18.62%	16.77%	1.86%
2005	20	21.56%	19.09%	17.30%	1.79%
2000	25	19.43%	24.83%	22.13%	2.71%
1995	30		20.28%	18.78%	1.50%
1994	31		16.36%	15.32%	1.04%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 11.10, 13.21, 15.32. The corresponding 10 year ratios are 11.62, 14.01 and 16.39. The corresponding historical ratios are 9.14, 12.43 and 15.19. The current P/E Ratio is 14.51 based on a stock price of $66.51 and EPS estimate for 2026 of $4.58. 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 $64.70. The 10-year low, median, and high median Price/Graham Price Ratios are 0.99, 1.19 and 1.42. The current ratio is 1.03 based on a stock price of $66.51. 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 10-year median Price/Book Value per Share Ratio of 2.24. The current ratio is 1.64 based on a stock price of $66.51, Book Value of $2,216M and Book Value per Share of $40.60. The current ratio is 27% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I also have a Book Value per Share estimate for 2026 of $40.98. This implies a ratio of 1.62 based on a stock price of $66.51 and Book Value of $2,237M. This ratio is 27% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Cash Flow per Share Ratio of 12.17. The current ratio is 10.06 based on Cash Flow per Share estimate for 2026 of $6.61, Cash Flow of $361M and a stock price of $66.51. The current ratio is 17% 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 1.33%. The current dividend yield is 2.04% based on Dividends of $1.36 and a stock price of $66.51. The current dividend yield is 48% 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 1.38%. The current dividend yield is 2.04% based on Dividends of $1.36 and a stock price of $66.51. The current dividend yield is 54% 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 1.30. The current ratio is 1.02 based Revenue estimate for 2026 of $3,565M, Revenue per Share of $65.32 and a stock price of $66.51. The current ratio is 22% 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 says that the stock price is relatively cheap to reasonable and above the median.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (3), Hold (3), and Underperform (1). The consensus would be a Buy. The 12 month stock price consensus is $77.00 with a high of $90.00 and low of $64.00. The consensus stock price if $77.00 implies a total return of $17.82 with 15.77% from capital gains and 2.04% from dividends based on a current stock price of $66.51.

Analysts on Stock Chase go from Top Pick to Do Not Buy. It is off its second peak which it does not seem to break through which one analyst of the Do No Buy variety complained about. Kay Ng on Motley Fool says that the pull back gives potential buying opportunities. Christopher Liew on Motley Fool says he would buy before it bounces back. The company put out a press release via Global Newswire about its fourth quarter of 2025. The company put out a press release via Global Newswire about its third quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. It talks about analysts reducing their 12 month stock price target even though they keep their outperforming ratings.

Stella-Jones Inc produces and sells lumber and wood products. The company operates in two segments: Pressure-treated wood and Logs & Lumber. The vast majority of its revenue comes from the Pressure-treated wood segment. Its geographical segments are the United States and Canada, and the majority of its revenue is derived from the United States. Its web site is here Stella-Jones Inc.

The last stock I wrote about was about was First Capital REIT (TSX-FCR.UN, OTC-FCXXF) ... learn more. The next stock I will write about will be Wild Brain Ltd (TSX-WILD, OTC-WLDBF) ... learn more on Friday, November 13, 2026 around 5 pm. Tomorrow on my other blog I will write about Mullen Group and Power Corp.... learn more on Thursday, November 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.

First Capital REIT

Sound bite for Twitter is: Dividend Paying REIT. Debt Ratios are fine, but Liquidity Ratio could be improved. The Dividend Payout Ratios (DPR) are fine for a REIT as REIT tend to have rather high DPRs. The current dividend yield is moderate with dividend growth low but growing after some dividend cuts. See my spreadsheet on First Capital REIT.

Is it a good company at a reasonable price? Since no one will be buying this stock as it is about to be bought out, I see no reason to do the varies tests to see if the price is reasonable or not. The buy out was approved in June of 2026. The buy out is expected to occur in the fourth quarter of 2026.

I do not own this stock of First Capital REIT (TSX-FCR.UN, OTC-FCXXF). Myowneradvistor.com asked me to look into this stock. In 2011 a reader asked me to review this real estate stock. Also, the site Canadian Dividend Stock site mentions this company as a top Canadian REIT.

