Start here if you're new
what it is
TFI moves freight across North America through trucking networks, logistics brokers, and a long habit of buying smaller operators.
how it gets paid
Last year Tfii made $7.9B in revenue. Less-than-truckload was the main engine at $3.24B, or 41% of sales.
why growth slowed
Revenue fell 6.1% last year. The company has been adjusting from a 2024 fourth-quarter performance in which earnings fell 32% vs. prior year.
what just happened
Tfi international appears to have put much of last year's woes behind it.
At a glance
B+ balance sheet — decent shape, but not bulletproof
55/100 earnings predictability — expect surprises
26.7x trailing p/e — priced about right
2.3% dividend yield — cash in your pocket every quarter
10.0% return on capital — nothing to write home about
xvary composite: 57/100 — below average
What they do
TFI moves freight across North America through trucking networks, logistics brokers, and a long habit of buying smaller operators.
Scale is the point. TFI runs more than 100 operating companies with 26,000 employees and 6,000 contractors across the U.S. and Canada, so your freight has more ways to find a truck and a route. The company has also done 137 acquisitions since 2008, which means it keeps adding local networks instead of trying to build them from scratch.
How they make money
$7.9B
annual revenue · their business grew -6.1% last year
Less-than-truckload
$3.24B
Truckload
$3.00B
Logistics
$1.66B
The products that matter
full-load freight hauling
truckload
$4.3B · 54% of listed segment revenue
it's the biggest operating bucket shown here at $4.3B, and it fell 8.2% last year. when the largest business is shrinking, the whole company feels it.
largest segment
consolidated freight transport
less-than-truckload (ltl)
$2.2B · 28% of listed segment revenue
this $2.2B segment declined 2.5%. it's smaller than truckload, but it matters because this page already frames it as the higher-margin business.
margin support
freight brokerage and management
logistics
$1.4B · 18% of listed segment revenue
it's $1.4B of asset-lighter revenue. the three segment buckets shown here total $7.9B, so the segment detail on this snapshot is incomplete and the rest of revenue is not broken out.
lighter asset base
Key numbers
26.7x
trailing p/e
Trailing P/E → stock price divided by the last 12 months of earnings → you are paying $26.70 for each $1 of recent profit.
14.5%
operating margin
Operating margin → revenue left after running the business, before interest and taxes → TFI keeps $14.50 from every $100 of sales.
10.0%
return on capital
Return on capital → profit earned on the money tied up in the business → TFI generates about $0.10 for every $1 invested.
$2.3B
long-term debt
Long-term debt equals 20% of capital, which is manageable, but it still matters when freight demand gets soft.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 45 / 100
- long-term debt $2.3B (20% of capital)
- net profit margin 6.3% — keeps 6 cents of every dollar in revenue
- return on equity 15% — $0.15 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in TFII 3 years ago → it's now worth $9,850.
The index would have given you $13,880.
source: institutional data · total return
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What could go wrong
the #1 risk is freight-cycle weakness in truckload and ltl pricing.
high
freight pricing stays weak
truckload revenue fell 8.2% and ltl fell 2.5% in the segment data shown here. q2 EPS guidance of $0.50–$0.60 versus q1 EPS of $1.09 says the pressure has not cleared.
at least 65% of company revenue is tied to those two freight segments based on this page's breakdown.
high
class-action litigation gets worse
the lawsuit followed a 40% stock decline and alleges false statements or concealed information. legal cost is one issue. credibility damage is the bigger one.
this page gives no settlement figure, so the real risk is uncertainty rather than a neat spreadsheet number.
med
governance noise sticks around
almost 70% of revenue comes from the U.S., yet shareholders rejected a move to U.S. corporate status. that disconnect does not break the business, but it can keep the narrative messy.
when the operating story is already weak, extra governance friction rarely helps the multiple.
the exposure is tangible: at least 65% of revenue sits in truckload and ltl on this page's segment view, and the next quarter's EPS guide is only $0.50–$0.60.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
q2 EPS versus the $0.50–$0.60 guide
this is the immediate credibility test. if results land near the low end or worse, the market will treat q1's beat as noise.
calendar
q2 2026 earnings report
expected late july 2026. you want less focus on survival and more evidence that the freight cycle is bottoming.
trend
truckload and ltl revenue direction
truckload was down 8.2% and ltl down 2.5%. stabilization matters more than heroics. first, the declines need to stop getting worse.
risk
lawsuit disclosures and governance updates
watch for anything that changes the legal picture or explains the failed U.S. redomicile push. when trust breaks, disclosure quality matters more.
Analyst rankings
earnings predictability
55 / 100
earnings are only moderately predictable. in human-speak, analysts do not fully trust the quarterly cadence here.
risk rank
3
roughly middle of the pack on safety. not fragile, not a bunker stock.
price stability
45 / 100
the share price has not been especially steady. after the recent drawdown, that should not surprise you.
source: institutional data
Institutional activity
institutions have been net selling for 2 consecutive quarters — 104 buyers vs. 137 sellers in 3q2025. total institutional holdings: 53.8M shares. net selling for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$86
$197
$112
current price
$142
target midpoint · +26% from current · 3-5yr high: $160 (+45% · 11% ann'l return)
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The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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