Onex (TSE:ONEX) Posts Quarterly Earnings Results

Onex (TSE:ONEX) issued its earnings results on Friday. The company reported C$2.28 EPS for the quarter, FiscalAI reports. The company had revenue of C$259.99 million during the quarter. Onex had a return on equity of 7.20% and a net margin of 83.17%.

Here are the key takeaways from Onex’s conference call:

• Convex was the standout driver of the quarter, with underwriting performance, profitability, and ROE improving year over year. On a last-twelve-month basis, Convex posted $827 million of adjusted net income, an 83% combined ratio, and a 24% ROE.
• Onex highlighted its strategic partnership with AIG, which bought a 9.9% stake and committed CAD 2 billion to Onex asset management strategies. Management said the commitment should be accretive to fee-related earnings and could open additional collaboration opportunities.
• Private equity realizations are accelerating, including the $1.6 billion Onex Partners continuation fund, the expected $230 million proceeds from Emerald, and progress toward a 1.0 DPI for Onex Partners V. Management said these realizations should support the launch of Onex Partners VI later this year.
• The credit platform remained disciplined despite market volatility, with limited exposure to software/AI credits, aggressive PIK loans, and direct lending retail. Fee-related earnings from structured credit were $15 million in Q1, and the team raised or extended eight CLOs in the first four months of the year.
• Asset management FRE remains modest and back-half weighted, with Q1 FRE at $5 million and overall FRE a $3 million loss. Management said fundraising and CLO activity should help later in 2026, but they cautioned that the path to a $35 million run-rate will not be linear.

Onex Stock Performance

Shares of TSE ONEX traded down C$4.19 during mid-day trading on Friday, hitting C$108.75. The company had a trading volume of 168,034 shares, compared to its average volume of 114,296. The stock has a market cap of C$8.30 billion, a price-to-earnings ratio of 12.25, a PEG ratio of 1.47 and a beta of 0.72. Onex has a 12 month low of C$95.15 and a 12 month high of C$131.38. The company has a debt-to-equity ratio of 0.38, a current ratio of 357.45 and a quick ratio of 2.41. The firm’s 50 day simple moving average is C$106.64 and its two-hundred day simple moving average is C$109.94.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ONEX shares. Canadian Imperial Bank of Commerce set a C$135.00 target price on Onex and gave the stock a “neutral” rating in a research report on Monday, April 27th. Royal Bank Of Canada lifted their target price on Onex from C$133.00 to C$136.00 and gave the stock a “sector perform” rating in a research report on Monday, April 20th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of C$151.50.

About Onex

Onex Corporation is a private equity investor and asset management firm. The company operates in two main segments: investing, which includes private equity, private credit, and direct investments; and asset and wealth management, which manages pension plans, sovereign wealth funds, insurance companies, and family offices. Investing revenue primarily comes from net gains on corporate investments and CLOs (collateralized loan investments). Asset and wealth management revenue comes primarily from management and performance fees.