IGM Financial Inc

Sound bite for Twitter is: Dividend Paying Financial. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are currently fine. The current dividend yield is moderate with dividend increase after 11 years of no increases. See my spreadsheet on IGM Financial Inc.

Is it a good company at a reasonable price? This company seems to be doing better than it has for some time. They just did a 10% increase in dividends after dividends have been flat for some 11 years. This is certainly a good sign. The stock price has rising lately and the shareholders have gotten some nice capital gains over the past 5 and 10 years. I suspect the company will do better in the future. Analysts suggests that there will be growth over the next 12 months. However, testing is showing that the stock price is rather high at present.

I do not own this stock of IGM Financial Inc (TSX-IGM, OTC-IGIFF). I am following this stock because I used to own this stock. The stock was on Mike Higgs' list of dividend growth stocks and on the other Dividend lists at that time. I owned this stock from 2006 to 2011. I sold because I decided to rationalizing my portfolio. Selling ones that did not make it into my core and buying ones that did of the same type.

When I was updating my spreadsheet, I noticed I owned this stock for almost 5 years from 2006 to 2011. I made a total return of 3.14% per year with a capital loss of 1.06% and dividends of 4.2%. If I had kept this stock to 2026, some 19 years, I think I would have made a total return of 6.98% per year with 1.94% from capital gains and 5.04% from dividends. I am rather glad I did not keep this stock. Also, see the total return chart below. People who bought this stock 15 and 20 years ago, did not do well.

If you had invested in this company in December 2015, for $1,024.86 you would have bought 29 shares at $35.34 per share. In December 2025, after 10 years you would have received $652.50 in dividends. The stock would be worth $1,792.49. Your total return would have been $2,444.99. This would be a total return of 10.86% per year with 5.75% from capital gain and 5.12% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$35.34	$1,024.86	29	10	$652.50	$1,792.49	$2,444.99

The current dividend yield is moderate with dividend increase after 11 years of no increases. The dividend yield is moderate (2% to 4% range) at 3.90%. The 5, 10 year median dividend yields are good (5% to 6% ranges) at 5.55% and 5.97%. The historical median dividend yield is moderate at 4.37%. The last dividend increase was in 2015. I noticed that analysts are expecting dividend to start to rise again in 2026.

The Dividend Payout Ratios (DPR) are currently fine. The DPR for 2025 for Earnings per Share (EPS) is good at 49% with 5 year coverage high at 53%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 49% with 5 year coverage at high at 58%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 39% with 5 year coverage high at 52%. The DPR for 2025 for Free Cash Flow (FCF) is high at59% with 5 year coverage at 69%. The FCF for 2025 varies from $900M to $986M. I am using the $900M value.

Item	Cur	5 Years
EPS	48.49%	53.32%
AEPS	48.81%	57.74%
CFPS	39.12%	51.99%
FCF	59.21%	68.73%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is high at 0.79 and currently at 0.73. I also have at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.53 and currently at 0.53 because this is an important ratio for a financial. The Liquidity Ratio for 2025 is good at 3.11 and 3.11 currently. The Debt Ratio for 2025 is good at 1.68 and 1.68 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.48 and 1.48 and currently at 2.48 and 1.48.

Type	Year End	Ratio Curr
Lg Term R	0.79	0.73
Lg Term R A	0.53	0.53
Intang/GW	0.27	0.25
Liquidity	3.11	3.11
Liq. + CF	3.50	3.12
Debt Ratio	1.68	1.68
Leverage	2.48	2.48
D/E Ratio	1.48	1.48

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	0.00%	17.65%	12.36%	5.29%
2015	10	0.41%	10.87%	5.75%	5.12%
2010	15	0.00%	6.79%	2.38%	4.41%
2005	20	0.00%	5.64%	1.57%	4.07%
2000	25	0.62%	8.48%	3.69%	4.79%
1995	30	2.64%	13.57%	6.91%	6.66%
1990	33	5.36%	16.38%	8.84%	7.54%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.47, 10.32 and 12.17. The corresponding 10 year ratios are 8.97, 11.15 and 12.69. The corresponding historical ratios are 12.47, 14.85 and 17.20. The current ratio is 12.74 based on a stock price of $63.64 and EPS estimate for 2026 of $4.99. 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 also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 8.67, 10.83 and 12.73. The corresponding 10 year ratios are 9.07, 11.15 and 12.88. The corresponding historical ratios are 10.40, 12.55 and 14.64. The current ratio is 12.53 based on a stock price of $63.64 and EPS estimate for 2026 of $5.08. 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 $66.28. The 10-year low, median, and high median Price/Graham Price Ratios are 0.71, 0.85 and 1.03. The current P/GP is 0.96 based on a stock price of $63.64. 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 10-year median Price/Book Value per Share Ratio of 1.50. The current ratio is 1.67 based on a stock price of $63.64, Book Value of $8,944M and Book Value per Share of $38.04. The current ratio is 10% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have a Book Value per Share estimate for 2026 of $39.78. This implies a ratio of 1.60 based on a stock price of $63.64 and a Book Value of $9,354M. This ratio is 5.5% 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 11.64. The current ratio is 27.91 based on a stock price of $63.64, Cash Flow per Share estimate for 2026 of $2.28 and Cash Flow of $536M. This ratio is 140% above the 10 year ratio. This stock price testing suggests that the stock price is relatively expensive. (I do wonder about the estimate as it is lower than it has been for several years and is a 48% drop from Cash Flow per Share for 2025.)

