Canadian Imperial Bank of Commerce

Sound bite for Twitter is: Dividend Growth Bank. Debt Ratios are good. Results of stock price testing is that the stock price is probably expensive. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Canadian Imperial Bank of Commerce.

Is it a good company at a reasonable price? What is see is that the stock price is growing faster than EPS. EPS is growing faster than Revenue. Neither is sustainable. Banks have been a good investment for me. Finance is where the money is. I do not have this bank. Canadian banks have delivered over the long term my requirement of 8% per year in capital gains and dividends. They all seem overpriced at this point in time. I would not sell, but neither would I buy. This bank is testing as relatively expensive.

I do not own this stock of Canadian Imperial Bank of Commerce (TSX-CM, NYSE-CM). This was the only major Canadian Bank I was not following. I thought I should so I started to track this stock in 2017.

When I was updating my spreadsheet, I noticed that this stock has also take off this year and reached an all time high. This stock was up 37% in 2025 after rising 43% in 2024. The increase in the stock price seems out of line with other years. The capital gain for the last 5 years is 18% per year. The capital gain for the last 10 years is now 10% per year. For other long term periods, the capital gain is 6% to 8% per year. See the paragraph below on Total Return per Year.

If you had invested in this company in December 2015, for $1,003.09 you would have bought 22 shares at $45.60 per share. In December 2025, after 10 years you would have received $669.13 in dividends. The stock would be worth $2,813.14. Your total return would have been $3,482.27. This would be a total return of 14.86% per year with 10.58% from capital gain and 4.30% from dividends. This calculation takes into consideration stock splits, which means that the original cost would be lowered by these splits.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$45.60	$1,003.09	22	10	$669.13	$2,813.14	$3,482.27

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 3.41%. The 5 and historical median dividend yields are also moderate at 4.66% and 4.61%. The 10 year median dividend yield is good (5% to 6% ranges) at 5.03%. The dividend growth is low (below 8% per year) at 2.9% per year over the past 5 years. The last dividend increase was good (8% to 14% per year) at 10.31%. This increase occurred in 2025. This bank seems to only increase its dividends once a year. Most other banks do a couple to several a year.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 45% with 5 year coverage at 49%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 45% with 5 year coverage at 46%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 38% with 5 year coverage at 41%. The DPR for 2025 for Free Cash Flow (FCF) is good at 34% with 5 year coverage at 17%. There is only one FCF value for 2025.

Item	Cur	5 Years
EPS	45.27%	49.43%
AEPS	45.06%	46.39%
CFPS	38.34%	41.44%
FCF	34.35%	16.76%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is high at 7.50 and currently at 6.82. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.79 and currently at 0.79 because this is a more important ratio for a financial. The Liquidity Ratio for 2025 is good at 2.79 and 2.79 currently. However, this is not an important ratio for a bank. The Debt Ratio for 2025 is fine for a bank at 1.06 and 1.06 currently. The Leverage Ratio for 2025 is good at 4.3% and currently at 4.3%.

Type	Year End	Ratio Curr
Lg Term R A	0.79	0.79
Lg Term R	7.50	6.82
Intang/GW	0.08	0.07
Liquidity	2.79	2.79
Liq. + CF	3.44	3.42
Debt Ratio	1.06	1.06
Leverage Bk	4.3%	4.3%

The Total Return per year is shown below for years of 5 to 42 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	5.92%	22.60%	18.01%	4.58%
2015	10	6.16%	14.86%	10.56%	4.30%
2010	15	5.49%	11.92%	8.01%	3.91%
2005	20	5.50%	9.56%	6.08%	3.48%
2000	25	7.44%	10.68%	6.94%	3.74%
1995	30	8.15%	13.50%	8.71%	4.79%
1990	35	7.30%	13.41%	8.73%	4.68%
1985	40	6.99%	12.51%	8.19%	4.32%
1983	42	6.65%	13.60%	8.62%	4.98%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.69, 10.57 and 12.46. The corresponding 10 year ratios are 8.01, 9.75 and 11.48. The corresponding historical ratios are 8.23, 9.74 and 11.21. The current ratio is 13.42 based on a stock price of $125.41 and ESP estimate for 2026 of $9.35. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. Since the ratios are rather consistent, it makes this a good test.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.17, 9.27 and 11.80. The corresponding 10 year ratios are 7.33, 9.23 and 10.63. The corresponding historical ratios are 8.19, 9.43 and 11.32. The current ratio is 13.17 based on a stock price of $125.41 and ESP estimate for 2026 of $9.52. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $115.55. The 10-year low, median, and high median Price/Graham Price Ratios are 0.61, 0.76 and 0.89. The current ratio is 1.09 based on a stock price of $125.41. The current ratio is above the high ratio of the 10 year median ratio. 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 1.39. The current P/B ratio is 2.01 based on a Book Value of $57,560M, Book Value per Share of $62.33 and a stock price of $125.41. The current ratio is 44% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $66.27. This implies a ratio of 1.89 based on a stock price of $125.41 and a Book Value of $61,407M. This ratio is 36% 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 3.99. The current ratio is 8.40 based on Cash Flow for the last 12 month of $13,838M, Cash Flow per share of $14.93 and a stock price of $125.41. The current ratio is 111% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. However, this is generally not a good test for banks as the Cash Flow for banks fluctuates a lot. If you look for estimate for Cash Flow for banks, I have never found any.

I get an historical median dividend yield of 4.61%. The current dividend yield is 3.41% based on dividends of $4.28 and a stock price of $125.41. The current dividend yield is 26% 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 5.03%. The current dividend yield is 3.41% based on dividends of $4.28 and a stock price of $125.41. 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.

