Altus Group (AIF) AI Stock Analysis

• Market Cap: C$1.86B
• Dividend Yield: 1.07%
• Average Volume (3M): 194.58K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.94
• Revenue Growth: -27.10%
• EPS Growth: -2415.77%
• Country: CA
• Employees: 2,000
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): 0.67
• Shares Outstanding: 40,457,256
• 10 Day Avg. Volume: 142,115
• 30 Day Avg. Volume: 194,582
• PEG Ratio: 0.70
• Price to Book (P/B): 5.43
• Price to Sales (P/S): 4.96
• P/FCF Ratio: 31.77
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$51.60
• Price Target Upside: 12.32% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 2.39
• Revenue Forecast (FY): C$532.23M

• Rating: 57 Neutral
• Price Target: C$44.00 ▼(-4.22% Downside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score is held back mainly by weak technicals and recent earnings deterioration (2025 net loss and revenue volatility), partially offset by strong and improving cash generation, better leverage, and a constructive earnings outlook that emphasizes margin expansion and capital returns.

Positive Factors

Cash generation

Altus generates consistently positive operating cash flow and growing free cash flow, providing durable internal funding. Strong cash conversion supports debt reduction, recurring investment in product development, and sizable capital returns without relying on volatile reported earnings.

Recurring revenue & product migration

Recurring software and ARR growth indicate stickier, more predictable revenue. Migration of ARGUS Enterprise clients to ARGUS Intelligence increases customer lock‑in, upsell opportunity and usage alignment, supporting sustainable top‑line and higher lifetime customer value over the medium term.

Margin expansion and cost discipline

The company delivered multi-quarter margin expansion driven by portfolio optimization, delivery efficiency and targeted cost actions. Structural margin improvement plus announced restructuring enhance operating leverage and support durable EBITDA conversion as revenue scales.

Negative Factors

Revenue volatility and profitability weakness

Volatile revenues and the shift to a 2025 net loss indicate uneven demand and cost pressures. This undermines earnings predictability and strains return metrics, making multi‑period planning and sustained reinvestment more challenging until revenue stability is restored.

Data business churn

Higher churn in the Data product reduces recurring revenue durability and raises customer lifetime cost. Remediation will require product fixes, pricing or retention investment; until addressed, Data remains a structural drag on aggregate recurring growth and margin targets.

Divestitures and guidance/reporting uncertainty

Ongoing noncore disposals sharpen strategic focus but create multi‑quarter comparability and guidance uncertainty. Sensitivity to FX and transaction timing complicates forecasting, capital allocation and visibility ahead of the planned U.S. listing, prolonging transitional execution risk.

Altus Group Business Overview & Revenue Model

Company Description

Altus Group Limited provides software, data solutions, and independent advisory services to the commercial real estate industry in Canada, the United States, Europe, and the Asia Pacific. It operates through Altus Analytics and Commercial Real Estate Consulting (CRE Consulting) segments. The Altus Analytics segment offers ARGUS Enterprise, a commercial property valuation and asset management software; ARGUS Taliance, a real estate fund and alternative investment management software; ARGUS EstateMaster, a property development feasibility and management software; and ARGUS Developer, a real estate development pro forma and management software solution; ARGUS Voyanta, a powerful data aggregation, validation, and reporting software solution; ARGUS Acquire, a real estate acquisition deals and pipeline management software; and ARGUS ValueInsight, a commercial real estate valuation software. This segment also offers data subscription products that provide real estate information on the residential, office, industrial, and investment markets; and advisory and managed services. This segment serves equity and debt investors, valuers and appraisers, brokers, developers, banks, and public entities. The CRE Consulting segment offers real estate property tax services, including assessment reviews, management, and appeals, as well as personal property, and state and local tax advisory services; valuation services, such as appraisals of real estate portfolios, valuation of properties, due diligence, litigation, and economic consulting services; and construction feasibility study, budgeting, cost and loan monitoring, and project management services to owner operators, developers, financial institutions, and CRE asset holders and investors. The company was founded in 2005 and is headquartered in Toronto, Canada.

How the Company Makes Money

Altus Group generates revenue through a multi-faceted model that includes software subscriptions, professional services, and data solutions. The company's key revenue streams are derived from the sale of its cloud-based software products, such as Argus Enterprise, which is widely used for real estate management and valuation. Additionally, Altus Group earns income from consulting services that assist clients with property assessment, investment analysis, and market research. The company also benefits from data licensing and analytics services, providing valuable insights to real estate professionals. Strategic partnerships with industry leaders further bolster Altus Group's revenue, enabling them to expand their market reach and enhance their service offerings.