I get an historical median dividend yield of 4.37%. The current ratio is 3.90% based on a stock price of $63.64 and Dividends of $2.48. The current ratio is 11% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 5.97 %. The current ratio is 3.90% based on a stock price of $63.64 and Dividends of $2.48. The current ratio is 35% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 2.81. The current P/S Ratio is 3.73 based on Revenue estimate for 2026 of $4,011M, Revenue per Share of $17.06 and a stock price of $63.64. The current ratio is 33% 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 dividend yield testing is saying that the stock price is relatively expensive and it is confirmed by the P/S Ratio testing. However, the dividend yield tests are not the best because the dividends have been flat for years. However, most of the rest of the testing is saying that the stock price is relatively reasonable but above the median. I note that the stock price is just off its recent high.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (1) and Hold (6). The consensus would be a Hold. The 12 month stock price consensus is $69.75 with a high of $82.00 and a low of $62.00. The consensus stock price of $69.75 implies a total return of 13.50% with 9.60% from capital gains and 3.90% from dividends based on a current stock price of $63.64.

Analysts’ opinion on Stock Chase is not available. However, I found an analysts opinion at here. Rajiv Bhatia said that there is some fear that AI will impact Wealth Management. Amy Legate-Wolfe on Motley Fool says this stock is a passive-income gem on the TSX. Jitendra Parashar on Motley Fool says this is a safe Canadian Dividend stock with consistent returns and financial resilience. The company put out a press release via Newswire about their annual results for 2025.

Simply Wall Street via Yahoo Finance reviews this stock and says its fair value is $68.13. Simply Wall Street gives the stock 3 and one half stars and gives no warnings.

IGM Financial is a leading nonbank Canadian wealth and asset management company. Power Corporation of Canada, which also holds a majority stake in Great-West Life co, has a majority stake (62%) in IGM. Its web site is here IGM Financial Inc.

The last stock I wrote about was about was Intact Financial Corp (TSX-IFC, OTC-IFCZF) ... learn more. The next stock I will write about will be Choice Properties REIT (TSX-CHP.UN, OTC-PPRQF) ... learn more on Wednesday, March 11, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks March 2026 … learn more on Tuesday, March 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.

Intact Financial Corp

Sound bite for Twitter is: Dividend Growth Insurance. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Intact Financial Corp.

Is it a good company at a reasonable price? This stock is done well for its shareholders over time. Analysts seem to expect little growth this year except for the stock price. This is a good dividend growth stock. The last 100 best dividend stocks of Money Sense rate this stock a B. The price current seems reasonable.

I do not own this stock of Intact Financial Corp (TSX-IFC, OTC-IFCZF). I am following this stock because in November 2011, the TD Bank put out a special report on the merits of dividend investing. At the end of the report, they listed a number of Canadian stocks as Equity Yield ideas. This was one stock listed that I did not follow. This and Wajax are from TD Report on dividend investing.

When I was updating my spreadsheet, I noticed that the company has had great growth in the past. See the chart below. Also see the chart on Total Return which shows good stock growth. There is not much available for future estimates, but it seems analysts expect a drop in earnings and very little growth in Revenue 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 first quarter in 2025 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	105.11%	15.45%	<-12 mths	1.79%
5	AEPS Growth	146.46%	19.77%	<-12 mths	0.10%
5	Net Income Growth	211.00%	25.47%	<-12 mths	1.07%
5	Cash Flow Growth	86.56%	13.28%
5	Dividend Growth	60.24%	9.89%	<-12 mths	10.53%
5	Stock Price Growth	89.58%	13.65%	<-12 mths	-7.89%
10	Revenue Growth	207.82%	11.90%	<-this year	5.61%
10	AEPS Growth	277.26%	14.20%	<-this year	-16.03%
10	Net Income Growth	376.63%	16.90%	<-this year	-18.31%
10	Cash Flow Growth	393.59%	17.31%
10	Dividend Growth	150.94%	9.64%	<-this year	11.09%
10	Stock Price Growth	222.20%	12.41%	<-this year	9.57%

If you had invested in this company in December 2015, for $1,064.16 you would have bought 12 shares at $88.68 per share. In December 2025, after 10 years you would have received $432.00 in dividends. The stock would be worth $3,428.76. Your total return would have been $3,860.76. This would be a total return of 14.75% per year with 12.41% from capital gain and 2.33% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$88.68	$1,064.16	12	10	$432.00	$3,428.76	$3,860.76

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 2.02%. The 5, 10 and historical median dividend yields are moderate at 2.14%, 2.35% and 2.55%. The dividend growth is moderate (8% to 14% ranges) at 10% per year for the past 5 years. The last dividend increase was in 2026 and it was for 10.5%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 29% with 5 year coverage at 35%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 25% with 5 year coverage at 31%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 19% with 5 year coverage at 25%. The DPR for 2025 for Free Cash Flow (FCF) is good at 29% with 5 year coverage at 36%.

Item	Cur	5 Years
EPS	28.99%	34.55%
AEPS	25.45%	30.64%
CFPS	18.84%	24.68%
FCF	29.46%	35.67%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.73 and currently at 0.79. The Liquidity Ratio for 2025 is good at 3.67 and 3.67currently. However, this ratio is not very important for financials. The Debt Ratio for 2025 is good at 1.50 and 1.50 currently. The Leverage and Debt/Equity Ratios for 2025 are fine for a financial at 3.02 and 2.02 and currently at 3.02 and 2.02.

