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Exchange Income Corporation (EIF) Fair Value & Analysis

Industrials · CA · Market cap C$7.2B

EI Exchange Income Corporation EIF · TO
PriceC$127.56
Fair ValueC$62.46
Upside-51.0%
Quality30/100
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Expensive Growth
Thin margins · 5.4% net margin
Moderate debt · negative free cash flow
2.06% dividend yield
Mixed vs. peers (6/14)
Narrow moat 42/100
Evidence: High Range C$39.45 – C$78.07 Share as image

Fair value as of: Jul 16, 2026

From 16 valuation models · updated 24 days ago

Share price −3.4% over the past month.

Below-average quality, and screening another 51% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (C$78.07). The favourable scenario is already priced in.
  • Weak quality (30/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • A fairly wide model range (C$39.45 to C$78.07) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

C$133.69 C$29.90 Fair Value C$62.46 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range C$29.90 – C$133.69 · fair‑value band C$39.45 – C$78.07 · the C$127.56 price screens above the C$62.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Exchange Income Corporation (EIF) currently trades at C$127.56, while our model-based Fair Value estimate is C$62.46, implying the stock looks roughly 51.0% overvalued today. The Quality Score stands at 30/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Exchange Income Corporation generated revenue of C$3.5B at a net margin of 5.4%. Revenue grew 29.7% year over year. It earns a return on equity of 11.6%. Net debt stands at C$2.5B. Fundamentals as of Jul 16, 2026

Our scenario range runs from C$39.45 (bear case) to C$78.07 (bull case); at C$127.56, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 132% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 40% fair-value upside, at -51%, EIF screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Residual Income C$26.93 C$29.48 C$37.55 76
ROIC Compounder C$13.82 C$21.69 C$28.48 72
Gordon GGM C$21.81 C$43.46 C$65.80 70
All 16 models by family
Earnings-Based
Graham-Dodd C$20.22 C$140.92 C$197.76 54
Lynch FV C$41.60 C$59.42 C$77.25 50
PEG = 1.0 C$41.60 C$59.42 C$77.25 46
EPV C$13.82 C$21.69 C$28.48 59
Dividend Discount
Gordon GGM C$21.81 C$43.46 C$65.80 70
DDM Multi-Stage C$21.81 C$37.56 C$45.87 61
Multiples
P/E Multiple C$46.84 C$62.46 C$78.07 63
P/S Multiple C$37.92 C$50.56 C$63.20 58
P/B Multiple C$37.92 C$50.56 C$63.20 55
EV/EBIT C$47.61 C$75.49 C$103.36 53
EV/EBITDA C$94.56 C$138.09 C$181.61 54
EV/Revenue C$23.67 C$49.25 C$74.83 43
Asset-Based
NCAV (Graham) C$15.60 C$20.90 C$31.20 50
Economic Profit
Residual Income C$26.93 C$29.48 C$37.55 76
ROIC Compounder C$13.82 C$21.69 C$28.48 72
Growth Earnings
Growth-Adj P/E C$56.92 C$81.32 C$105.71 68

Widest divergence: Growth Earnings (C$81.32) versus Asset-Based (C$20.90). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) C$3.5B
Revenue growth (YoY) +29.7%
Net margin 5.4%
Return on equity 11.6%
Free cash flow −C$80.4M FY2025
P/E ratio 34.9
More key figures
Operating margin 6.9%
EPS (TTM) C$3.47
Dividend yield 2.2%
EPS growth (YoY) +250%
Net debt C$2.5B FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 30/100

Of which business quality 34 · Market factors (momentum, volatility) 83

Profitability 35
Margins and returns on capital today
Quality Growth 64
Are margins and returns improving?
Cashflow 45
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 10
Disciplined investing over empire-building
Low Volatility 71
Calm price path (market factor)
Momentum 84
Price trend over the last 3–12 months (market factor)
52W Momentum 94
Distance to the 52-week high (market factor)
Net Issuance 9
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Exchange Income Corporation, together with its subsidiaries, engages in aerospace and aviation, and manufacturing markets worldwide. The company operates in two segments, Aerospace & Aviation, and Manufacturing.

