Aimia Inc. (AIM) AI Stock Analysis

• Market Cap: C$268.50M
• Dividend Yield: N/A
• Average Volume (3M): 74.28K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.71
• Revenue Growth: 8.11%
• EPS Growth: 97.99%
• Country: CA
• Employees: 18
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Asset Management
• EPS (TTM): >-0.01
• Shares Outstanding: 89,500,084
• 10 Day Avg. Volume: 48,861
• 30 Day Avg. Volume: 74,278
• PEG Ratio: 0.07
• Price to Book (P/B): 0.50
• Price to Sales (P/S): 0.50
• P/FCF Ratio: -22.48
• 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$3.75
• Price Target Upside: 25.00% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: C$3.00 ▲(0.00% Upside)

Overall score reflects mixed financial performance (stronger cash flow but pressured profitability and higher leverage) as the primary driver. Technical indicators remain weak with the stock below key moving averages, and valuation is challenged by a negative P/E. The latest earnings call was a positive offset, citing a return to profit, cost reductions, and improved cash position, though revenue headwinds persist.

Positive Factors

Improved cash generation

Aimia's meaningful shift to positive operating and free cash flow indicates the business is beginning to fund operations and investment internally. Durable cash generation reduces refinancing needs, supports reinvestment or buybacks, and provides a buffer while profitability stabilizes over the next several quarters.

High gross margins

A high gross margin implies Aimia's core services (data analytics and loyalty program management) have scalable, low-variable-cost delivery. This structural margin advantage supports long-term profitability recovery once SG&A and revenue volatility are addressed, improving leverage on future revenue growth.

Management cost reductions and operational progress

Concrete cost control (lower holdco and SG&A) and stronger adjusted EBITDA show management is executing on restructuring and efficiency initiatives. These durable expense reductions can sustainably lift operating leverage and make future incremental revenue more profitable.

Negative Factors

Rising leverage

Material debt build-up nearly doubled leverage, constraining financial flexibility. Higher interest and principal obligations raise refinancing and covenant risks if profits slip, limiting the company's ability to invest or pursue strategic acquisitions during recovery phases over the next several quarters.

Revenue collapse and negative margins

Severe revenue contraction and persistent negative margins undermine the business's ability to absorb fixed costs, jeopardizing sustainable profitability. Until revenue stabilizes, the company faces volatility in earnings and cash conversion, making durable recovery dependent on top-line normalization.

Core holdings face structural headwinds

Material declines in key holdings reflect sector-specific headwinds (soft project sales, tariffs, and market uncertainty). Persistent weakness in core portfolio companies can limit consolidated revenue recovery and reduce visibility into long-term organic growth for Aimia's analytics and loyalty services.

Aimia Inc. Business Overview & Revenue Model

Company Description

Aimia Inc. focuses on long-term investments in public and private companies. It operates through two segments, Holdings and Investment Management. The company, through its subsidiary, Mittleman Investment Management, LLC, provides discretionary portfolio management services to institutional investors and high-net-worth individuals. The company, through its long-term investments, owns and operates Club Premier, a coalition loyalty program, as well as invests in B2B technology company, and outdoor advertising firm. It also operates a B2B cross-border automotive trading platform, as well as an investment advisory business. The company was formerly known as Groupe Aeroplan Inc. and changed its name to Aimia Inc. in October 2011. Aimia Inc. was incorporated in 2008 and is headquartered in Toronto, Canada.

How the Company Makes Money

Aimia Inc. generates revenue through several key streams, primarily centered around its loyalty program management services and consulting offerings. The company charges clients for the design, implementation, and ongoing management of loyalty programs, often based on a subscription model or a fee-for-service structure. Additionally, Aimia earns revenue from data analytics services by providing clients with insights into customer behavior and market trends, which are crucial for optimizing marketing strategies. Significant partnerships with various corporations and brands enhance its revenue potential by expanding its client base and providing integrated solutions that combine loyalty programs with other marketing initiatives. Furthermore, the company may also generate income from the sale of customer data and insights, providing additional value to its partners and clients.

