Key Takeaways Eli Lilly will buy Centessa for $6.3B upfront, with total value up to $7.8B including CVR payouts.LLY gains OX2R agonist pipeline, led by cleminorexton in mid-stage trials for narcolepsy and IH.Centessa surged 44% after the deal, which supports Lilly's broader pipeline diversification strategy. Eli Lilly (LLY - Free Report) announced that it has entered into a definitive agreement to acquire U.K.-based Centessa Pharmaceuticals (CNTA - Free Report) . Per the terms, the pharma giant will acquire all outstanding shares (including American Depositary Shares) of CNTA for $38 per share in cash, aggregating to about $6.3 billion.
In addition, Centessa’s shareholders will receive one non-tradable contingent value right (CVR) per share. This CVR entitles holders to an additional cash payment of up to $9 per share, contingent on achieving FDA approvals of either of its two pipeline drugs (cleminorexton and ORX142) across narcolepsy type II and idiopathic hypersomnia (IH) indications over the next few years. Including the CVR, the total potential deal value reaches approximately $7.8 billion.
Post this acquisition, Lilly will add Centessa’s pipeline of orexin receptor 2 (OX2R) agonists for treating people with sleep-wake disorders. This includes the lead drug, cleminorexton (formerly ORX750), which is being evaluated in a mid-stage study for two types of narcolepsy (type I and II) and IH. Last year, CNTA reported initial results from this study, which Lilly describes as demonstrating “a potential best-in-class profile” for the drug.
Another drug in Centessa’s pipeline is ORX142, which is being evaluated in an early-stage study for neurological and neurodegenerative disorders. A third candidate, ORX489, is currently in preclinical development and is being developed for neuropsychiatric disorders.
The transaction, which was approved by the board of directors of both companies, is expected to be closed in the third quarter.
CNTA & LLY Stock PerformanceFollowing this news on Tuesday, shares of Centessa increased 44%, while Lilly rose about 4%.
Year to date, CNTA stock has risen 59%, while that of LLY has lost more than 14%. During the same time frame, the industry has gained 1%.
Image Source: Zacks Investment Research
How Does CNTA Buyout Benefit LLY?Unlike some of its peers, such as Bristol Myers and Sanofi, which are under pressure from investors to pursue deals for new drugs, Lilly’s top line continues to reach new heights. The tremendous success of GLP-1 drugs, Mounjaro (for diabetes) and Zepbound (for obesity), has helped make it the first pharmaceutical company to reach a market capitalization of $1 trillion.
The rationale behind the deal is clear — Lilly intends to strategically diversify its pipeline across therapeutic areas. Recent approvals in immunology (Omvoh and Ebglyss), oncology (Jaypirca) and neuroscience (Kisunla) highlight Lilly’s intent to diversify beyond obesity and diabetes. A potential deal for Centessa fits this trend.
The transaction benefits CNTA, which lacks the commercial infrastructure and global scale required to bring advanced therapies to market, areas where LLY is already well established.
Once closed, this will be the third acquisition deal signed by Lilly so far this year. Earlier in January, it signed a $1.2 billion deal to buy Ventyx Biosciences to deepen its exposure to oral small-molecule therapies targeting inflammatory-mediated diseases. In February, LLY announced its intent to acquire Orna Therapeutics for up to $2.4 billion, which will add a broad portfolio of in vivo CAR-T pipeline.
Recent M&A Transactions in the Pharma SpaceWhile broader macroeconomic concerns — including Trump-era tariffs and leadership shifts at the FDA — have weighed on deal-making last year, Big Pharma continues to pursue strategic assets in key growth areas.
Recently, Biogen (BIIB - Free Report) announced its intent to acquire Apellis Pharmaceuticals for an upfront cash payment of about $5.6 billion to strengthen its immunology and rare disease portfolio. Through this transaction, BIIB intends to add two FDA-approved therapies — Empaveli and Syfovre. While Empaveli is approved for paroxysmal nocturnal hemoglobinuria (PNH) and two rare kidney diseases, Syforve is indicated for geographic atrophy. Biogen expects to close this deal in the second quarter of 2026.