When I was updating my spreadsheet, I noticed EPS is very high this year because of an Income Tax Expense recovery. Note that this company is to be acquired by KingSett Capital and Choice Properties REIT. See notice on KingSett Capital’s site.

The current dividend yield is moderate with dividend growth low but growing after some dividend cuts. The dividend yield is moderate (2% to 4% ranges) at 3.91%. The 5 year median dividend yield is good (5% to 6% ranges) at 5.03%. The 10 year and median dividend yields are moderate 4.63% and 4.99%. Dividends were cut in 2021, but the company has since then been increasing them again. Dividends currently are 5.6% higher than they were before the cuts. Dividend growth over the past 5 years to the end of 2025 is just 0.64% per year because of the dividend cuts.

The Dividend Payout Ratios (DPR) are fine for a REIT as REIT tend to have rather high DPRs. The DPR for 2025 for Earnings per Share (EPS) is good at 18% with 5 year coverage high at 55%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is fine at 86% with 5 year coverage at 71%. The DPR for 2025 for Funds from Operations (FFO) is fine at 68% with 5 year coverage at 59%. The DPR for 2025 for Cash Flow per Share (CFPS) is high at 69% with 5 year coverage at 59%. The DPR for 2025 for Free Cash Flow (FCF) is high at 55% with 5 year coverage at 52%.

Item	Cur	5 Years
EPS	17.93%	55.28%
AFFO	86.60%	71.17%
FFO	68.30%	59.02%
CFPS	69.20%	58.69%
FCF	54.95%	51.58%

Debt Ratios are fine, but Liquidity Ratio could be improved. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.90 and currently at 0.64. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.42 and currently at 0.55 because this is a more important ratio for a REIT. The Liquidity Ratio for 2025 is low at 0.97 and 0.41 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.00 and currently at 0.42. If you added back in the current portion of the long term debt, the ratio for 2024 is fine at 2.56 and currently at 2.02. The Debt Ratio for 2025 is good at 2.13 and 2.11 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.89 and 0.89 and currently at 1.90 and 0.90.

Type	Year End	Ratio Curr
Lg Term R	0.90	0.64
Lg Term A	0.42	0.35
Intang/GW	0.00	0.00
Liquidity	0.97	0.41
Liq. + CF	1.00	0.42
Liq.  CF & DB	2.56	2.02
Debt Ratio	2.13	2.11
Leverage	1.89	1.90
D/E Ratio	0.89	0.90

The Total Return per Year is shown below for years of 5 to 31 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	0.64%	11.44%	6.88%	4.56%
2015	10	0.32%	4.58%	0.30%	4.28%
2010	15	0.70%	6.42%	1.50%	4.91%
2005	20	0.85%	6.53%	1.38%	5.15%
2000	25	1.86%	14.88%	5.02%	9.86%
1995	30	2.14%	11.12%	3.59%	7.53%
1994	31	3.23%	12.19%	3.98%	8.21%

When I look at analysts’ recommendations, I find Hold (7). The consensus would be a Hold. The 12 month stock price consensus is $24.36 with a high of $24.50 and a low of $24.00. The 12 month stock price consensus implies a total return of 8.00% with 4.10% from capital gains and 3.90% from dividends based on a current stock price of $23.40.

The last analysts post on Stock Chase says buy to close in December. The company put out a press release via Newswire about their fourth quarter of 2025. The company put out a press release via Newswire about their third quarter of 2026.

First Capital REIT is a developer, owner, and operator of grocery-anchored, open-air centres in neighbourhoods in Canada's populated centres. The company's focus is on creating thriving neighbourhoods that create value for businesses, residents, communities, and investors. Its web site is here First Capital REIT.

The last stock I wrote about was about was Northland Power Inc (TSX-NPI, OTC-NPIFF) ... learn more. The next stock I will write about will be Stella-Jones Inc (TSX-SJ, OTC-STLJF) ... learn more on Wednesday, November 11, 2026 around 5 pm. Tomorrow on my other blog I will write about Charting with Sue O’Relly.... learn more on Tuesday, November 10, 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.

Northland Power Inc

Sound bite for Twitter is: Dividend Paying Utility. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are fine. The Dividend Payout Ratios (DPR) fine for Cash Flow and expected to be better this year for company FCF. The current dividend yield is moderate with dividends cut recently. See my spreadsheet on Northland Power Inc.

