Altus Group Limited (TSE:AIF)
TSX:AIF
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Altus Group
(TSX:AIF)
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Rating:57Neutral
Price Target:
C$49.00
â–²(2.70% Upside)
Action:ReiteratedDate: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
Recurring software and ARR growth
Altus's recurring software model and mid-to-high single-digit software growth, with ARGUS ARR up ~11%, create durable revenue visibility and sticky customer relationships. This supports predictable cash flows, enables upsells across enterprise deployments, and underpins long-term monetization of analytics and AI features, reducing reliance on one-time services.
Negative Factors
Profitability deterioration and revenue volatility
A 2025 net loss after prior modest profits, combined with sharp revenue swings in recent years, indicates unstable earnings quality. This undermines forecasting and makes sustained ROE and payout policies less certain; if non-cash items or working-capital timing reverse, cash conversion and the ability to fund growth or returns could be constrained.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring software and ARR growth
Altus's recurring software model and mid-to-high single-digit software growth, with ARGUS ARR up ~11%, create durable revenue visibility and sticky customer relationships. This supports predictable cash flows, enables upsells across enterprise deployments, and underpins long-term monetization of analytics and AI features, reducing reliance on one-time services.
Read all positive factors
Altus Group (AIF) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.92B
Dividend Yield1.07%
Average Volume (3M)194.58K
Price to Earnings (P/E)―
Beta (1Y)0.75
Revenue Growth-27.10%
EPS Growth-2415.77%
CountryCA
Employees2,000
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.67
Shares Outstanding40,335,070
10 Day Avg. Volume142,115
30 Day Avg. Volume194,582
Financial Highlights & Ratios
PEG Ratio0.70
Price to Book (P/B)5.43
Price to Sales (P/S)4.96
P/FCF Ratio31.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$51.60Price Target Upside8.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)2.46
Revenue Forecast (FY)C$523.28M
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 Est...
How the Company Makes Money
Altus Group makes money primarily by selling subscription-based software and data/analytics solutions to commercial real estate organizations, and secondarily by providing professional services.
Key revenue streams:
1) Software subscriptions (rec...
Altus Group Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call presented a largely constructive picture: the company achieved sustained margin expansion, steady recurring revenue and ARR growth, tangible AI/product progress (including a patent), strong cash generation and an aggressive capital return authorization. Challenges were noted in the Data business (churn and slower growth), VMS comparability due to one‑time timing effects, reporting/guidance uncertainty tied to ongoing divestitures and FX, and some one‑time adjustments affecting comparability. Management emphasized cost discipline and a clear strategic focus, which offsets many of the near‑term headwinds.Positive Updates
Margin Expansion and Operating Leverage
Consolidated margins improved by ~310 basis points year over year. Analytics segment adjusted EBITDA margins expanded ~360 basis points in the quarter and ~270 basis points for the full year, with Analytics finishing at ~33% adjusted EBITDA margin. The company delivered its sixth consecutive quarter of margin expansion driven by revenue growth, portfolio optimization, delivery efficiency and cost discipline.
Negative Updates
Data Business Churn and Slower Growth
Management acknowledged more churn in the Data business last year and described it as an area requiring remediation. While they see opportunities to improve growth, Data performance lagged other segments and remains a near‑term headwind to segment momentum.
Read all updates
Q4-2025 Updates
Positive
Negative
Margin Expansion and Operating Leverage
Consolidated margins improved by ~310 basis points year over year. Analytics segment adjusted EBITDA margins expanded ~360 basis points in the quarter and ~270 basis points for the full year, with Analytics finishing at ~33% adjusted EBITDA margin. The company delivered its sixth consecutive quarter of margin expansion driven by revenue growth, portfolio optimization, delivery efficiency and cost discipline.
Read all positive updates
Company Guidance
Altus guided to steady organic revenue growth of 4%–6% (constant currency, dollar ranges use January FX) for continuing operations (ex‑Appraisals, which was ~$31M last year), with software expected to be the strongest performer at solid high single‑digit growth and ARGUS Intelligence specifically in the double‑digit range, VMS assumed to grow in line with current market conditions (Q4 VMS +9.8% but underlying ~5%), and data expected to improve over the next few quarters; management said roughly 80% of growth should come from volume/pricing and 20% from new logos, ARR was up ~11% in the quarter, software revenue grew 5.4% in Q4, and the plan includes sustained margin expansion (consolidated margins improved 310 bps in 2025, Analytics adjusted EBITDA margins expanded 360 bps in Q4 to finish the year at 33%, with guidance implying a ramp from ~18–19% EBITDA in Q1 toward ~25–26% by year‑end and targeting low‑to‑mid‑30s by 2027 as part of a Rule of 40 path), stronger cash generation and record conversion (double‑digit cash growth), a funded net debt/EBITDA target of ~2.5x, and an expanded capital return program of up to $800M this year with evaluation of up to an additional $450M to deploy in H1 2026.Altus Group Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
56
Neutral
Cash Flow
74
Positive
| 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
Positive
47.71
Price Trends
45.02
Positive
49.48
Negative
53.18
Negative
Market Momentum
0.53
Negative
57.77
Neutral
76.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AIF, the sentiment is Positive. The current price of 47.71 is above the 20-day moving average (MA) of 46.36, above the 50-day MA of 45.02, and below the 200-day MA of 53.18, indicating a neutral trend. The MACD of 0.53 indicates Negative momentum. The RSI at 57.77 is Neutral, neither overbought nor oversold. The STOCH value of 76.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:AIF.
Altus Group Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | C$1.65B | 8.83 | 17.29% | 0.09% | 10.61% | 43.64% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | C$8.94B | 47.95 | 11.26% | 0.71% | 14.10% | 28.82% | |
57 Neutral | C$1.92B | -157.22 | 3.63% | 1.07% | -27.10% | -2415.77% | |
54 Neutral | C$7.66B | 30.18 | 8.68% | 0.21% | 22.85% | -25.32% | |
53 Neutral | C$1.66B | -27.50 | -2.63% | 0.25% | 9.98% | 93.01% | |
53 Neutral | C$129.64M | 17.25 | -8.54% | 10.31% | 58.15% | -235.04% |
* Real Estate Sector Average
TSE:AIF
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47.71
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-1.78%
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Altus Group Corporate Events
Business Operations and StrategyStock Buyback
Altus Group Launches C$200 Million Share Buyback via Modified Dutch Auction
Positive
Mar 16, 2026
Altus Group has launched a substantial issuer bid to repurchase and cancel up to C$200 million of its common shares, using a modified Dutch auction structure with a price range between C$42 and C$52 per share. The offer, which runs until April 21,...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Altus Group Lifts Capital Return Target to $800 Million After Strong Q4 Cash Flow
Positive
Feb 19, 2026
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 r...
Business Operations and StrategyM&A Transactions
Altus Group Sells Canadian Appraisals Unit to Newmark, Expands Analytics Tie-Up
Positive
Feb 18, 2026
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 ...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Altus Group Completes C$162.8 Million Share Buyback, Retires 6.6% of Outstanding Stock
Positive
Jan 14, 2026
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...
Stock Buyback
Altus Group to Buy Back C$162 Million of Shares in Substantial Issuer Bid
Positive
Jan 9, 2026
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 i...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.