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Aritzia Inc. is a Vancouver-founded design house and apparel retailer with an innovative global platform. The historical comparison shows accelerating scale and margin expansion. The key review question is whether Aritzia can translate this operating and financial setup into durable cash generation while managing consumer-discretionary demand, fashion and assortment risk, reliance on brand relevance, tariff and trade-policy impacts, elimination of de minimis benefits, supply-chain disruption, vendor diversification execution, inventory misalignment.
The FY2027 outlook in the Q4 FY2026 release calls for first-quarter FY2027 net revenue of $900 million to $925 million, representing growth of approximately 36% to 39%, and gross profit margin expansion of approximately 225 to 275 basis points from Q1 FY2026. For FY2027, Aritzia expects net revenue of $4.4 billion to $4.6 billion, representing growth of approximately 19% to 24% from FY2026, with 12 to 13 new boutiques and four to five boutique repositions, mostly in the United States. The same outlook calls for gross profit margin to increase approximately 150 to 200 basis points from 44.9% in FY2026 and SG&A as a percentage of net revenue to be approximately flat to down 50 basis points from 29.1%. Earnings sensitivity is tied to comparable sales, U.S. boutique productivity, digital growth, product margin initiatives, tariffs, inventory quality, and infrastructure spend.
Aritzia Inc. is a vertically integrated design house and apparel retailer selling through boutiques, digital channels, its app, and concierge capabilities. The FY2026 source packet shows strong demand for the Everyday Luxury offering, with Q4 FY2026 net revenue of $1.19 billion, up 32.6% year over year, comparable sales growth of 27.7%, United States net revenue growth of 37.8% to $755.3 million, digital net revenue growth of 29.2%, gross profit margin of 43.3%, adjusted EBITDA of $220.5 million, and net income of $134.3 million. Management said FY2026 revenue increased 35% and that the company achieved its FY2027 net revenue target one year early. The thesis to review is whether Aritzia can sustain brand momentum, U.S. boutique expansion, digital growth, full-price selling, and margin recovery while managing tariffs, supply-chain complexity, discretionary-spending risk, and infrastructure investment requirements.
Potential catalysts requiring analyst review include delivery of Q1 FY2027 revenue guidance, progress toward FY2027 net revenue of $4.4 billion to $4.6 billion, gross profit margin expansion from product margin improvements and lower markdowns, execution of 12 to 13 new boutiques and four to five repositions, U.S. boutique productivity, continued digital growth including the app and eCommerce 2.0, brand-awareness initiatives, inventory optimization, and any update to the next long-term strategic plan expected in the fall. These are source-backed items to monitor, not automated triggers.
Street
baseMarket-Implied
baseMost Likely
baseConfidence
MediumAs of 2026-06-06, the current price of 157.75 compares with a low/mean/high consensus range of 145.00, 178.00, and 200.00 across 14 analysts. That setup points to a base street case because the current quote sits close enough to the mean target anchor that execution, not only the target range, must carry the case.
The market-implied case is base because the current quote leaves room against the consensus range while still embedding the operating and risk issues described in the report.
Current Price
$157.75
Expected Value
$175.25
Implied Move
+11.1%
Current vs low/median/mean/high target prices
Aritzia’s operating results depend on accurately anticipating fashion trends and client demand, maintaining brand strength, opening and repositioning boutiques, growing the digital business, managing distribution capacity and obtaining merchandise on time, in sufficient quantities and at competitive cost. The AIF also identifies risks from demand forecasting, inventory shrinkage, reliance on transportation providers and three distribution facilities, technology implementation, key personnel retention, and disruption to support office, boutique, digital or distribution operations.
Insufficient structured data
Options positioning visual unavailable for this report.
Aritzia is exposed to discretionary consumer spending, macroeconomic volatility, international trade policy, tariffs and duties, raw material, production, manufacturing and transportation costs, input-cost inflation, seasonality in revenue and inventory purchases, and fluctuations in the Canadian dollar relative to the U.S. dollar and other currencies. The AIF and financial statements also identify the need for capital to fund expansion, restrictions under debt financing, credit facility exposure, tax and accounting risks, and the possibility that tariff changes or loss of import exemptions reduce demand or pressure margins.
Specialty apparel retail is highly competitive and sensitive to consumer confidence, shopping patterns, discretionary income, fashion trends, brand perception, marketing effectiveness, influencer activity and product quality. Aritzia’s disclosures identify competition, changing client preferences, limited brand recognition outside Canada and the United States, pressure to optimize product offerings, and the need to scale physical and digital infrastructure, which may affect growth, margins and client loyalty.
Aritzia's business model combines in-house design, merchandise planning, sourcing, production oversight, retail boutiques, digital commerce, and concierge service around a portfolio of exclusive fashion brands. The company controls the design, merchandising, sourcing, production, retail presentation, pricing, marketing, and client experience for its exclusive brands, while supplementing that portfolio with selected third-party denim, accessories, and footwear. Revenue is generated through boutiques, aritzia.com, the Aritzia App, and related omni-channel capabilities, with inventory centrally managed across retail and digital channels.
Aritzia Inc. is a Vancouver-founded design house and apparel retailer with an innovative global platform. The company describes itself as a creator and purveyor of covetable styles, home to an extensive portfolio of exclusive brands for different functions and aesthetics, and focused on design, quality materials, and immersive personalized shopping experiences. As of March 1, 2026, Aritzia operated 144 Aritzia boutiques across Canada and the United States, excluding four Reigning Champ boutiques, and served clients through aritzia.com, the Aritzia App, and its concierge function.
Aritzia's cost structure includes cost of goods sold, occupancy costs, boutique and distribution-centre depreciation, selling expenses, fixed and variable general and administrative costs, technology and infrastructure spending, employee costs, distribution and logistics, freight, leases, inventory and product-related costs, and capital investments in boutiques and distribution facilities. The company notes that gross profit is affected by foreign exchange, raw material costs, freight, tariffs, product mix, markdowns, and initial mark-up initiatives. SG&A is affected by selling expenses tied to revenue, fixed operating expenses, strategic investments in technology and infrastructure, and depreciation and amortization for new and repositioned boutiques.
Barriers include brand equity, product-development know-how, boutique leases in productive locations, sourcing relationships, inventory systems and omnichannel technology. Substitutes are broad: other fashion brands, department stores, fast fashion, online marketplaces, resale and discretionary spending outside apparel. The practical barrier is consistent execution at scale rather than legal exclusivity.
Aritzia's advantages are operational and brand-based: exclusive product design, controlled merchandising, curated boutiques, digital personalization, an app and eCommerce platform, and a supplier network supporting its own brands. These are meaningful retail capabilities, but the moat is execution-sensitive because customers can switch to other apparel formats if assortment, service, pricing or availability weakens.
Aritzia competes across premium and mid-market apparel, direct-to-consumer brands, department-store formats, fast-fashion retailers and online marketplaces. The competitive set is fragmented and product-led, so performance depends on assortment freshness, fit, pricing, store location quality, inventory execution, digital experience and marketing effectiveness rather than on protected market access.
Aritzia operates in specialty apparel retail, combining internally developed fashion brands with boutiques, digital commerce and an app-based client experience. Its fiscal 2026 filings describe Aritzia as a design house with an exclusive brand portfolio, selling through one operating segment across Canadian and U.S. clients, with 144 boutiques at March 1, 2026 and a growing digital channel.
Capital structure composition and liquidity ratios
At March 1, 2026, Aritzia had C$3.136 billion of total assets, up from C$2.456 billion at March 2, 2025. Cash and cash equivalents increased to C$592.1 million from C$285.6 million, and total current assets increased to C$1.252 billion from C$756.8 million. Inventory increased to C$495.2 million from C$379.3 million, including C$362.3 million of finished goods and C$125.5 million of finished goods in transit. Total current liabilities increased to C$874.9 million from C$525.3 million, driven by higher accounts payable and accrued liabilities, income taxes payable and deferred revenue. Shareholders equity increased to C$1.361 billion.
Aritzia ended Fiscal 2026 with a cash-rich operating position and no drawings under its credit facilities. Cash and cash equivalents were C$592.1 million, while the C$300.0 million revolving credit facility, US$10.0 million revolving line of credit and C$5.0 million demand facility were undrawn. Operating cash flow of C$822.8 million funded C$285.2 million of investing outflows and C$226.9 million of financing outflows, including share repurchases and lease payments. Lease liabilities totaled C$995.8 million, with C$104.9 million current and C$890.8 million non-current. Contractual obligations and commitments were C$2.093 billion, including C$731.9 million due within one year.