Is it a good company at a reasonable price? I do tend to like utility stocks, but not so much the ones into Green Energy. They all seem to have a hard time being profitable. Just because one of your stocks that you rely on for dividends cuts their dividends, that is not a good reason to sell. Look into it first. The best reaction might be to buy more. Although the problem with this stock is that it hit a peak 2021 and has been falling since. However, I think that green energy utilities generally had a run up until 2021 because of euphoria with the idea of clean energy. Personally, I am not into green energy utilities, so at this time, this is not a company I would buy.

I do not own this stock of Northland Power Inc (TSX-NPI, OTC-NPIFF). This company is into generating electric power. I have a lot invested in pipelines and I would like to have more invested in electric power as part of my utility’s investments. I read a report on this stock that said it was a good defensive stock to buy. That is, it is a good stock to hold in a stock market correction. I can certainly see the logic of using utility stocks as defensive stocks.

When I was updating my spreadsheet, I noticed that they cut their dividend by 40% in 2026. As with all dividend stock, when dividends are cut, the stock tends to drop. People who depend on dividends are generally unforgiving of a dividend cut. However, selling may not be the smartest move. It depends on what is going on at the company.

Northland Power had problems with completing some capital-intensive projects, but they seem to be back on track. I know that it is disappointing when dividends are cut, but sometimes that is necessary for the future of the company. It is better than paying dividends that the company cannot afford.

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 second quarter in 2026 and what is expected to the end of this year. The last row of the stock price growth is for the next 12 months.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	18.17%	3.39%	1.56%	<-12 mths
5	FCF Growth	-15.61%	-3.34%	-3.42%	<-12 mths
5	Net Income Growth	-145.23%	N/C	-13.90%	<-12 mths
5	Cash Flow Growth	7.91%	1.53%	-9.30%	<-12 mths
5	Dividend Growth	0.00%	0.00%	-40.00%	<-12 mths
5	Stock Price Growth	-60.92%	-17.13%	26.83%	<-12 mths
10	Revenue Growth	234.41%	12.83%	7.31%	<-this year
10	FCF Growth	33.94%	2.97%	-21.53%	<-this year
10	Net Income Growth	-14382.41%	N/C	-230.60%	<-this year
10	Cash Flow Growth	257.66%	13.59%	-22.81%	<-this year
10	Dividend Growth	11.11%	1.06%	-40.00%	<-this year
10	Stock Price Growth	-4.34%	-0.44%	17.98%	<-12 mths

If you had invested in this company in December 2015, for $1,007.64 you would have bought 54 shares at $18.66 per share. In December 2025, after 10 years you would have received $635.04 in dividends. The stock would be worth $963.90. Your total return would have been $1,598.94. This would be a total return of 5.94% per year with 0.44% from capital loss and 6.38% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$18.66	$1,007.64	54	10	$635.04	$963.90	$1,598.94

The current dividend yield is moderate with dividends cut recently. The current dividend yield is moderate (2% to 4% ranges) at 3.33%. The 5 and 10 year median dividend yields are moderate at 4.12% and 4.67%. The historical median dividend yield is good (5% to 6% ranges) at 6.52%. The dividends were cut by 40% going into 2026. Over the past 28 years, dividends have increased 8 times and declined 2 times. Dividends have been flat a lot of years.

The Dividend Payout Ratios (DPR) fine for Cash Flow and expected to be better this year for company FCF. The DPR for 2025 for Earnings per Share (EPS) is non-calculable due to negative earnings with 5 year coverage to high at 152%. The DPR for 2025 for Free Cash Flow (FCF) from the company is high at 82.19% with 5 year coverage at 82%. The DPR for 2025 for Adjusted Free Cash Flow (AFCF) is high at 82% with 5 year coverage at 70%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 22% with 5 year coverage at 22%. The DPR for 2025 for Free Cash Flow (FCF) is good at 30% with 5 year coverage at 34%.

Item	Cur	5 Years
EPS	N/C	152.28%
FCF Co.	82.19%	81.67%
AFCF	82.19%	70.17%
CFPS	22.45%	21.93%
FCF	30.16%	34.04%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is far too high at 1.30 and currently a bit better at 1.02. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.74 and currently at 0.72 because this is an important ratio for a Utility. The Liquidity Ratio for 2025 is low at 1.07 and 1.04 currently. If you added in Cash Flow after dividends, the ratios are fine at 2.05 and currently at 1.85. The Debt Ratio for 2025 is good at 1.50 and 1.53 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.99 and 1.99 and currently at 2.90 and 1.90.