Altus Group Financial Statement Overview

Summary

Fundamentals are mixed: cash flow is a clear strength (strong, growing free cash flow) and debt has improved, but profitability deteriorated to a net loss in 2025 and revenue has been volatile, reducing confidence in near-term earnings quality.

Income Statement

Revenue has been volatile, with a sharp decline in 2023 followed by modest growth in 2024 and a mid-single-digit pullback in 2025. Profitability has weakened meaningfully: after small profits in 2023–2024, the company swung to a net loss in 2025 despite maintaining solid gross profit dollars. Operating earnings also compressed versus prior years, indicating pressure from costs and/or investment spending, which raises uncertainty around near-term earnings quality.

Balance Sheet

Leverage has improved, with total debt stepping down materially into 2025 versus 2023–2024 levels, which is a positive for financial flexibility. However, equity also declined notably in 2025, and returns on equity have been low even in profitable years, highlighting limited efficiency in turning shareholder capital into earnings. Overall asset size has been fairly stable, but the combination of weaker profitability and lower equity tempers the benefit of reduced debt.

Cash Flow

Cash generation is a clear strength: operating cash flow has been consistently positive across the period and remained robust in 2024–2025. Free cash flow is also strong and has grown in recent years, including a solid increase in 2025, providing internal funding capacity even as reported earnings turned negative. The main watch item is that cash flow strength is diverging from net income, suggesting non-cash charges and/or working-capital timing effects are playing a larger role in results.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	502.89M	519.73M	509.73M	735.45M	625.39M
Gross Profit	292.61M	183.40M	169.21M	271.50M	223.93M
EBITDA	65.56M	60.15M	33.57M	94.87M	85.23M
Net Income	-15.86M	13.42M	10.23M	-886.00K	25.69M
Balance Sheet
Total Assets	1.25B	1.25B	1.21B	1.26B	1.20B
Cash, Cash Equivalents and Short-Term Investments	420.69M	41.88M	41.89M	55.27M	51.27M
Total Debt	224.13M	319.65M	355.55M	378.14M	358.06M
Total Liabilities	791.43M	633.74M	612.16M	664.02M	609.84M
Stockholders Equity	458.88M	617.22M	602.54M	599.87M	589.48M
Cash Flow
Free Cash Flow	78.48M	72.47M	58.94M	52.60M	45.68M
Operating Cash Flow	81.16M	79.92M	71.43M	77.08M	56.31M
Investing Cash Flow	633.27M	2.77M	-34.92M	-54.06M	-373.31M
Financing Cash Flow	-334.86M	-75.62M	-51.78M	-18.66M	300.43M

Altus Group Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 45.94
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AIF, the sentiment is Negative. The current price of 45.94 is above the 20-day moving average (MA) of 42.48, below the 50-day MA of 48.98, and below the 200-day MA of 54.24, indicating a neutral trend. The MACD of -0.65 indicates Negative momentum. The RSI at 50.94 is Neutral, neither overbought nor oversold. The STOCH value of 88.88 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:AIF.

Altus Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MEQ	69 Neutral	C$1.71B	8.83	17.29%	0.09%	10.61%	43.64%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
FSV	62 Neutral	C$9.45B	47.95	11.14%	0.71%	14.10%	28.82%
AIF	57 Neutral	C$1.86B	-157.22	3.63%	1.07%	-27.10%	-2415.77%
CIGI	54 Neutral	C$8.20B	71.12	8.68%	0.21%	22.85%	-25.32%
SVI	53 Neutral	C$1.78B	-136.04	-2.63%	0.25%	9.98%	93.01%
BRE	46 Neutral	C$132.39M	-20.48	―	10.31%	58.15%	-235.04%

Altus Group Corporate Events

Altus Group Lifts Capital Return Target to $800 Million After Strong Q4 Cash Flow

Altus Group reported fourth-quarter 2025 results showing modest revenue growth but significantly stronger profitability and cash generation from continuing operations, driven by accelerating adoption of its ARGUS Intelligence software and higher recurring revenue. The company also tightened its capital structure, reducing its funded debt to EBITDA ratio, and completed steps to streamline its portfolio by classifying its Appraisals business as discontinued operations.