Aimia Inc. Financial Statement Overview

Summary

Mixed fundamentals: income statement remains pressured with volatile/rebounding revenue and still-weak profitability, while cash flow improved meaningfully (positive operating and free cash flow). Balance sheet retains a solid equity base, but leverage has risen materially, increasing risk if losses recur.

Income Statement

TTM (Trailing-Twelve-Months) results show a sharp revenue decline (down ~103%), while profitability remains pressured: net margin is negative (~-9.6%) and EBIT is also negative, despite a strong gross margin (~76%). The prior year (annual 2024) had modest revenue growth but still posted a net loss, highlighting ongoing difficulty translating revenue into consistent bottom-line profitability and elevated volatility versus earlier years.

Balance Sheet

The balance sheet still shows meaningful equity (TTM equity ~$334M vs. assets ~$875M), but leverage has risen materially: total debt increased to ~$312M and debt-to-equity moved up to ~0.94 (from ~0.34 in 2024). Returns on equity are negative in TTM and 2024, indicating the capital base is not currently generating profits, and the higher leverage adds financial risk if losses persist.

Cash Flow

Cash generation improved in TTM (operating cash flow ~$57M; free cash flow ~$40M) with strong free cash flow growth versus the prior period. This is a notable step up from 2024, when free cash flow was negative. However, cash flow coverage is still not particularly strong and earnings remain negative, so the quality of cash generation needs to prove durable through a more stable profitability cycle.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	519.90M	500.80M	203.10M	477.80M	12.60M	14.30M
Gross Profit	396.90M	132.00M	167.20M	477.80M	12.60M	14.30M
EBITDA	5.90M	30.00M	-157.70M	445.40M	-11.40M	-7.30M
Net Income	-50.10M	-56.40M	-188.00M	440.10M	-16.40M	-4.10M
Balance Sheet
Total Assets	874.60M	900.40M	963.60M	804.00M	431.00M	444.20M
Cash, Cash Equivalents and Short-Term Investments	106.50M	95.50M	109.10M	505.30M	34.80M	146.10M
Total Debt	312.30M	168.80M	175.40M	0.00	0.00	0.00
Total Liabilities	511.70M	371.80M	380.50M	27.10M	27.00M	12.90M
Stockholders Equity	333.90M	499.70M	568.60M	776.90M	404.00M	431.30M
Cash Flow
Free Cash Flow	40.10M	-11.20M	-23.50M	-17.70M	21.40M	-32.00M
Operating Cash Flow	57.20M	2.10M	-12.30M	-17.70M	21.40M	-32.00M
Investing Cash Flow	24.60M	38.10M	-452.00M	526.00M	-118.90M	108.80M
Financing Cash Flow	-97.60M	-57.80M	77.30M	-49.10M	-12.60M	-28.20M

Aimia Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AIM, the sentiment is Positive. The current price of 3 is above the 20-day moving average (MA) of 2.92, above the 50-day MA of 2.83, and above the 200-day MA of 2.91, indicating a bullish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 59.22 is Neutral, neither overbought nor oversold. The STOCH value of 56.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:AIM.

Aimia Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
URB.A	82 Outperform	C$391.76M	4.03	20.07%	1.47%	-73.34%	40.59%
URB	81 Outperform	C$391.76M	4.12	20.24%	1.43%	-73.34%	40.59%
STCK	71 Outperform	C$258.24M	5.43	26.60%	―	550.81%	―
OLY	70 Neutral	C$278.15M	12.81	50.74%	6.44%	-2.76%	-12.20%
FSZ	62 Neutral	C$633.34M	20.97	11.26%	8.78%	-0.88%	-52.30%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
AIM	51 Neutral	C$268.50M	-147.06	0.84%	―	8.11%	97.99%

Aimia Inc. Corporate Events

Aimia Accelerates Share Buybacks as Part of Value-Focused Capital Strategy

Aimia Inc. has continued to execute on its share repurchase strategy, cancelling 634,000 common shares in December 2025 under its normal course issuer bid, equivalent to 0.7% of its shares outstanding at year-end, at a weighted-average price of $2.75 per share. Since launching its buyback initiative in June 2024, the company has retired a total of 8.9 million shares, and under the NCIB renewed through June 2026 it has already used 47.1% of its current authorization, underscoring management’s view that the stock trades below the intrinsic value of its net assets and that buybacks are a disciplined use of capital to enhance shareholder value while preserving financial flexibility for its broader strategic and capital allocation priorities.