Type	Year End	Ratio Curr
Lg Term R	1.30	1.02
Lg Term A	0.74	0.72
Intang/GW	0.23	0.20
Liquidity	1.07	1.04
Liq. + CF	2.05	1.85
Debt Ratio	1.50	1.53
Leverage	2.99	2.90
D/E Ratio	1.99	1.90

The Total Return per Year is shown below for years of 5 to 28 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	0.00%	-13.23%	-17.13%	3.90%
2015	10	1.06%	5.94%	-0.44%	6.38%
2010	15	0.70%	7.73%	0.88%	6.85%
2005	20	0.78%	7.88%	0.90%	6.98%
2000	25	0.90%	12.80%	2.85%	9.95%
1997	28	2.51%	10.84%	2.09%	8.75%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 10.17, 11.70 and 13.22. The corresponding 10 year ratios are 13.38, 17.39 and 21.03. The corresponding historical ratios are 13.11, 15.49 and 17.86. The current P/E Ratio is 27.07 based on a stock price of $22.64 and EPS estimate for 2026 of $0.84. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Free Cash Flow (FCF) Data from the company. The 5-year low, median, and high median Price/Free Cash Flow Ratios are 14.09, 17.33 and 23.07. The corresponding 10 year ratios are 12.30, 16.63 and 18.86. The corresponding historical ratios are 11.60, 14.39 and 16.48. The current P/FCF Ratio is 19.76 based on a stock price of $22.64 and FCF per share estimate for 2026 of $1.15. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $16.98. The 10-year low, median, and high median Price/Graham Price Ratios are 1.42, 1.90 and 2.14. The current ratio is 1.33 based on a stock price of $22.64. 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 10-year median Price/Book Value per Share Ratio of 4.20. The current P/B Raito is 1.48 based on Book Value of $4,008, Book Value of $15.33 and a stock price of $22.64. The current ratio is 65% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a Book Value per Share estimate for 2026 of $15.76. This implies a ratio of 1.44 based on a stock price of $22.64 and Book Value of $4,121M. This ratio of 1.44 bis 66% below the current 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Cash Flow per Share Ratio of 5.09. The current P/CF Ratio is 5.38 based on Cash Flow per Share estimate for 2026 of $4.21, Cash Flow of $1,101M and a stock price of $22.64. The current ratio is 6% 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 6.52%. The current dividend yield is 3.18% based on dividends of $0.72 and a stock price of $22.64. The current dividend yield is 51% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this is not the best test after a dividend cut.

I get a 10 year median dividend yield of 4.67%. The current dividend yield is 3.18% based on dividends of $0.72 and a stock price of $22.64. The current dividend yield is 32% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this is not the best test after a dividend cut.

The 10-year median Price/Sales (Revenue) Ratio is 3.16. The current P/S Ratio is 2.27 based on Revenue estimate for 2026 of $2,613M, Revenue per Share of $9.99 and a stock price of $22.64. The current P/S Ratio is 28% 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 testing is not a good one when dividends are cut. The P/S Ratio test is saying that the stock price is relatively cheap. The Price/Graham Price Ratio test and the Price/Book Value tests are also saying that the stock price is relatively cheap. There are others that say it is expensive.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (4) and Hold (5). The consensus is a Buy. The 12 months stock price consensus is $26.71 with a high of $43.00 and low of $21.00. The 12 months stock price consensus of $26.71 implies a total return of 21.16% with 17.98% from capital gains and 3.18% from dividends based on a current stock price of $22.64.

Analysts on Stock Chase give this stock a Buy or a Hold this year. One analyst thought that the dividend cut was unnecessary and said the company made a long-term decision to solve a short-term problem. Amy Legate-Wolfe on Motley Fool thinks the company will do well because Europe is committed to great energy. Karen Thomas on Motley Fool says that the stock has turned the corner and thinks that the company will benefit from future electricity demand. The company put out a Press Release about their fourth quarter of 2025. The company put out a Press Release about their second quarter of 2026.