The 10-year median Price/Sales (Revenue) Ratio is 2.66. The current P/S Ratio is 3.78 based on Revenue estimate for 2026 of $30,759M, Revenue per Share of $33.20 and a stock price of $125.41. The current ratio is 42% 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 this and it is confirmed by the P/S Ratio test. All my testing is pointing to a stock price that is relatively expensive. I would rate this a Hold.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (3), Hold (7) and Underperform (2). The consensus is a Buy. The 12 month stock price consensus is $125.38 with a high of $138.00 and low of $100.00. The 12 month stock price of $125.38 implies total return 3.39% with a capital loss of $0.02% and dividends of 3.41% based on a current stock price of $125.41. I think that the consensus stock price points to a Hold rating, not a Buy Rating.

Some analyst on Stock Chase think this bank is still a buy, but others say partial sell because of its high valuation. Amy Legate-Wolfe on Motley Fool think this bank is still a buy because of decades of delivering dividends and has a strong Canadian core. Joey Frenette on Motley Fool says he is a big fan of big banks for their dividends and momentum. The bank put at a press release via Newswire about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock and looks to see if it is under or overvalued or just right. Simply Wall Street lists no risks for this bank.

Canadian Imperial Bank of Commerce is Canada's fifth-largest bank. It operates four business segments: Canadian retail and business banking, Canadian commercial banking and wealth management, US commercial banking and wealth management, and capital markets. It services Canada and US. Its web site is here Canadian Imperial Bank of Commerce.

The last stock I wrote about was about was National Bank of Canada (TSX-NA, OTC-NTIOF) ... learn more. The next stock I will write about will be Transcontinental Inc (TSX-TCL.A, OTC-TCLAF) ... learn more on Friday, January 23, 2026 around 5 pm. Tomorrow on my other blog I will write about Wolf of Oakville .... learn more on Thursday, January 22, 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.

National Bank of Canada

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

Is it a good company at a reasonable price? This is a bank I do not own. Generally owning banks is good because they are dividend growth stocks as this one is. It has done well for its shareholders over time. I would think that now is not a good time to buy this bank if it is one you want to hold. The stock price is testing as relatively expensive.

I do not own this stock of National Bank of Canada (TSX-NA, OTC-NTIOF). I thought I should follow one of the smaller Canadian Banks. This seems like a good choice.

When I was updating my spreadsheet, I noticed that this bank is increasing their dividend growth. For example, the increase in dividends per year for the past 10 years is 8.6% per year and the dividend increases per year over the past 5 years is at 10.2% per year. This is always a good sign.

During the year, this bank bought Canadian Western Bank. See the Press Release.

If you had invested in this company in December 2015, for $1,007.75 you would have bought 26 shares at $40.31 per share. In December 2025, after 10 years you would have received $777.00 in dividends. The stock would be worth $4,315.25. Your total return would have been $5,092.25. This would be a total return of 19.66% per year with 15.66% from capital gain and 4.00% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$40.31	$1,007.75	25	10	$777.00	$4,315.25	$5,092.25

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 2.94%. The 5, 10 and historical median dividend yields are all moderate at 3.71%, 4.01% and 3.85%. The dividends are growing at a moderate rate (8% to 14% ranges) at 10.2% per year over the past 5 years. The last dividend increase was in 2026 and it was for 5.08%. Note that this bank increases the dividends more than once a year. The dividend increase between 2024 and 2025 is 7.55%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 45% with 5 year coverage at 39%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 40% with 5 year coverage at 38%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 38% with 5 year coverage at 36%. The DPR for 2025 for Free Cash Flow (FCF) is high at 51% with 5 year coverage at 71%. As with other stock lately, only WSJ is giving out a FCF value. Maybe people are losing interest in FCF.

Item	Cur	5 Years
EPS	45.28%	38.79%
AEPS	40.43%	37.75%
CFPS	38.47%	35.54%
FCF	51.05%	70.55%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is ok for banks at 6.98 and currently at 6.29. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.78 and currently at 0.78 because this is a more important ratio for a financial. The Liquidity Ratio for 2025 is good at 8.47 and 8.47 currently. This is not an important ratio for banks. The Debt Ratio for 2025 is fine for a bank at 1.06 and 1.06 currently. The Leverage Ratio for 2025 is good at 4.5% and currently at 4.5%.

Type	Year End	Ratio Curr
Lg Term R A	0.78	0.78
Lg Term R	6.98	6.29
Intang/GW	0.08	0.07
Liquidity	8.47	8.47
Liq. + CF	9.23	9.20
Debt Ratio	1.06	1.06
Leverage Bk	4.5%	4.4%