Type	Year End	Ratio Curr
Lg Term R	0.73	0.79
Intang/GW	0.19	0.21
Liquidity	3.67	3.67
Liq. + CF	9.52	9.52
Debt Ratio	1.50	1.50
Leverage	3.02	3.02
D/E Ratio	2.02	2.02

The Total Return per year is shown below for years of 5 to 21 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	9.89%	15.88%	13.65%	2.23%
2015	10	9.64%	14.75%	12.41%	2.33%
2010	15	9.52%	14.67%	12.19%	2.47%
2005	20	11.08%	10.90%	8.97%	1.93%
2004	21		13.94%	11.45%	2.49%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 13.69, 15.48 and 17.26. The corresponding 10 year ratios are 16.15, 18.85, 22.01. The corresponding historical ratios are 14.38, 16.33 and 17.86. The current ratio is 15.17 based on a stock price of $250.45 and EPS estimate for 2026 of $16.51. 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 also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.02,13.59 and 15.15. The corresponding 10 year ratios are 14.77, 16.72 and 18.67. The corresponding historical ratios are 13.74, 16.14 and 18.54. The current ratio is 14.27 based on a stock price of $250.45 and AEPS estimate for 2026 of $17.55. The current ratio is below the low ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $215.22. The 10-year low, median, and high median Price/Graham Price Ratios are 1.13, 1.27, 1.42. The current P/GP Ratio is 1.16 based on a stock price of $250.45. 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 2.15. The current ratio is 2.14 based on a Book Value of $20,836M, Book Value per Share of $117.30 and a stock price of $250.45. The current ratio is 0.5% 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 12.53. The current ratio is 10.14 based on Cash Flow for the last 12 months of $4,388M, Cash Flow per Share of $24.70 and a stock price of $250.45. This ratio is 19% 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 2.55%. The current dividend yield is 2.35% based on dividend of $5.88 and a stock price of $250.45. The current dividend yield is 8% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 2.35%. The current dividend yield is 2.35% based on dividend of $5.88 and a stock price of $250.45. The current dividend yield is at the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and at the median.

The 10-year median Price/Sales (Revenue) Ratio is 1.76. The current ratio is 1.83 based on Revenue estimate for 2026 of $24,250M, Revenue per Share of $137.08 and a stock price of $250.45. 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.

Results of stock price testing is that the stock price is probably reasonable. The 10 year dividend yield test says it is reasonable and at the median. The P/S Ratio test says it is reasonable and above the median. A number of other tests are saying that the price is reasonable and other that it is cheap.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (5), Hold (4). The consensus would be a Strong Buy. The 12 month stock price consensus is $313.08 with a high of $364.00 and low of $280.00. The consensus stock price of $313.08 implies a total return of 27.35% with 25.01% from capital gains and 2.35% from dividends based on a current stock price of $250.45.

Analysts on Stock Chase have mixed views on this stock and whether or not to buy. Some feel it is overvalued. Amy Legate-Wolfe on Motley Fool thinks this is a good stock to buy as it is not affect by US tariffs. Kay Ng on Motley Fool thinks you should buy because this stock is a high-quality, cash-generating business. The company put out a press release via Newswire about their fourth quarter results for 2025.

Simply Wall Street via Yahoo Financial reviews this stock and it is a very positive review. They have one warning on this stock of earnings are forecast to decline by an average of 5.2% per year for the next 3 years.

Intact Financial Corp is a property and casualty insurance company that provides written premiums in Canada. Its asset mix is designed to generate interest and dividend income. The company has three reportable segments Canada, UK & International, and U.S. Its web site is here Intact Financial Corp.

The last stock I wrote about was about was Russel Metals Inc (TSX-RUS, OTC-RUSMF) ... learn more. The next stock I will write about will be IGM Financial Inc (TSX-IGM, OTC-IGIFF) ... learn more on Monday, March 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.

Russel Metals Inc

I will be away from my computer for the next two weeks and so probably returning to blog on March 7, 2026.

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

Is it a good company at a reasonable price? This is certainly a good company, but it is in a rather cyclical business. I have no intention of selling my stock in this company. I like the dividend yield tests the best which said the stock was relatively expensive. However, a number of good tests say that it is reasonable, like the P/S Ratio test and P/GP Ratio test. I would go for a Hold then on this stock.

I own this stock of Russel Metals Inc (TSX-RUS, OTC-RUSMF). In 2007 I needed to reduce my holdings of Loblaws and buy something to help replace the dividends I had been earning. With Russel Metals, both Mike and TD recommend buying at this time. However, I should keep a watch on this stock as it has had some troubles in the past.

When I was updating my spreadsheet, I noticed I have made a total return of 7.69% per year to the end of 2025 on this stock. There is 3.13% from capital gains and 4.56% from dividends. It is just under what I want in a dividend growth stock where I would like to see a total return of dividends and capital gains of 8% per year.

However, this company has generally produced better results if you look at the Total Return over the years. I probably paid too much for the share. I am more careful about stock price now that I used to be. Also, this stock tends to be cyclical. The problem basically is my first purchase of this stock was at a peak in 2007. Later purchases were at relatively better prices.