Operating, investing, and financing cash flow by period
Fiscal 2026 cash flow was materially stronger than Fiscal 2025. Net cash generated from operating activities was C$822.8 million, compared with C$455.6 million, supported by C$799.4 million of cash generated before working capital, interest and taxes and a C$188.7 million positive working-capital movement. Investing activities used C$285.2 million, mainly C$277.7 million of property and equipment purchases and C$7.6 million of intangible-asset purchases. Financing activities used C$226.9 million, including C$101.7 million of lease principal repayments, C$144.9 million of share repurchases for cancellation and C$62.1 million of shares held in trust, partly offset by lease incentives and option proceeds.
| Peer Set | EPS Growth | Company Name | Revenue Growth |
|---|---|---|---|
| CCL-B | 0.7% | CCL Industries Inc. | 2.8% |
| GIL | Gildan Activewear Inc. | 63.8% | |
| MG | Magna International Inc. | 3.1% | |
| CTC-A | 202.6% |
| All numbers in thousands (CAD) | TTM | Feb 2026 | Feb 2025 | Feb 2024 | Feb 2023 |
|---|---|---|---|---|---|
•Total Revenue | 3,702,148 | 3,702,148 | 2,738,112 | 2,332,350 | 2,195,630 |
| All numbers in thousands (CAD) | Feb 2026 | Feb 2025 | Feb 2024 | Feb 2023 |
|---|---|---|---|---|
•Total Assets | 3,135,677 | 2,455,814 | 1,946,133 | 1,836,543 |
•Current Assets |
| All numbers in thousands (CAD) | TTM | Feb 2026 | Feb 2025 | Feb 2024 | Feb 2023 |
|---|---|---|---|---|---|
•Operating Cash Flow | 822,775 | 822,775 | 455,637 | 358,823 | 74,913 |
| Value | Shares | Holder Type | Shareholder | Date Reported | Percentage Out |
|---|---|---|---|---|---|
| 517,589,492 | 3,362,936 | mutual_fund | Fidelity Securities Fund-Fidelity Blue Chip Growth Fund | Mar 2026 | 3.49% |
| 212,039,503 | 1,377,685 | mutual_fund | VANGUARD STAR FUNDS-Vanguard Total International Stock Index Fund | Jan 2026 | 1.43% |
| 137,061,167 | 890,528 | mutual_fund |
Aritzia's FY2025 Impact Report focuses environmental work on climate, water, materials and supplier engagement across its value chain. The company reports progress toward science-based Scope 1, 2 and 3 greenhouse gas emissions targets, sourcing 100% renewable electricity for owned and operated workplaces through Renewable Energy Credits, and establishing a water strategy. It also tracks product and packaging goals, including preferred materials, recyclable or preferred customer packaging, Higg verified Facility Environmental Module participation among supplier facilities, cotton certification, recycled polyester and responsibly managed wood-based cellulosic materials.
Aritzia identifies sustainability-related risks across human rights, working conditions, supplier social and environmental performance, disclosure obligations, climate change, water, materials and brand reputation. Its climate scenario analysis assesses physical risks and transition risks across direct operations, distribution centres and upstream raw-material suppliers under moderate, high-emissions, net-zero and current-policy scenarios. ESG opportunities include embedding preferred materials, improving supply-chain traceability and environmental assessment coverage, expanding worker voice, using renewable electricity instruments, and aligning climate and impact reporting with CSSB, SASB and other recognized frameworks.
Aritzia's E&S Committee is delegated by the board to oversee corporate sustainability responsibilities for environmental impacts such as climate, water and biodiversity, and social impacts such as human rights, wellbeing, diversity, equity and inclusion. The committee guides E&S strategies, oversees identification and mitigation of sustainability-related risks and opportunities, reviews top E&S risks and mitigation strategies at least annually, and meets at least quarterly. The Impact Report also describes risk management, materiality assessment, business ethics and responsible business conduct, and notes adoption of CSSB S1/S2 as a reporting framework alongside SASB Apparel, Accessories & Footwear disclosures; the proxy circular says the board sets ethical tone and supports responsible decision-making.
1Y cumulative return vs XIC
The source packet provides inputs for analyst review but does not by itself establish market mispricing. Items requiring analyst review include the combination of Q4 FY2026 net revenue growth of 32.6%, comparable sales growth of 27.7%, U.S. net revenue growth of 37.8%, digital net revenue growth of 29.2%, adjusted EBITDA margin expansion despite tariff and de minimis pressure, and FY2027 guidance for $4.4 billion to $4.6 billion of net revenue. Analyst review should test whether the market is fully reflecting the durability of Aritzia's brand demand, boutique economics, digital growth, inventory discipline, and margin initiatives against fashion-cycle, tariff, foreign-exchange, consumer-spending, and execution risks.
Primary risks include consumer-discretionary demand, fashion and assortment risk, reliance on brand relevance, tariff and trade-policy impacts, elimination of de minimis benefits, supply-chain disruption, vendor diversification execution, inventory misalignment, foreign-exchange and inflation pressure, store-opening timing, distribution-centre and automation execution, digital strategy execution, rent and wage pressure, and liquidity or cash-flow sensitivity from infrastructure investments. The MD&A and AIF also flag macroeconomic conditions, credit, market, currency, commodity, operational and liquidity risks, geopolitical events, public-health restrictions, competition, client shopping-habit changes, and the possibility that growth strategies do not produce anticipated results.
Recent source documents show Aritzia reported Q4 and FY2026 results on May 7, 2026. In Q4 FY2026, net revenue increased 32.6% to $1.19 billion, comparable sales grew 27.7%, U.S. net revenue increased 37.8% to $755.3 million and represented 63.7% of net revenue, retail net revenue increased 35.0%, digital net revenue increased 29.2%, gross profit margin increased 90 basis points to 43.3%, adjusted EBITDA increased 37.1% to $220.5 million, and net income increased 34.8% to $134.3 million. The company also opened 14 new boutiques and repositioned four existing boutiques during FY2026, launched the Aritzia app, generated free cash flow of $487.1 million for the fiscal year, and reported cash and equivalents of $592.1 million at fiscal year end.
The source packet does not support an automated portfolio action. Any action requires analyst review of Aritzia's FY2026 demand, FY2027 outlook, margin recovery plan, U.S. boutique expansion, digital execution, cash generation, tariff exposure, and consumer-discretionary risk. The review should also incorporate current market data and portfolio constraints outside this source-only packet before any action is set.
The source packet supplies valuation work inputs but does not establish a standalone valuation outcome; that requires analyst review. Relevant source-backed inputs include Q4 FY2026 revenue of $1.19 billion, Q4 adjusted EBITDA of $220.5 million, Q4 net income of $134.3 million, FY2026 free cash flow of $487.1 million, cash and equivalents of $592.1 million, FY2027 revenue guidance of $4.4 billion to $4.6 billion, expected gross margin expansion, and planned boutique expansion. Analyst review should test those inputs against normalized comparable sales, U.S. store ramp economics, digital conversion, tariff and de minimis impacts, capital expenditures, rent and distribution costs, and the durability of brand-driven demand.
The overall case is base because Aritzia must convert its vertical fashion retail platform into durable evidence around boutique growth, digital engagement, inventory control, and brand relevance. The report context is constructive enough to keep the scenario live, but fashion-cycle volatility, inventory markdowns, lease commitments, and execution risk keep the range from being a one-way read.
Confidence is medium because the prepared report sections are source-backed and the street-target inputs are current, but scenario outcomes still depend on fashion-cycle volatility, inventory markdowns, lease commitments, and execution risk.
Bear Case
In the bear case, Aritzia remains tied to its vertical fashion retail platform, but investors put more weight on fashion-cycle volatility, inventory markdowns, lease commitments, and execution risk than on the consensus range. The stock can lag even with source-backed report coverage in place if cash generation, project delivery, or operating momentum falls short of what the current report context implies.
What Must Go Right: To avoid the bear case, Aritzia needs to preserve liquidity, keep operating and capital plans within the boundaries described in the report, and show that boutique growth, digital engagement, inventory control, and brand relevance are progressing without adding balance-sheet strain.
What Must Go Wrong: The bear case develops if fashion-cycle volatility, inventory markdowns, lease commitments, and execution risk weaken confidence, if cost or capital needs absorb the financial flexibility shown in the report, or if investors decide the target range was too dependent on favorable market conditions.