The Total Return per year is shown below for years of 5 to 39 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	10.17%	22.91%	19.23%	3.68%
2015	10	8.59%	19.66%	15.66%	4.00%
2010	15	9.07%	14.83%	11.38%	3.45%
2005	20	8.89%	12.08%	9.11%	2.97%
2000	25	10.57%	14.33%	10.80%	3.53%
1995	30	10.99%	16.42%	12.13%	4.29%
1990	35	7.20%	15.68%	11.36%	4.32%
1986	39	7.79%	11.17%	8.49%	2.68%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.68, 10.36 and 11.64. The corresponding 10 year ratios are 8.66, 10.16 and 11.64. The corresponding historical ratios are 8.65, 9.96 and 11.64. The current ratio is 14.14 based on a stock price of $168.54 and EPS estimate for 2026 of $11.92. 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 8.65, 10.65 and 11.76. The corresponding 10 year ratios are 8.55, 9.75 and 11.24. The corresponding historical ratios are 8.67, 10.19 and 11.49. The current ratio is 13.96 based on a stock price of $168.54 and EPS estimate for 2026 of $12.07. 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 $145.82. The 10-year low, median, and high median Price/Graham Price Ratios are 0.73, 0.87 and 0.99. The current ratio is 1.16 based on a stock price of $168.54. 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 1.71. The current ratio is 2.15 based on Book Value of $30,619M, Book Value per Share of $78.30 and a stock price of $168.54. The current ratio is 26% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $83.79. This implies a ratio of 2.01 based on a stock price of $168.54 and a Book Value of $32,767M. This ratio is 17% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 4.13. The current ratio is 14.22 based on Cash Flow for the last 12 months of $4,635M, Cash Flow per Share of $11.85 and a stock price of $168.54. The current ratio is 244% 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 3.85%. The current dividend yield is 2.94% based on a stock price of $168.54 and dividends of $4.96. The current dividend yield is 24% 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 4.01%. The current dividend yield is 2.94% based on a stock price of $168.54 and dividends of $4.96. The current dividend yield is 28% 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 3.03. The current P/S Ratio is 4.39 based on Revenue estimate for 2026 of $15,020M, Revenue per Share of $38.41 and a stock price of $168.54. The current ratio is 45% 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 relatively expensive. The dividend yield testing shows this. It is confirmed by the P/S Ratio testing. All the rest of the testing, with the exception of the P/B Ratio test is showing that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (2), Hold (7), and Underperform (2). The consensus would be a Buy. The 12 month stock price consensus is $170.57 with a high of $188.00 and low of $132.00. The consensus 12 month stock price of $170.57 implies a total return of 4.15% with 1.20% from capital gains and 2.94% from dividends based on a current stock price of $168.54.

Analysts on Stock Chase seem to like this bank and they also like the purchase of Canadian Western Bank. Amy Legate-Wolfe on Motley Fool says that NA may be the less obvious bank to own but it has a better yield and is faster growing. Christopher Liew on Motley Fool says that this bank could be the best bank buy for 2026. This bank put out a press release via Newswire about their results for 2026.

Simply Wall Street via Yahoo Finance reviews this stock. They have a positive view of this bank and says this depends on Quebec remaining resilient and on the integration of Canadian Western Bank not increasing costs, reducing efficiency, or weakening credit quality more than analysts currently expect.

National Bank of Canada is the sixth-largest bank in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth management, and capital markets services. The bank derives around 45% of its 2025 revenue from the province of Quebec, with additional operations in the rest of Canada and the United States. Its web site is here National Bank of Canada.

The last stock I wrote about was about was Bank of Nova Scotia (TSX-BNS, NYSE-BNS) ... learn more. The next stock I will write about will be Canadian Imperial Bank of Commerce (TSX-CM, NYSE-CM) ... learn more on Wednesday, January 21, 2026 around 5 pm. Tomorrow on my other blog I will write about Compounding Quality Newsletter.... learn more on Tuesday, January 20, 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.

Bank of Nova Scotia

Sound bite for Twitter is: Dividend Growth Bank. Results of stock price testing is that the stock price is still reasonable but at the top of the reasonableness range. Debt Ratios are good. The Dividend Payout Ratios (DPR) are generally too high and need improving. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Bank of Nova Scotia.

Is it a good company at a reasonable price? This bank has generally done fine for its shareholders, but return has varied in the past and long term returns have not always been above 8%. Canadian banks are at present relatively expensive and at all time highs or close to all-time highs. This bank is not different. I would think that now is not the time to be buying Canadian Banks. The stock price for this bank looks relatively high. It is still showing as relatively reasonable, but it is above the 10 year median.

I do not own this stock of Bank of Nova Scotia (TSX-BNS, NYSE-BNS). This is one of the big banks of Canada. All our big banks are dividend growth companies. My son owns shares in this bank.

When I was updating my spreadsheet, I noticed that the officers I follow and the Chairman bought shares over the past year. This stock went up 31% over the past year. Note not as good as TD did, but still a good gain.

If you had invested in this company in December 2015, for $1,007.46 you would have bought 18 shares at $55.97 per share. In December 2025, after 10 years you would have received $660.60 in dividends. The stock would be worth $1,822.14. Your total return would have been $2,482.74. This would be a total return of 11.11% per year with 6.10% from capital gain and 5.01% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$55.97	$1,007.46	18	10	$660.60	$1,822.14	$2,482.74

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 4.31%. The historical median dividend yield is moderate at 4.26%. The 5 and 10 year median dividend yields are good (5% to 6% ranges) at 5.91% and 5.18%. The dividend growth is low (below 8% per year) at 3.7% per year over the past 5 years. The last dividend increase was in 2025 and it was for 3.8%.

The Dividend Payout Ratios (DPR) are generally too high and need improving. The DPR for 2025 for Earnings per Share (EPS) is high at 76% with 5 year coverage at 62%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 61% with 5 year coverage at 57%. The DPR for 2025 for Cash Flow per Share (CFPS) is very high at 99% with 5 year high coverage at 43%. The DPR for 2025 for Free Cash Flow (FCF) is high at 58% with 5 year coverage good at 43%. (As with other stocks, only WSJ is giving a FCF value. Other sites have stopped doing this.)

Item	Cur	5 Years
EPS	76.19%	61.74%
AEPS	60.93%	56.78%
CFPS	98.75%	43.62%
FCF	57.93%	43.39%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is high at 8.50 and currently at 7.68. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.72 and currently at 0.72 because this is a more important ratio for a bank. The Liquidity Ratio for 2025 is low at 1.08 and 1.08 currently. However, this is not an important ratio for a bank. The Debt Ratio for 2025 is good for a bank at 1.08 and 1.08 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 4.5% and currently at 4.5%.