If you had invested in this company in December 2015, for $1,012.41 you would have bought 63 shares at $16.07 per share. In December 2025, after 10 years you would have received $982.17 in dividends. The stock would be worth $5,759.40. Your total return would have been $3,741.57. This would be a total return of 17.21% per year with 10.55% from capital gain and 6.66% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$16.07	$1,012.41	63	10	$982.17	$2,759.40	$3,741.57

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 3.64%. The 5 year median dividend yield is also moderate at 4.26%. The 10 year and historical median dividend yields are good (5% to 6% ranges) at 5.39% and 5.01%. The dividend growth is low (below 8%) at 2.38% per year over the past 5 years. The last dividend increase was in 2025 and it was for 2.38%.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2025 for Earnings per Share (EPS) is good at 27% with 5 year coverage at 29%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 57% with 5 year coverage good at 35%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 28% with 5 year coverage at 21%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 77% with 5 year coverage good at 34%. There are two values for FCF for 2025. One is $210M and there other is $125M. I am using the $125M.

Item	Cur	5 Years
EPS	56.81%	34.94%
CFPS	27.75%	21.35%
FCF	76.66%	34.28%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.12 and currently at 0.11. The Liquidity Ratio for 2025 is good at 3.06 and 3.06 currently. The Debt Ratio for 2025 is good at 2.45 and 2.45 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.69 and 0.69 and currently at 1.69 and 0.69.

Type	Year End	Ratio Curr
Lg Term R	0.12	0.11
Intang/GW	0.05	0.05
Liquidity	3.06	3.06
Liq. + CF	3.24	3.39
Debt Ratio	2.45	2.45
Leverage	1.69	1.69
D/E Ratio	0.69	0.69

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	2.38%	19.53%	14.02%	5.51%
2015	10	1.18%	17.21%	10.55%	6.66%
2010	15	3.64%	9.38%	4.42%	4.96%
2005	20	-2.51%	8.73%	3.54%	5.19%
2000	25	-0.70%	26.27%	11.47%	14.80%
1995	30	0.00%	15.07%	8.59%	6.48%
1990	35	4.64%	9.50%	5.76%	3.74%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.68, 8.56 and 10.45. The corresponding 10 year ratios are 11.92, 13.41 and 14.91. The corresponding historical ratios are 7.45, 9.93 and 10.81. The current ratio is 12.19 based on a stock price of $47.28 and EPS estimate for 2026 of $3.88. 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.

I get a Graham Price of $50.17. The 10-year low, median, and high median Price/Graham Price Ratios are 0.82, 0.95 and 1.07. The current ratio is 0.94 based on a stock price of $47.28. 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.

I get a 10-year median Price/Book Value per Share Ratio of 1.43. The current ratio is 1.64 based on a Book Value of $1,588.9M, Book Value per Share of $28.86 and a stock price of $47.28. The current ratio is 15% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have a Book Value per Share estimate for 2026 of $30.84. This implies a ratio of 1.53 with a stock price of $47.28 and a Book Value of $1,698M. This ratio is 8% 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 5.80. The current ratio is 9.01 based on Cash Flow per Share estimate for 2026 of $5.25, Cash Flow of $289M and a stock price of $47.28. The current ratio is 55% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 5.01%. The current dividend yield is 3.64% based on dividends of $1.72 and a stock price of $47.28. The current dividend yield is 27% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 0.52. The current ratio is 0.47 based on Revenue estimate for 2026 of $5,485M, Revenue per Share of $99.62 and a stock price of $47.28. The current ratio is 9% 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 relatively expensive. The dividend yield testing is saying that the stock price is relatively expensive, so I am going with that. However, the P/S Ratio says it is reasonable, as do a number of the other test. The P/GP Ratio test is a good one and that says that the stock price is relatively reasonable.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (3) and Hold (3). The consensus is a Buy. The 12 month stock price consensus is $54.57 with a high of $60.00 and low of $49.00. The consensus stock price of $54.57 implies a total return of 19.06% with 15.42% from capital gains and 3.64% from dividends based on a current stock price of $47.28.

Analysts at Stock Chase like this company. One says it is quiet and well run. Another says it is expanding into the US and is not much affected by tariffs. Christopher Liew on Motley Fool says that Canada’s infrastructure plan in 2026 is a strong tailwind for this company. Amy Legate-Wolfe on Motley Fool reviews this stock. She says a valuable dividend stock like Russel Metals combines strong yields, sustainable payouts, robust financials, and growth prospects. The company put out a press release via Newswire about their fourth quarter of 2025 results.

Simply Wall Street via Yahoo Finance reviews this stock. They say it has a fair value of $54.57. They have no warnings out on this stock.

Russel Metals Inc is a Canada-based metal distribution company. The company conducts business through three metals distribution segments: Metals Service Centers; Energy Field Stores; and Steel Distributors. It generates the majority of its revenue from the Metals Service Centers segment and geographically majority of revenue comes from Canada. Its web site is here Russel Metals Inc.

The last stock I wrote about was about was Toromont Industries Ltd (TSX-TIH, OTC-TMTNF) ... learn more. The next stock I will write about will be Intact Financial Corp (TSX-IFC, OTC-IFCZF) ... learn more on Friday, March 6, 2026.

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.

Toromont Industries Ltd

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is testing as expensive. 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 Toromont Industries Ltd.

Is it a good company at a reasonable price? This is a company that keeps showing up on the annual Money Sense list of 100 Best Canadian Dividend stocks. This is the sort of company to buy and hold, probably forever. I have no intentions of selling it. However, I think that the price is on the expensive side, so not a time to buy.

I own this stock of Toromont Industries Ltd (TSX-TIH, OTC-TMTNF). This is one of the stocks I bought after selling Loblaws in 2008. This was a stock on Mike Higgs' Canadian Dividend Growth Stock list. I bought more in 2008 after selling Onex and AGF Management.