Base Case
In the base case, Aritzia executes broadly in line with the prepared report context. The business continues to show credible support from its vertical fashion retail platform, while the market waits for clearer evidence that boutique growth, digital engagement, inventory control, and brand relevance can compound through the cycle.
What Must Go Right: The base case requires steady operating delivery, disciplined capital allocation, and risk control. Management needs to keep the balance sheet usable, protect margins or cash conversion, and make the report thesis more visible through measurable progress.
What Must Go Wrong: The base case weakens if execution becomes uneven, if external market conditions overpower company-specific progress, or if the risk section begins to matter more than the investment-summary thesis.
Bull Case
In the bull case, Aritzia converts the strengths identified in the report into clearer market evidence. Investors give more credit to boutique growth, digital engagement, inventory control, and brand relevance, and the current quote moves closer to the stronger part of the consensus range without needing a new unsupported valuation claim.
What Must Go Right: The bull case requires sustained execution, clean capital allocation, and proof that the company can turn its vertical fashion retail platform into durable earnings, cash flow, or asset-value progress. The more management reduces uncertainty around fashion-cycle volatility, inventory markdowns, lease commitments, and execution risk, the easier it becomes for the target range to matter.
What Must Go Wrong: The bull case fails if the positive setup depends mainly on external markets rather than company delivery, if costs or capital intensity rise, or if the report risks limit how much credit investors are willing to assign.
Aritzia faces complex and changing laws and regulations across retail, product compliance, privacy, sustainability disclosure, human rights and supply-chain practices. The AIF cites possible claims and litigation, evolving privacy requirements, regulatory requirements for merchandise quality, internal control and enterprise risk management, supplier and manufacturer conduct, human-rights impacts in the value chain, protest or activist activity, and legal or compliance obligations tied to sustainability commitments and related disclosures.
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Risk sensitivity visual unavailable for this report.
Company-specific execution risk is tied to Aritzia’s geographic expansion, boutique network growth, eCommerce 2.0, digital client experience, data and analytics initiatives, the Delta distribution centre, Columbus distribution operations, product expansion after the CYC acquisition and ongoing investments in talent and infrastructure. The Impact Report and AIF also highlight climate-related operational impacts, supply-chain transparency, supplier social and environmental performance, cybersecurity, privacy and AI-related risks that could damage reputation or create operational inefficiencies as the business scales.
Aritzia goes to market through premier retail boutiques, aritzia.com, the Aritzia App, concierge advisors, digital marketing, performance marketing, influencers, social media, and omni-channel services such as Buy Online, Pick-Up In Store and Buy Online, Ship-From-Store. Its distribution network consists of three distribution centres: New Westminster, British Columbia; Vaughan, Ontario; and Columbus, Ohio, with a new Delta, British Columbia facility expected to add capacity and automation. The company's inventory is centrally managed and shared across boutiques and digital channels, supporting multi-channel fulfillment, packaging, service, and real-time inventory visibility.
Aritzia's physical boutique network is concentrated in Canada and the United States, and its digital platform also serves U.S., Canadian, and international clients. As of March 1, 2026, Aritzia operated 68 boutiques in Canada and 76 boutiques in the United States, excluding Reigning Champ boutiques. In fiscal 2026, the United States generated C$2.28 billion of net revenue, or 61.5% of total net revenue, while Canada generated C$1.43 billion, or 38.5%; in Q4 2026, the United States generated 63.7% of net revenue.
Key operating levers include comparable sales, boutique count, boutique productivity, new openings, repositions and relocations, digital traffic and conversion, brand awareness, product innovation, full-price selling, inventory planning, markdown management, sourcing flexibility, distribution throughput, omni-channel fulfillment, initial mark-up, SG&A leverage, and talent. The company uses sales data, inventory systems, product lifecycle tools, demand forecasting, machine learning, AI-supported merchandise planning, performance marketing, and client personalization to optimize assortment, inventory, pricing, conversion, loyalty, and operational efficiency.
Aritzia sells women's apparel and accessories through its exclusive brands and selected third-party brands, and also includes Reigning Champ men's wear in its assortment. Its broad product assortment includes t-shirts, blouses, sweaters, jackets, coats, pants, shorts, skirts, dresses, denim, accessories, premium denim, footwear, and seasonal fashion essentials and must-have styles. Client-facing services include boutique styling, concierge support, digital shopping, app-based product discovery, personalized styling guidance, omni-channel pickup and fulfillment, elevated packaging, and select food and beverage experiences such as A-OK cafes in some boutiques.
Aritzia operates in a discretionary fashion retail environment shaped by securities reporting, tax, customs, tariffs, trade rules, privacy laws, cybersecurity requirements, lease obligations, employment and labor requirements, supplier compliance, product quality controls, intellectual property protection, sustainability disclosures, and legal and regulatory proceedings. The AIF says the company engages third parties to inspect manufacturers' factories and independent experts to conduct factory audits for compliance with local laws, regulations, and global standards. The company also identifies exposure to international trade policies, tariffs, de minimis changes, CUSMA review, foreign exchange, privacy laws such as GDPR, CCPA and CPRA, cybersecurity threats, legal and administrative proceedings, and requirements overseen through its audit committee, internal controls, and enterprise risk management framework.
Aritzia's revenue drivers include retail boutique sales, digital sales, comparable sales growth, U.S. and Canadian demand, boutique openings, boutique repositions, product demand, inventory availability, brand awareness, digital initiatives, strategic marketing, client acquisition, client loyalty, and omni-channel capabilities. In fiscal 2026, net revenue increased 35.2% to C$3.70 billion, with retail net revenue of C$2.41 billion and digital net revenue of C$1.29 billion. The company attributed fiscal 2026 revenue growth to strong demand for its product offering, a strong inventory position, digital initiatives, strategic marketing investments, new and repositioned boutiques, and performance in the United States.
Growth is tied to consumer apparel spending, brand awareness, boutique openings and repositionings, and digital conversion. The cycle is seasonal and discretionary: demand can shift with fashion preferences, macro conditions, inventory timing, tariffs, freight, wages and foreign exchange. Fiscal 2026 results show broad-based growth across Canada, the United States, retail and digital, but the same source packet highlights tariffs and trade restrictions as active cost variables.
The operating environment includes employment, privacy, consumer protection, customs, trade, product-safety, tax, lease and securities regulation. Structural risks include shifts in fashion preference, tariffs or de minimis rules, supply-chain disruption, FX moves, inventory misreads, cybersecurity and data issues, supplier workplace standards, and the need to keep physical and digital retail infrastructure aligned with demand.
Pricing power comes from brand desirability, product quality and differentiated retail experience, but it is constrained by consumer price sensitivity and competitive alternatives. Costs are exposed to merchandise sourcing, third-party manufacturers, tariffs and duties, freight, rent, labour, technology, distribution and foreign exchange. Inventory discipline and markdown control are central to protecting gross margin.
Aritzia sources through third-party mills, trim suppliers and manufacturers for its exclusive brands, so supplier compliance, quality, capacity, logistics and payment terms matter. Customers are primarily individual apparel buyers in Canada and the United States using boutiques, the website, app and omnichannel services; demand is influenced by product relevance, service, brand marketing and channel convenience.
Normalized cash conversion and accrual quality metrics
Cash Conversion
1.64x
Good
Accrual Intensity
-7.2%
Good
Earnings Margin
11.3%
OK
OCF Margin
18.6%
Good
Cash Conversion
1.64x
Accrual Intensity
-7.2%
Earnings Margin
11.3%
OCF Margin
18.6%
Revenue
$1.2M
Net Income
$134K
Operating CF
$220K
Reported earnings were supported by revenue growth, gross-margin expansion and SG&A leverage, but comparability includes several non-IFRS adjustments and accounting items. Adjusted EBITDA was C$646.2 million versus IFRS net income of C$381.8 million. Adjustments included stock-based compensation, IFRS 16 rent impact, unrealized gains on equity derivative contracts, CYC integration costs and secondary offering transaction costs. Other income of C$49.5 million included unrealized gains on equity derivative contracts and interest and other income, partly offset by realized and unrealized foreign exchange losses. Inventory reserve expense in cost of goods sold was C$9.2 million, down from C$12.0 million in Fiscal 2025.
Insufficient structured data
Earnings history visual unavailable for this report.