Type	Year End	Ratio Curr
Lg Term R A	0.72	0.72
Lg Term R	8.50	7.68
Intang/GW	0.14	0.13
Liquidity	1.08	1.08
Liq. + CF	1.08	1.08
Debt Ratio	1.06	1.06
Leverage Bk	4.5%	4.5%

The Total Return per year is shown below for years of 5 to 40 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	3.71%	13.13%	8.03%	5.10%
2015	10	4.73%	11.11%	6.10%	5.01%
2010	15	5.41%	8.08%	3.89%	4.19%
2005	20	6.11%	8.04%	4.01%	4.03%
2000	25	9.01%	11.14%	6.37%	4.77%
1995	30	9.15%	15.36%	9.09%	6.27%
1990	35	8.48%	18.26%	10.48%	7.78%
1985	40	8.42%	14.06%	8.73%	5.33%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.59, 11.10 and 12.58. The corresponding 10 year ratio 9.30, 10.94 and 12.55. The corresponding historical ratios are 10.14, 11.19 and 14.48. The current ratio is 12.91 based on a stock price $102.18 and EPS estimate for 2026 of $7.92. 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/Earnings per Share Ratios are 8.47, 9.91 and 11.34. The corresponding 10 year ratio 8.72, 10.23 and 11.68. The corresponding historical ratios are 9.10, 10.90 and 12.63. The current ratio is 12.74 based on a stock price $102.18 and AEPS estimate for 2026 of $8.02. 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 $105.98. The 10-year low, median, and high median Price/Graham Price Ratios are 0.63, 0.78 and 0.92. The current ratio is 0.96 based on a stock price of $102.18. 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 1.40. The current ratio is 1.64 based on a Book Value of $76,927M, Book Value per Share of $62.24 and a stock price of $102.18. The current ratio is 18% 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 $65.16. This implies a ratio of 1.57 with a stock price of $102.18 and a Book Value of $80,538M. This ratio is 12% 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 5.05. The current ratio is 23.36 based on Cash Flow for the last 12 months of $5,407M, Cash Flow per Share of $4.37 and a stock price of $102.18. The current ratio is 362% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. However, this test is not a good one for banks as the cash flow for banks fluctuates a lot.

I get an historical median dividend yield of 4.26%. The current dividend yield is 4.31% based on a stock price of $102.18 and dividends of $4.40. The current dividend yield is 1.08% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10 year median dividend yield of 5.18%. The current dividend yield is 4.31% based on a stock price of $102.18 and dividends of $4.40. The current dividend yield is 17% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 2.74. The current P/S Ratio is 3.23 based on Revenue estimate for 2026 of $39,082M, Revenue per Share of $31.62 and a stock price of $102.18. The current ratio is 18% 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 still reasonable but at the top of the reasonableness range. The 10 year dividend yield test is considered currently to be better than the historical dividend yield test and the 10 year test says that the stock price is reasonable but above the median. The P/S Ratio test confirms the 10 year median dividend yield test. The test of the testing says either the stock price is reasonable but above the median or expensive.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (1), Hold (8) and Underperform (2). The consensus is a Buy. The 12 month stock price consensus is $101.20 with a high of $109.00 and low of $92.00. The current stock price consensus of $101.20 implies a total return of 3.35% with a capital loss of 0.96% and dividends of $3.35% based on a current stock price of $102.18. The Buy recommendation does not really line up with this 12 month total return. The total return lines up with the Underperform status.

Analyst on Stock Chase all not all positive about this bank, but feel that nothing much bad will happen. Rajiv Nanjapla on Motley Fool says to buy this bank for its passive income. Amy Legate-Wolfe on Motley Fool reviews this bank and says it could be a good buy for your TFSA account. The company put out a press release about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock and thinks that there are several reasons to buy this bank even though it is not the largest of the big bank stocks. They think that the valuation is favourable and it has long term potential. They have one warning of significant insider selling over the past 3 months. I do not see this. Often not taking up options and insider selling is confused. In the past year the CEO, and an officer I follow plus the chairman have bought stock.

The Bank of Nova Scotia is a global financial services provider. The bank has four major business segments: Canadian banking, international banking, global wealth management, and global banking and markets. The bank's international operations span numerous countries and are more concentrated in the Latin America region. Its web site is here Bank of Nova Scotia.

The last stock I wrote about was about was Toronto Dominion Bank (TSX-TD, NYSE-TD) ... learn more. The next stock I will write about will be National Bank of Canada (TSX-NA, OTC-NTIOF) ... learn more on Monday, January 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.

Toronto Dominion Bank

Sound bite for Twitter is: Dividend Growth Bank. Results of stock price testing is that the stock price is probably still in the reasonable range, but it is above the median. 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 Toronto Dominion Bank.

Is it a good company at a reasonable price? I like this bank. This is the bank I use for my chequing account and all my trading accounts. I also own shares in this bank. I would worry about buying it at this point as it seems rather expensive. I also wonder if the stock price might fall because the dividend increases in the last two years have been under 3%. I think that there is probably better stocks to buy at this point. It is testing on the expensive side.

I own this stock of Toronto Dominion Bank (TSX-TD, NYSE-TD). This stock, as all banks, was on Mike Higgs' Canadian Dividend Growth Stock list and the other dividend lists that I followed. When I sold some Metro in 2009, I bought this stock. It is the 3rd bank stock I bought.

When I was updating my spreadsheet, I noticed I have done well with this bank. I first purchased it in 2000 and then again in 2009 and 2017. I have made 13.57% per year with 9.69% from capital gains and 3.88% from dividends. Since a low in April 2025, the stock price has taken off climbing from $79.20 to $131.17, some 65.6%.