When I was updating my spreadsheet, I noticed I have done very well in this stock. I have made several purchases in different accounts. My total return to the end of December 2025 is 14.42% per year over the past 18 years. I have 12.24% from capital gains and 2.18% from dividends. (I have only updated my Quicken to the end of December as I have been busy.) I have dividends of 13% on my original purchase in 2007. That is why I like dividend growth stocks.

If you had invested in this company in December 2015, for $1,009.60 you would have bought 32 shares at $31.55 per share. In December 2025, after 10 years you would have received $416.32 in dividends. The stock would be worth $5,315.60. Your total return would have been $5,729.92. This would be a total return of 19.93% per year with 18.07% from capital gain and 1.86% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$31.55	$1,009.60	32	10	$416.32	$5,313.60	$5,729.92

The current dividend yield is low with dividend growth moderate. The current dividend yield is low at 1.09%. The 5, 10 and historical median dividend yields are also low are 1.47%, 1.51% and 1.67%. The dividend growth is moderate (8% to 14% ranges) at 11.2% per year over the past 5 years. The last dividend increase was low (under 8%) at 7.7%. They sometimes raise the dividend more than once in a year, but dividend increases have declined as dividend increase in 2020 was 15.4% and in 2025 was 9.1%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 34% with 5 year coverage at 30%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 25% with 5 year coverage at 22%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 21% with 5 year coverage at 21%. The DPR for 2025 for Free Cash Flow (FCF) is good at 39% with 5 year coverage at 36%. There is two FCF values given for 2025 of $430M, and $458M. I am using the $430M value.

Item	Cur	5 Years
EPS	33.61%	29.98%
AEPS	24.56%	22.03%
CFPS	21.28%	21.15%
FCF	38.58%	36.13%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.06 and currently at 0.05. The Liquidity Ratio for 2025 is good at 2.93 and 2.93 currently. The Debt Ratio for 2025 is good at 2.51 and 2.51 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.66 and 0.66 and currently at 1.66 and 0.66.

Type	Year End	Ratio Curr
Lg Term R	0.06	0.05
Intang/GW	0.03	0.03
Liquidity	2.93	2.93
Liq. + CF	3.45	3.55
Debt Ratio	2.51	2.51
Leverage	1.66	1.66
D/E Ratio	0.66	0.66

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	11.20%	14.69%	13.23%	1.46%
2015	10	11.95%	19.93%	18.07%	1.86%
2010	15	11.98%	17.41%	15.61%	1.79%
2005	20	12.43%	14.05%	12.57%	1.48%
2000	25	12.91%	16.59%	14.72%	1.87%
1995	30	13.74%	17.52%	15.40%	2.12%
1990	35	14.40%	22.56%	18.61%	3.95%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 17.97, 20.09, 22.59. The corresponding 10 year ratios are 17.61, 20.08, 22.42. The corresponding historical ratios are 13.80, 15.68, 18.94. The current P/E Ratio is 27.77 based on a stock price of $204.93 and EPS estimate for 2026 of $7.38. 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 Adjusted Earnings per Share (AEPS) Data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 13.13, 15.08 and 16.53. The corresponding 10 year ratios are 12.95, 15.44 and 17.52. The corresponding historical ratios are 12.95, 15.17 and 16.70. The current P/AEPS Ratio is 29.70 based on a stock price of $204.93 and AEPS estimate for 2026 of $6.90. 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 $79.20. The 10-year low, median, and high median Price/Graham Price Ratios are 1.29, 1.59 and 1.82. The current P/GP Ratio is 2.59 based on a stock price of $204.93. 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 10-year median Price/Book Value per Share Ratio of 3.51. The current P/B Ratio is 5.07 based on a Book Value of $3,290.5M, Book Value per Share of $40.40 and a stock price of $204.93. The current ratio is 45% 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 16.45. The current P/CF Ratio is 19.30 based on Cash Flow per Share estimate for 2026 of $10.62, Cash Flow of $865M and a stock price of $204.93. The current ratio is 17% above the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 1.67%. The current Dividend Yield is 1.09% based on a stock price of $204.93 and dividends of $2.24. The current Dividend Yield is 35% 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 1.51%. The current Dividend Yield is 1.09% based on a stock price of $204.93 and dividends of $2.24. The current Dividend Yield is 28% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 1.85. The current P/S Ratio is 3.01 based on Revenue estimate for 2026 of $5,541M, Revenue per Share of $68.03 and a stock price of $204.93. The current ratio is 63% 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 expensive. The dividend yield tests are saying that the stock price is relatively expensive. This is confirmed by the P/S Ratio test. Almost all the other tests, except for the P/CF Ratio test, is saying that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (3) and Hold (3). The consensus is a Buy. The 12 month stock price consensus is $207.89 with a high of $230.00 and low of $180.00. The consensus stock price of $207.89 implies a total return of 2.54% with 1.44% from capital gains and 1.09% from dividends based on a current stock price of $204.93.

Analyst on Stock Chase in 2025 generally liked this stock, but one found it too expensive currently and another said that the numbers from the last report were good, but not great. Amy Legate-Wolfe on Motley Fool says to buy simple, real-economy business like this one. Brian Paradza on Motley Fool says to buy stocks that can weather any economic storm, like this company. The company put out a Press Release about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock and think it is a strong income stock. Simply Wall Street gives this stock 2 and one half stars. They have no warnings out on this stock.