Simply Wall Street on Yahoo Finance says that this is a Canadian Renewable Energy Stock to watch in 2026. Simply Wall Street on Yahoo Finance looks how the company’s project affected them. Wall Street gives this stock 2 and one half stars out of 5. Simply Wall Street has two risks on this company of debt is not well covered by operating cash flow; and dividend of 3.24% is not well covered by earnings.

Northland Power develops, constructs, and operates sustainable infrastructure assets across a range of clean and green technologies, such as wind (offshore and onshore), solar, and supplying energy through a regulated utility. Offshore wind is expected to remain the company's largest segment over the long term. Northland's growth opportunities are global and span North America, Europe, Latin America, and Asia. Its web site is here Northland Power Inc.

The last stock I wrote about was about was Quarterhill Inc (TSX-QTRH, OTC-QTRHF) ... learn more. The next stock I will write about will be First Capital REIT (TSX-FCR.UN, OTC-FCXXF) ... learn more on Monday, November 9, 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.

Quarterhill Inc

Sound bite for Twitter is: Tech Sector Stock. Results of stock price testing is that the stock price is probably relatively expensive. Debt Ratios are fine, but liquidity could improve. They stopped their dividends in 2024. So, there is no dividend yield or Dividend Payout Ratios (DPR). See my spreadsheet on Quarterhill Inc.

Is it a good company at a reasonable price? This is certainly a company. It has reinvented itself several times. If the Revenue goes up as analysts expect it to, then the current stock price is relatively cheap. However, they may or may not be right on this. If you invest in this stock, do not invest with money you cannot afford to lose.

I do not own this stock of Quarterhill Inc (TSX-QTRH, OTC-QTRHF). I bought this company in 2000 as WiLan Inc. (TSX-WIN, OTC-WILN. It was an up and coming company in communications. I sold it in 2006 after losing most of my investment. This stock has never recovered from the bubble that occurred in 2000. I lost all hope of ever making any money on this stock. The other thing is that they completely refocused their company to earn money on their patents. They have reinvented themselves several times since.

When I was updating my spreadsheet, I noticed that the stock price is up 201% so far this year. Note that currently the company is reporting in CDN$ and most estimates are in CDN$.

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 second quarter in 2026 and what is expected to the end of this year. The last row of the stock price growth is for the next 12 months.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	7.36%	1.43%	2.68%	<-12 mths
5	EPS Growth	-162.50%	N/C	-40.00%	<-12 mths
5	EPS Growth	-101.10%	N/C	-3722.74%	<-12 mths
5	Net Income Growth	-391.23%	N/C	-8.07%	<-12 mths
5	Cash Flow Growth	-93.36%	-41.86%	360.90%	<-12 mths
5	Dividend Growth	-100.00%	N/C	N/C	<-12 mths
5	Stock Price Growth	-62.89%	-17.98%	195.79%	<-12 mths
10	Revenue Growth	8.95%	0.86%	17.29%	<-this year
10	EPS Growth	-190.27%	N/C	11.40%	<-this year
10	EPS Growth	-100.45%	N/C	-5219.53%	<-this year
10	Net Income Growth	-491.52%	N/C	-74.27%	<-this year
10	Cash Flow Growth	-96.12%	-27.74%	360.90%	<-this year
10	Dividend Growth	-100.00%	N/C	N/C	<-this year
10	Stock Price Growth	-48.65%	-6.45%	93.95%	<-12 mths

If you had invested in this company in December 2015, for $1,000.85 you would have bought 26 shares at $1.85 per share. In December 2025, after 10 years you would have received $281.32 in dividends. The stock would be worth $513.95. Your total return would have been $795.27. This would be a total loss of 2.92% per year with 6.45% from capital loss and 3.53% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$1.85	$1,000.85	541	10	$281.32	$513.95	$795.27

They stopped their dividends in 2024. So, there is no dividend yield or Dividend Payout Ratios (DPR).