I noticed that this bank has a new chairman and that all 3 directors I was following are no longer directors. They also have a new CEO, but he was previously an officer of the company.

Also, you would think that determining Revenue would be easy. When I went to get Revenue estimates, each report was calculating Revenue differently and differently than on the statements. I could find how they calculated the revenue, but it was in the footnotes or the values used was found in the Management’s Discussion and Analysis (but not listed as revenue). However, two sites or reports did come up with the same revenue value.

If you had invested in this company in December 2015, for $1,030.56 you would have bought 19 shares at $54.24 per share. In December 2025, after 10 years you would have received $607.24 in dividends. The stock would be worth $2,457.84. Your total return would have been $3,065.08. This would be a total return of 12.99% per year with 9.08% from capital gain and 3.91% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$54.24	$1,030.56	19	10	$607.24	$2,457.84	$3,065.08

If you had invested in this company in December 1975, for $1,000.00 you would have bought 1250 shares at $0.80 per share. In December 2025, after 50 years you would have received $66,114.94 in dividends. The stock would be worth $161,700.00. Your total return would have been $227,814.94. This would be a total return of 15.38% per year with 10.71% from capital gain and 4.67% from dividends. This calculation takes into consideration stock splits, which means that the original cost would be lowered by these splits. (Since I have the values, I thought it might be interesting to see what this stock has done over 50 years. But good companies and keep them.)

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$0.80	$1,000.00	1,250	50	$66,114.94	$161,700.00	$227,814.94

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 3.33%. The 5, 10 and historical dividend yields are moderate at 4.44%, 4.14% and 3.57%. The dividend growth is low (below 8% per year) at 6.2% per year over the past 5 years. The last dividend increase was in 2025 and it was for 2.9%. This bank seems to increase their dividends only once a year.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2025 for Earnings per Share (EPS) is good at 36% with 5 year coverage at 48%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is fine at 50% with 5 year coverage good at 47%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 32% with 5 year coverage at 44%. The DPR for 2025 for Free Cash Flow (FCF) is non-calculable due to a negative FCF with 5 year coverage good at 16.25%. Here again there is only one place to find FCF.

Item	Cur	5 Years
EPS	36.33%	48.22%
AEPS	50.18%	46.60%
CFPS	32.80%	43.96%
FCF	-184.30%	16.25%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is high at 6.51 and currently at 5.72. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.84 and currently at 0.84 because this is a more important ratio for a bank. The Liquidity Ratio for 2025 is good at 2.66 and 2.66 currently. However, this is not an important ratio for a bank. The Debt Ratio for 2025 is good for a bank at 1.06 and 1.06 currently. The Leverage Ratio for 2025 are good at 4.6% and currently at 4.6%.

Type	Year End	Ratio Curr
Lg Term R A	0.84	0.84
Lg Term R	6.51	5.72
Intang/GW	0.12	0.10
Liquidity	2.66	2.66
Liq. + CF	2.35	2.34
Debt Ratio	1.06	1.06
Leverage Bk	4.6%	4.6%

The Total Return per year is shown below for years of 5 to 50 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	6.19%	16.60%	12.46%	4.15%
2015	10	7.70%	12.99%	9.08%	3.91%
2010	15	8.59%	12.45%	8.68%	3.77%
2005	20	8.71%	10.82%	7.48%	3.34%
2000	25	9.25%	10.50%	7.40%	3.10%
1995	30	10.33%	15.54%	10.78%	4.77%
1990	35	9.25%	14.61%	10.32%	4.29%
1985	40	9.83%	13.47%	9.70%	3.77%
1980	45	10.00%	15.22%	10.56%	4.66%
1975	50	10.45%	15.38%	10.71%	4.67%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.25, 9.82 and 11.63. The corresponding 10 year ratios are 10.50, 11.62 and 12.74. The corresponding historical ratios are 10.50, 11.76 and 13.03. The current ratio is 14.54 based on a stock price of $129.65 and EPS estimate for 2026 of $9.82. 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. This would seem a good test as the P/E Ratios have been rather consistent over time.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 9.35, 10.62 and 11.71. The corresponding 10 year ratios are 9.50, 11.20 and 12.41. The corresponding historical ratios are 10.20, 11.52 and 12.89. The current ratio is 14.29 based on a stock price of $129.65 and EPS estimate for 2026 of $9.07. 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 $118.85. The 10-year low, median, and high median Price/Graham Price Ratios are 0.74, 0.85 and 0.97. The current ratio is 1.09 based on a stock price of $129.65. This 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 1.47. The current ratio is 1.87 based on a Book Value of $116,939M, Book Value per Share of $69.22 and a stock price of $129.65. The current ratio is 27% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $71.35. This implies a ratio of 1.82 with a stock price of $129.65 and Book Value of $120,546M. This ratio is 24% 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 2.63. The current cash flow is negative, so I cannot do any P/CF Ratio testing. In any event, this is not a good test for banks as the cash flow fluctuates a lot over the years.

I get an historical median dividend yield of 3.57%. The current dividend yield is 3.33% based on dividends of $4.32 and a stock price of $129.65. The current dividend yield is 7% above 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 4.14%. The current dividend yield is 3.33% based on dividends of $4.32 and a stock price of $129.65. The current dividend yield is 19.5% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 3.09. The current P/S Ratio is 3.43 based on Revenue estimate for 2026 of $63,883M, Revenue per Share of 37.81 and a stock price of $129.65. The current ratio is 11% 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 still in the reasonable range, but it is above the median. Both the dividend yield tests say this and it is confirmed by the P/S Ratio test. The rest of the testing is saying that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (6), Buy (3), Hold (4) and Underperform (2). The consensus is a Buy. The 12 month stock price consensus is $128.67 with a high of $135.00 and low of $115.00. The consensus stock price of $128.67 implies a total return of $2.58% with a capital loss of $0.76% and dividend of $3.33% based on a current stock price of $129.65.