Toromont Industries Ltd is a Canadian industrial company. The company operates two business segments: Equipment Group and CIMCO. The company operates majorly in Canada and derives a smaller portion of sales from the United States of America and other regions. Its web site is here Toromont Industries Ltd.

The last stock I wrote about was about was Allied Properties Real Estate Investment Trust (TSX-AP.UN, OTC-APYRF) ... learn more. TThe next stock I will write about will be Russel Metals Inc (TSX-RUS, OTC-RUSMF) ... learn more on Monday, February 23, 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.

Allied Properties Real Estate Investment Trust

Sound bite for Twitter is: Dividend Paying REIT. Results of stock price testing is that the stock price is that the stock is relatively cheap. Debt Ratios are mostly fine, but the Liquidity Ratio is a problem. The Dividend Payout Ratios (DPR) were too high and a dividend cut was needed. The current dividend yield is high with a current dividend cut. See my spreadsheet on Allied Properties Real Estate Investment Trust.

Is it a good company at a reasonable price? A problem is that when the stock price is cheap, a stock purchase is not always a good idea. This is true if the stock is cheap for a good reason. This stock seems to have fallen because of a dividend cut. Investors generally behave in this way. A dividend cut is never good news. Some analysts think that the company is doing the right thing to shore up their balance sheet. Most of the analysts have a Hold rating on this stock and I can see why. It is sort of waiting to see what happens. The stock is testing as cheap.

I do not own this stock of Allied Properties Real Estate Investment Trust (TSX-AP.UN, OTC-APYRF). Since several stocks that I followed in 2015 were deleted from the stock exchange, I was looking for other stocks to follow. I am sure that I got this from a Canadian Dividend site called Think Dividends, but I cannot find it at present.

When I was updating my spreadsheet, I noticed in 2026 they decreased their dividend by 60%. There was little growth in Revenue (up by 0.06%) with AFFO down 12% and FFO down 13% for 2025.

If you had invested in this company in December 2015, for $1,010.24 you would have bought 32 shares at $31.57 per share. In December 2025, after 10 years you would have received $544.93 in dividends. The stock would be worth $427.84. Your total return would have been $972.77. This would be a total loss of 0.49% per year with 8.26% from capital loss and 7.74% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$31.57	$1,010.24	32	10	$544.93	$427.84	$972.77

The current dividend yield is high with a current dividend cut. The dividend yield is currently high (7% and above) at 7.49%. The 5 year median dividend yield is high at 7.85%. the 10 year median dividend yield is moderate (2% to4% ranges) at 4.29%. The historical median dividend yield is good (5% to 6% ranges) at 5.67%. The dividend growth for the 5 years to 2025 is low at 1.8%. However, in 2026, the dividends were cut 60%.

The Dividend Payout Ratios (DPR) were too high and a dividend cut was needed. The DPR for 2025 for Earnings per Share (EPS) is non-calculable for 2025 and currently due to earnings losses. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is too high at 105% with 5 year coverage at better at 91%. The DPR for 2025 for Funds from Operations (FFO) is high at 95% with 5 year coverage better at 81%. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 62% with 5 year coverage at 65%. I have no DPR for 2025 for Free Cash Flow because no one seems to calculate this value this year.

Item	Cur	5 Years
EPS	-18.95%	-104.47%
AFFO	104.59%	90.60%
FFO	95.19%	81.26%
CFPS	62.37%	65.15%

Debt Ratios are mostly fine, but the Liquidity Ratio is a problem. The Long Term Debt/Market Cap Ratio for 2025 is high at 2.31 and currently at 3.22. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.46 and currently at 0.46 because this is a more important ratio for a REIT. The Liquidity Ratio for 2025 is far too low at 0.53 and 0.53 currently. If you added in Cash Flow after dividends, the ratios are still too low at 0.55 and currently at 0.66. If you add back in the current portion of the dividend, the ratios are acceptable at 1.31 and currently at 1.57. The Debt Ratio for 2025 is good at 1.77 and 1.77 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.31 and 1.31 and currently at 2.31 and 1.31.

Type	Year End	Ratio Curr
Lg Term R A	0.46	0.46
Lg Term R	2.31	3.22
Intang/GW	0.00	0.00
Liquidity	0.53	0.53
Liq. + CF	0.55	0.66
Liq. + CF +Dd	1.31	1.57
Debt Ratio	1.77	1.77
Leverage	2.31	2.31
D/E Ratio	1.31	1.31

