TFI International Inc. key statistics and ratios

In fiscal 2025, TFI International Inc. had return on equity of 11.6%, an operating margin of 7.2%, debt equal to 96.3% of equity and a current ratio of 1.03. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

TFI International Inc.: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Operating margin	9.8%	11.0%	13.6%	13.0%	10.1%	8.6%	7.2%
Net margin	6.0%	7.3%	10.4%	9.3%	6.7%	5.0%	3.9%
Free-cash-flow margin	5.8%	12.4%	8.1%	7.0%	8.7%	8.0%	8.9%
Return on equity	20.2%	18.7%	37.6%	35.2%	20.0%	16.0%	11.6%
Return on assets	6.7%	7.5%	15.5%	14.5%	8.6%	6.3%	4.2%
Asset turnover	1.11	1.03	1.48	1.55	1.28	1.25	1.07
Current ratio	1.08	1.00	0.83	1.31	1.25	1.02	1.03
Debt to equity	115.9%	48.8%	72.4%	53.4%	72.7%	89.9%	96.3%
Interest cover (operating income ÷ interest)	27.4x	33.5x	72.4x	86.4x	47.2x	28.9x	21.3x
Effective tax rate	23.9%	24.0%	16.8%	22.7%	25.4%	24.7%	23.4%
Capital spending as % of revenue	6.7%	3.8%	3.7%	4.0%	4.8%	4.7%	3.5%
Free cash flow ÷ net income	97.2%	169.8%	77.8%	75.4%	129.2%	158.5%	226.9%
Dividends ÷ net income	25.9%	24.5%	11.3%	11.8%	24.0%	31.7%	48.7%
Dividends and buybacks ÷ free cash flow	111.3%	22.6%	48.3%	107.2%	62.7%	31.4%	53.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 7 checks passed · December 31, 2025

What it owns · $7.5bn

Short-term assets $1.2bnLonger-term assets $6.3bn

What it owes, and who funded it · $7.5bn

Short-term liabilities $1.2bnLonger-term liabilities $3.7bnShareholders' equity $2.7bn

Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $1.2bn of liabilities due within a year.
Short-term assets cover long-term liabilities $1.2bn short-term assets against $3.7bn of longer-dated liabilities.
More cash than debt $210m of cash against $2.6bn of debt.
Debt below 40% of shareholders' equity Debt is 96% of equity.
Debt burden no higher than five years ago Debt to equity moved from 46% to 96% over five years.
A year's operating cash flow covers at least 20% of debt $978m of operating cash flow against $2.6bn of debt.
Operating profit covers interest at least five times over Operating income of $565m against $27m of interest.

From TFI International Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from TFI International Inc.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to TFI International Inc.