The most recent reviews on Stock Chase say that the stock is no longer an attractive at the current price. But some still think it is a Buy. Amy Legate-Wolfe on Motley Fool reviews this stock and thinks it is at a reasonable valuation for purchase for your TFSA. Demetris Afxentiou on Motley Fool thinks is the best big bank stock for your TFSA. This bank put out a Press Release about their 2025 fourth quarter results.

Simply Wall Street via Yahoo Finance says to buy this stock for its reliable dividend. They have one warning on this bank of Earnings are forecast to decline by an average of 5.3% per year for the next 3 years. Vardah Fill on Insider Monkey says that National Bank turns more positive on TD bank by upgrading it to Outperform from Sector Perform.

Toronto-Dominion is one of Canada's two largest banks. TD Bank operates four business segments: Canadian personal and commercial banking, US retail banking, wealth management and insurance, and wholesale banking. It mainly operates in Canada and US. Its web site is here Toronto Dominion Bank.

The last stock I wrote about was about was Calian Group Ltd (TSX-CGY, OTC-CLNFF) ... learn more. The next stock I will write about will be Bank of Nova Scotia (TSX-BNS, NYSE-BNS) ... learn more on Friday, January 16, 2026 around 5 pm. Tomorrow on my other blog I will write about Canada’s Stagnation.... learn more on Thursday, January 15, 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.

Calian Group Ltd

Sound bite for Twitter is: Dividend Paying Industrial. 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 low with dividend growth non-existent. See my spreadsheet on Calian Group Ltd.

Is it a good company at a reasonable price? I own this stock and I have done well with it. I think any return greater than 8% per year (capital gains and dividends) is a good return. I note insiders are buying, even though it has not done well over the past 5 years. Their last buys are at $57.42. I bought this stock for diversification purposes. I plan to continue to hold the shares that I have. I am buying little these days as I am living off my dividends. The stock price I think is reasonable and below the median.

I own this stock of Calian Group Ltd (TSX-CGY, OTC-CLNFF). In 2011 I found Calian to be an interesting company with a very nice dividend. This stock came up on a Globe Investor site. The Globe Investor Number Cruncher is an investment column about screening for stocks and funds. They did one on companies with little to no debt. I also noted that the Financial Blogger has this stock on his Top Ten Canadian Dividend Stocks list.

When I was updating my spreadsheet, I noticed all the officers and directors I am following bought shares over the past year. The CEO has left and been replace with the CFO. The company is starting a search for a new CFO.

I have done well with this stock. I first bought it in 2016 and then made purchases in 2011 and 2012. My total return to the end of December 2025 is 12.11% with 8.45% from capital gains and 3.66% from dividends over this 14.6 year period.

Note however, that although I have made money and a good return was made over the past 10 years, the total return over the past 5 year is a loss of 1.79% with a capital loss of 3.62% and dividends 1.82%. Five years ago, the stock hit a peak of $66.16 in 2020. Since 2022 the stock price has gone down. The positives are since 2022 is the rise in Revenue, Revenue per Share and Adjusted EPS. The negatives are the decline in EPS and Cash Flow less Working Capital is down. Also, debt is up as is Intangibles and Goodwill. Debt has grown 997%. Intangibles and good will has grown by 331%. Although neither debt or Intangibles and Goodwill are not currently at a worrying level.

If you had invested in this company in December 2015, for $1,001.92 you would have bought 62 shares at $16.16 per share. In December 2025, after 10 years you would have received $694.40 in dividends. The stock would be worth $3,411.86. Your total return would have been $4.106.26. This would be a total return of 17.44% per year with 13.04% from capital gain and 4.41% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$16.16	$1,001.92	62	10	$694.40	$3,411.86	$4,106.26

The current dividend yield is low with dividend growth non-existent. The current dividend yield is low (below 2%) at 1.91%. The 5 year dividend yield is low at 1.85%. The 10 year and historical dividend yields are moderate (2% to 4% ranges) at 2.27% and 3.49%. The last dividend increase was in 2013.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is high at 64% with 5 year coverage at 85%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 34% with 5 year coverage at 31%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 17% with 5 year coverage at 18%. The DPR for 2025 for Free Cash Flow (FCF) is good at 26% with 5 year coverage at 27%.

Item	Cur	5 Years
EPS	63.64%	85.37%
AEPS	34.15%	30.68%
CFPS	17.37%	18.48%
FCF	25.60%	27.19%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.23 and currently at 0.20. The Liquidity Ratio for 2025 is low at 1.48 and 1.48 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.64 and currently at 1.64. The Debt Ratio for 2025 is good at 1.80 and 1.80 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.25 and 1.25 and currently at 2.25 and 1.25.

Type	Year End	Ratio Curr
Lg Term R	0.23	0.20
Intang/GW	0.59	0.52
Liquidity	1.48	1.48
Liq. + CF	1.64	1.68
Debt Ratio	1.80	1.80
Leverage	2.25	2.25
D/E Ratio	1.25	1.25

The Total Return per year is shown below for years of 5 to 32 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%	-1.79%	-3.62%	1.82%
2015	10	0.00%	17.44%	13.04%	4.41%
2010	15	2.35%	11.52%	7.54%	3.98%
2005	20	6.46%	13.55%	8.46%	5.09%
2000	25	8.95%	17.71%	11.37%	6.35%
1995	30		11.06%	7.98%	3.08%
1993	32		9.15%	6.71%	2.44%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 44.89, 52.52 and 60.15. The corresponding 10 year ratios are 25.86, 28.17 and 30.47. The corresponding historical ratios are 11.66, 11.71 and 14.24. The current ratio is 24.37 based on a stock price of $58.57 and EPS estimate for 2026 of $2.40. This ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. However, these ratios have gone up a lot over the years, so you have to wonder how good this test is.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 13.80, 16.15 and 18.50. The corresponding 10 year ratios are 12.36, 14.08 and 15.83. The corresponding historical ratios are 10.69, 12.41 and 14.13. The current ratio is 13.56 based on a stock price of $58.57 and AEPS estimate for 2026 of $4.32. This ratio is between the low ratio and median ratios of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This seems to be a good test.

