Ranking
Free cash flow yield ranking
Every company we analyze, ranked by free-cash-flow yield — the cash a business actually produces divided by its market value (FCF ÷ market cap). A higher yield means you're paying less for each dollar of free cash flow. Banks and insurers don't generate meaningful free cash flow, so they're ranked separately on earnings yield (≈ 1 ÷ price-to-earnings).
Approximate, as of early August 2026. * = estimated. Figures move with prices and results — see each report for the detail, and confirm before acting.
Free cash flow yield (highest first)
| # | Company | Ticker | Sector | FCF yield* | Basis |
|---|---|---|---|---|---|
| 1 | MTY Food Group | MTY | Restaurants & Franchising | ≈15% | FCF (net of leases) ≈C$129M ÷ ≈C$0.78B market cap (≈14–20% by source) |
| 2 | Onex Corporation | ONEX | Diversified Financials | ≈10.7%* | A trailing P/E of ~9.3x implies a ~10.7% earnings yield, but Onex's earnings are dominated by volatile investment gains rather than recurring free cash flow; the sharper lens is the ~33% discount of the C$113.39 price to C$170.40 investing capital per share. |
| 3 | BCE Inc. | BCE | Telecom | ≈9.7% | TTM free cash flow of C$2.76B against a C$28.4B market cap ≈ 9.7%. Note FCF fell ~27% YoY, so the yield reflects a depressed, capex-heavy denominator. |
| 4 | Suncor Energy | SU | Energy | ≈9.3% | TTM FCF ≈C$6B ÷ ≈C$50B market cap |
| 5 | Brookfield Infrastructure Partners | BIP.UN | Diversified Financials | ≈8.9%* | Q2 FY2026 FFO of US$0.89/unit annualized (~US$3.56) ÷ ~US$39.91 unit price ≈ 8.9% FFO yield; cash distribution US$1.82/unit ≈ 4.6%. |
| 6 | TELUS Corporation | T | Telecom | ≈8.5% | 2026 FCF ≈C$1.8B ÷ ≈C$21B market cap |
| 7 | Enbridge Inc. | ENB | Energy | ≈8% | 2026 DCF ≈C$5.90/share at a ~5.2% dividend yield → ≈8% DCF yield |
| 8 | Brookfield Renewable Partners | BEP.UN | Utilities | ≈6.5%* | LTM FFO of US$1.44B (US$2.14/unit) ÷ ~US$33.04 unit price ≈ 6.5% FFO yield; cash distribution ~US$1.57/unit ≈ 4.8%. |
| 9 | Constellation Software Inc. | CSU | Software | ≈6.4% | ≈6.4% reported TTM FCF yield (GuruFocus, Jun 2026); ~C$57B market cap |
| 10 | Brookfield Corporation | BN | Diversified Financials | ≈5.7%* | LTM distributable earnings of US$6.0B ($2.54/share) ÷ ~US$44.62 unit price ≈ 5.7% (DE used as the free-cash proxy for a holding company). |
| 11 | IGM Financial | IGM | Diversified Financials | ≈5.5%* | TTM EPS of C$4.94 on a C$90.85 price is a 5.4% earnings yield; as a capital-light wealth manager IGM converts nearly all earnings to distributable cash, and the trailing P/E of ~17.6x implies a ~5.7% earnings/FCF yield. |
| 12 | Reitmans (Canada) Limited | RET.A | Retail | ≈5%* | net-cash micro-cap (cash > market cap, ~C$100M); thin but positive FCF — very illiquid |
| 13 | Canadian Natural Resources | CNQ | Energy | ≈4.6% | ≈4.6% TTM FCF yield vs ~1.6% industry median; low-decline asset base |
| 14 | TMX Group | X | Diversified Financials | ≈4.2%* | TTM diluted EPS of C$2.17 on a C$52.52 price is a ~4.1% earnings yield; the exchange is capital-light so free cash flow closely tracks earnings, and on TTM adjusted EPS (~C$2.45) the yield is closer to ~4.7%. |
| 15 | Knight Therapeutics | GUD | Healthcare & Pharma | ≈4%* | adj. EBITDA ≈15% of ~C$515M revenue vs ~C$0.96B market cap |
| 16 | Tourmaline Oil | TOU | Energy | ≈3.8% | 2026 FCF outlook ≈C$0.9B ÷ ≈C$24B market cap (swings with gas prices) |
| 17 | Brookfield Asset Management | BAM | Diversified Financials | ≈3.6%* | LTM fee-related earnings of ~US$1.89/share ÷ ~US$51.94 price ≈ 3.6% (FRE used as the capital-light free-cash proxy; ~3.9% dividend yield captures most of distributable earnings). |
| 18 | Canadian National Railway | CNR (TSX) / CNI (NYSE) | Industrials | ≈3.5% | TTM FCF ≈C$3.6B ÷ ≈C$105B market cap |
| 19 | Boyd Group Services | BYD | Auto Services | ≈2.5%* | low — growth capex on new locations consumes most operating cash flow; ~C$3.8B market cap |
| 20 | Element Fleet Management | EFN | Diversified Financials | ≈1.9% | Reported GAAP FCF of C$0.61/share (TTM) on a C$32.16 price is ~1.9%, but GAAP FCF is depressed by lease-origination cash outflows that Element later syndicates; on earnings the yield is ~3.3% (30.5x trailing) and ~6.4% on the ~15.6x forward multiple, so management guides to an adjusted FCF-per-share basis instead. |
| 21 | Shopify Inc. | SHOP | Software | ≈1.3% | TTM FCF ≈US$2.1B ÷ ≈US$161B market cap |
Earnings yield — banks & insurers
Free cash flow isn't a meaningful metric for a lending balance sheet or a life insurer, so these are ranked on earnings yield (the inverse of the price-to-earnings ratio) instead.