Gilead Sciences (GILD - Free Report) is another company that has been involved in an acquisition spree since the start of this year. Last month, GILD entered into a deal worth $2.2 billion to acquire Ouro Medicines to strengthen its push into innovative therapies for autoimmune diseases. In February, Gilead announced its intent to acquire the clinical-stage biotechnology company Arcellx for an implied equity value worth $7.8 billion to boost its oncology portfolio.
These transactions highlight Big Pharma's continued interest in small biotechs with promising and innovative assets.
LLY & CNTA Zacks RankBoth Eli Lilly and Centessa Pharmaceuticals currently carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
, /PRNewswire/ -- Class Action Attorney Juan Monteverde with Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2025 ISS Securities Class Action Services Report. The firm is headquartered at the Empire State Building in New York City and is investigating Centessa Pharmaceuticals plc (NASDAQ: CNTA) related to its sale to Eli Lilly and Company. Under the terms of the proposed transaction, Centessa shareholders are expected to receive $38.00 per share in cash and one non-transferable contingent value right entitling the holder to receive up to an aggregate of $9.00 subject to the achievement of certain milestones. Is it a fair deal?
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Centessa Pharmaceuticals PLC Sponsored ADR (NASDAQ:CNTA – Get Free Report)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $40.00 and last traded at $40.0980, with a volume of 3519760 shares trading hands. The stock had previously closed at $27.58.
Trending Headlines about Centessa Pharmaceuticals Here are the key news stories impacting Centessa Pharmaceuticals this week:
Positive Sentiment: Eli Lilly agreed to acquire Centessa in a deal worth up to $7.8 billion (initial $38.00/share cash plus contingent value rights), which creates a takeover premium and is the primary driver of the stock’s upward move. Eli Lilly to buy Centessa Pharma Positive Sentiment: Leerink Partners reaffirmed a “market perform” rating and raised its price target to $40.00, a small upward revision that supports the view the deal price is appropriate. Leerink raises price target Neutral Sentiment: Unusual options activity: earlier spikes in call buying and, more recently, a large surge in put purchases (10,659 puts) signal mixed positioning—some traders betting on deal completion/arb, others hedging or speculating on downside. (No single article link) Negative Sentiment: Multiple brokerages downgraded CNTA (Needham, Wolfe Research, Stephens), citing valuation or deal-related uncertainty — analyst downgrades can weigh on momentum despite the takeover premium. Needham downgrades Negative Sentiment: Several law firms and shareholder groups have announced investigations into whether the sale process and price are fair (Monteverde, Kahn Swick & Foti, Ademi, Halper Sadeh). Potential litigation or challenges to the transaction could delay closing or pressure the spread between market price and deal consideration. Shareholder investigation announced Negative Sentiment: Recent quarterly results missed EPS estimates (reported ($0.48) vs. consensus ($0.38)), underscoring ongoing clinical and execution risks outside the transaction context. Centessa earnings miss Wall Street Analyst Weigh In Several research firms recently commented on CNTA. Stephens cut Centessa Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. Truist Financial boosted their price target on Centessa Pharmaceuticals from $33.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. TD Cowen restated a “buy” rating on shares of Centessa Pharmaceuticals in a report on Wednesday, January 14th. Piper Sandler reaffirmed an “overweight” rating on shares of Centessa Pharmaceuticals in a research report on Friday, January 16th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Centessa Pharmaceuticals in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $40.00.
Read Our Latest Analysis on CNTA
Centessa Pharmaceuticals Stock Performance The company has a market capitalization of $5.82 billion, a price-to-earnings ratio of -21.78 and a beta of 1.25. The company has a 50 day moving average price of $26.62 and a 200 day moving average price of $25.35. The company has a debt-to-equity ratio of 0.36, a quick ratio of 10.57 and a current ratio of 10.56.
Centessa Pharmaceuticals (NASDAQ:CNTA – Get Free Report) last announced its quarterly earnings results on Monday, April 6th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.38) by ($0.10). Equities research analysts predict that Centessa Pharmaceuticals PLC Sponsored ADR will post -1.6 earnings per share for the current fiscal year.
