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Transat AT V & VV
(TSX:TRZ)
Transat AT V & VV (TRZ) vs. iShares MSCI Canada ETF (EWC)
Transat AT V & VV Business Overview & Revenue Model
Transat AT V & VV Earnings Call Summary
Transat AT V & VV Financial Statement Overview
| Breakdown | TTM | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.44B | 3.40B | 3.28B | 3.05B | 1.64B | 124.82M |
| Gross Profit | 425.07M | 390.55M | 347.67M | 415.68M | -92.26M | -138.79M |
| EBITDA | 696.96M | 633.27M | 251.42M | 291.73M | -193.70M | -153.61M |
| Net Income | 334.95M | 241.92M | -114.03M | -25.29M | -445.32M | -389.44M |
Balance Sheet | ||||||
| Total Assets | 2.87B | 2.57B | 2.75B | 2.57B | 2.27B | 1.90B |
| Cash, Cash Equivalents and Short-Term Investments | 914.74M | 594.92M | 260.34M | 435.65M | 322.54M | 433.19M |
| Total Debt | 1.46B | 1.56B | 2.15B | 1.89B | 1.75B | 1.42B |
| Total Liabilities | 3.54B | 3.22B | 3.64B | 3.35B | 3.02B | 2.21B |
| Stockholders Equity | -674.33M | -645.05M | -889.08M | -779.04M | -750.18M | -315.11M |
Cash Flow | ||||||
| Free Cash Flow | 196.16M | 59.12M | -43.90M | 264.18M | -210.38M | -524.04M |
| Operating Cash Flow | 284.79M | 156.97M | 94.67M | 321.75M | -177.85M | -518.44M |
| Investing Cash Flow | -31.59M | -10.21M | -31.45M | -7.93M | -33.78M | 4.54M |
| Financing Cash Flow | -256.13M | -243.19M | -240.29M | -203.02M | 99.69M | 522.07M |
Transat AT V & VV Technical Analysis
Transat AT V & VV Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | C$244.33M | 11.24 | 18.14% | 5.06% | 1.01% | 6.68% | |
72 Outperform | C$885.56M | 7.28 | 3.64% | 3.51% | 1.38% | -64.10% | |
62 Neutral | C$871.45M | 16.42 | 27.32% | 5.07% | -2.54% | -10.57% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | C$93.18M | -0.89 | -29.12% | ― | 3.49% | ― | |
50 Neutral | C$2.02B | -9.31 | -48.23% | ― | 14.40% | -1117.18% | |
48 Neutral | C$6.42B | 23.28 | 5.55% | 0.86% | -5.14% | -87.15% |
Transat AT V & VV Corporate Events
Transat A.T. Inc. reported first-quarter fiscal 2026 revenues of $870.7 million, up 5% year over year, with adjusted EBITDA rising 68% to $33.6 million and the net loss narrowing sharply to $29.5 million, supported by higher traffic, improved yields and cost-efficiency initiatives. The company generated strong operating cash flow, boosting cash and cash equivalents to $386.7 million and enabling significant debt reduction, while also managing operational challenges by temporarily suspending Cuba flights due to fuel shortages, redeploying capacity to other sun destinations, and announcing a new strategic loyalty partnership with Desjardins Group and Visa Canada that underpins its efforts to deepen customer engagement and solidify its competitive position.
The most recent analyst rating on (TSE:TRZ) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Transat AT V & VV stock, see the TSE:TRZ Stock Forecast page.
Transat A.T. Inc. secured backing from a second major proxy advisory firm, Institutional Shareholder Services, which urged investors to support the company’s full slate of eight board nominees and its proposed amendment to expand the board size range, while opposing all dissident proposals from Financière Outremont. Alongside a similar recommendation from Glass Lewis and support agreements from two large Québec-based institutional shareholders, the endorsements underscore confidence in Transat’s turnaround plan, improved operating metrics, and recent balance sheet strengthening, and they cast doubt on the dissident’s bid for board influence, which ISS warned could facilitate a future takeover and raises concerns about governance and independence.
The most recent analyst rating on (TSE:TRZ) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Transat AT V & VV stock, see the TSE:TRZ Stock Forecast page.
Independent proxy advisory firm Glass Lewis has recommended that Transat A.T. Inc. shareholders back the company’s full slate of eight board nominees and support an amendment to its articles to allow a board size of between eight and 15 directors. The firm also advised investors to reject proposals from dissident shareholder Financière Outremont Inc., including attempts to shrink the board to six members and elect its own nominees.
Glass Lewis cited Transat’s operational complexity, improving capital structure and ongoing recovery as reasons to maintain the current leadership, arguing the dissident nominees do not add unique aviation-specific expertise. Transat’s board chair welcomed the endorsement as validation of the company’s recovery trajectory and governance, underscoring that continuity of leadership is viewed as the best path forward at a pivotal stage for shareholders.