Debt Ratios are fine, but liquidity could improve. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.00 and currently at 0.08. The Liquidity Ratio for 2025 is low at 0.96 and 1.19 currently. If you added in Cash Flow after dividends, the ratios are still low at 0.96 and currently low at 1.32. I prefer this ratio to be 1.50 or higher. The Debt Ratio for 2025 is good at 1.78 and 1.65 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.29 and 1.29 and currently at 2.53 and 1.53.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	0.00%	-16.96%	-17.98%	1.03%
2014	10	0.00%	-2.92%	-6.45%	3.53%
2009	15	0.00%	-9.38%	-11.94%	2.56%
2004	20		8.17%	0.74%	7.43%
1999	25		-11.60%	-12.89%	1.30%
1998	27		2.03%	-1.68%	3.71%

The Total Return per Year is shown below for years of 5 to 27 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.
2019	5	0.00%	-16.96%	-17.98%	1.03%
2014	10	0.00%	-2.92%	-6.45%	3.53%
2009	15	0.00%	-9.38%	-11.94%	2.56%
2004	20		8.17%	0.74%	7.43%
1999	25		-11.60%	-12.89%	1.30%
1998	27		2.03%	-1.68%	3.71%

The Total Return per Year is shown below for years of 5 to 24 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.
2019	5	0.00%	-18.45%	-19.45%	1.00%
2014	10	0.00%	-2.59%	-6.35%	3.76%
2009	15	0.00%	-11.56%	-13.87%	2.31%
2004	20		8.84%	0.42%	8.42%
2001	24		-1.99%	-5.38%	3.39%

The 5-year low, median, and high median Price/Earnings per Share Ratios are -9.20, -13.10, -16.11. The corresponding 10 year ratios are 3.13, 5.09 and 6.41. The corresponding historical ratios at -2.97, -7.20, and -11.46. The current ratio is -25.67 based on a stock price of $2.81 and EPS estimate for 2026 of -$0.11. There are too many negative ratios for any proper testing here. This testing is in CDN$.

I get a Graham Price of $1.50. The 10-year low, median, and high median Price/Graham Price Ratios are 0.55, 0.84 and 1.03. The current ratio is 1.87 based on a stock price of $2.81. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$. You wonder how good this test is because of the number of negative EPS over the past 10 years.

I get a 10-year median Price/Book Value per Share Ratio of 0.94. The current P/B Ratio is 4.53 based on a Book Value of $75,301M, Book Value per Share of $0.62 and a stock price of $2.81. The current ratio is 384% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$. The current P/B Ratio is high because the Book Value have dropped a lot over the past 5 years.

I get a 10-year median Price/Cash Flow per Share Ratio of 6.14. The current ratio is 31.61 based on Cash Flow for the last 12 months of $10.8M, Cash Flow per Share of $0.09 and a stock price of $2.81. The current ratio is 415% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I cannot do any dividend yield testing because the dividends have been suspended.

The 10-year median Price/Sales (Revenue) Ratio is 1.45. The current ratio is 1.87 based on Revenue estimate for 2026 of $182M, Revenue per Share of $1.50 and a stock price of $2.81. The current ratio is 29% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

Results of stock price testing is that the stock price is probably relatively expensive. What testing I can do shows this. On the other hand, I do not think that this is a normal stock. However, Analysts are expecting the Revenue to climb. If we look at the P/S Ratio for 2027, the ratio is 0.82 and 43% below the 10 year median ratio.

When I look at analysts’ recommendations, I find Strong Buy (4). The consensus would be a Strong Buy. The 12 months stock price consensus would be $5.45 ($3.884 US$) with a high of $7.33 ($5.224 US$) and a low of $3.96 ($2.818 US$). The 12 months stock price of $5.45 implies a total return of 93.95% with 94.01% from capital gains and 0% from dividends based on a current stock price of $2.81.

There are two entries on Stock Chase for 2026. One is a Do Not Buy and the other is a Sell. However, the stock has done very well this year since around March. Christopher Liew on Motley Fool says this stock is absurdly cheap and ready for a breakout. This was in July 2024. The breakout did not occur until March 2026. The company put out a Press Release about their fourth quarter of 2025. The company put out a Press Release about their second quarter results for 2026.

CNW Group via Yahoo Finance put out interesting news about Quarterhill Selected to Support LA Metro Express Lanes Back Office Modernization Program. Simply Wall Street via Yahoo Finance talks about 3 Canadian AI Stocks With Revenue Growth Up To 176% To Watch and this includes Quarterhill. Simply Wall Street has one warning on this stock of shareholders have been diluted in the past year. Simply Wall Street gives this stock 2 and one half stars out of 5.