Management guided to continued growth in Fiscal 2027. For Q1 Fiscal 2027, Aritzia expected net revenue of C$900 million to C$925 million, representing growth of 36% to 39%, gross margin up 225 to 275 basis points from Q1 Fiscal 2026, and SG&A as a percentage of revenue down 50 to 100 basis points. For Fiscal 2027, management expected net revenue of C$4.4 billion to C$4.6 billion, growth of 19% to 24%, gross margin up 150 to 200 basis points, adjusted EBITDA margin of about 19.0%, and capital cash expenditures of about C$250 million. The plan includes 12 to 13 new boutiques and four to five repositions.
The historical comparison shows accelerating scale and margin expansion. Fiscal 2026 net revenue of C$3.702 billion was up 35.2% from Fiscal 2025 and above Fiscal 2024 revenue of C$2.332 billion. Net income rose to C$381.8 million from C$207.8 million in Fiscal 2025 and C$78.8 million in Fiscal 2024. Comparable sales grew 26.5% in Fiscal 2026 after 11.0% growth in Fiscal 2025. Q4 Fiscal 2026 revenue was C$1.187 billion, up 32.6% year over year, with Q4 adjusted EBITDA of C$220.5 million versus C$160.9 million. The quarterly table shows all Fiscal 2026 quarters produced positive net income and free cash flow.
Revenue (USD) and profitability margins (% of revenue)
Aritzia reported strong Fiscal 2026 earnings growth. Net revenue increased to C$3.702 billion from C$2.738 billion, while cost of goods sold rose to C$2.041 billion from C$1.557 billion. Gross profit increased to C$1.661 billion, and gross margin improved to 44.9% from 43.1%. SG&A was C$1.076 billion, equal to 29.1% of net revenue versus 30.6% in Fiscal 2025. Income from operations rose to C$524.1 million from C$294.8 million. Net income increased to C$381.8 million from C$207.8 million, and diluted EPS increased to C$3.20 from C$1.78.
Key Fiscal 2026 metrics show improved profitability and liquidity. Gross margin was 44.9%, up 180 basis points from Fiscal 2025, while SG&A as a percentage of net revenue improved to 29.1% from 30.6%. Net income margin was 10.3% compared with 7.6%. Adjusted EBITDA margin was 17.5%, up from 14.8%, and adjusted net income margin was 10.5%, up from 8.4%. Current assets of C$1.252 billion compared with current liabilities of C$874.9 million, a current ratio of 1.4x. Cash represented 18.9% of total assets, and total liabilities represented 56.6% of total assets.
Several items should be separated from trend extrapolation. Q4 and Fiscal 2026 results benefited from strong comparable-sales growth, new and repositioned boutiques and digital growth, while management also cited pressure from tariffs and the removal of the de minimis exemption. Other income included unrealized gains on equity derivative contracts of C$42.4 million for Fiscal 2026. Adjusted measures exclude stock-based compensation, IFRS 16 rent impact, equity derivative gains, CYC integration costs and secondary offering transaction costs. Fiscal 2026 free cash flow of C$487.1 million also reflects a large positive working-capital movement, including a C$274.3 million increase in accounts payable and accrued liabilities.
| Canadian Tire Corporation, Limited |
| 3.3% |
| QSR | 100.0% | Restaurant Brands International Inc. | 7.3% |
| ATD | 30.8% | Alimentation Couche-Tard Inc. | -22.1% |
| 32.8% | Subject (ATZ) | 32.6% |
| ROA | ROE | Peer Set | Net Margin | Company Name | Gross Margin | Operating Margin |
|---|---|---|---|---|---|---|
| 6.9% | 14.5% | CCL-B | 10.4% | CCL Industries Inc. | 29.9% | 15.3% |
| 7.0% | 10.6% | GIL | 6.1% | Gildan Activewear Inc. | 32.6% | 13.3% |
| 4.4% | 6.0% | MG | 1.6% | Magna International Inc. | 14.6% | 4.3% |
| 4.0% | 10.8% | CTC-A | 3.6% | Canadian Tire Corporation, Limited | 31.9% | 7.1% |
| 6.4% | 28.1% | QSR | 10.0% | Restaurant Brands International Inc. | 33.9% | 25.9% |
| 6.4% | 18.2% | ATD | 3.7% | Alimentation Couche-Tard Inc. | 19.0% | 9.2% |
| 11.7% | 31.1% | 10.3% | Subject (ATZ) | 44.9% | 15.4% |
| P/B | P/E | P/S | Peer Set | EV/EBITDA | EV/Revenue | Market Cap | Forward P/E | Company Name | Enterprise Value |
|---|---|---|---|---|---|---|---|---|---|
| 2.75 | 19.53 | 1.99 | CCL-B | 10.89x | 2.20x | $15.3bn | 16.64 | CCL Industries Inc. | $17.0bn |
| 3.26 | 34.81 | 3.75 | GIL | 21.22x | 4.92x | $15.3bn | 11.11 | Gildan Activewear Inc. | $20.0bn |
| 1.47 | 27.33 | 0.58 | MG | 7.14x | 0.71x | $24.4bn | 8.52 | Magna International Inc. | $30.0bn |
| 1.61 | 14.79 | 0.57 | CTC-A | 12.07x | 1.29x | $9.4bn | 11.29 | Canadian Tire Corporation, Limited | $21.3bn |
| 7.12 | 24.18 | 4.95 | QSR | 18.39x | 5.50x | $47.4bn | 17.14 | Restaurant Brands International Inc. | $52.8bn |
| 3.53 | 19.23 | 0.96 | ATD | 14.10x | 1.10x | $70.6bn | 17.24 | Alimentation Couche-Tard Inc. | $80.5bn |
| 12.60 | 46.77 | 4.63 | 27.00x | 4.61x | $17.1bn | 26.43 | Subject (ATZ) | $17.1bn |
| 3,702,148 |
| 3,702,148 |
| 2,738,112 |
| 2,332,350 |
| 2,195,630 |
Cost of Revenue | 2,040,815 | 2,040,815 | 1,557,493 | 1,433,369 | 1,281,638 |
Gross Profit | 1,661,333 | 1,661,333 | 1,180,619 | 898,981 | 913,992 |
•Operating Expense | 1,137,279 | 1,137,279 | 885,829 | 740,567 | 626,838 |
•Selling General and Administrative | 1,137,279 | 1,137,279 | 885,829 | 740,567 | 626,838 |
•General & Administrative Expense | 1,137,279 | 1,137,279 | 885,829 | 740,567 | 626,838 |
Salaries and Wages | 61,709 | 61,709 | 48,373 | 31,784 | 24,369 |
Other G and A | 1,075,570 | 1,075,570 | 837,456 | 708,783 | 602,469 |
Operating Income | 524,054 | 524,054 | 294,790 | 158,414 | 287,154 |
•Net Non Operating Interest Income Expense | -43,578 | -43,578 | -42,311 | -44,598 | -28,422 |
Interest Income Non Operating | 13,186 | 13,186 | 6,489 | 4,493 | 2,841 |
Interest Expense Non Operating | 56,411 | 56,411 | 48,497 | 48,836 | 31,079 |
Total Other Finance Cost | 353 | 353 | 303 | 255 | 184 |
•Other Income Expense | 36,282 | 36,282 | 37,974 | 794 | 5,075 |
Gain on Sale of Security | 31,129 | 31,129 | 33,315 | -4,144 | 6,060 |
•Special Income Charges | 5,673 | 5,673 | 5,209 | 4,938 | -467 |
Restructuring & Mergers Acquisition | -5,673 | -5,673 | -5,209 | -10,800 | 467 |
