Main revenue-generating sectors:

1. Capital markets
2. Data solutions
3. Technology services

TOP 3 markets and their percentage shares:

1. Canada: approx. 60%
2. USA: approx. 25%
3. Europe: approx. 10%

TMX Group Limited generates the majority of its revenue from the capital markets, particularly through the operation of the Toronto Stock Exchange. Data solutions and technology services also contribute significantly to revenue by providing customers with valuable information and technologies.

Canada remains the largest market for TMX, attributed to the strong presence and influence of the Toronto Stock Exchange. The U.S. market is also significant, as many international investors and companies are interested in the Canadian markets. Europe represents a smaller but still important market, especially for data solutions and technology services.

Production Sites: No physical production facilities

TMX Group Limited is a financial services company that primarily offers exchange and trading services. As the operator of the Toronto Stock Exchange and other financial markets, TMX Group does not produce physical products. Their "production" consists of providing financial services, trading platforms, and market data.

The services and platforms are delivered through a combination of internal IT infrastructures and external data centers. TMX Group focuses on developing and operating technology-based solutions for the financial sector.

Strategy for Future Growth:

1. Technological Innovations and Digitalization
2. Expansion of Product Offering
3. International Expansion

TMX Group Limited is focusing on technological innovations and the digitalization of its platforms to improve efficiency and user-friendliness. This includes investments in modern trading technologies and data analytics to provide added value to customers.

Another key focus is on expanding the product offering, especially in the areas of derivatives and alternative asset classes. This is intended to promote diversification of revenue sources and attract new customer segments.

Furthermore, the company aims for international expansion to strengthen its market presence outside of Canada. This could be achieved through strategic partnerships or acquisitions in key regions to capitalize on global growth opportunities.

Imported raw materials/materials: No specific raw materials

Countries of origin: Not applicable

The TMX Group Limited is a financial services company that operates the Toronto Stock Exchange and other exchanges. As such, it does not import raw materials or materials, as its main business activities are in the field of financial services and stock trading.

The company provides platforms for trading stocks, bonds, and other financial instruments and is not directly involved in the trading or processing of physical commodities. Therefore, information about raw material imports is not relevant for the TMX Group Limited.

Market Share: 60% in the Canadian stock market (2024) EBITDA Margin: 55% (2024) ROE (Return on Equity): 18% (2024)

The TMX Group Limited holds a significant competitive advantage in the Canadian stock market, mainly due to its dominant market position with a market share of around 60%. This strong position allows the company to benefit from economies of scale and achieve a high EBITDA margin of 55%, indicating efficient cost structures and strong pricing power.

Additionally, with a Return on Equity of 18%, TMX Group demonstrates effective use of its equity, pointing to healthy profitability and capital return. These metrics, combined with an established infrastructure and a wide range of services, strengthen TMX Group's competitive advantage compared to other market participants.

Institutional Investor Share: 70% (estimated for 2025)

Insider Purchases: No significant purchases reported (2025)

Insider Sales: Moderate, about 1% of outstanding shares (2025)

The institutional investor share in TMX Group Limited is approximately 70%, indicating a high level of trust from institutional investors in the company. These investors include pension funds, investment funds, and other large financial institutions that prefer long-term holdings.

In 2025, no significant insider purchases were reported, which could suggest that the management and other insiders currently do not see significant undervaluation of the stock. However, there were moderate insider sales, accounting for about 1% of outstanding shares. Such sales can occur for various reasons, such as personal liquidity needs or portfolio diversification, and do not necessarily indicate a negative outlook.

Market share of TMX Group Limited: 25% (2025, estimated)

Top competitors and their market shares:

1. Nasdaq Inc.: 30%
2. Intercontinental Exchange (ICE): 20%
3. London Stock Exchange Group: 15%
4. Deutsche Börse: 5%
5. CME Group: 5%

The TMX Group Limited, which operates the Toronto Stock Exchange, holds an estimated market share of 25% in the exchange operators sector. This makes them a significant player, especially in the North American market. Their main advantage lies in a strong position in the Canadian market and specialization in commodity and energy stocks, which creates a certain moat.

Compared to competitors, Nasdaq Inc. has the largest market share at 30%, followed by Intercontinental Exchange with 20%. These companies benefit from their global reach and diversification in various financial services, giving them a broader moat.

The London Stock Exchange Group and Deutsche Börse are also significant players, but with a stronger focus on the European market. The CME Group, known for derivatives, has a specific but smaller market share compared to the others.

Overall, TMX Group has a significant advantage in its home market, but the global reach and diversification of competitors could be seen as stronger moats.

Revenue Growth: 8.2% (2024)
Profit Growth: 6.5% (2024)
Market Share in Canadian Stock Trading: 60% (2024)

In 2024, TMX Group Limited achieved solid revenue growth of 8.2%, attributed to its strong market position and continuous demand for its services. The profit growth of 6.5% in the same year indicates that the company operates efficiently and is able to increase its profitability.

With a market share of 60% in Canadian stock trading, TMX Group remains a dominant player in its sector. This market leadership provides a stable foundation for future growth and makes the company less vulnerable to market fluctuations.

Additionally, in recent years, TMX Group has invested in technology and infrastructure to modernize its platforms and expand its services. These investments could lead to further efficiency improvements and new business opportunities in the long term.

Overall, TMX Group Limited demonstrates strong fundamental metrics and a solid market position, making it a potentially good investment, especially for investors interested in long-term growth.

Dividend Yield: 2.8% (2025, estimated)
Dividend History: Continuous payout for over 10 years

TMX Group Limited is known for its reliable dividend policy. The company has been consistently paying dividends in recent years, maintaining a stable dividend yield of around 2.8%.

The financial stability and strong cash flow of TMX Group support its sustainable payout policy. Analysts expect the company to continue to maintain its dividend payments in the future, thanks to its solid market position and its ability to generate consistent revenue.