The board declared a quarterly dividend of $0.15 per share and sharply raised 2026 capital return objectives to as much as $800 million, supported by higher free cash flow and a stronger balance sheet. Alongside a renewed normal course issuer bid, management has launched cost-saving measures and is exploring additional options to return up to $300 million more to shareholders in the first half of 2026, signalling confidence in the company’s outlook and a belief that its shares are undervalued.

The most recent analyst rating on (TSE:AIF) stock is a Hold with a C$45.00 price target. To see the full list of analyst forecasts on Altus Group stock, see the TSE:AIF Stock Forecast page.

Altus Group Sells Canadian Appraisals Unit to Newmark, Expands Analytics Tie-Up

Altus Group has agreed to sell its Canadian commercial real estate appraisals business to an affiliate of Newmark Group, with the unit to be folded into Newmark’s Valuation & Advisory platform. The divestiture advances Altus’s strategy to streamline its portfolio around core analytics, while Newmark strengthens its presence in Canada by adding a 25-year-old appraisal franchise with eight offices, more than 140 professionals and over 3,000 clients.

As part of the deal, Newmark signed a multi-year license for global access to ARGUS Intelligence and several other Altus analytics products, expanding its recurring software and data subscriptions. Altus will continue to invest in the Canadian market through its software and data offerings, while Newmark gains added scale, local depth and a new Canadian head of Valuation & Advisory, positioning both firms to capitalize on growing demand for independent CRE valuation and analytics.

The most recent analyst rating on (TSE:AIF) stock is a Hold with a C$45.00 price target. To see the full list of analyst forecasts on Altus Group stock, see the TSE:AIF Stock Forecast page.

Altus Group Completes C$162.8 Million Share Buyback, Retires 6.6% of Outstanding Stock

Altus Group has completed its substantial issuer bid, repurchasing and cancelling 2,855,696 common shares at C$57.00 per share for a total of approximately C$162.77 million, representing about 6.61% of its issued and outstanding shares as of early January 2026. Following the transaction, the company will have roughly 40.37 million shares outstanding, with all validly tendered shares accepted and no proration required, signaling a significant return of capital to shareholders and a potentially more efficient capital structure; the firm also outlined the Canadian tax treatment of the transaction, including the deemed dividend component, which has implications for investors’ after-tax returns.

The most recent analyst rating on (TSE:AIF) stock is a Buy with a C$67.00 price target. To see the full list of analyst forecasts on Altus Group stock, see the TSE:AIF Stock Forecast page.

Altus Group to Buy Back C$162 Million of Shares in Substantial Issuer Bid

Altus Group has reported preliminary results of its substantial issuer bid, indicating it expects to buy back approximately 2.85 million common shares at C$57.00 per share, for a total of about C$162.43 million, representing roughly 6.59% of its issued and outstanding shares on a non-diluted basis. As the total value of shares tendered was below the C$350 million maximum for the offer, all validly tendered shares will be purchased without proration, including proportionate tenders, leaving the company with an expected 40.38 million shares outstanding once the transaction is completed, a move that will modestly reduce the share count and could enhance per-share metrics for remaining investors.

The most recent analyst rating on (TSE:AIF) stock is a Buy with a C$67.00 price target. To see the full list of analyst forecasts on Altus Group stock, see the TSE:AIF Stock Forecast page.

Altus Group Gains Regulatory Relief for Share Repurchase Plan

Altus Group Limited has announced that it received exemptive relief from the Ontario Securities Commission in relation to its substantial issuer bid to repurchase up to C$350 million of its common shares. This move allows Altus Group to bypass certain regulatory requirements, potentially impacting its market operations by providing flexibility in share repurchase strategies and possibly affecting shareholder value.

The most recent analyst rating on (TSE:AIF) stock is a Hold with a C$59.00 price target. To see the full list of analyst forecasts on Altus Group stock, see the TSE:AIF Stock Forecast page.

Altus Group Initiates Substantial Issuer Bid to Enhance Shareholder Value

Altus Group Limited has announced the commencement of a substantial issuer bid to purchase up to C$350 million of its common shares, aiming to enhance shareholder value by offering a premium over the current market price. This strategic move, funded by the company’s cash reserves, is intended to reflect the board’s belief that the current market price does not adequately represent the company’s fundamental value, potentially impacting shareholder equity and market perception.

The most recent analyst rating on (TSE:AIF) stock is a Hold with a C$55.00 price target. To see the full list of analyst forecasts on Altus Group stock, see the TSE:AIF Stock Forecast page.