Onex Corp (ONEX) fair value: what the stock is really worth
As of Nov 12, 2026: fair value (intrinsic value) of Onex Corp stock C$139, price C$107, upside +29.6%, quality 70 out of 100. Rating: undervalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.
How to read this chart
60‑month range C$58.52 – C$125.21 · fair‑value band C$104.18 – C$173.64 · the C$107.22 price screens below the C$138.91 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 11, 2026.
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Onex Corporation is a private equity firm specializing in acquisitions and platform acquisitions. The firm makes investments in buyouts, turnaround, upper-middle market, large-cap, mid-cap, and small-cap market and distressed companies.
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It also invests in recapitalization, growth capital, Industry consolidation, corporate carve-outs of subsidiaries and mission-critical supply divisions from multinational corporations, operational restructurings of undervalued businesses, and builds up. The firm seeks to invest in industrials, Health and Wellness, financial services, consumer, and business services & software.
It invests in global businesses headquartered in North America, including United States, Canada, and Europe. The firm seeks to invest between $125 million and $1000 million in companies that have minimum revenues of $300 million.
It does not consider size if the company is in an industry in which the firm already has presence. The firm seeks to make direct as well as co-investments through managed private equity, real estate, and credit funds. It seeks to acquire a control position in its portfolio companies.
Onex Corporation was founded in 1984 and is based in Toronto, Canada with additional offices in New York, New York; Englewood Cliffs, New Jersey; Boston, Massachusetts and London, United Kingdom.
Stock analysis
Onex Corp (ONEX) currently trades at C$107.22, while our model-based Fair Value estimate is C$138.91, implying the stock looks roughly 23% undervalued today.
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the data coverage at high.
Scenario range: C$104.18 (bear) to C$173.64 (bull), the price of C$107.22 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 70/100 (solid quality), in the Financial Services sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Onex Corp reported revenue of $293M in FY2025 versus $2.0B in FY2021, a compound −38.4%/yr. Reported net income was $628M in FY2025, compounding −18.2%/yr from FY2021.
Key figures
Market cap C$8.1B (≈ $5.7B) Mid · P/E ratio 11.6 · P/S ratio 24.9 · EPS (TTM) C$9.23 · Dividend yield 0.4% · Return on equity 5.3% · Return on assets (EBIT) 5.3% (5-year average) · Operating margin 70.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 65 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 30%, ONEX screens cheaper than that median.
Fair Value models
BearC$104.18Fair Value C$138.91BullC$173.64
Price C$107.22 · Upside +29.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (C$7.69 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−31.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−10.1%
Revenue growth 30 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−4.4%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−3.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.1%
Dividend (yield on the price)0.4%
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.68% → 217%
2025 sits 128% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
⚠ Revenue per share shrinking 26.2%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−1.2%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −3.5% a year for the price.
AI conclusion: The business gains from expanding its specialty insurance platform toward steadier fee and underwriting income, yet shows limited evidence of a durable moat and average profitability sustainability.
Main risk: Management attention and capital allocation split between the insurance platform buildout and traditional private equity exits could undermine consistent per-share growth.
Onex has concentrated more capital in its specialty insurance platform Convex since the acquisition, aiming to build steadier fee and underwriting income alongside its asset management activities. Private equity exits remain part of the mix but now compete with this compounding approach for management attention and capital allocation. Our models see the shares as undervalued. Will the insurance and fee businesses generate more consistent per-share growth than the traditional realization cycle, or will volatility persist?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 632 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside+29.6% · Above median
Profitability
Return on equity (12 months)5.3% · Above median
Return on assets5.6% · Above median
Net margin (12 months)66.1% · Top 25%
Operating margin (12 months)70.9% · Above median
Growth and dividend
Revenue growth (quarter YoY)−38.4% · Bottom 25%
Dividend yield (12 months)0.4% · Bottom 25%
Balance sheet
Debt / equity0.27× · Above median
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (12 months)11.6× · Cheaper than median
P/B0.65× · Cheaper than median
P/S (12 months)7.87× · Priciest 25%
Price / free cash flow (fiscal year)8.5× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Onex Corp Fair Value". https://www.fairvalue-calculator.com/stock/ONEX
Frequently asked questions
Is Onex Corp (ONEX) overvalued or undervalued?
As of Nov 11, 2026, our model estimates a fair value of C$138.91 versus a price of C$107.22, about +30% upside (undervalued).
What is the fair value of ONEX?
Our model-based fair value for Onex Corp is C$138.91 (as of Nov 11, 2026), built from audited fundamentals. The current price: C$107.22.
What is the quality score of ONEX?
Onex Corp has a Quality Score of 70/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Onex Corp (ONEX)?
Our model-based price target is the fair value of C$138.91 (as of Nov 11, 2026) from 2 valuation models. Cautious scenario C$104.18, optimistic scenario C$173.64. It is a calculation from audited fundamentals, not an analyst target.
What is the Onex Corp stock forecast for 2026?
Our models put fair value at C$138.91, about +30% upside versus a price of C$107.22 (undervalued). Cautious scenario C$104.18, optimistic scenario C$173.64. The calculation is refreshed regularly with new filings.
