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2874 companies · fiscal year 2025 · SEC EDGAR · September 25, 2026

Companies in Canada with the highest operating margin

Operating margin is operating income divided by revenue. Only companies with at least $1 billion in revenue are ranked here. Figures are for fiscal year 2025 and are read directly from each company's SEC filings; the source column on every row links to the document.

Ranks 1–48 of 48 · Fiscal year 2025 · Data as of September 25, 2026

Only companies with at least $1bn in revenue are ranked.

Franco Nevada (FNV) tops the list with 74.3% in operating margin for fiscal 2025, ahead of Wheaton Precious Metals (68.3%) and Alamos Gold (60.7%). Across the top 10, operating margin ranges from 74.3% down to 38.1%. 48 companies in Canada report operating margin, 3.2% of the 1486-filer universe. The last place on the list, Canadian Solar, comes in at 0.8%.

Operating margin
#CompanyOperating marginYoY15-year trend
1Franco NevadaFNVCAMaterials74.3%+13.9%
2Wheaton Precious MetalsWPMCAMaterials68.3%+41.4%
3Alamos GoldAGICAMaterials60.7%+45.4%
4TC EnergyTRPCAUtilities52.7%−8.8%
5Kinross GoldKGCCAMaterials46.5%+55.4%
6Rogers CommunicationsRCICACommunication services45.2%−3.1%
7Hudbay MineralsHBMCAMaterials41.5%+109.3%
8Eldorado GoldEGOCAMaterials40.0%+26.1%
9IamgoldIAGCAMaterials38.3%−33.7%
10Canadian National RailwayCNICAIndustrials38.1%+3.9%
11Canadian Pacific Kansas CityCPCAIndustrials37.2%+4.5%
12Pembina PipelinePBACAEnergy36.1%+16.9%
13Precision DrillingPDSCAEnergy34.3%+63.7%
14Pan American SilverPAASCAMaterials34.1%+80.9%
15First Majestic SilverAGCAMaterials31.6%+32.3 pp
16FortisFTSCAUtilities28.7%+0.3%
17Thomson ReutersTRICACommunication services28.5%−1.9%
18South BowSOBOCAEnergy25.0%−51.4%
19Hydro OneHRNNFCAUtilities24.8%+6.8%
20Equinox GoldEQXCAMaterials23.8%+43.2%
21Agnico Eagle MinesAEMCAMaterials23.3%−3.9%
22EmeraEMACAUtilities22.5%+50.0%
23Teck ResourcesTECKCAMaterials20.9%+21.0 pp
24Algonquin Power & UtilitiesAQNCAUtilities20.7%+7.8%
25Lululemon AthleticaLULUCAConsumer discretionary19.9%−15.9%
26Waste ConnectionsWCNCAUtilities18.1%+50.9%
27CamecoCCJCAMaterials17.8%+9.1%
28Bausch Health CompaniesBHCCAHealthcare17.7%+9.9%
29Open TextOTEXCATechnology17.3%+12.3%
30Gildan ActivewearGILCAConsumer discretionary17.1%−9.4%
31EnbridgeENBCAEnergy16.8%−6.9%
32RB GlobalRBACATechnology15.5%−12.5%
33NutrienNTRCAMaterials13.9%+94.5%
34ShopifySHOPCATechnology12.7%+4.9%
35MethanexMEOHCAMaterials12.0%+23.4%
36EnerflexEFXTCAIndustrials11.9%+66.1%
37TelusTUCACommunication services11.5%−16.2%
38Imperial OilIMOCAEnergy9.1%−25.2%
39CelesticaCLSCATechnology8.4%+35.2%
40Tfi InternationalTFIICAIndustrials7.2%−16.3%
41Colliers InternationalCIGICAReal estate6.7%−17.3%
42FirstserviceFSVCAReal estate6.1%−4.9%
43TransaltaTACCAUtilities5.8%−71.7%
44BRPDOOCAIndustrials4.7%−32.6%
45Lionsgate StudiosLIONCACommunication services3.7%+4.4 pp
46Magna InternationalMGACAConsumer discretionary3.1%−13.5%
47Bausch & LombBLCOCAHealthcare2.2%−34.5%
48Canadian SolarCSIQCATechnology0.8%+1.3 pp

All figures from SEC filings · FY2025 · 48

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{{cite web |title=Companies in Canada with the highest operating margin |url=https://companiesranked.com/en/companies-with-the-highest-operating-margin-in-canada |website=CompaniesRanked |date=2026-09-25 |language=en}}

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@misc{companiesranked-en-companies-with-the-highest-operating-margin-in-canada-2026,
  author       = {{CompaniesRanked}},
  title        = {{Companies in Canada with the highest operating margin}},
  year         = {2026},
  howpublished = {\url{https://companiesranked.com/en/companies-with-the-highest-operating-margin-in-canada}},
  note         = {Compiled from SEC EDGAR XBRL filings; data as of 2026-09-25},
  urldate      = {2026-09-25}
}

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