The most recent analyst rating on (TSE:TRZ) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Transat AT V & VV stock, see the TSE:TRZ Stock Forecast page.
Transat A.T. Inc. has urged shareholders to vote using the BLUE proxy in support of its slate of eight board nominees, arguing that the refreshed, industry-expert board is best positioned to oversee the next phase of its ongoing turnaround. The company highlights progress under its strategic plan, including the Elevation Program, which targets a $100 million uplift in adjusted operating income by mid-2026 through revenue optimization, cost discipline and operational efficiencies.
Management points to a materially stronger balance sheet following a 2025 federal debt restructuring that halved government debt and cut annual interest expense by about 90%, boosting financial flexibility. Transat also underscores recent share price outperformance versus its main Canadian competitor and the S&P/TSX Composite, contending that these gains, alongside improved cash burn and record adjusted EBITDA in fiscal 2025, demonstrate recovery momentum despite past pandemic-driven weakness.
The letter seeks to counter criticisms from activist shareholder Financière Outremont Inc., challenging claims about long-term share underperformance, financial fragility, and labour instability. Transat stresses its unbroken record of avoiding labour conflicts, the ratified pilot agreement that averted a 2025 strike, and its willingness to engage with activists, while criticizing past takeover proposals as below market and value-destructive for existing shareholders.
The most recent analyst rating on (TSE:TRZ) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Transat AT V & VV stock, see the TSE:TRZ Stock Forecast page.
Transat A.T. Inc. has filed and begun mailing its management information circular for its March 10, 2026 annual and special shareholders meeting, where a contested board election will be held. The company is urging investors to use the BLUE proxy to back its proposed eight-member slate, which it says balances continuity with fresh expertise aligned to its ongoing recovery plan.
Management argues that Transat’s recovery strategy is gaining traction, with operations stabilized, financial performance strengthened and a foundation laid for long-term value creation. The proposed board has been shaped through a structured process and includes nominees with deep experience in aviation, restructuring, finance and transformation, which the company says is critical to maintaining momentum.
Transat highlights formal support and voting agreements with two major Québec institutional investors, Fonds de solidarité FTQ and Caisse de dépôt et placement du Québec, which together hold 16.1% of the voting shares and have each put forward a nominee. It also notes that it offered Financière Outremont a single board seat consistent with its sub-10% ownership, an offer the shareholder declined, underscoring tensions over governance and control ahead of the vote.
The company portrays the proposed board composition as a “responsible evolution” of its governance, emphasizing a smaller, more independent board that still ensures significant shareholder representation. By framing the contest as a choice between a disciplined execution of a working recovery plan and the risk of a shareholder gaining effective control without paying a premium, Transat is signaling to investors that the outcome of this vote could materially shape its strategic direction and value trajectory.
The most recent analyst rating on (TSE:TRZ) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Transat AT V & VV stock, see the TSE:TRZ Stock Forecast page.
Transat A.T. Inc. reported record adjusted EBITDA of $271 million for fiscal 2025, a 33% increase year over year, on revenues of $3.4 billion, driven by higher yields, modest traffic growth, productivity gains and lower fuel costs. The company swung to a net income of $241.9 million for the year from a net loss in 2024, while still generating negative free cash flow as it continues to invest in its operations. Fourth-quarter performance was softer, with revenues down 2.2% to $771.6 million and adjusted EBITDA nearly halving to $71.4 million, largely due to reduced compensation tied to Pratt & Whitney engine issues, although underlying revenue grew when excluding this effect. Management highlighted a major milestone in restructuring its government LEEFF debt, cutting the outstanding balance to $350 million and extending maturities to 2035, which is expected to substantially lower interest expenses and free capacity for growth and optimization initiatives. With all key collective agreements renewed through at least 2027 and a tentative deal with its pilots, Transat expects to accelerate growth in 2026 through targeted network expansion in Africa, Europe and South America, increased capacity as fewer aircraft remain grounded, and the full realization of its Elevation Program, which is projected to add $100 million in adjusted EBITDA by mid-2026, underpinning its strategy to create long-term shareholder value.
The most recent analyst rating on (TSE:TRZ) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Transat AT V & VV stock, see the TSE:TRZ Stock Forecast page.
Transat A.T. Inc. has scheduled a special meeting of shareholders for March 10, 2026, in response to a requisition by shareholder Financière Outremont Inc. The meeting aims to address proposed changes to the board of directors, which include replacing a majority of independent directors with nominees aligned with a shareholder owning less than 10% of Transat’s shares. The board emphasizes the importance of shareholder democracy and aims to ensure that decisions reflect the interests of all stakeholders, including employees, travelers, partners, and creditors, rather than the ambitions of a single shareholder.
The most recent analyst rating on (TSE:TRZ) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Transat AT V & VV stock, see the TSE:TRZ Stock Forecast page.