What is the revenue of Onex Corp (ONEX)?
Onex Corp reported trailing-twelve-month revenue of about $726M (latest available figure, as of Nov 11, 2026).
Does Onex Corp pay a dividend?
Onex Corp currently shows a dividend yield of 0.37% relative to its recent price (as of Nov 11, 2026).
How much is the dividend of Onex Corp (ONEX) and when is the ex-dividend date?
Onex Corp pays a dividend of C$0.4 per share a year, a dividend yield of 0.4%. The last ex-dividend date was Oct 9, 2026. A dividend has been paid every year since at least 1989. The payout ratio is 3.4% of earnings. Free cash flow covers the dividend 31.39 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Onex Corp (ONEX)?
For today's price to be fair in a discounted-cash-flow model, Onex Corp would have to grow free cash flow by -1.2 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -23.8 % per year. As of Nov 11, 2026.
What discount rate (WACC) does the fair value of ONEX use?
Our models discount Onex Corp at 9.6 %: a base by market capitalisation (mid), damped by beta 1.02, country premium for Canada. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Onex Corp that is -1.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has Onex Corp (ONEX) delivered so far?
Over the past 5 years revenue at Onex Corp grew -23.8 % a year. The price currently implies free-cash-flow growth of -1.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Onex Corp (ONEX) growing?
The median revenue growth in the sector is +8.8 % a year. That is the yardstick for the growth priced into Onex Corp (-1.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Onex Corp (ONEX)?
The free-cash-flow yield on the price is 11.74 %: that much free cash flow Onex Corp produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Onex Corp (ONEX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Onex Corp it is C$138.91 per share (as of Nov 11, 2026), against a price of C$107.22. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is Onex Corp stock overvalued or undervalued in 2026?
As of Nov 11, 2026, ONEX trades below its calculated fair value: price C$107.22, fair value C$138.91, a gap of about +30% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ONEX?
No. The price is what the market pays today (C$107.22); the fair value is what the company's own numbers justify (C$138.91). For Onex Corp the two are C$31.69 per share apart. That gap is exactly why we show both numbers side by side.
How much is Onex Corp worth?
The market values Onex Corp at about C$8.1B (market capitalisation, as of Nov 11, 2026). Per share that is C$107.22; our models calculate a fair value of C$138.91 per share.
What do the bullish and bearish scenarios say about ONEX?
Our models span a range for Onex Corp: cautious scenario C$104.18, base C$138.91, optimistic C$173.64 per share (as of Nov 11, 2026, price C$107.22). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ONEX?
Onex Corp trades at a price-to-earnings ratio of 11.6 (as of Nov 11, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$138.91 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2017 to 2025), reported earnings: 8.4. Other multiples: PEG 3.2, P/B 0.7, P/S 7.9, EV/EBITDA 12.9.
What is the PEG ratio of ONEX?
The PEG ratio of Onex Corp is 3.19 (P/E divided by earnings growth, as of Nov 11, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Onex Corp (ONEX)?
Balance-sheet figures for Onex Corp (as of Nov 11, 2026): return on equity 5.3%, debt of 0.27 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is ONEX from its 52-week high?
Onex Corp trades at C$107.22, about 10% below its 52-week high of C$118.76 and 12% above the low of C$95.69 (as of Nov 12, 2026). Distance from the high says nothing about value: that is what the fair value of C$138.91 is for.
Which stocks are comparable to Onex Corp?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Onex Corp stock attractive at the current price?
The data as of Nov 11, 2026: price C$107.22, calculated fair value C$138.91 (+30%), Quality Score 70/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ONEX calculated?
We run Onex Corp through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of C$138.91 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.3% above its aggregate fair value. Onex Corp currently trades 23% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Onex Corp (ONEX)?
The closing price on Nov 12, 2026 was C$107.22. Our model-based fair value is C$138.91, about +30% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Onex Corp right now?
Solid quality (70/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Onex Corp
How large is the market capitalisation of Onex Corp (ONEX)?
The market capitalisation of Onex Corp is C$8.1B (≈ $5.7B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Onex Corp (ONEX)?
The price-to-sales ratio of Onex Corp is 24.9 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Onex Corp (ONEX)?
Earnings per share at Onex Corp are C$9.23 (price ÷ EPS = P/E 11.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Onex Corp (ONEX)?
The dividend yield of Onex Corp is 0.4% (payout 4.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the return on equity of Onex Corp (ONEX)?
The return on equity (ROE) of Onex Corp is 5.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Onex Corp (ONEX)?
On an EBIT basis the return on assets of Onex Corp is 5.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Onex Corp (ONEX)?
The operating margin of Onex Corp is 70.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Onex Corp (ONEX)?
Revenue at Onex Corp is growing −38.4% versus a year earlier (3y avg −12.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Onex Corp (ONEX)?
Earnings per share at Onex Corp are growing −48.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Onex Corp (ONEX) hold?
Onex Corp holds more cash than debt, $1.3B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 11, 2026