The most recent analyst rating on (TSE:AIM) stock is a Hold with a C$2.50 price target. To see the full list of analyst forecasts on Aimia Inc. stock, see the TSE:AIM Stock Forecast page.

Aimia Inc. Enhances Shareholder Value Through Share Buyback Program

Aimia Inc. announced the repurchase and cancellation of 477,000 common shares in November 2025 as part of its normal course issuer bid program, representing 0.5% of its outstanding shares. This initiative is part of Aimia’s strategy to enhance shareholder value by reducing the share price discount to the intrinsic value of its net assets, while maintaining financial flexibility for future strategic directions.

The most recent analyst rating on (TSE:AIM) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Aimia Inc. stock, see the TSE:AIM Stock Forecast page.

Aimia Inc. Secures $8.8 Million Tax Refund to Bolster Investment Plans

Aimia Inc. has received a tax refund of $8.8 million from Revenu Québec, related to a 2013 income tax audit of a former subsidiary. This refund contributes to a total of $38.1 million received from the audit, which the company plans to use for its normal course issuer bid and general investment purposes. The resolution of this tax matter is expected to positively impact Aimia’s financial operations, allowing it to focus on strategic investments and shareholder value enhancement.

The most recent analyst rating on (TSE:AIM) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Aimia Inc. stock, see the TSE:AIM Stock Forecast page.

Aimia Inc. Declares Quarterly Preferred Share Dividends

Aimia Inc. announced the declaration of quarterly dividends on its preferred shares, with specific amounts set for Series 1, Series 3, and Series 4 shares, payable on December 31, 2025. This announcement reflects Aimia’s commitment to providing shareholder value and maintaining its financial obligations, potentially impacting investor confidence and market positioning.

The most recent analyst rating on (TSE:AIM) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Aimia Inc. stock, see the TSE:AIM Stock Forecast page.

Aimia Inc. Achieves First Quarterly Profit in Over Three Years

Aimia Inc. reported its first quarterly profit for equity holders in over three years, driven by strong performances from its core holdings and cost reduction efforts. Despite a slight decline in revenue due to challenging economic conditions, the company achieved a significant increase in adjusted EBITDA and operating cash flow. Aimia’s strategic focus on reducing holding company costs and optimizing its portfolio has strengthened its financial position, with increased liquidity and readiness for future capital allocation activities.

The most recent analyst rating on (TSE:AIM) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Aimia Inc. stock, see the TSE:AIM Stock Forecast page.

Aimia Inc. Advances Share Buyback Strategy in October

Aimia Inc. announced the repurchase and cancellation of 160,600 common shares in October 2025 as part of its normal course issuer bid program, representing 0.2% of its outstanding shares. This initiative is part of Aimia’s strategy to enhance shareholder value by reducing the discount of its share price relative to its intrinsic value, while maintaining financial flexibility for future strategic directions.

The most recent analyst rating on (TSE:AIM) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Aimia Inc. stock, see the TSE:AIM Stock Forecast page.

Aimia Inc. to Announce Q3 2025 Financial Results

Aimia Inc. is set to release its third quarter 2025 financial results on November 12, 2025. The announcement will be followed by a live webcast and teleconference call where management will present the results. This event is significant for stakeholders as it provides insights into the company’s financial performance and strategic direction, potentially impacting its market positioning and shareholder value.

The most recent analyst rating on (TSE:AIM) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Aimia Inc. stock, see the TSE:AIM Stock Forecast page.