IGM Financial Inc. (IGM) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of IGM Financial Inc. stock C$50.98, price C$79.51, that is 35.9% below the price, quality 68 out of 100. Rating: strongly overvalued. Calculated from audited financials with 12 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.
How to read this chart
60‑month range C$26.56 – C$90.27 · fair‑value band C$36.09 – C$72.94 · the C$79.51 price screens above the C$50.98 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.
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IGM Financial Inc. engages in the wealth and asset management business in Canada. The company provides investment management services to a suite of investment funds distributed through third party dealers and financial advisors; and administrative services.
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It also offers insurance and banking products and services. The company was incorporated in 1978 and is based in Winnipeg, Canada. IGM Financial Inc. is a subsidiary of Power Financial Corporation.
Stock analysis
IGM Financial Inc. (IGM) currently trades at C$79.51, while our model-based Fair Value estimate is C$50.98, 36% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of C$79.07 per share, and 0 of the 12 models we run sit above the C$79.51 price.
Bear case: the Growth DCF group reads lowest at C$30.34, and 12 of the 12 models stay below the price. Data coverage for this calculation is high.
Scenario range: C$36.09 (bear) to C$72.94 (bull), the price of C$79.51 sits above 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 68/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
IGM Financial Inc. reported revenue of C$3.8B in FY2025 versus C$3.6B in FY2021, a compound +1.6%/yr. Reported net income was C$1.1B in FY2025, compounding +3.0%/yr from FY2021.
Key figures
Market cap C$18.6B (≈ $13.3B) Large · P/E ratio 16.1 · P/S ratio 4.03 · EPS (TTM) C$4.94 · Dividend yield 2.8% · Net margin 25.2% · Return on equity 13.4% · Return on assets (EBIT) 6.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 71 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 54% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at −36%, IGM screens richer than that median.
Fair Value models
BearC$36.09Fair Value C$50.98BullC$72.94
Price C$79.51 · Downside -35.9%
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$2.28 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.76/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+9.4%
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.
+6.7%
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.
+3.9%
Start year 2020 (pandemic). Over 10 years: +2.7% a year
Revenue growth 32 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.
+6.5%
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What shareholders gained per year (last 5 years) ⓘ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.
+10.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.7%
Dividend (yield on the price)2.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.7.7% vs 4.0%, picking up
Profit margin 2020 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.32% → 38%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+11.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (Canada: IMF forecast 2.1% a year to 2030, 2.6% from 2016 to 2025) that is about +9.5% a year for the price and +4.5% for the forecasts.
AI conclusion: Mackenzie's net inflows and new ETF launches support growth, but fee competition from passive strategies steadily erodes margins.
Main risk: The Big Six banks, life insurers and Wealthsimple's automated wealth management services could draw clients from IG Wealth's advisor network and push Mackenzie to lower fees on funds and ETFs, eroding margins.
Bull case: By using AI to cut costs and enhance advisor tools while expanding private assets and active ETFs through Northleaf and boutiques, IGM could improve efficiency and retain flows despite rivals.
Bear case: If banks, insurers and digital platforms like Wealthsimple capture more of the Canadian market, IG Wealth could see persistent outflows and Mackenzie might face sustained fee compression that reduces overall profitability.
IGM's asset manager Mackenzie keeps drawing net inflows while rolling out new ETFs with features like gold overlays on global equities. Asset managers like this one grow when markets and flows cooperate, yet fee pressure from competition and passive options can steadily erode margins. Will the recent inflow streak and product innovation deliver more durable earnings growth than fee compression takes away?
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 · 593 stocks
Beats the industry median on 4/15 measures
Overall it trails its industry peers.
Valuation
Quality Score68 · Above median
Fair Value upside−35.9% · Bottom 25%
Profitability
Return on equity (12 months)13.4% · Above median
Return on assets4.9% · Above median
Net margin (12 months)25.2% · Below median
Operating margin (12 months)31.7% · Below median
Growth and dividend
Revenue growth (quarter YoY)18.4% · Above median
Dividend yield (12 months)2.8% · Below median
Balance sheet
Debt / equity0.56× · Highest 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (12 months)16.1× · Pricier than median
P/B2.08× · Priciest 25%
P/S (12 months)4.03× · Pricier than median
Price / free cash flow20.3× · Pricier than median
EV/EBITDA12.0× · Pricier than median
PEG2.89× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 59
FUTURE (revenue growth)92· sector 39
PAST (return on equity)53· sector 30
HEALTH (low debt)72· sector 96
DIVIDEND (yield)57· sector 80
VALUE 0: the price sits above our fair-value range.
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). "IGM Financial Inc. Fair Value". https://www.fairvalue-calculator.com/stock/IGM
Frequently asked questions
Is IGM Financial Inc. (IGM) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of C$50.98 versus a price of C$79.51, about 36% lower (overvalued).
What is the fair value of IGM?
Our model-based fair value for IGM Financial Inc. is C$50.98 (as of Nov 3, 2026), built from audited fundamentals. The current price: C$79.51.
What is the quality score of IGM?
IGM Financial Inc. has a Quality Score of 68/100. 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 IGM Financial Inc. (IGM)?
Our model-based price target is the fair value of C$50.98 (as of Nov 3, 2026) from 12 valuation models. Cautious scenario C$36.09, optimistic scenario C$72.94. It is a calculation from audited fundamentals, not an analyst target.
What is the IGM Financial Inc. stock forecast for 2026?
Our models put fair value at C$50.98, about 36% lower versus a price of C$79.51 (overvalued). Cautious scenario C$36.09, optimistic scenario C$72.94. The calculation is refreshed regularly with new filings.
