TMX Group (TSX:X) has just released September 2026 trading statistics for its exchanges, including Toronto Stock Exchange and Montréal Exchange. This gives investors fresh data on volumes, transaction activity, and overall marketplace usage.
TMX Group shares trade at about CA$51.70. Despite a 7.98% gain on the 90 day share price return, the stock has eased over the past month, with a 30 day share price return down 5.02% as investors digest strong trading volumes alongside rich long term total shareholder returns of 79.23% over three years and 112.50% over five years.
Scan other exchange and market infrastructure stocks that show strong order flow and liquidity trends through our curated list of solid balance sheet and fundamentals (7 results) . These trends echo what TMX Group's latest trading stats are highlighting.
TMX Group now splits opinion. Bulls point to higher trading activity, rising revenue and profit, and a pullback in the share price, while bears flag valuation risk after strong multi year returns. Which case do the numbers support more strongly?
Most Popular Narrative: 20.5% Undervalued
TMX Group's most followed valuation narrative pegs fair value at about CA$65.03, which sits well above the latest close around CA$51.70 and frames the recent pullback as a potential disconnect between price and the underlying business trends.
The accelerating expansion of TMX's Global Insights and Data Analytics division, including double-digit growth in recurring revenue segments like Trayport and VettaFi, is increasing high-margin, predictable income streams and improving overall net margins.
TMX's strategic investments in digital platforms (for example, post-trade modernization, cloud-based architecture for trading systems, and flexible marketplace technology) directly address the evolving landscape of digital assets and tokenization. This provides a future-ready infrastructure and may unlock new sources of transactional and data revenue as digital securities adoption broadens.
See why 30 investors see TMX Group as 20% undervalued .
Result: Fair Value of CA$65.03 (UNDERVALUED)
Still, the story can break if more issuers stay private or if larger global exchanges lure away marquee listings that TMX Group aims to host.
Find out about the key risks to this TMX Group narrative .
Another View: TMX Group Looks Expensive On Earnings
There is a very different message when you switch from fair value estimates to simple earnings multiples. TMX Group trades on a P/E of 23.6x, compared with 16.9x for peers in its group and 7x for the wider Canadian Capital Markets industry. The fair ratio for TMX Group is 20.2x, which suggests the market is already paying up and leaves less room if sentiment cools. Does that richer tag feel like a margin of safety or a margin of error for you?
See what the numbers say about this price — find out in our valuation breakdown.
Next Steps
With sentiment split on TMX Group, the next move really comes down to how you interpret these signals and how quickly you act on them. To see which specific strengths our data highlights for this business, review the 4 key rewards .
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include X.TO .
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