Impairment of Capital Assets | -- | -- | 559 | 5,862 | 0 |
Other Non Operating Income Expenses | -520 | -520 | -550 | 15,000 | -518 |
Pretax Income | 516,758 | 516,758 | 290,453 | 114,610 | 263,807 |
Tax Provision | 134,910 | 134,910 | 82,663 | 35,830 | 76,219 |
•Net Income Common Stockholders | 381,848 | 381,848 | 207,790 | 78,780 | 187,588 |
•Net Income | 381,848 | 381,848 | 207,790 | 78,780 | 187,588 |
•Net Income Including Non-Controlling Interests | 381,848 | 381,848 | 207,790 | 78,780 | 187,588 |
Net Income Continuous Operations | 381,848 | 381,848 | 207,790 | 78,780 | 187,588 |
Diluted NI Available to Com Stockholders | 381,848 | 381,848 | 207,790 | 78,780 | 187,588 |
Basic EPS | 3.04 | 3.32 | 1.82 | 0.71 | 1.70 |
Diluted EPS | 2.93 | 3.20 | 1.82 | 0.69 | 1.63 |
Basic Average Shares | 114,573.75 | 115,037 | 114,381.90 | 110,653 | 110,259 |
Diluted Average Shares | 119,181.25 | 119,499 | 114,381.90 | 114,194 | 115,301 |
Total Operating Income as Reported | 524,054 | 524,054 | 294,790 | 158,414 | 287,154 |
Total Expenses | 3,178,094 | 3,178,094 | 2,443,322 | 2,173,936 | 1,908,476 |
Net Income from Continuing & Discontinued Operation | 381,848 | 381,848 | 207,790 | 78,780 | 187,588 |
Normalized Income | 354,653.90 | 354,653.90 | 180,229.94 | 78,234.22 | 183,610.93 |
Interest Income | 13,186 | 13,186 | 6,489 | 4,493 | 2,841 |
Interest Expense | 56,411 | 56,411 | 48,497 | 48,836 | 31,079 |
Net Interest Income | -43,578 | -43,578 | -42,311 | -44,598 | -28,422 |
EBIT | 573,169 | 573,169 | 338,950 | 163,446 | 294,886 |
EBITDA | 787,258 | 787,258 | 525,603 | 331,485 | 428,788 |
Reconciled Cost of Revenue | 2,040,815 | 2,040,815 | 1,557,493 | 1,433,369 | 1,281,638 |
Reconciled Depreciation | 214,089 | 214,089 | 186,653 | 168,039 | 133,902 |
Net Income from Continuing Operation Net Minority Interest | 381,848 | 381,848 | 207,790 | 78,780 | 187,588 |
Total Unusual Items Excluding Goodwill | 36,802 | 36,802 | 38,524 | 794 | 5,593 |
Total Unusual Items | 36,802 | 36,802 | 38,524 | 794 | 5,593 |
Normalized EBITDA | 750,456 | 750,456 | 487,079 | 330,691 | 423,195 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | 9,607.90 | 9,607.90 | 10,963.94 | 248.22 | 1,615.93 |
| All numbers in thousands (CAD) | TTM | Feb 2026 | Nov 2025 | May 2025 | Feb 2025 | Nov 2024 |
|---|---|---|---|---|---|---|
•Total Revenue | 3,702,148 | 1,186,515 | 1,040,263 | 663,316 | 895,118 | 728,701 |
Operating Revenue | 3,702,148 | 1,186,515 | 1,040,263 | 663,316 | 895,118 | 728,701 |
Cost of Revenue | 2,040,815 | 672,518 | 561,354 | 350,519 | 515,014 | 395,216 |
Gross Profit | 1,661,333 | 513,997 | 478,909 | 312,797 | 380,104 | 333,485 |
•Operating Expense | 1,137,279 | 330,977 | 309,260 | 232,669 | 263,391 | 225,893 |
•Selling General and Administrative | 1,137,279 | 330,977 | 309,260 | 232,669 | 263,391 | 225,893 |
•General & Administrative Expense | 1,137,279 | 330,977 | 309,260 | 232,669 | 263,391 | 225,893 |
Salaries and Wages | 61,709 | 18,483 | 18,880 | 10,186 | 17,376 | 10,244 |
Other G and A | 1,075,570 | 312,494 | 290,380 | 222,483 | 246,015 | 215,649 |
Operating Income | 524,054 | 183,020 | 169,649 | 80,128 | 116,713 | 107,592 |
•Net Non Operating Interest Income Expense | -43,578 | -10,272 | -11,666 | -10,721 | -7,965 | -12,012 |
Interest Income Non Operating | 13,186 | 5,090 | 3,103 | 2,234 | 2,662 | 738 |
Interest Expense Non Operating | 56,411 | 15,316 | 14,614 | 12,879 | 10,551 | 12,675 |
Total Other Finance Cost | 353 | 46 | 155 | 76 | 76 | 75 |
•Other Income Expense | 36,282 | 5,156 | 31,375 | -10,556 | 26,392 | 9,180 |
Gain on Sale of Security | 31,129 | 5,785 | 25,375 | -10,338 | 19,246 | 9,046 |
•Special Income Charges | 5,673 | -109 | 6,000 | -218 | 7,696 | 134 |
Restructuring & Mergers Acquisition | -5,673 | 109 | -6,000 | 218 | -8,255 | -134 |
Other Non Operating Income Expenses | -520 | -- | -- | -- | -- | -- |
Pretax Income | 516,758 | 177,904 | 189,358 | 58,851 | 135,140 | 104,760 |
Tax Provision | 134,910 | 43,634 | 50,472 | 16,460 | 35,498 | 30,692 |
•Net Income Common Stockholders | 381,848 | 134,270 | 138,886 | 42,391 | 99,642 | 74,068 |
•Net Income | 381,848 | 134,270 | 138,886 | 42,391 | 99,642 | 74,068 |
•Net Income Including Non-Controlling Interests | 381,848 | 134,270 | 138,886 | 42,391 | 99,642 | 74,068 |
Net Income Continuous Operations | 381,848 | 134,270 | 138,886 | 42,391 | 99,642 | 74,068 |
Diluted NI Available to Com Stockholders | 381,848 | 134,270 | 138,886 | 42,391 | 99,642 | 74,068 |
Basic EPS | 3.04 | -- | 1.20 | 0.37 | 0.87 | 0.66 |
Diluted EPS | 2.93 | -- | 1.16 | 0.36 | 0.84 | 0.63 |
Basic Average Shares | 114,573.75 | -- | 115,361 | 114,503.88 | 114,381.90 | 112,784 |
Diluted Average Shares | 119,181.25 | -- | 119,740 | 118,210 | 118,395 | 116,836 |
Total Operating Income as Reported | 524,054 | 183,020 | 169,649 | 80,128 | 116,713 | 107,592 |
Total Expenses | 3,178,094 | 1,003,495 | 870,614 | 583,188 | 778,405 | 621,109 |
Net Income from Continuing & Discontinued Operation | 381,848 | 134,270 | 138,886 | 42,391 | 99,642 | 74,068 |
Normalized Income | 354,653.90 | 129,986.14 | 115,888.13 | 49,991.32 | 79,777.01 | 67,577.74 |
Interest Income | 13,186 | 5,090 | 3,103 | 2,234 | 2,662 | 738 |
Interest Expense | 56,411 | 15,316 | 14,614 | 12,879 | 10,551 | 12,675 |
Net Interest Income | -43,578 | -10,272 | -11,666 | -10,721 | -7,965 | -12,012 |
EBIT | 573,169 | 193,220 | 203,972 | 71,730 | 145,691 | 117,435 |
EBITDA | 787,258 | 251,579 | 258,077 | 120,473 | 193,602 | 164,169 |
Reconciled Cost of Revenue | 2,040,815 | 672,518 | 561,354 | 350,519 | 515,014 | 395,216 |
Reconciled Depreciation | 214,089 | 58,359 | 54,105 | 48,743 | 47,911 | 46,734 |
Net Income from Continuing Operation Net Minority Interest | 381,848 | 134,270 | 138,886 | 42,391 | 99,642 | 74,068 |
Total Unusual Items Excluding Goodwill | 36,802 | 5,676 | 31,375 | -10,556 | 26,942 | 9,180 |
Total Unusual Items | 36,802 | 5,676 | 31,375 | -10,556 | 26,942 | 9,180 |
Normalized EBITDA | 750,456 | 245,903 | 226,702 | 131,029 | 166,660 | 154,989 |
Tax Rate for Calcs | 0 | 0 | 0 | 0 | 0 | 0 |
Tax Effect of Unusual Items | 9,607.90 | 1,392.14 | 8,377.13 | -2,955.68 | 7,077.01 | 2,689.74 |