The Total Return per year is shown below for years of 5 to 22 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	1.81%	-11.33%	-18.78%	7.45%
2015	10	2.12%	-0.49%	-8.23%	7.74%
2010	15	2.09%	5.54%	-3.13%	8.67%
2005	20	2.18%	7.99%	-1.18%	9.17%
2003	22	3.61%	10.53%	0.18%	10.35%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and so unusable. The corresponding 10 year ratios are 7.53, 8.68 and 9.83. The corresponding historical ratios are 8.76, 11.03 and 12.60. The current ratio is 6.24 based on a stock price of $9.61 and EPS estimate for 2026 of $1.54. 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 also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 7.06, 9.61 and 12.87. The corresponding 10 year ratios are 13.75, 16.52 and 19.50. The corresponding historical ratios are 12.82, 15.58 and 18.13. The current ratio is 5.03 based on a stock price of $9.61 and FFO estimate for 2026 of $1.91. 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 also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 7.82, 10.51 and 14.07. The corresponding 10 year ratios are 16.35, 19.58 and 22.43. The corresponding historical ratios are 16.04, 19.20 and 16.04. The current ratio is 6.12 based on a stock price of $9.61 and AFFO estimate for 2026 of $1.57. 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 $32.98. The 10-year low, median, and high median Price/Graham Price Ratios are 0.50, 0.62 and 0.71. The current ratio is 0.29 based on a stock price of $9.61. 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 10-year median Price/Book Value per Share Ratio of 0.88. the current ratio is 0.31 based on a Book Value of $4,016M, Book Value per Share of $31.39 and a stock price of $9.61. 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 10-year median Price/Cash Flow per Share Ratio of 16.10. The current ratio is 4.82 based on Cash Flow for the last 12 months of $255M, Cash Flow per Share of $2.00 and a stock price of $9.61. The current ratio is 70% 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 5.67%. The current dividend yield is 7.49% based on Dividends of $0.72 and a stock price of $9.61. The current dividend yield is 32% 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 4.29%. The current dividend yield is 7.49% based on Dividends of $0.72 and a stock price of $9.61. The current dividend yield is 75% 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 8.72. The current P/S Ratio is 2.12 based on Revenue estimate for 2026 of $580.2M, Revenue per Share of $4.53 and a stock price of $9.61. The current ratio is 76% 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 that the stock is relatively cheap. The dividend yield tests say that the stock price is cheap. It is confirmed by the P/S Ratio test. All the tests are pointing that way.

When I look at analysts’ recommendations, I find Hold (7) and Sell (1). The consensus would be a Hold. The 12 months stock price is $11.16 with a high of $15.75 and a low of $8.50. The consensus stock price of $11.16 implies a total return of 23.62% with 16.13% from capital gains and 7.49% from dividends based on a current stock price of $9.61.

Analysts on Stock Chase mainly talk about the company cutting the dividend to shore up its balance sheet. Jitendra Parashar on Motley Fool says that the company is positioning itself for the future. Christopher Liew on Motley Fool says this stock is a dividend trap. The company put out a press release via Global Newswire about their fourth quarter results for 2025.

Simply Wall Street via Yahoo Finance reviews this company and says that there is a wide variation in what people think the true value is from the stock being 40% above its fair value of $9.16 to a fair value between $13.34 and $48.53.

Allied Properties Real Estate Investment Trust is a real estate investment trust engaged in the development, management, and ownership of urban office environments across Canadian cities. The company also controls a number of telecommunications / IT and retail properties within its real estate portfolio. Its web site is here Allied Properties Real Estate Investment Trust.

The last stock I wrote about was about was FirstService Corp (TSX-FSV, NASDAQ-FSV) ... learn more. The next stock I will write about will be Toromont Industries Ltd (TSX-TIH, OTC-TMTNF) ... learn more on Wednesday, February 18, 2026 around 5 pm. Tomorrow on my other blog I will write about Intact Financial and In the Money.... learn more on Thursday, February 19, 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 Good Kings by Kara Cooney learn

FirstService Corp

Sound bite for Twitter is: Dividend Growth Real Estate. Results of stock price testing is that the stock price testing as reasonable, but I find a lot of the ratios to be very high. Debt Ratios are mostly fine, but the debt is too high. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on FirstService Corp.

Is it a good company at a reasonable price? This would not be a preferred stock pick. The dividend is below 1% and I would never buy a stock with a dividend below 1%. Also, I find the ratios to be quite high. Look at the 10 year ratios for AEPS which are 25.35, 30.54 and 36.28. Generally, you would think that for this type of company a ratio above 20 would be high. However, it seems like analysts disagree and give it a Buy rating. The stock price is testing as relatively reasonable.

I do not own this stock of FirstService Corp (TSX-FSV, NASDAQ-FSV), but I used to. I bought FirstService Corp in 2002 as it looked like a good solid company that knows how to make money. By 2010 the company was underperforming so I sold the stock and kept the preferred shares until the end of the year before selling them too. Preferred shares are not by favorite why of getting dividends. Actually, the stock is done quite well after I sold.

I am happy to have sold because the dividends are paid in US$ which fluctuates against the Canadian dollar that I do my spending in. Another problem is that the dividends are generally below 1% and so lower than what I like in a stock. It is also quite a different managed company now from when I held it.

When I was updating my spreadsheet, I noticed the Chairman and Founder, Jay Steward Hennick, sold 4% of his holdings last year. He has sold off shares ever once in a while since 2019. His special shares were traded for common shares in 2018. For the other officers and directors, they are not picking up their stock options.

I am moving up my review of the stock of the November timeframe to February. At this time of the year, it is hard to find companies that have produced their results for the end of the previous year, in this case 2025.

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at just 0.71%. The 5, 10 and historical dividend yields are also low at 0.58%, 0.62% and 0.67%. The dividend growth is moderate (8% to 14% ranges) at 10.8% per year over the past 5 years. The last dividend increase was in 2026 and it was for 11%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 34% with 5 year coverage at 31%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 19% with 5 year coverage at 18%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 12% with 5 year coverage at 13%. The DPR for 2025 for Free Cash Flow (FCF) is good at 18% with 5 year coverage at 18%. Only one company, WSJ, is giving out a FCF value and it is $444.7M in 2025.

Item	Cur	5 Years
EPS	33.91%	31.31%
AEPS	18.70%	18.25%
CFPS	12.17%	12.59%
FCF	17.65%	17.57%

Debt Ratios are mostly fine, but the debt is too high. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.15 and currently at 0.16. The Liquidity Ratio for 2025 is good at 1.70 and 1.76 currently. The Debt Ratio for 2025 is good at 1.70 and 1.76 currently. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.11 and 2.11 and currently at 3.27 and 2.27.