I get a Graham Price of $52.45. The 10-year low, median, and high median Price/Graham Price Ratios are 1.07, 1.20 and 1.32. The current ratio is 1.12 based on a stock price of $58.57. This ratio is between the low ratio and median ratios of 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/Book Value per Share Ratio of 2.21. The current ratio is 2.07 based on a Book Value of $321.28M, Book Value per Share of $28.31 and a stock price of $58.57. 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 also have Book Value per Share estimate for 2026 of $35.95. This implies a ratio is 1.63 based on a stock price of $58.57 and a Book Value of $408M. This ratio is 26% 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 12.00. The current ratio is 14.63 based on Cash Flow for the last 12 months of $45.4M, Cash Flow per Share of $4.00 and a stock price of $58.57. The current ratio is 22% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This is not a particularly good test as cash flow does fluctuate a lot and no one is given out a Cash Flow estimate.

I get an historical median dividend yield of 3.49%. The current ratio is 1.91% based on dividends of $1.12 and a stock price of $58.57. The current dividend yield is 45% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. Unforturately, this test does not work well when the dividends are flat.

I get a 10 year median dividend yield of 2.27%. The current ratio is 1.91% based on dividends of $1.12 and a stock price of $58.57. The current dividend yield is 16% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. Unforturately, this test does not work well when the dividends are flat.

The 10-year median Price/Sales (Revenue) Ratio is 0.83. The current P/S Ratio is 0.78 based on Revenue estimate for 2026 of $849.6M, Revenue per Share of $74.85 and a stock price of $58.57. The current ratio is 6% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This is a good test.

Results of stock price testing is that the stock price is probably reasonable. The P/S Ratio test says this. I am using this test as the dividend yield tests do not work when the dividends are flat. There are a number of good tests that say that the stock price is relatively reasonable and below the median.

When I look at analysts’ recommendations, I find Strong Buy (4), and Buy (2). The consensus would be a Strong Buy. The 12 month stock price consensus is $62.83 with a high of $66.00 and low of $58.00. The consensus stock price of $62.83 implies a total return of 9.19% with 7.27% from capital gains and 1.91% from dividends based on a current price of $58.57. (I think that this return implies a reasonable stock price not a cheap one, which a Strong Buy infers.)

There is not much on Stock Chase for this company. There is an analyst remarks for 2025 that said the company was solid and well-run. Robin Brown on Motley Fool thinks things are looking up for this company. Christopher Liew on Motley Fool thinks this company will benefit from surge in defense spending in 2026. The company put out a Press Release about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance put out a rather negative report on this stock. However, I think that the Adjusted EPS is a better measure that EPS on ROE.

Calian Group Ltd provides services to industry and government across health, learning, defense, security, aerospace, engineering, AgTech, satcom, and IT. It generates the majority of revenue from Canada and has a presence in the United States, Europe, and other. Its web site is here Calian Group Ltd.

The last stock I wrote about was about was Rogers Sugar Inc (TSX-RSI, OTC-RSGUF) ... learn more. The next stock I will write about will be Toronto Dominion Bank (TSX-TD, NYSE-TD) ... learn more on Wednesday, January 14, 2026 around 5 pm. Tomorrow on my other blog I will write about Utility and Power Stocks for 2026 learn more on Tuesday, January 13, 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.

Rogers Sugar Inc

Sound bite for Twitter is: Dividend Paying Consumers. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are high but are declining. The current dividend yield is good with dividend growth non-existent. See my spreadsheet on Rogers Sugar Inc.

Is it a good company at a reasonable price? I can see the attraction for this stock. It pays a good dividend yield. If you look at total return, the stock has done quite well for shareholders over time. You might want to buy for not only the dividends but for diversification reasons. The stock is testing as reasonable, but quite a number of my tests, that are good tests, say that the stock price is cheap. See, for example, the P/AEPS Ratio test.

I do not own this stock of Rogers Sugar Inc (TSX-RSI, OTC-RSGUF). This stock was brought to my attention by Dividend Ninja. This company used to be an Income Trust (TSX-RSI.UN) but it has been converted to a corporation. On its change to a corporation, it lowered its dividend.

When I was updating my spreadsheet, I noticed that Rogers has had a good year. EPS is up 20%, Cash Flow is up 52%, Net Income is up 20%. However Adjusted EPS is down 1%.

If you had invested in this company in December 2015, for $1,000.64 you would have bought 236 shares at $4.24 per share. In December 2025, after 10 years you would have received $849.60 in dividends. The stock would be worth $1404.20. Your total return would have been $2,253.80. This would be a total return of 10.91% per year with 3.45% from capital gain and 7.47% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$4.24	$1,000.64	236	10	$849.60	$1,404.20	$2,253.80

The current dividend yield is good with dividend growth non-existent. The current dividend yield is good (5% to 6% ranges) at 5.93%. The 5 and 10 year median dividend yields are good at 6.16% and 6.24%. The historical median dividend yield is high (7% or higher) at 7.68%. The dividends have been flat since 2013. This stock used to be an income trust company before changing to a corporation. Income Trusts have very high dividend yields as they can have much higher yields than corporations. Analysts do not see any change in the dividend yield in the near future.