Quarterhill Inc is focused on the acquisition, management, and growth of companies in the intelligent transportation systems (ITS) and innovation and licensing industries. Geographically, the company operates in the United States, Canada, Chile, Korea, Thailand, Belgium, Germany, France, and the Rest of the world. The majority of the revenue comes from the United States. Its web site is here Quarterhill Inc.

The last stock I wrote about was about was Finning International Inc (TSX-FTT, OTC-FINGF) ... learn more. The next stock I will write about will be Northland Power Inc (TSX-NPI, OTC-NPIFF) ... learn more on Friday, November 6, 2026 around 5 pm. Tomorrow on my other blog I will write about Something to Buy November 2026 learn more on Thursday, November 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.

Finning International Inc

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is testing as relatively expensive. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth low. See my spreadsheet on Finning International Inc.

Is it a good company at a reasonable price? This company has been a solid one for investors. It is off its most recent high price wise. I know that analysts are giving it a Strong Buy, but they do this on most good stock. It is a good company, but it is testing as rather expensive at the present time.

I do not own this stock of Finning International Inc (TSX-FTT, OTC-FINGF). When I was in the market to buy an industrial stock in this area in 2007, I look at this stock was well as Toromont Industries (TSX-TIH). At the time I liked Toromont better, so that is what I bought. Now, the only reason I would not buy this company is because I own Toromont Industries Ltd. They are both involved with Caterpillar equipment, although the companies are often classified in different sectors. I classify these companies as industrials, but Stock Channel classifies Finning as Construction and Finning as Industrial.

When I was updating my spreadsheet, I noticed that the stock price went up 95% in 2025 and 25% so far this year.

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 last column of the stock price growth is for the next 12 months.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	83.62%	12.92%	5.40%	<-12 mths
5	AEPS Growth	261.40%	29.30%	6.80%	<-12 mths
5	Net Income Growth	183.62%	23.18%	-13.98%	<-12 mths
5	Cash Flow Growth	-28.48%	N/C	48.84%	<-12 mths
5	Dividend Growth	44.21%	7.60%	8.03%	<-12 mths
5	Stock Price Growth	175.14%	22.44%	24.92%	<-12 mths
10	Revenue Growth	71.10%	5.52%	8.48%	<-this year
10	AEPS Growth	219.38%	12.31%	14.08%	<-this year
10	Net Income Growth	508.70%	19.80%	-11.09%	<-this year
10	Cash Flow Growth	81.53%	N/C	7.59%	<-this year
10	Dividend Growth	63.10%	5.01%	7.57%	<-this year
10	Stock Price Growth	298.13%	14.82%	30.73%	<-12 mths

If you had invested in this company in December 2015, for $1,008.72 you would have bought 54 shares at $18.68 per share. In December 2025, after 10 years you would have received $482.57 in dividends. The stock would be worth $4,015.98. Your total return would have been $4,498.55. This would be a total return of 17.48% per year with 14.82% from capital gain and 2.67% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$18.68	$1,008.72	54	10	$482.57	$4,015.98	$4,498.55

The dividends are low, so if you buy this stock what sort of dividends would you get in the future? This chart is an attempt to show this. If dividends continue to increase by 7.6% as they have in the past 5 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on the current stock price of $92.60 would be. The last column shows the percentage of your stock’s price would be covered by dividends in 5, 10 and 15 years.

Div Pd	Div Yield	Years	At IRR	Div Cov
$1.87	2.02%	5	7.60%	8.14%
$2.70	2.91%	10	7.60%	17.87%
$3.90	4.20%	15	7.60%	31.89%

The current dividend yield is low with dividend growth low. The current dividend yield is low (below 2%) at 1.35%. The 5, 10 and historical dividend yields are moderate (2% to 4% ranges) at 2.66%, 2.73% and 2.09%. the dividends have grown at a low rate (below 8% per year) at 7.6% per year over the past 5 years. The last dividend increase was in 2026 and it was for 7.4%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 30% with 5 year coverage at 31%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 29% with 5 year coverage at 30%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 12% with 5 year coverage at 12%. The DPR for 2025 for Free Cash Flow (FCF) is good at 33% with 5 year coverage high at 50%. The difference FCF for 2025 ranges from $480M to 546M.