Type	Year End	Ratio Curr
Lg Term R	0.15	0.16
Intang/GW	0.31	0.30
Liquidity	1.70	1.76
Liq. + CF	2.21	2.22
Debt Ratio	1.70	1.76
Leverage	3.11	3.27
D/E Ratio	2.11	2.27

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	12.40%	4.84%	4.15%	0.69%
2015	10	10.28%	15.31%	14.34%	0.98%
2010	15	10.19%	20.57%	19.25%	1.33%
2005	20		15.02%	14.32%	0.69%
2000	25		15.69%	15.11%	0.58%
1995	30		19.73%	19.10%	0.63%

The Total Return per year is shown below for years of 5 to 30 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	10.76%	3.22%	2.61%	0.61%
2015	10	10.39%	15.35%	14.42%	0.92%
2010	15	8.59%	17.68%	16.72%	0.95%
2005	20		14.03%	13.46%	0.57%
2000	25		16.31%	15.78%	0.53%
1995	30		19.63%	19.09%	0.54%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 45.48, 55.30 and 65.78. The corresponding 10 year ratios are 39.57, 52.74 and 64.86. The corresponding historical ratios are 15.59, 19.35 and 25.54. The current P/E Ratio is 40.73 based on a stock price of $210.63 and EPS estimate for 2026 of $5.17 ($3.79 US$). 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. However, these ratios are very high. This testing is in CDN$. For this sort of company, I would think a ratio higher than 20.00 was high.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 26.59, 33.89 and 39.41. The corresponding 10 year ratios are 25.35, 30.54 and 36.28. The corresponding historical ratios are 17.41, 24.48 and 32.43. The current P/AEPS Ratio is 25.02 based on a stock price of $154.65 and AEPS estimate for 2026 of $6.18. The current ratio is below the low of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar answer in CDN$. I think that these ratios are also quite high.

I get a Graham Price of $87.12. The 10-year low, median, and high median Price/Graham Price Ratios are 2.63, 3.23 and 4.09. The current ratio is 2.42 based on a stock price of $210.63. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$. I think that these ratios are also quite high.

I get a 10-year median Price/Book Value per Share Ratio of 8.47. The current ratio is 5.28 based on a Book Value of $1,339.5M, Book Value per Share of $29.30 and a stock price of $154.65. This ratio is 38% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar answer in CDN$. I think that these ratios are also quite high.

I also have a Book Value per Share estimate for 2026 of $33.35. This implies a ratio of 4.64 with a stock price of $154.65 and a Book Value of $1,524.5M. This ratio is 45% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar answer in CDN$. I think that these ratios are also quite high.

I get a 10-year median Price/Cash Flow per Share Ratio of 24.92. The current ratio is 16.78 based on Cash Flow per Share estimate for 2026 of $9.22, Cash Flow of $421.3M and a stock price of $154.65. This ratio is 33% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar answer in CDN$.

I get an historical median dividend yield of 0.67%. The current dividend yield is 0.71% based on dividends of $1.10 and a stock price of $154.65. The current dividend yield is 6% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. Dividends are paid in US$. You will get a similar answer in CDN$.

I get a 10 year median dividend yield of 0.62%. The current dividend yield is 0.71% based on dividends of $1.10 and a stock price of $154.65. The current dividend yield is 14% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. Dividends are paid in US$. You will get a similar answer in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 1.49. The current ratio is 1.21 based on Revenue estimate for 2026 of $5,837M, Revenue per Share of $127.69 and a stock price of $154.65. The current ratio is 19% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. Dividends are paid in US$. You will get a similar answer in CDN$.

Results of stock price testing is that the stock price testing as reasonable, but I find a lot of the ratios to be very high. The dividend yield testing is saying that the stock price is reasonable and below the median. This is confirmed by the P/S Ratio test. The rest of the testing is saying that the stock price is cheap or reasonable. However, I do find that the ratios are quite high, so I wonder if the stock is overvalued rather than reasonable.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (3) and Hold (1). The consensus is a Strong Buy. The 12 month stock price consensus is $257.39 ($188.59 US$) with a high of 257.39 ($188.59 US$) and low of $257.39 ($188.59 US$). This implies a total return of 22.91% with 22.20% from capital gains and 0.71% from dividends. (There are 9 analysts’ consensus for this stock, but there appears to be only 1 target price given.)

Analysts on Stock Chase like this stock, but some say it is always too expensive. Robin Brown on Motley Fool thinks that this stock may surge in 2026. Kay Ng on Motley Fool thinks that this stock is undervalued. The company put out a press release via Global Newswire about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock and gives its pros and cons. Simply Wall Street via Yahoo Finance talks how investors react to the company’s earnings beat and 11% dividend increase.

FirstService Corp operates in two business divisions: FirstService Residential and FirstService Brands. The company earns the majority of its revenue in the United States, with the remaining revenue generated in Canada. Its web site is here FirstService Corp.

The last stock I wrote about was about was ARC Resources Ltd (TSX-ARX, OTC-AETUF) ... learn more. The next stock I will write about will be Allied Properties Real Estate Investment Trust (TSX-AP.UN, OTC-APYRF) ... learn more on Monday, February 16, 2026 around 5 pm. Tomorrow on my other blog I will write about Gen Z Guide to Negotiating.... learn more on Tuesday, February 17, 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.

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