| 1,252,452 |
| 756,843 |
| 566,220 |
| 611,848 |
•Cash, Cash Equivalents & Short Term Investments | 592,127 | 285,635 | 163,277 | 86,510 |
Cash And Cash Equivalents | 592,127 | 285,635 | 163,277 | 86,510 |
•Receivables | 49,983 | 30,653 | 25,528 | 24,603 |
Accounts receivable | 23,750 | 26,311 | 18,473 | 18,184 |
Taxes Receivable | 26,233 | 4,342 | 7,055 | 6,419 |
•Inventory | 495,197 | 379,316 | 340,145 | 467,634 |
Raw Materials | 7,326 | 4,613 | 9,126 | 9,478 |
Finished Goods | 487,871 | 374,703 | 331,019 | 458,156 |
Hedging Assets Current | 78,121 | 21,210 | -- | -- |
Other Current Assets | 37,024 | 40,029 | 37,270 | 33,101 |
•Total non-current assets | 1,883,225 | 1,698,971 | 1,379,913 | 1,224,695 |
•Net PPE | 1,571,058 | 1,379,524 | 1,063,656 | 922,669 |
•Gross PPE | 2,498,406 | 2,176,944 | 1,709,184 | 1,422,648 |
Properties | 0 | 0 | 0 | 0 |
Machinery Furniture Equipment | 238,198 | 212,462 | 183,789 | 120,594 |
Construction in Progress | 148,032 | 64,261 | 46,626 | 48,357 |
Leases | 2,112,176 | 1,900,221 | 1,478,769 | 1,253,697 |
Accumulated Depreciation | -927,348 | -797,420 | -645,528 | -499,979 |
•Goodwill And Other Intangible Assets | 303,613 | 303,067 | 283,821 | 285,228 |
Goodwill | 198,846 | 198,846 | 198,846 | 198,846 |
Other Intangible Assets | 104,767 | 104,221 | 84,975 | 86,382 |
•Non Current Deferred Assets | 4,745 | 4,816 | 27,272 | 12,968 |
Non Current Deferred Taxes Assets | 4,745 | 4,816 | 27,272 | 12,968 |
Other Non Current Assets | 3,809 | 11,564 | 5,164 | 3,830 |
•Total Liabilities Net Minority Interest | 1,774,649 | 1,361,231 | 1,138,638 | 1,150,756 |
•Current Liabilities | 874,919 | 525,308 | 411,627 | 417,300 |
•Payables And Accrued Expenses | 625,611 | 306,395 | 222,636 | 221,712 |
•Payables | 601,930 | 288,687 | 204,640 | 215,978 |
Accounts Payable | 410,791 | 189,222 | 133,676 | 149,422 |
•Total Tax Payable | 61,025 | 12,983 | 1,606 | 0 |
Income Tax Payable | 61,025 | 12,983 | 1,606 | 0 |
Other Payable | 130,114 | 86,482 | 69,358 | 66,556 |
Current Accrued Expenses | 23,681 | 17,708 | 17,996 | 5,734 |
•Current Debt And Capital Lease Obligation | 104,923 | 107,755 | 107,322 | 117,316 |
Current Capital Lease Obligation | 104,923 | 107,755 | 107,322 | 117,316 |
•Current Deferred Liabilities | 144,385 | 111,158 | 81,669 | 71,653 |
Current Deferred Revenue | 144,385 | 111,158 | 81,669 | 71,653 |
Other Current Liabilities | -- | -- | -- | 6,619 |
•Total Non Current Liabilities Net Minority Interest | 899,730 | 835,923 | 727,011 | 733,456 |
Long Term Provisions | -- | 506 | 426 | 411 |
•Long Term Debt And Capital Lease Obligation | 890,840 | 811,468 | 698,564 | 654,690 |
Long Term Capital Lease Obligation | 890,840 | 811,468 | 698,564 | 654,690 |
•Non Current Deferred Liabilities | 5,553 | 20,626 | 28,021 | 42,855 |
Non Current Deferred Taxes Liabilities | 5,553 | 20,626 | 23,191 | 21,767 |
Preferred Securities Outside Stock Equity | -- | -- | 0 | 35,500 |
Other Non Current Liabilities | 3,337 | 3,829 | -- | -- |
•Total Equity Gross Minority Interest | 1,361,028 | 1,094,583 | 807,495 | 685,787 |
•Stockholders' Equity | 1,361,028 | 1,094,583 | 807,495 | 685,787 |
•Capital Stock | 440,637 | 383,482 | 307,737 | 265,519 |
Common Stock | 440,637 | 383,482 | 307,737 | 265,519 |
Additional Paid in Capital | 136,013 | 101,568 | 96,249 | 68,682 |
Retained Earnings | 793,058 | 609,695 | 407,337 | 355,270 |
•Gains Losses Not Affecting Retained Earnings | -8,680 | -162 | -3,828 | -3,684 |
Other Equity Adjustments | -8,680 | -162 | -3,828 | -3,684 |
Total Capitalization | 1,361,028 | 1,094,583 | 807,495 | 685,787 |
Common Stock Equity | 1,361,028 | 1,094,583 | 807,495 | 685,787 |
Capital Lease Obligations | 995,763 | 919,223 | 805,886 | 772,006 |
Net Tangible Assets | 1,057,415 | 791,516 | 523,674 | 400,559 |
Working Capital | 377,533 | 231,535 | 154,593 | 194,548 |
Invested Capital | 1,361,028 | 1,094,583 | 807,495 | 685,787 |
Tangible Book Value | 1,057,415 | 791,516 | 523,674 | 400,559 |
Total Debt | 995,763 | 919,223 | 805,886 | 772,006 |
Share Issued | 114,574.75 | 114,379.28 | 111,160.38 | 110,442.61 |
Ordinary Shares Number | 114,574.75 | 114,379.28 | 111,160.38 | 110,442.61 |
| All numbers in thousands (CAD) | Feb 2026 | Nov 2025 | May 2025 | Feb 2025 | Nov 2024 |
|---|---|---|---|---|---|
•Total Assets | 3,135,677 | 3,170,686 | 2,467,776 | 2,455,814 | 2,385,180 |
•Current Assets | 1,252,452 | 1,280,969 | 798,035 | 756,843 | 749,977 |
•Cash, Cash Equivalents & Short Term Investments | 592,127 | 620,501 | 292,611 | 285,635 | 207,007 |
Cash And Cash Equivalents | 592,127 | 620,501 | 292,611 | 285,635 | 207,007 |
•Receivables | 49,983 | 39,457 | 37,298 | 30,653 | 28,570 |
Accounts receivable | 23,750 | 37,346 | 28,040 | 26,311 | 21,379 |
Taxes Receivable | 26,233 | 2,111 | 9,258 | 4,342 | 7,191 |
•Inventory | 495,197 | 508,196 | 409,469 | 379,316 | 461,990 |
Raw Materials | 7,326 | 9,247 | 7,265 | 4,613 | 7,513 |
Finished Goods | 487,871 | 498,949 | 402,204 | 374,703 | 454,477 |
Hedging Assets Current | 78,121 | -- | -- | 21,210 | -- |
Other Current Assets | 37,024 | 112,815 | 58,657 | 40,029 | 52,410 |
•Total non-current assets | 1,883,225 | 1,889,717 | 1,669,741 | 1,698,971 | 1,635,203 |
•Net PPE | 1,571,058 | 1,557,497 | 1,353,542 | 1,379,524 | 1,324,672 |
•Gross PPE | 2,498,406 | 2,080,164 | 1,826,026 | 2,176,944 | 1,779,370 |
Properties | 0 | 0 | 0 | 0 | 0 |
Machinery Furniture Equipment | 238,198 | -- | -- | 212,462 | -- |
Other Properties | -- | 773,546 | 650,791 | -- | 617,458 |
Construction in Progress | 148,032 | -- | -- | 64,261 | -- |
Leases | 2,112,176 | 1,306,618 | 1,175,235 | 1,900,221 | 1,161,912 |
Accumulated Depreciation | -927,348 | -522,667 | -472,484 | -797,420 | -454,698 |
•Goodwill And Other Intangible Assets | 303,613 | 304,046 | 303,650 | 303,067 | 288,231 |
Goodwill | 198,846 | 198,846 | 198,846 | 198,846 | 198,846 |
Other Intangible Assets | 104,767 | 105,200 | 104,804 | 104,221 | 89,385 |
•Non Current Deferred Assets | 4,745 | 24,182 | 557 | 4,816 | 16,169 |
Non Current Deferred Taxes Assets | 4,745 | 24,182 | 557 | 4,816 | 16,169 |
