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TMX GroupTSX:X -0.85%94 Cyclically Adjusted PS Ratio is 11.71 as of Jul. 17, 2026, which is 34% above its 10-year median of 8.77. GuruFocus rates TSX:X with a GF Score™ of 94/100 and a GF Value™ of C$57.26 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 603 Capital Markets companies, TMX Group ranks worse than 84.25% on this metric.
The historical rank and industry rank for TMX Group's Cyclically Adjusted PS Ratio or its related term are showing as below:
TSX:X'
s Cyclically Adjusted PS Ratio Range Over the Past 10 Years
Min: 5.84 Med: 8.77 Max: 14.57
Current: 11.83
During the past years, TMX Group's highest Cyclically Adjusted PS Ratio was 14.57. The lowest was 5.84. And the median was 8.77.
TSX:X's Cyclically Adjusted PS Ratio is ranked worse than 84.25% of 603
companies
in the Capital Markets industry
Industry Median: 3.25
vs TSX:X: 11.83
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.
TMX Group's adjusted revenue per share data for the three months ended in Mar. 2026 was C$1.748. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is C$4.29 for the trailing ten years ended in Mar. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
TMX Group (TSX:X) Cyclically Adjusted PS Ratio Explanation
Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.
TMX Group Cyclically Adjusted PS Ratio Related Terms
TMX Group Cyclically Adjusted PS Ratio Historical Data
* Premium members only.
The historical data trend for TMX Group's Cyclically Adjusted PS Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
TSX:X vs SPGI, CME, MCO: Cyclically Adjusted PS Ratio Comparison
For the Financial Data & Stock Exchanges subindustry, TMX Group's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
TMX Group Cyclically Adjusted PS Ratio vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, TMX Group's Cyclically Adjusted PS Ratio distribution charts can be found below:
* The bar in red indicates where TMX Group's Cyclically Adjusted PS Ratio falls into.
TMX Group Cyclically Adjusted PS Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.
TMX Group's Cyclically Adjusted PS Ratio for today is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PS Ratio of 11.71 mean?
TMX Group (TSX:X) has a Cyclically Adjusted PS Ratio of 11.71 as of Jul. 17, 2026. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on TMX Group and its competitors. This is 34% above median its historical median of 8.77. Over the past decade, TMX Group's Cyclically Adjusted PS Ratio has ranged from 5.84 to 14.57. According to the industry distribution chart, TMX Group ranks #508 out of 603 companies in the Capital Markets industry, placing it in the top 84.2%.
Is TMX Group's Cyclically Adjusted PS Ratio too high?
TMX Group's current Cyclically Adjusted PS Ratio of 11.71 is 34% above median its 10-year median of 8.77. Over the past 10 years, this metric has ranged from a low of 5.84 to a high of 14.57. The Capital Markets industry median Cyclically Adjusted PS Ratio is 3.25. TMX Group's value of 11.71 is 260.3% above this industry median. Based on the distribution chart, TMX Group ranks #508 out of 603 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, TMX Group has a GF Score™ of 94/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does TMX Group's Cyclically Adjusted PS Ratio compare to SPGI and CME?
According to the Capital Markets industry distribution chart, TMX Group ranks #508 out of 603 companies for Cyclically Adjusted PS Ratio. This places TMX Group in the lower half of its industry. The industry median Cyclically Adjusted PS Ratio is 3.25. TMX Group's value of 11.71 is 260.3% above this benchmark. Historically, TMX Group's own Cyclically Adjusted PS Ratio has ranged from 5.84 to 14.57 over the past decade. While the company's 10-year median is 8.77 vs. the industry median of 3.25, TMX Group has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PS Ratio for a Capital Markets company?
The median Cyclically Adjusted PS Ratio among Capital Markets companies is 3.25, based on 603 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. TMX Group's current Cyclically Adjusted PS Ratio of 11.71 is 260.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PS Ratio mean?
A high Cyclically Adjusted PS Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on TMX Group and its competitors. For the Capital Markets industry, the median Cyclically Adjusted PS Ratio is 3.25 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. TMX Group's current Cyclically Adjusted PS Ratio is 11.71, which is 34% above median its own 10-year median of 8.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TMX Group stock overvalued right now?
Based on GuruFocus' analysis, TMX Group (TSX:X) is currently considered Modestly Undervalued. The stock's GF Value™ is C$57.26, compared to a current price of C$50.25 — trading 12.2% below its estimated fair value. The current Cyclically Adjusted PS Ratio is 11.71, which is 34% above median its 10-year median of 8.77 and 260.3% above the Capital Markets industry median of 3.25. TMX Group's overall GF Score™ is 94/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PS Ratio calculated?
Cyclically Adjusted PS Ratio is calculated from a company's financial statements. For TMX Group (TSX:X), the current Cyclically Adjusted PS Ratio is 11.71 as of Jul. 17, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is TMX Group (TSX:X) Overvalued in 2026?
Based on GuruFocus' analysis, TMX Group stock appears to be undervalued.
The current stock price of C$50.25 is trading 12.2% below its estimated GF Value™ of C$57.26.
GuruFocus considers TMX Group to be Modestly Undervalued.
Key valuation signals for TSX:X:
Cyclically Adjusted PS Ratio: 11.71 (34% above median its 10-year median of 8.77)
GF Value™: C$57.26 vs. price of C$50.25 (12.2% below fair value)
Industry Position: 260.3% above the Capital Markets median (#508 of 603)
No single metric tells the full story. See the TSX:X stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
TMX Group Ltd is a company that operates several markets to provide investment opportunities for its clients. The company has four operating segments: Global Solutions, Insights & Analytics, Capital Formation, Derivatives Trading & Clearing, and Equities and Fixed Income Trading & Clearing. The maximum of its revenue is from Global Solutions, Insights & Analytics, which deliver equities data, index data as well as integrated data sets to fuel high value proprietary and third party analytics, which help clients make trading and investment decisions. The company geographically operates in Canada, USA, UK, Germany, and Other Countries, with maximum revenue from Canada.
94GF Score
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