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TFI International (TSX:TFII) Altman Z-Score : 2.82 (As of Jul. 09, 2025)


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What is TFI International Altman Z-Score?

The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.

Warning Sign:

Altman Z-score of 2.8 is in the grey area. This implies that the company is under some kind of financial stress. If it is below 1.8, the company may face bankruptcy risk.

TFI International has a Altman Z-Score of 2.82, indicating it is in Grey Zones. This implies that TFI International is in some kind of financial stress. If it is below 1.81, the company may face bankrupcy risk.

The zones of discrimination were as such:

When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.

The historical rank and industry rank for TFI International's Altman Z-Score or its related term are showing as below:

TSX:TFII' s Altman Z-Score Range Over the Past 10 Years
Min: 1.9   Med: 2.77   Max: 4.66
Current: 2.8

During the past 13 years, TFI International's highest Altman Z-Score was 4.66. The lowest was 1.90. And the median was 2.77.


TFI International Altman Z-Score Historical Data

The historical data trend for TFI International's Altman Z-Score 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.

* Premium members only.

TFI International Altman Z-Score Chart

TFI International Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Altman Z-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.08 3.70 4.36 3.86 3.36

TFI International Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Altman Z-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.79 3.72 3.24 3.36 2.69

Competitive Comparison of TFI International's Altman Z-Score

For the Trucking subindustry, TFI International's Altman Z-Score, along with its competitors' market caps and Altman Z-Score 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.


TFI International's Altman Z-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, TFI International's Altman Z-Score distribution charts can be found below:

* The bar in red indicates where TFI International's Altman Z-Score falls into.


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TFI International Altman Z-Score Calculation

Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.

TFI International's Altman Z-Score for today is calculated with this formula:

Z=1.2*X1+1.4*X2+3.3*X3+0.6*X4+1.0*X5
=1.2*0.0049+1.4*0.2518+3.3*0.0913+0.6*1.6682+1.0*1.159
=2.82

* 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. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.

Trailing Twelve Months (TTM) ended in Mar. 2025:
Total Assets was C$10,217 Mil.
Total Current Assets was C$1,551 Mil.
Total Current Liabilities was C$1,501 Mil.
Retained Earnings was C$2,573 Mil.
Pre-Tax Income was 106.714 + 160.29 + 221.187 + 220.242 = C$708 Mil.
Interest Expense was -52.777 + -55.897 + -57.209 + -58.922 = C$-225 Mil.
Revenue was 2820.074 + 2958.941 + 2959.236 + 3103.559 = C$11,842 Mil.
Market Cap (Today) was C$10,743 Mil.
Total Liabilities was C$6,440 Mil.

* Note that for stock reported semi-annually or annually, GuruFocus uses latest annual data as the TTM data.

X1=Working Capital/Total Assets
=(Total Current Assets - Total Current Liabilities)/Total Assets
=(1551.331 - 1500.887)/10217.101
=0.0049

X2=Retained Earnings/Total Assets
=2572.872/10217.101
=0.2518

X3=Earnings Before Interest and Taxes/Total Assets
=(Pre-Tax Income - Interest Expense)/Total Assets
=(708.433 - -224.805)/10217.101
=0.0913

X4=Market Value Equity/Book Value of Total Liabilities
=Market Cap/Total Liabilities
=10742.507/6439.664
=1.6682

X5=Revenue/Total Assets
=11841.81/10217.101
=1.159

The zones of discrimination were as such:

Distress Zones - 1.81 < Grey Zones < 2.99 - Safe Zones

TFI International has a Altman Z-Score of 2.82 indicating it is in Grey Zones.

Study by Altman found that companies that are in Distress Zone have more than 80% of chances of bankruptcy in two years.


TFI International  (TSX:TFII) Altman Z-Score Explanation

X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.

X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.

X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.

X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.

X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.

Read more about Altman Z-Score and the original research.


Be Aware

Altman Z-Score does not apply to financial companies.


TFI International Altman Z-Score Related Terms

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TFI International Business Description

Traded in Other Exchanges
Address
8801 Trans-Canada Highway, Suite 500, Saint-Laurent, Montreal, QC, CAN, H4S 1Z6
TFI International Inc is involved in the provision of transportation and logistics services across the United States, Canada, and Mexico. The company's reportable segments are; Less-Than-Truckload, which derives maximum revenue, Truckload, and Logistics. The Less-Than-Truckload segment engages in pickup, consolidation, transport, and delivery of smaller loads; the Truckload segment deals with full loads carried directly from the customer to the destination using a closed van or specialized equipment to meet customers' specific needs; and the Logistics segment provides asset-light logistics services, including brokerage, freight forwarding, and transportation management, as well as small package parcel delivery. Geographically, the company generates maximum revenue from the United States.
Executives
Alain Bédard Director, Senior Officer
Debra Kelly-ennis Director
Leslie Abi-karam Director
Diane Giard Director
Sébastien Martel Director
John Pratt Director
William T. England Director
Tfi International Inc. Issuer
David Joseph Saperstein Senior Officer
Steven Brookshaw Director or Senior Officer of Insider or Subsidiary (other than in 4,5,6)
Frank Paglia Director or Senior Officer of Insider or Subsidiary (other than in 4,5,6)
Neil Donald Manning Director
Joey Saputo Director
Richard Guay Director, Senior Officer

TFI International Headlines

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