Onex looks cheaper on two of the three valuation measures provided, while TMX Group has the lower PEG. That’s a starting point for comparison, not a verdict on either stock.
TMX Group Limited (X.TO) and Onex Corp (ONEX.TO) are both in the Financials sector and Financial Services industry group, but their businesses and valuations differ. At the November 4, 2026 adjusted close, TMX traded at C$60.97, with a market cap of C$16.8 billion. Onex traded at C$111.91, with a market cap of C$8.2 billion. Share prices alone don’t tell you which company is cheaper. On the supplied multiples, Onex has the lower P/E and P/B, while TMX has the lower PEG. The results are mixed, so neither is a clear value winner across all three measures.
Investor takeaway: Onex has the lower P/E and P/B, while TMX has the lower PEG. These multiples don’t prove that Onex is undervalued or that TMX is expensive. They don’t capture every difference in business performance, growth expectations, risk or earnings quality. Compare them with each company’s fundamentals and your own research. A lower multiple isn’t a recommendation.
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TMX Group Limited
X.TO
Financials
$60.97
$16.77B
1D
+0.88%
1W
+7.42%
Onex Corp
ONEX.TO
Financials
$111.91
$8.17B
1D
+4.50%
1W
+8.01%
The valuation tape is split
Onex has the lower P/E (11.6 versus 28.8) and P/B (0.63 versus 3.38). TMX has the lower PEG (1.43 versus 3.19). Onex is cheaper on two of the three supplied measures, but that doesn’t establish which stock offers better value.
Bull case
Onex looks cheaper on P/E and P/B: its P/E is 11.6 and its P/B is 0.63, both below TMX’s. But Onex’s PEG is higher (3.19 versus 1.43), and its TTM ROE is lower (5.3% versus 12.4%). The lower multiples are a reason to look closer, not a signal to trade.
Bear case
Onex’s lower P/E and P/B don’t settle whether its shares offer better value, especially given its higher PEG and lower TTM ROE in this snapshot. TMX’s higher P/E and P/B are balanced by its lower PEG and higher ROE. Both companies have a Strong Sell consensus label in the supplied table, but that label isn’t a valuation measure.
How the valuation multiples compare
The figures point in different directions. Onex has a P/E of 11.6, below TMX’s 28.8, and a P/B of 0.63, below TMX’s 3.38. TMX has the lower PEG at 1.43, compared with 3.19 for Onex. So Onex looks cheaper on two of the three supplied multiples, while the PEG favours TMX. These measures use different inputs and don’t establish fair value or predict future returns on their own.
| Measure | TMX Group (X.TO) | Onex (ONEX.TO) |
|---|---|---|
| P/E | 28.8 | 11.6 |
| PEG | 1.43 | 3.19 |
| P/B | 3.38 | 0.63 |
| Dividend yield | 1.59% | 0.26% |
| ROE TTM | 12.4% | 5.3% |
For company-specific details, see TMX Group’s stock page and Onex’s stock page.
What the snapshot says beyond valuation
TMX’s supplied dividend yield is 1.59%, compared with 0.26% for Onex. Its TTM ROE is also higher: 12.4% versus 5.3%. These figures add context, but they don’t explain why the multiples differ or predict either company’s returns. TMX’s market cap is C$16.8 billion, compared with C$8.2 billion for Onex. On November 4, 2026, their adjusted closing prices were C$60.97 and C$111.91, respectively.
The supplied analyst consensus is Strong Sell for both companies, and the analyst target shown for each is C$0.00. Treat these as entries in the snapshot, not substitutes for independent research. Overall, the comparison is mixed: Onex has the lower P/E and P/B, while TMX has the lower PEG, higher ROE and higher dividend yield. The figures don’t crown a winner.
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