Full company description

Exchange Income Corporation, together with its subsidiaries, engages in aerospace and aviation, and manufacturing markets worldwide. The company operates in two segments, Aerospace & Aviation, and Manufacturing. The Aerospace & Aviation segment offers fixed wing and rotary wing; and medevac, passenger, charter, freight services, and auxiliary services; and operates flight schools. This segment also provides mission systems design and integration, aircraft modifications, intelligence, surveillance, reconnaissance operations, software development, logistics, and in-service support; and aftermarket aircraft, engine and parts sales, aircraft and engine leasing, and aircraft management services. The Manufacturing segment turnkey services, such as planning, consultation, delivery and installation, logistical support, and removal and washing solutions; design, manufacture, and installation of the exteriors of residential and mixed-use high rise buildings which integrate residential, retail, and office spaces; and wireless and wireline construction and maintenance services; manufacture services of precision parts and components and portable hydronic climate control equipment, as well as specialized heavy-duty pressure washing and steam systems, commercial water recycling systems, and custom tanks. Exchange Income Corporation is headquartered in Winnipeg, Canada.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Exchange Income Corporation reported revenue of C$3.3B in FY2025 versus C$1.4B in FY2021, a compound +23.4%/yr. Reported net income was C$168M in FY2025, compounding +25.0%/yr from FY2021.

Growth Quality 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
C$3.3B
Latest YoY
+23.2%
Avg. growth/yr (3Y)
+16.8%
Avg. growth/yr (5Y)
+23.3%
Avg. growth/yr (20Y)
+22.4%
Revenue +23.4%/yr
FY21 C$1.4B
FY22 C$2.1B
FY23 C$2.5B
FY24 C$2.7B
FY25 C$3.3B
Net income +25.0%/yr
FY21 C$68.6M
FY22 C$110M
FY23 C$122M
FY24 C$121M
FY25 C$168M

EIF screens 51% overvalued. Compare with Delta Air Lines, Inc →

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Cite: Fair Value Calculator (2026). "Exchange Income Corporation Fair Value". https://www.fairvalue-calculator.com/stock/EIF

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Airlines · 60 stocks

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.

Quality Score 30 · Bottom 25%
Fair Value upside −51% · Bottom 25%
Return on equity (TTM) 12% · Above median
Return on assets 5% · Above median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 7% · Above median
Revenue growth 30% · Top 25%
Dividend yield (TTM) 2.1% · Above median
Debt / equity 1.24× · Higher than 75% of peers

Valuation Multiples vs Airlines median · lower = cheaper

P/E (TTM) 36.7× · Pricier than 75% of peers
P/B 2.93× · Pricier than median
P/S (TTM) 1.48× · Pricier than 75% of peers
EV/EBITDA 9.8× · Pricier than 75% of peers
PEG 1.54× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 37
FUTURE 100 · sector 46
PAST 46 · sector 46
HEALTH 38 · sector 72
DIVIDEND 41 · sector 41

VALUE 0: the price sits above our fair-value range.

Insider activity: 30/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Airlines stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Delta Air Lines, Inc DAL $84.17 $118.24 +40%
United Airlines Holdings UAL $120.97 $175.62 +45%
Ryanair Holdings RYA €25.47 €41.26 +62%
Southwest Airlines Co LUV $47.56 $14.76 -69%
InterGlobe Aviation Limited INDIGO ₹5,249 ₹3,704 -29%
Singapore Airlines Limited C6L 7.60 SGD 7.89 SGD +4%
Air China Limited 601111 ¥5.97 ¥7.16 +20%
LATAM Airlines Group LTM $54.87 $106.79 +95%
Deutsche Lufthansa AG 1LHA €8.57 €15.42 +80%
China Southern Airlines Company 600029 ¥4.99 ¥1.28 -74%

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Frequently asked questions

Is Exchange Income Corporation (EIF) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of C$62.46 versus a price of C$127.56, about −51% (overvalued).
What is the fair value of EIF?
Our model-based fair value for Exchange Income Corporation is C$62.46 (as of Jul 16, 2026), built from audited fundamentals. The current price is C$127.56.
What is the quality score of EIF?
Exchange Income Corporation has a Quality Score of 30/100. 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 revenue of Exchange Income Corporation (EIF)?
Exchange Income Corporation reported trailing-twelve-month revenue of about C$3.5B (latest available figure, as of Jul 16, 2026).
What is the net profit margin of EIF?
The net profit margin of Exchange Income Corporation is about 5.4%, meaning it keeps roughly 5.4% of revenue as net income. Based on the latest reported figures.
Does Exchange Income Corporation pay a dividend?
Exchange Income Corporation currently shows a dividend yield of about 2.17% relative to its recent price (as of Jul 16, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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