The Dividend Payout Ratios (DPR) are high but are declining. The DPR for 2025 for Earnings per Share (EPS) is high at 73% with 5 year coverage at 111%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 68% with 5 year coverage at 95%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 31% with 5 year coverage at 34%. The DPR for 2025 for Free Cash Flow (FCF) is high at 141% with 5 year coverage at 208%. I get two FCF values of $104M and $46.1M. I am using the $46.1M because I used the FCF from WSJ before. This does not mean that I think it is correct. I do not like FCF because people cannot agree on what the value is, but I include it because it seems to be popular.

Item	Cur	5 Years
EPS	73.47%	111.11%
AEPS	68.48%	95.42%
CFPS	31.36%	34.00%
FCF	140.75%	207.59%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.20 and currently at 0.22. The Liquidity Ratio for 2025 is good at 1.78 and 1.78 currently. The Debt Ratio for 2025 is good at 1.65 and 1.65 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.54 and 1.55 and currently at 2.54 and 1.55.

Type	Year End	Ratio Curr
Lg Term R	0.20	0.22
Intang/GW	0.30	0.32
Liquidity	1.78	1.78
Liq. + CF	2.09	2.07
Debt Ratio	1.65	1.65
Leverage	2.54	2.54
D/E Ratio	1.55	1.55

The Total Return per year is shown below for years of 5 to 27 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%	7.46%	1.18%	6.28%
2015	10	0.00%	10.91%	3.45%	7.47%
2010	15	-1.62%	7.69%	0.72%	6.97%
2005	20	-0.54%	12.02%	2.40%	9.61%
2000	25	-3.07%	10.34%	1.21%	9.12%
1997	28	-2.43%	7.13%	-0.58%	7.71%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 10.75, 12.11 and 13.48. The corresponding 10 year ratios are 11.07, 12.72 and 13.98. The corresponding historical ratios are 10.71, 11.92 and 13.12. The current ratio is 11.45 based on a stock price of $6.07 and EPS estimate for 2026 of $0.53. 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/Adjusted Earnings per Share Ratios are 13.83, 15.18, 16.53. The corresponding 10 year ratios are 13.02, 14.60 and 16.49. The corresponding historical ratios are 11.70, 13.20 and 14.72. The current ratio is 11.67 based on a stock price of $6.07 and EPS estimate for 2026 of $0.52. The current ratio is below the low median 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 $6.43. The 10-year low, median, and high median Price/Graham Price Ratios are 1.03, 1.14 and 1.27. The current ratio is 0.94 based on a stock price of $6.07. 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 1.87. The current ratio is 1.72 based on a stock price of $6.07, Book Value of $453.4M and Book Value per Share of $3.54. The current ratio is 8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 9.73. The current P/CF Ratio is 6.59 based on Cash Flow estimate for 2026 of $118M, Cash Flow per Share of $0.92 and a stock price of $6.07. The current ratio is 32% 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 7.68%. The current dividend yield is 5.93% based on dividends of $0.36 and a stock price of $6.07. The current dividend yield is 23% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This is not a good test for this stock because the stock is not a dividend growth stock.

I get a 10 year median dividend yield of 6.24%. The current dividend yield is 5.93% based on dividends of $0.36 and a stock price of $6.07. The current dividend yield is 5% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. This is not a good test for this stock because the stock is not a dividend growth stock.

The 10-year median Price/Sales (Revenue) Ratio is 0.62. The current P/S Ratio is 0.62 based on a stock price of $6.07, Revenue estimate for 2026 of $1,249M and Revenue per Share of $9.74. The current ratio is at the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but at the median.

Results of stock price testing is that the stock price is probably reasonable. The dividend yield testing is not good test on stocks that do not raise their dividends. The P/S Ratio test is saying that the stock is at a reasonable price. However, a lot of the testing is pointing to a cheap stock price.

When I look at analysts’ recommendations, I find only Hold (4). The consensus would be a Hold. The 12 month stock price consensus is $6.88 with a high of $7.00 and a low of $6.50. The 12 month stock price consensus of $6.88 implies a total return of 19.28% with 13.34% from capital gains and 5.93% from dividends based on a current stock price of $6.07.

There were two analysts remarks on Stock Chase with a hold and a buy. One thought that stagflation or inflations will hurt the stock and the other thought the stock boring. Christopher Liew on Motley Fool likes this stock. He says it is simple, he likes the dividend, and says Rogers Sugar has been around for more than 135 years. Amy Legate-Wolfe on Motley Fool says Rogers Sugar is consistent. She says you should buy it for its dividends and steady growth. The company put out a press release via Global Newswire about the company’s fourth quarter of 2025 results.

Simply Wall Street via Yahoo Finance reviews this stock and finds it undervalued by 48.7% and worth $10.92 a share. Simply Wall Street gives this stock two and one half stars out of 5 and gives two warnings of dividend of 6.05% is not well covered by free cash flows; and has a high level of debt.

Rogers Sugar Inc is a Canada-based sugar-producing company. Along with its subsidiaries, it offers products like Brown sugar, Yellow sugar, Icing sugar, and other related sugar products. The company operates in the following reportable segments: Sugar and Maple. Geographically, the company derives a majority of its revenue from its customers in Canada and the rest from the United States, Europe, and other regions. Its web site is here Rogers Sugar Inc.

The last stock I wrote about was about was Royal Bank of Canada (TSX-RY, NYSE-RY) ... learn more. The next stock I will write about will be Calian Group Ltd (TSX-CGY, OTC-CLNFF) ... learn more on Monday, January 12, 2026 around 5 pm. T

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