Item	Cur	5 Years
EPS	30.17%	30.52%
AEPS	28.70%	30.07%
CFPS	11.55%	11.77%
FCF	32.50%	50.23%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.12 and currently at 0.07. The Liquidity Ratio for 2025 is good at 1.67 and a little low currently 1.47 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.83 and currently at 1.61. The Debt Ratio for 2025 is good at 1.56 and 1.52 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.80 and 1.80 and currently at 2.95 and 1.94.

Type	Year End	Ratio Curr
Lg Term R	0.12	0.07
Intang/GW	0.03	0.03
Liquidity	1.67	1.47
Liq. + CF	1.83	1.61
Debt Ratio	1.56	1.52
Leverage	2.80	2.95
D/E Ratio	1.80	1.94

The Total Return per Year is shown below for years of 5 to 38 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	7.60%	24.96%	22.44%	2.52%
2015	10	5.01%	17.48%	14.82%	2.67%
2010	15	6.34%	8.78%	6.96%	1.81%
2005	20	13.15%	9.02%	7.18%	1.84%
2000	25	10.39%	12.83%	10.34%	2.48%
1995	30	8.58%	11.63%	9.50%	2.12%
1990	35	6.89%	11.48%	9.47%	2.01%
1987	38	8.16%	11.91%	9.64%	2.27%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.16, 11.20 and 12.96. The corresponding 10 year ratios are 10.82, 14.43 and 18.70. The corresponding historical ratios are 11.90, 15.01 and 19.00. The current ratio is 20.24 based on a stock price of $92.90 and EPS estimate for 2026 of $4.59. This current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 8.66, 10.43 and 12.20. The corresponding 10 year ratios are 11.07, 16.04 and 18.17. The corresponding historical ratios are 12.44, 16.56 and 19.40. The current ratio is 19.77 based on a stock price of $92.90 and AEPS estimate for 2026 of $4.70. This current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $49.24. The 10-year low, median, and high median Price/Graham Price Ratios are 0.92, 1.24 and 1.46. The current ratio is 1.89 based on a stock price of $92.90. This current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 2.21. The current ratio is 4.05 based on a Book Value of $2,984, Book Value per Share of $22.93 and a stock price of $92.90. The current ratio is 83% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 14.36. The current ratio is 16.33 based on Cash Flow per Share estimate for 2026 of $5.69, Cash Flow of $740M and a stock price of $92.90. The current ratio is 14% 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 2.09%. The current dividend yield is 1.40% based on dividends of $1.30 and a stock price of $92.90. The current dividend yield is 34% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 2.73%. The current dividend yield is 1.40% based on dividends of $1.30 and a stock price of $92.90. The current dividend yield is 49% 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 0.65. The current P/S Ratio is 1.05 based on Revenue estimate for 2026 of $11,489M, Revenue per Share of $88.28 and a stock price of $92.90. The current ratio is 61% 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 testing as relatively 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 same thing. The only one different is the P/CF Ratio test and there the stock price is reasonable but above the median.

When I look at analysts’ recommendations, I find Strong Buy (6), and Buy (5). The consensus is a Strong Buy. The 12 month target price is $121.45 with a high of $129.00 and a low of $116.00. The 12 month stock price consensus of $121.45 implies a total return of 31.13% with 30.73% from capital gains and 1.40% from dividends based on a current stock price of $92.90.

There are a couple of Buys on Stock Chase but others are Hold and Watch because they believe that the valuation is too high. If Carney’s promises of construction turns out to be true then Amy Legate-Wolfe on Motley Fool thinks that this company will benefit. Kay Ng on Motley Fool also thinks that this stock will benefit from Canada’s infrastructure projects. The company put out a Press Release about their fourth quarter of 2025. The company put out a Press Release about their second quarter of 2026.

Simply Wall Street via Yahoo Finance covers both Caterpillar and Finning. Simply Wall Street has one risk of debt is not well covered by operating cash flow. Simply Wall Street gives this company 2 and one half stars out of 5.

Finning International Inc is a dealer and distributor of heavy-duty machinery and parts of the Caterpillar brand. The company operates in Canada, Chile, UK, Argentina, and Others. Its web site is here Finning International Inc.

The last stock I wrote about was about was Johnson and Johnson (NYSE-JNJ) ... learn more. The next stock I will write about will be Quarterhill Inc (TSX-QTRH, OTC-QTRHF) ... learn more on Wednesday, November 4, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks October 2026.... learn more on Tuesday, November 3, 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.