What is the revenue of IGM Financial Inc. (IGM)?
IGM Financial Inc. reported trailing-twelve-month revenue of about C$4.6B (latest available figure, as of Nov 3, 2026).
Does IGM Financial Inc. pay a dividend?
IGM Financial Inc. currently shows a dividend yield of 2.83% relative to its recent price (as of Nov 3, 2026).
What growth is priced into IGM Financial Inc. (IGM)?
For today's price to be fair in a discounted-cash-flow model, IGM Financial Inc. would have to grow free cash flow by +11.8 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.9 % per year. As of Nov 3, 2026.
What discount rate (WACC) does the fair value of IGM use?
Our models discount IGM Financial Inc. at 9.3 %: a base by market capitalisation (large), damped by beta 1.11, 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 IGM Financial Inc. that is +11.8 % per year a year over ten years, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has IGM Financial Inc. (IGM) delivered so far?
Over the past 5 years revenue at IGM Financial Inc. grew +3.9 % a year. The price currently implies +11.8 % per year free-cash-flow growth a 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 IGM Financial Inc. (IGM) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into IGM Financial Inc. (+11.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of IGM Financial Inc. (IGM)?
The free-cash-flow yield on the price is 4.92 %: that much free cash flow IGM Financial Inc. produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of IGM Financial Inc. (IGM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For IGM Financial Inc. it is C$50.98 per share (as of Nov 3, 2026), against a price of C$79.51. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is IGM Financial Inc. stock overvalued or undervalued in 2026?
As of Nov 3, 2026, IGM trades above its calculated fair value: price C$79.51, fair value C$50.98, a gap of about −36% (overvalued). 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 IGM?
No. The price is what the market pays today (C$79.51); the fair value is what the company's own numbers justify (C$50.98). For IGM Financial Inc. the two are C$28.53 per share apart. That gap is exactly why we show both numbers side by side.
How much is IGM Financial Inc. worth?
The market values IGM Financial Inc. at about C$18.6B (market capitalisation, as of Nov 3, 2026). Per share that is C$79.51; our models calculate a fair value of C$50.98 per share.
What do the bullish and bearish scenarios say about IGM?
Our models span a range for IGM Financial Inc.: cautious scenario C$36.09, base C$50.98, optimistic C$72.94 per share (as of Nov 3, 2026, price C$79.51). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IGM?
IGM Financial Inc. trades at a price-to-earnings ratio of 16.1 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$50.98 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 11.4. Other multiples: PEG 2.9, P/B 2.1, P/S 4.0, EV/EBITDA 12.0.
What is the PEG ratio of IGM?
The PEG ratio of IGM Financial Inc. is 2.89 (P/E divided by earnings growth, as of Nov 3, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of IGM Financial Inc. (IGM)?
Balance-sheet figures for IGM Financial Inc. (as of Nov 3, 2026): return on equity 13.4%, debt of 0.56 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is IGM from its 52-week high?
IGM Financial Inc. trades at C$79.51, about 12% below its 52-week high of C$90.27 and 54% above the low of C$51.70 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of C$50.98 is for.
Which stocks are comparable to IGM Financial Inc.?
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 IGM Financial Inc. stock attractive at the current price?
The data as of Nov 3, 2026: price C$79.51, calculated fair value C$50.98 (−36%), Quality Score 68/100, from 12 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 IGM calculated?
We run IGM Financial Inc. through 12 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of C$50.98, 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 15.5% above its aggregate fair value. IGM Financial Inc. itself currently trades above fair value. 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 IGM Financial Inc. (IGM)?
The closing price on Nov 5, 2026 was C$79.51. Our model-based fair value is C$50.98, about 36% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with IGM Financial Inc. right now?
The price sits above even our optimistic bull case (C$72.94). The favourable scenario is already priced in. Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (C$36.09 to C$72.94) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of IGM Financial Inc. (IGM) come from?
Earnings per share at IGM Financial Inc. grew +4.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.1 %, EBIT margin −2.5 %, tax rate −0.1 %, residual (interest, one-offs) +3.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of IGM Financial Inc.
How large is the market capitalisation of IGM Financial Inc. (IGM)?
The market capitalisation of IGM Financial Inc. is C$18.6B (≈ $13.3B). 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 IGM Financial Inc. (IGM)?
The price-to-sales ratio of IGM Financial Inc. is 4.03 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of IGM Financial Inc. (IGM)?
Earnings per share at IGM Financial Inc. are C$4.94 (price ÷ EPS = P/E 16.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of IGM Financial Inc. (IGM)?
The dividend yield of IGM Financial Inc. is 2.8% (payout 45.6%). 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 net margin of IGM Financial Inc. (IGM)?
The net margin of IGM Financial Inc. is 25.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of IGM Financial Inc. (IGM)?
The return on equity (ROE) of IGM Financial Inc. is 13.4% (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 IGM Financial Inc. (IGM)?
On an EBIT basis the return on assets of IGM Financial Inc. is 6.3% (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 IGM Financial Inc. (IGM)?
The operating margin of IGM Financial Inc. is 31.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at IGM Financial Inc. (IGM)?
Revenue at IGM Financial Inc. is growing +18.4% versus a year earlier (3y avg +6.7%). 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 IGM Financial Inc. (IGM)?
Earnings per share at IGM Financial Inc. are growing +7.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does IGM Financial Inc. (IGM) carry?
The net debt of IGM Financial Inc. is C$6.1B (fiscal year 2025, ≈ 6.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 3, 2026