| # | Company | Ticker | Sector | Earnings yield | Basis |
|---|---|---|---|---|---|
| 1 | Fairfax Financial Holdings | FFH | Insurance | ≈12.2% | TTM EPS of roughly C$286 on a ~C$2,347 share price implies a P/E of ~8x and an earnings yield of ~12% — but recent earnings are inflated by non-recurring investment gains, so normalized earnings yield is lower. |
| 2 | Trisura Group | TSU | Insurance | ≈7.4% | P/E of 13.4 on TTM EPS of C$3.10 at C$42.28 → earnings yield ≈ 1/13.4 ≈ 7.4% |
| 3 | The Toronto-Dominion Bank | TD | Banks | ≈7.3% | ≈ earnings yield (trailing P/E ~13.6) |
| 4 | Bank of Montreal (BMO) | BMO | Banks | ≈7%* | ≈ earnings yield (trailing P/E ~14; EPS recovering) |
| 5 | Bank of Nova Scotia (Scotiabank) | BNS | Banks | ≈6.7% | ≈ earnings yield (trailing P/E ~14.9) |
| 6 | Intact Financial | IFC | Insurance | ≈6.5% | P/E of 15.3 on TTM EPS of C$17.99 at C$283.16 → earnings yield ≈ 1/15.3 ≈ 6.5% |
| 7 | Canadian Imperial Bank of Commerce (CIBC) | CM | Banks | ≈6.1% | ≈ earnings yield (trailing P/E ~16.5) |
| 8 | Manulife Financial | MFC | Insurance | ≈6.1% | ≈ earnings yield (trailing P/E ~16.4) |
| 9 | National Bank of Canada | NA | Banks | ≈6%* | ≈ earnings yield (trailing P/E ~16) |
| 10 | Royal Bank of Canada | RY | Banks | ≈5.4% | ≈ earnings yield (trailing P/E ~18) |
| 11 | Great-West Lifeco | GWO | Insurance | ≈5.2% | P/E of 19.2 on TTM EPS of C$4.84 at C$93.29 → earnings yield ≈ 1/19.2 ≈ 5.2% (forward P/E ~15.4) |
| 12 | iA Financial Corporation | IAG | Insurance | ≈5.2% | P/E of 19.2 on TTM EPS of C$10.80 at C$207.12 → earnings yield ≈ 1/19.2 ≈ 5.2% |
| 13 | Definity Financial | DFY | Insurance | ≈4.8% | P/E of 20.9 on TTM EPS of C$3.84 at C$81.78 → earnings yield ≈ 1/20.9 ≈ 4.8% |
| 14 | Sun Life Financial | SLF | Insurance | ≈4.6% | ≈ earnings yield (trailing P/E ~21.7) |
| 15 | Power Corporation of Canada | POW | Diversified Financials | ≈4.2%* | 1 ÷ trailing P/E of ~23.7x ≈ 4.2% earnings yield on C$95.94; forward P/E of ~14.3x implies ~7% on normalized earnings. Dividend yield ~2.8% (C$2.67/share). |
| 16 | EQB Inc. | EQB | Banks | ≈3.5% | TTM EPS of ~C$5.09 on a ~C$144 share price implies a P/E of ~28x and an earnings yield of ~3.5% — but this sits on depressed FY2026 earnings, so normalized yield would be higher. |
| 17 | goeasy | GSY | Diversified Financials | ≈-33.4% | Trailing-twelve-month diluted EPS of roughly -C$16.30 on a ~C$48.73 share price gives a negative earnings yield (~-33%); TTM net loss ~C$270M following a ~C$337M Q4 2025 charge. P/E is not meaningful. |