Review of TFI International Inc.

JUN 26, 2025 - We think the industry is closer to the bottom than the top, and a recovery may take longer to happen. This is a time where investors need patience, conviction and trust in the management team given their track record. TFII’s capital allocation strategy remains largely unchanged over the years, and the company continues to balance the growth of the business and capital returns. Organic investment and especially acquisitions continue to be the number one priority, while TFII maintains an opportunistic approach towards share buyback. This is an industry-wide cycle, given that the company has been through multiple cycles before. We think the company can eventually come out the other side to grow again. That being said, we are open to changing our minds if the situation worsens. For now, we are maintaining our rating at ‘B+’.

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Canadian National Railway Company (CNR $139.01)
- $139.01 P/E (TTM): 18.25X Cap: $85B
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TFI International Inc. (TFII $145.11)
- $145.11 P/E (TTM): 37.02X Cap: $11.85B
- View TFII Profile
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- View Reports on TFII

Q: Greetings 5i, would you add to an existing position in TFI International or start a new position in Canadian National Railway? Would doing both provide good diversification in transports or would you look at something else? ? Thank you.

Read Answer Asked by Barbara on March 11, 2026

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TELUS Corporation (T $17.98)
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Constellation Software Inc. (CSU $2,435.18)
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- View CSU Profile
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CAE Inc. (CAE $37.00)
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- View CAE Profile
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Canadian Apartment Properties Real Estate Investment Trust (CAR.UN $36.33)
- $36.33 P/E (TTM): 28.06X Cap: $5.53B
- View CAR.UN Profile
- View Questions on CAR.UN
TFI International Inc. (TFII $145.11)
- $145.11 P/E (TTM): 37.02X Cap: $11.85B
- View TFII Profile
- View Questions on TFII
- View Reports on TFII
goeasy Ltd. (GSY $38.57)
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- View GSY Profile
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Total Energy Services Inc. (TOT $23.57)
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- View TOT Profile
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Propel Holdings Inc. (PRL $19.08)
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- View PRL Profile
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- View Reports on PRL

Q: Hi 5I. I would like to consolidate this mixed bag into one or two holdings. Would you please rank them in order of "sell" to "keep".

Carl

Read Answer Asked by Carl on February 27, 2026

WSP Global Inc. (WSP $223.22)
- $223.22 P/E (TTM): 29.55X Cap: $29.32B
- View WSP Profile
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- View Reports on WSP
TFI International Inc. (TFII $145.11)
- $145.11 P/E (TTM): 37.02X Cap: $11.85B
- View TFII Profile
- View Questions on TFII
- View Reports on TFII
Thomson Reuters Corporation (TRI $119.99)
- $119.99 P/E (TTM): 27.6X Cap: $53.44B
- View TRI Profile
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Brookfield Corporation Class A Limited Voting Shares (BN $55.34)
- $55.34 P/E (TTM): 79.62X Cap: $120.78B
- View BN Profile
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Q: Having wanting to diversify from my non registered account of mainly banks, utilities and pipelines, I have followed these 4 stocks for quite sometime. Bought BN ( up ) a year ago and WSP just recently; both half positions. Now is too early for TRI as it is impossible to determine the winners and losers in the software AI issue besides I already own LMN ( down down ) in my TFSA. Based on management’s handling of previous downturns, I have TFII on the radar. Are there any large Canadian companies with international exposure you would suggest ? Should I just bring BN and WSP up to full position? I am looking at BIPC but would that be too much Brookfield ?
I stay away from oil and commodity companies.
Thanks . Derek

Read Answer Asked by Derek on February 23, 2026