Other Non Current Assets | 3,809 | 3,992 | 11,992 | 11,564 | 6,131 |
•Total Liabilities Net Minority Interest | 1,774,649 | 1,828,530 | 1,339,077 | 1,361,231 | 1,428,258 |
•Current Liabilities | 874,919 | 891,162 | 501,506 | 525,308 | 582,100 |
•Payables And Accrued Expenses | 625,611 | 607,631 | 302,553 | 306,395 | 356,427 |
•Payables | 601,930 | 586,388 | 286,168 | 288,687 | 353,703 |
Accounts Payable | 410,791 | 388,340 | 190,099 | 189,222 | 251,797 |
•Total Tax Payable | 61,025 | 41,540 | 0 | 12,983 | 2,096 |
Income Tax Payable | 61,025 | 41,540 | 0 | 12,983 | 2,096 |
Other Payable | 130,114 | 156,508 | 96,069 | 86,482 | 99,810 |
Current Accrued Expenses | 23,681 | 21,243 | 16,385 | 17,708 | 2,724 |
•Current Debt And Capital Lease Obligation | 104,923 | 116,576 | 93,719 | 107,755 | 88,718 |
Current Capital Lease Obligation | 104,923 | 116,576 | 93,719 | 107,755 | 88,718 |
•Current Deferred Liabilities | 144,385 | 166,955 | 105,234 | 111,158 | 136,955 |
Current Deferred Revenue | 144,385 | 166,955 | 105,234 | 111,158 | 136,955 |
•Total Non Current Liabilities Net Minority Interest | 899,730 | 937,368 | 837,571 | 835,923 | 846,158 |
Long Term Provisions | -- | 1,124 | 490 | 506 | 1,537 |
•Long Term Debt And Capital Lease Obligation | 890,840 | 922,531 | 812,797 | 811,468 | 806,092 |
Long Term Capital Lease Obligation | 890,840 | 922,531 | 812,797 | 811,468 | 806,092 |
•Non Current Deferred Liabilities | 5,553 | 13,713 | 24,284 | 20,626 | 38,529 |
Non Current Deferred Taxes Liabilities | 5,553 | 11,133 | 21,284 | 20,626 | 23,157 |
Other Non Current Liabilities | 3,337 | -- | -- | 3,829 | -- |
•Total Equity Gross Minority Interest | 1,361,028 | 1,342,156 | 1,128,699 | 1,094,583 | 956,922 |
•Stockholders' Equity | 1,361,028 | 1,342,156 | 1,128,699 | 1,094,583 | 956,922 |
•Capital Stock | 440,637 | 430,462 | 390,921 | 383,482 | 346,165 |
Common Stock | 440,637 | 430,462 | 390,921 | 383,482 | 346,165 |
Additional Paid in Capital | 136,013 | 114,962 | 109,534 | 101,568 | 103,957 |
Retained Earnings | 793,058 | 800,233 | 635,338 | 609,695 | 510,053 |
•Gains Losses Not Affecting Retained Earnings | -8,680 | -3,501 | -7,094 | -162 | -3,253 |
Other Equity Adjustments | -8,680 | -3,501 | -7,094 | -162 | -3,253 |
Total Capitalization | 1,361,028 | 1,342,156 | 1,128,699 | 1,094,583 | 956,922 |
Common Stock Equity | 1,361,028 | 1,342,156 | 1,128,699 | 1,094,583 | 956,922 |
Capital Lease Obligations | 995,763 | 1,039,107 | 906,516 | 919,223 | 894,810 |
Net Tangible Assets | 1,057,415 | 1,038,110 | 825,049 | 791,516 | 668,691 |
Working Capital | 377,533 | 389,807 | 296,529 | 231,535 | 167,877 |
Invested Capital | 1,361,028 | 1,342,156 | 1,128,699 | 1,094,583 | 956,922 |
Tangible Book Value | 1,057,415 | 1,038,110 | 825,049 | 791,516 | 668,691 |
Total Debt | 995,763 | 1,039,107 | 906,516 | 919,223 | 894,810 |
Share Issued | 114,574.75 | 115,387.64 | 114,503.88 | 114,379.28 | 112,884.95 |
Ordinary Shares Number | 114,574.75 | 115,387.64 | 114,503.88 | 114,379.28 | 112,884.95 |
| 822,775 |
| 822,775 |
| 455,637 |
| 358,823 |
| 74,913 |
Net Income from Continuing Operations | 381,848 | 381,848 | 207,790 | 78,780 | 187,588 |
•Operating Gains Losses | -42,412 | -42,412 | -16,929 | 5,189 | 6,093 |
Gain Loss On Investment Securities | -42,412 | -42,412 | -16,929 | 5,189 | 6,093 |
•Depreciation Amortization Depletion | 214,089 | 214,089 | 186,653 | 168,039 | 133,902 |
•Depreciation & amortization | 214,089 | 214,089 | 186,653 | 168,039 | 133,902 |
Depreciation | 208,263 | 208,263 | 183,540 | 163,877 | 133,902 |
•Amortization | 5,826 | 5,826 | 3,113 | 4,162 | -- |
Amortization of Intangibles | 5,826 | 5,826 | 3,113 | 4,162 | -- |
•Deferred Tax | 134,910 | 134,910 | 82,663 | 35,830 | 76,219 |
Deferred Income Tax | 134,910 | 134,910 | 82,663 | 35,830 | 76,219 |
Asset Impairment Charge | -- | -- | 0 | 5,043 | 0 |
Stock based compensation | 61,709 | 61,709 | 48,373 | 31,784 | 24,369 |
Other non-cash items | 49,256 | 49,256 | 41,949 | 33,501 | 30,193 |
•Change in working capital | 188,680 | 188,680 | 4,173 | 97,002 | -228,956 |
•Change in Receivables | 44 | 44 | -3,934 | -1,554 | -3,616 |
Changes in Account Receivables | 44 | 44 | -3,934 | -1,554 | -3,616 |
Change in Inventory | -125,202 | -125,202 | -29,290 | 126,877 | -252,376 |
Change in Prepaid Assets | 2,324 | 2,324 | -6,070 | -12,094 | -6,869 |
Change in Payables And Accrued Expense | 274,287 | 274,287 | 18,514 | -24,485 | 20,053 |
Change in Other Current Assets | -1,120 | -1,120 | 923 | -2,094 | 322 |
Change in Other Working Capital | 38,347 | 38,347 | 24,030 | 10,352 | 13,530 |
Interest Paid CFO | -62,555 | -62,555 | -53,832 | -48,811 | -31,079 |
Taxes Refund Paid | -102,750 | -102,750 | -45,203 | -47,534 | -123,416 |
•Investing Cash Flow | -285,212 | -285,212 | -277,116 | -182,964 | -131,213 |
•Cash Flow from Continuing Investing Activities | -285,212 | -285,212 | -277,116 | -182,964 | -131,213 |
•Net PPE Purchase And Sale | -277,661 | -277,661 | -256,031 | -173,687 | -122,767 |
Purchase of PPE | -277,661 | -277,661 | -256,031 | -173,687 | -122,767 |
•Net Intangibles Purchase And Sale | -7,551 | -7,551 | -21,085 | -2,974 | -2,821 |
Purchase of Intangibles | -7,551 | -7,551 | -21,085 | -2,974 | -2,821 |
•Net Business Purchase And Sale | -- | -- | 0 | -6,303 | -5,625 |
Purchase of Business | -- | -- | 0 | -6,303 | -5,625 |
Net Other Investing Changes | -- | -- | -- | -- | -5,625 |
•Financing Cash Flow | -226,899 | -226,899 | -60,373 | -98,670 | -122,537 |
•Cash Flow from Continuing Financing Activities | -226,899 | -226,899 | -60,373 | -98,670 | -122,537 |
•Net Issuance Payments of Debt | -53,941 | -53,941 | -99,905 | -88,792 | -72,724 |
•Net Long Term Debt Issuance | -53,941 | -53,941 | -99,905 | -88,792 | -72,724 |
Long Term Debt Issuance | 47,753 | 47,753 | 10,527 | 21,405 | 13,538 |
Long Term Debt Payments | -101,694 | -101,694 | -110,432 | -110,197 | -86,262 |
•Net Common Stock Issuance | -207,001 | -207,001 | -5,906 | -29,988 | -61,124 |
Common Stock Payments | -207,001 | -207,001 | -5,906 | -29,988 | -61,124 |
