Onex (TSE:ONEX) Issues Quarterly Earnings Results

Onex (TSE:ONEX) issued its quarterly earnings results on Friday. The company reported C$1.82 earnings per share for the quarter, FiscalAI reports. Onex had a net margin of 101.81% and a return on equity of 5.25%. The business had revenue of C$220.66 million for the quarter.

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

• Convex delivered stronger operating results: last-12-month adjusted net income rose 13% to $659 million, while its combined ratio improved to 87%. Q3 premium growth reached 20%, partly reflecting marine war business; management expects more normalized growth and flagged softer pricing in some markets.
• Onex Partners VI’s first close exceeded management’s expectations at more than $2 billion, with full re-ups from Onex Partners Opportunities Fund investors and a broad LP base. Onex said the close keeps it on track to reach $35 million in exit run-rate fee-related earnings by year-end 2026.
• Onex agreed to secondary sales expected to generate $334 million in proceeds at 92% of carrying value, with additional proceeds possible; related commitments also add fee-generating assets. The company said it may use proceeds for share repurchases, while emphasizing it will pursue further sales only at attractive prices.
• Credit continued to add scale, with $20 million of fee-related earnings in Q3 and $7.9 billion of CLOs raised or extended during 2026 to date. Onex also cited potential growth in infrastructure credit and insurance partnerships.
• Convex’s valuation was flat at $4.1 billion despite quarterly earnings, as higher interest rates caused unrealized losses on its fixed-income portfolio and reduced tangible book value. Separately, credit investing capital fell 4% over the last 12 months, largely due to mark-to-market impacts.

Onex Price Performance

Shares of Onex stock traded up C$2.93 during trading hours on Friday, hitting C$110.15. The company’s stock had a trading volume of 194,869 shares, compared to its average volume of 116,587. Onex has a 12-month low of C$95.15 and a 12-month high of C$119.77. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.41 and a current ratio of 1.82. The company has a market cap of C$8.40 billion, a PE ratio of 16.39, a PEG ratio of 1.47 and a beta of 0.86. The business has a 50 day moving average price of C$106.40 and a two-hundred day moving average price of C$107.80.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. TD reduced their price objective on Onex from C$165.00 to C$163.00 and set a “buy” rating for the company in a research note on Friday, August 14th. Royal Bank Of Canada lifted their target price on Onex from C$130.00 to C$135.00 and gave the company a “sector perform” rating in a research report on Friday, August 14th. RBC Dominion Securities cut their price target on Onex from C$135.00 to C$129.00 and set a “sector perform” rating for the company in a report on Thursday, October 15th. Finally, BMO Capital Markets set a C$160.00 price target on Onex and gave the stock an “outperform” rating in a research report on Thursday, October 1st. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of C$144.40.

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.