| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 43 | 32.4x | 17.8x | Around median | |
Growth | 21 | -2.5% | 7.1% | Bottom tier | |
Quality | 78 | 7.9% | 4.5% | Top tier | |
Safety | 49 | 4.4x | 2.6x | Around median | |
Capital Return | 64 | 1.36% | 2.12% | Around median | |
Momentum | 71 | 49.1% | 2.9% | Top tier | |
Sentiment | 87 | 10 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
TFI International operates through three transportation and logistics segments: Less-Than-Truckload LTL, Truckload, and Logistics. The company generates revenue from transporting freight, operating specialized, flatbed, and heavy-haul trucking services, and providing brokerage and asset-light services such as final mile, value-added warehousing, and truck transportation. In fiscal Q2 2026, Truckload represented approximately 40% of segment revenue before fuel surcharges, LTL approximately 38%, and Logistics approximately 23%.
In fiscal Q2 2026, revenue before fuel surcharges reached $1.9 billion, up 6% year over year, and operating income increased by approximately 30% to $220 million. The operating margin expanded to 11.6% from 9.5%, and adjusted diluted earnings per share reached $1.85, exceeding management's guidance range of $1.50–$1.60 and rising 38% year over year. The company generated more than $200 million in free cash flow, while net cash from operating activities increased to $256 million from $247 million.
At the segment level in fiscal Q2 2026, LTL generated revenue before fuel surcharges of $725 million and operating income of $86 million, representing year-over-year increases of 3% and 17%, respectively. Truckload recorded revenue of $761 million and operating income of $106 million, up 7% and 50%, while Logistics revenue increased 10% to $432 million and its operating income rose 32% to $50 million. On an annual basis, fiscal 2025 revenue declined to $7.9 billion from $8.4 billion in fiscal 2024, and net income fell to $310.6 million from $422.5 million.
The analyst consensus is “Buy,” with an average price target of $174.4 and a wide range between $150 and $205. The average target is approximately 4% above the 52-week high of $167.69, while the highest target exceeds that high by approximately 22%, reflecting optimistic expectations that the Truckload improvement will continue. In contrast, the decline in earnings per share from $4.96 in fiscal 2024 to $3.72 in fiscal 2025 and the wide dispersion in targets remain reasons to link the valuation to evidence of a sustainable recovery in earnings and margins.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
Revenue before fuel surcharges reached $1.9 billion, up 6% year over year, while operating income increased by approximately 30% to $220 million. The operating margin expanded to 11.6% from 9.5%, and adjusted diluted earnings per share reached $1.85 versus management's guidance range of $1.50–$1.60. The strongest improvement came from Truckload, where operating income increased 50% and the adjusted operating ratio improved to 86.1%.
Revenue per truck per week before fuel increased 13% year over year in fiscal Q2 2026 and accelerated to 14.4% in June 2026. The company reduced depreciation by $12.5 million during the quarter while keeping organic revenue above the prior-year level, and brokerage revenue grew by approximately 34% to 35%. SPD's specialization in aerospace and Lone Star's focus on wind, data centers, and heavy loads also contributed to improving the business mix.
The number of LTL shipments increased by 7.5% in fiscal Q2 2026, but revenue per shipment before fuel declined 2%, creating excess volume at insufficient rates. 3PL business exceeded one-third of LTL volume, and non-customer-specific blanket rates accounted for a large portion of the low-priced shipment flow. TFI International is raising prices, reducing some volume, replacing the legacy UPS Freight pricing system, and using data analysis covering approximately 500 thousand lines per month to target unprofitable customers, lanes, and terminals.
Automated analysis for informational purposes only — not investment advice.
Management expects adjusted earnings per share of between $1.70 and $1.80, representing year-over-year growth of up to 50% at the high end. It expects the adjusted operating ratio to improve year over year by 500–600 basis points in Truckload and 250–350 basis points in Logistics, with a similar year-over-year ratio in LTL. It maintained fiscal 2026 net capital expenditures, excluding real estate, at between $225 million and $250 million, assuming no significant change in the operating environment.
The company generated more than $200 million in free cash flow in fiscal Q2 2026, and net cash from operating activities reached $256 million versus $247 million a year earlier. The funded debt-to-EBITDA ratio improved to 2.4 at the end of June 2026 from 2.5 at the beginning of the year. It also paid approximately $40 million in quarterly dividends, and management said leverage could approach 2 by the end of fiscal 2026 if it does not complete a major transaction.
Management reported on July 27, 2026 that it had begun using AI-powered analytical tools to process files containing approximately 500 thousand shipments per month and identify lanes, customers, and terminals requiring pricing adjustments. It also said that during fiscal 2026 the company is working through brokerage with a leading autonomous truck technology provider on long-haul LTL routes within the United States. Management expects the technology could be purchased and installed in new trucks during fiscal 2027, with subsequent expansion depending on initial operating results.
