Finning International Inc

FTT

Equity

ISIN null / Valor 687841

Toronto Stock Exchange (2026-06-03)

CAD 107.51+1.78%

Finning International Inc
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About company

Finning International Inc. is a prominent global distributor and service provider for Caterpillar equipment, recognized as the largest dealer of Caterpillar products worldwide. Established in 1933 and headquartered in Vancouver, Canada, the company operates across multiple regions, including the Americas and the UK. Finning's core business involves the sale, rental, and servicing of heavy machinery and engines, catering to diverse sectors such as mining, construction, petroleum, and forestry, as well as various power systems applications. With a workforce of nearly 15,000 employees, Finning is committed to delivering reliable and resourceful solutions to its customers, maintaining a strong reputation for integrity and customer loyalty in the heavy equipment industry.

Summarized from source with an LLMView SourceSector: Consumer Cyclicals

Top-line and revenue mix

Q4 2025 revenue: CAD 2,690M (+6% vs Q4 2024). New equipment: CAD 1,000M (+9%); Product support: CAD 1,507M (+8%). Full-year 2025 new equipment reached an all‑time high CAD 3.9B and product support is approaching CAD 6B annually.

Profitability — EBIT and margins

Q4 2025 EBIT was CAD 187M (‑12% vs Q4 2024); adjusted EBIT was CAD 209M (‑2%). Q4 gross profit was CAD 617M with gross margin 23.0%; SG&A was CAD 413M (SG&A margin 15.4%).

Earnings per share

Q4 2025 EPS from continuing operations: CAD 0.88 (‑9% vs Q4 2024). Adjusted EPS: CAD 1.00 (+3% vs Q4 2024). Full‑year 2025 EPS: CAD 3.93 and adjusted EPS: CAD 4.12 (both +14% year-over-year).

Cash flow and balance sheet metrics

Free cash flow from continuing operations in Q4 2025 was CAD 642M (+61% vs Q4 2024). Invested capital from continuing operations was CAD 4,313M and net debt at Dec 31, 2025 was CAD 1,525M. Net debt to adjusted EBITDA ratio improved to 1.2x.

Returns and capital efficiency

Adjusted ROIC (continuing operations) in Q4 2025 was 19.2%, within management’s targeted sustainable range (18–25%). Invested capital turnover was 2.34x for the quarter.

Segment results (Q4 2025)

Adjusted EBIT by segment (Q4 2025): Canada CAD 103M, South America CAD 103M, UK & Ireland CAD 20M, Other CAD (‑17M). These reflect continued strength in South America and improved resilience across operations.

Backlog and forward book

Equipment backlog reached an all‑time high of CAD 3.1B, providing a foundation for future new equipment deliveries and product support opportunities.

Outlook and capital plan for 2026

Management expects 2026 net capital and net rental fleet expenditures to exceed CAD 350M, plans to grow rental, used and power & energy businesses, and expects construction demand to improve gradually in 2026 while remaining constructive on mining and power & energy.

Other items and investor resources

Q4 included write‑offs of intangible assets (CAD 22M pre‑tax aggregate for the quarter) included in significant items. Finning scheduled an investor call for Feb 11, 2026 and published the full Q4 2025 release and reconciliations on its investor website.

Summarized from source with an LLMView Source

Key figures

111%1Y

178%3Y

249%5Y

Performance

35.6%1Y

32.2%3Y

32.0%5Y

Volatility