Stingray Group, Inc. (TSE:RAY)
TSX:RAY
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Stingray Group
(TSX:RAY)
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Rating:74Outperform
Price Target:
C$16.50
▲(1.16% Upside)
Action:ReiteratedDate:02/18/26
The score is driven primarily by strong free cash flow and solid profitability, supported by a constructive technical uptrend. Offsetting factors are meaningful leverage and earnings variability, plus a relatively high P/E with only a modest dividend yield; earnings-call commentary was broadly positive but noted margin pressure and acquisition-driven debt.
Positive Factors
Cash generation
Sustained high operating and free cash flow demonstrates the business converts earnings into cash, funding integration, share buybacks and debt reduction. Durable cash generation supports reinvestment in distribution and advertising channels and provides flexibility through cyclical dips.
Negative Factors
Meaningful leverage
Elevated leverage reduces financial flexibility and raises refinancing and covenant risk if growth slows. Debt-funded M&A pressures credit capacity and forces prioritization of deleveraging over growth investments until leverage sustainably declines below management's targeted threshold.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained high operating and free cash flow demonstrates the business converts earnings into cash, funding integration, share buybacks and debt reduction. Durable cash generation supports reinvestment in distribution and advertising channels and provides flexibility through cyclical dips.
Read all positive factors
Stingray Group (RAY) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.07B
Dividend Yield2.19%
Average Volume (3M)34.56K
Price to Earnings (P/E)32.8
Beta (1Y)0.59
Revenue Growth14.74%
EPS GrowthN/A
CountryCA
Employees1,000
SectorCommunication Services
Sector Strength97
IndustryBroadcasting
Share Statistics
EPS (TTM)0.38
Shares Outstanding55,159,393
10 Day Avg. Volume24,316
30 Day Avg. Volume34,557
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)2.30
Price to Sales (P/S)1.58
P/FCF Ratio6.81
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$20.50Price Target Upside25.69% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)1.99
Revenue Forecast (FY)C$649.62M
Stingray Group Business Overview & Revenue Model
Company Description
Stingray Group Inc. operates as a music, media, and technology company in Canada, the United States, and internationally. It operates through Broadcasting and Commercial Music and Radio segments. The company offers music, digital, and advertising ...
How the Company Makes Money
Stingray generates revenue primarily by monetizing music and digital media content across multiple distribution channels and customer types. A key revenue stream comes from recurring fees paid by television service providers (e.g., cable, satellit...
Stingray Group Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 429.75M | 386.89M | 345.43M | 323.94M | 282.63M | 247.86M |
| Gross Profit | 354.88M | 100.83M | 87.95M | 89.66M | 68.82M | 76.64M |
| EBITDA | 110.34M | 102.08M | 60.28M | 111.67M | 92.67M | 106.98M |
| Net Income | 43.70M | 36.44M | -13.74M | 30.12M | 33.29M | 45.10M |
Balance Sheet | ||||||
| Total Assets | 1.15B | 816.66M | 811.57M | 895.20M | 883.70M | 822.84M |
| Cash, Cash Equivalents and Short-Term Investments | 17.33M | 13.98M | 9.61M | 15.45M | 14.56M | 9.04M |
| Total Debt | 543.62M | 360.16M | 386.70M | 412.24M | 409.35M | 365.66M |
| Total Liabilities | 866.47M | 549.82M | 562.98M | 608.93M | 610.17M | 548.14M |
| Stockholders Equity | 285.17M | 266.83M | 248.58M | 286.27M | 273.53M | 274.69M |
Cash Flow | ||||||
| Free Cash Flow | 102.63M | 89.98M | 104.48M | 71.49M | 66.61M | 90.81M |
| Operating Cash Flow | 116.16M | 105.04M | 118.53M | 86.95M | 83.66M | 104.25M |
| Investing Cash Flow | -216.10M | -17.40M | -16.64M | -20.61M | -18.63M | 5.43M |
| Financing Cash Flow | 98.30M | -83.36M | -107.72M | -65.45M | -59.51M | -103.15M |
Stingray Group Technical Analysis
Positive
16.31
Price Trends
15.35
Positive
15.00
Positive
12.79
Positive
Market Momentum
0.27
Negative
64.80
Neutral
86.17
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:RAY, the sentiment is Positive. The current price of 16.31 is above the 20-day moving average (MA) of 14.92, above the 50-day MA of 15.35, and above the 200-day MA of 12.79, indicating a bullish trend. The MACD of 0.27 indicates Negative momentum. The RSI at 64.80 is Neutral, neither overbought nor oversold. The STOCH value of 86.17 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:RAY.
Stingray Group Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | C$1.07B | 32.77 | 15.61% | 2.19% | 14.74% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | C$600.84M | 9.19 | 9.61% | 5.98% | -4.10% | -2.14% | |
50 Neutral | C$301.48M | -224.02 | 27.43% | ― | 5.34% | 84.83% | |
49 Neutral | C$711.93M | -17.97 | 49.30% | ― | -1.55% | -7.91% | |
46 Neutral | C$692.48M | -0.20 | -72.77% | ― | -59.51% | -545.36% | |
42 Neutral | C$5.98M | -0.29 | ― | ― | -14.27% | 64.07% |
* Communication Services Sector Average
TSE:RAY
Stingray Group
15.74
7.19
84.14%
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Stingray Group Corporate Events
Business Operations and Strategy
Stingray Partners with Anuvu to Stream Curated Audio and Video to Cruise Passengers Worldwide
Positive
Apr 8, 2026
Stingray has entered a global partnership with Anuvu, a provider of connectivity and entertainment solutions for mobility markets, to distribute Stingray’s curated audio and video channels to cruise passengers worldwide. Under the agreement,...
Business Operations and StrategyProduct-Related Announcements
Stingray’s TuneIn to Stream NBC Sports Radio, Expanding Global Live Sports Audio Reach
Positive
Mar 31, 2026
Stingray’s streaming audio platform TuneIn is adding NBC Sports Radio to its lineup, bringing marquee sports talk shows like Pro Football Talk Live, The Dan Patrick Show, and Chris Simms Unbuttoned, along with select live play-by-play events...
Business Operations and StrategyProduct-Related Announcements
Stingray’s TuneIn Adds NBC Sports Radio to Bolster Global Live Sports Lineup
Positive
Mar 31, 2026
Stingray’s TuneIn platform will begin streaming NBC Sports Radio, adding marquee sports talk shows and select live play-by-play events to its global audio offering. The deal brings programs such as Pro Football Talk Live, The Dan Patrick Sho...
Business Operations and StrategyDividends
Stingray Declares Quarterly Dividend as Streaming Portfolio Broadens Global Reach
Positive
Mar 26, 2026
Stingray Group Inc., a TSX-listed streaming media company, curates and distributes a broad array of audio and video content worldwide through connected TVs, smart speakers, mobile devices, connected cars and retail environments. The company’...
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.