Proceeds from Stock Option Exercised | 34,043 | 34,043 | 45,438 | 20,721 | 11,311 |
Net Other Financing Charges | -- | -- | -- | -611 | -- |
•End Cash Position | 592,127 | 592,127 | 285,635 | 163,277 | 86,510 |
Changes in Cash | 310,664 | 310,664 | 118,148 | 77,189 | -178,837 |
Effect of Exchange Rate Changes | -4,172 | -4,172 | 4,210 | -422 | 102 |
Beginning Cash Position | 285,635 | 285,635 | 163,277 | 86,510 | 265,245 |
Capital Expenditure | -285,212 | -285,212 | -277,116 | -176,661 | -125,588 |
Issuance of Debt | 47,753 | 47,753 | 10,527 | 21,405 | 13,538 |
Repayment of Debt | -101,694 | -101,694 | -110,432 | -110,197 | -86,262 |
Repurchase of Capital Stock | -207,001 | -207,001 | -5,906 | -29,988 | -61,124 |
Free Cash Flow | 537,563 | 537,563 | 178,521 | 182,162 | -50,675 |
| All numbers in thousands (CAD) | TTM | Feb 2026 | Nov 2025 | May 2025 | Feb 2025 | Nov 2024 |
|---|---|---|---|---|---|---|
•Operating Cash Flow | 822,775 | 220,196 | 357,136 | 100,280 | 158,476 | 214,867 |
•Cash Flow from Continuing Operating Activities | 822,775 | 220,196 | 357,136 | 100,280 | 158,476 | 214,867 |
Net Income from Continuing Operations | 381,848 | 134,270 | 138,886 | 42,391 | 99,642 | 74,068 |
•Operating Gains Losses | -42,412 | -8,430 | -23,190 | 22 | -10,800 | -292 |
Gain Loss On Investment Securities | -42,412 | -8,430 | -23,190 | 22 | -10,800 | -292 |
•Depreciation Amortization Depletion | 214,089 | 58,359 | 54,105 | 48,743 | 47,911 | 46,734 |
•Depreciation & amortization | 214,089 | 58,359 | 54,105 | 48,743 | 47,911 | 46,734 |
Depreciation | 208,263 | 52,533 | 54,105 | 48,743 | 44,798 | 46,734 |
•Amortization | 5,826 | -- | -- | -- | -- | -- |
Amortization of Intangibles | 5,826 | -- | -- | -- | -- | -- |
•Deferred Tax | 134,910 | 43,634 | 50,472 | 16,460 | 35,498 | 30,692 |
Deferred Income Tax | 134,910 | 43,634 | 50,472 | 16,460 | 35,498 | 30,692 |
Stock based compensation | 61,709 | 18,483 | 18,880 | 10,186 | 17,376 | 10,244 |
Other non-cash items | 49,256 | 14,428 | 8,531 | 12,854 | 3,022 | 12,659 |
•Change in working capital | 188,680 | 3,165 | 149,964 | 10,749 | -10,040 | 68,868 |
•Change in Receivables | 44 | -867 | -1,323 | 2,639 | -197 | 491 |
Changes in Account Receivables | 44 | -867 | -1,323 | 2,639 | -197 | 491 |
Change in Inventory | -125,202 | 7,121 | 21,980 | -37,144 | 87,521 | 26,657 |
Change in Prepaid Assets | 2,324 | 5,743 | -2,738 | 2,070 | 2,342 | -4,674 |
Change in Payables And Accrued Expense | 274,287 | 10,851 | 80,997 | 45,876 | -73,096 | -2,065 |
Change in Other Current Assets | -1,120 | 112 | -944 | -514 | 2,009 | -1,176 |
Change in Other Working Capital | 38,347 | -19,795 | 51,992 | -2,178 | -28,619 | 49,635 |
Interest Paid CFO | -62,555 | -21,118 | -11,468 | -14,319 | -14,105 | -14,454 |
Taxes Refund Paid | -102,750 | -22,595 | -29,044 | -26,806 | -10,028 | -13,652 |
•Investing Cash Flow | -285,212 | -91,091 | -66,326 | -59,091 | -79,532 | -85,507 |
•Cash Flow from Continuing Investing Activities | -285,212 | -91,091 | -66,326 | -59,091 | -79,532 | -85,507 |
•Net PPE Purchase And Sale | -277,661 | -89,921 | -64,134 | -57,433 | -64,963 | -83,609 |
Purchase of PPE | -277,661 | -89,921 | -64,134 | -57,433 | -64,963 | -83,609 |
•Net Intangibles Purchase And Sale | -7,551 | -1,170 | -2,192 | -1,658 | -14,569 | -1,898 |
Purchase of Intangibles | -7,551 | -1,170 | -2,192 | -1,658 | -14,569 | -1,898 |
•Net Business Purchase And Sale | -- | -- | -- | -- | 0 | 0 |
Purchase of Business | -- | -- | -- | -- | 0 | 0 |
•Financing Cash Flow | -226,899 | -153,224 | -25,040 | -31,193 | -3,642 | -28,170 |
•Cash Flow from Continuing Financing Activities | -226,899 | -153,224 | -25,040 | -31,193 | -3,642 | -28,170 |
•Net Issuance Payments of Debt | -53,941 | -16,339 | -5,323 | -17,606 | -27,242 | -26,795 |
•Net Long Term Debt Issuance | -53,941 | -16,339 | -5,323 | -17,606 | -27,242 | -26,795 |
Long Term Debt Issuance | 47,753 | 21,153 | 10,699 | 6,822 | 118 | 3,559 |
Long Term Debt Payments | -101,694 | -37,492 | -16,022 | -24,428 | -27,360 | -30,354 |
•Net Common Stock Issuance | -207,001 | -146,950 | -26,958 | -17,782 | 0 | -5,906 |
Common Stock Payments | -207,001 | -146,950 | -26,958 | -17,782 | 0 | -5,906 |
Proceeds from Stock Option Exercised | 34,043 | 10,065 | 7,241 | 4,195 | 23,600 | 4,531 |
•End Cash Position | 592,127 | 592,127 | 620,501 | 292,611 | 285,635 | 207,007 |
Changes in Cash | 310,664 | -24,119 | 265,770 | 9,996 | 75,302 | 101,190 |
Effect of Exchange Rate Changes | -4,172 | -4,255 | 2,382 | -3,020 | 3,326 | 1,834 |
Beginning Cash Position | 285,635 | 620,501 | 352,349 | 285,635 | 207,007 | 103,983 |
Capital Expenditure | -285,212 | -91,091 | -66,326 | -59,091 | -79,532 | -85,507 |
Issuance of Debt | 47,753 | 21,153 | 10,699 | 6,822 | 118 | 3,559 |
Repayment of Debt | -101,694 | -37,492 | -16,022 | -24,428 | -27,360 | -30,354 |
Repurchase of Capital Stock | -207,001 | -146,950 | -26,958 | -17,782 | 0 | -5,906 |
Free Cash Flow | 537,563 | 129,105 | 290,810 | 41,189 | 78,944 | 129,360 |
| VANGUARD TAX-MANAGED FUNDS-Vanguard Developed Markets Index Fund |
| Dec 2025 |
| 0.93% |
| 108,021,582 | 701,849 | mutual_fund | Fidelity Securities Fund-Fidelity Blue Chip Growth K6 Fund | Mar 2026 | 0.73% |
| 105,628,435 | 686,300 | mutual_fund | Variable Insurance Products Fund III-VIP Mid Cap Portfolio | Mar 2026 | 0.71% |
| 91,580,915 | 595,029 | mutual_fund | Putnam Funds Trust-Putnam Small Cap Growth Fund | Dec 2025 | 0.62% |
| 90,640,063 | 588,916 | mutual_fund | Fidelity Investment Trust-Fidelity Series Canada Fund | Mar 2026 | 0.61% |
| 90,388,574 | 587,282 | mutual_fund | Fidelity Securities Fund-Fidelity Series Blue Chip Growth Fund | Mar 2026 | 0.61% |
| 69,376,781 | 450,762 | mutual_fund | DFA INVESTMENT TRUST CO-The Canadian Small Company Series | Jan 2026 | 0.47% |
| 57,034,891 | 370,573 | mutual_fund | DFA INVESTMENT DIMENSIONS GROUP INC-Intl Core Eqy. 2 PORT. | Jan 2026 | 0.39% |
| 29,396 | 191 | institutional | Ascentis Independent Advisors | Mar 2026 | 0.00% |
| 15,391 | 100 | institutional | Main Street Group, Ltd | Mar 2026 | 0.00% |
| 7,695 | 50 | institutional | Pinney & Scofield, Inc. | Mar 2026 | 0.00% |