Insider Transactions at Centessa Pharmaceuticals In related news, insider Gregory M. Weinhoff sold 73,196 shares of the stock in a transaction on Friday, March 13th. The stock was sold at an average price of $26.33, for a total value of $1,927,250.68. Following the transaction, the insider directly owned 65,925 shares in the company, valued at $1,735,805.25. This trade represents a 52.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Karen M. Anderson sold 120,029 shares of Centessa Pharmaceuticals stock in a transaction on Friday, March 13th. The shares were sold at an average price of $26.25, for a total transaction of $3,150,761.25. Following the completion of the sale, the insider directly owned 62,085 shares of the company’s stock, valued at approximately $1,629,731.25. The trade was a 65.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 349,073 shares of company stock valued at $9,429,412 over the last ninety days. 7.09% of the stock is owned by company insiders.
Institutional Inflows and Outflows A number of hedge funds have recently made changes to their positions in the business. Avoro Capital Advisors LLC increased its position in shares of Centessa Pharmaceuticals by 116.2% during the third quarter. Avoro Capital Advisors LLC now owns 10,808,080 shares of the company’s stock worth $262,096,000 after acquiring an additional 5,808,080 shares in the last quarter. EcoR1 Capital LLC lifted its position in Centessa Pharmaceuticals by 466.4% in the 4th quarter. EcoR1 Capital LLC now owns 3,115,000 shares of the company’s stock valued at $77,906,000 after acquiring an additional 2,565,000 shares in the last quarter. Braidwell LP bought a new position in Centessa Pharmaceuticals in the 4th quarter valued at about $54,730,000. Federated Hermes Inc. acquired a new position in Centessa Pharmaceuticals during the 3rd quarter valued at about $42,429,000. Finally, Maverick Capital Ltd. acquired a new position in Centessa Pharmaceuticals during the 4th quarter valued at about $41,110,000. 82.01% of the stock is currently owned by institutional investors and hedge funds.
Centessa Pharmaceuticals Company Profile (Get Free Report)
Centessa Pharmaceuticals plc is a global clinical‐stage biopharmaceutical company focused on the discovery and development of innovative therapies across multiple disease areas. The company operates a modular R&D network, bringing together a portfolio of independent, specialist research entities under a single corporate umbrella. This structure is designed to accelerate decision‐making and resource allocation while leveraging deep scientific expertise in each therapeutic domain.
Centessa’s pipeline spans oncology, immunology, neuroscience, cardiovascular and metabolic diseases, as well as rare genetic disorders.
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MILWAUKEE, April 07, 2026 (GLOBE NEWSWIRE) -- Ademi LLP is investigating Centessa (NASDAQ: CNTA) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Lilly.
Click here to learn how to join our investigation and obtain additional information or contact us at [email protected] or toll-free: 866-264-3995. There is no cost or obligation to you.
In the transaction, Centessa stockholders will receive $38.00 per share in cash plus contingent value rights worth up to $9.00 per share. The contingent value rights entitle holders to receive up to three milestone payments: $2.00 upon U.S. FDA approval for narcolepsy type 2 treatment, $5.00 for idiopathic hypersomnia approval, and $2.00 for any indication approval before January 1, 2030. All approvals must occur within five years of transaction closing.
Centessa insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Centessa by imposing a significant penalty if Centessa accepts a competing bid. We are investigating the conduct of the Centessa board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.
The proposed transactions may contain terms that could limit superior competing offers.
Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.
, /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:
Apellis Pharmaceuticals, Inc. (NASDAQ: APLS)'s sale to Biogen Inc. for $41.00 per share in cash and a nontransferable contingent value right for the right to receive two payments of $2.00 per share each, contingent on certain annual global net sales thresholds being met for SYFOVRE. If you are an Apellis shareholder, click here to learn more about your legal rights and options.
Centessa Pharmaceuticals plc (NASDAQ: CNTA)'s sale to Eli Lilly and Company for $38.00 in cash per share plus one non-transferrable contingent value right entitling the holder to receive up to an aggregate of $9.00 subject to the achievement of certain milestones. If you are a Centessa shareholder, click here to learn more about your legal rights and options.
Kezar Life Sciences, Inc. (NASDAQ: KZR)'s sale to Aurinia Pharmaceuticals Inc. for $6.955 in cash per share and one non-transferable contingent value right. If you are a Kezar shareholder, click here to learn more about your legal rights and options.
On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures and information, or other relief and benefits.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Halper Sadeh LLC
Daniel Sadeh, Esq.
Zachary Halper, Esq.
One World Trade Center
85th Floor
New York, NY 10007
(212) 763-0060
[email protected]
[email protected]
https://www.halpersadeh.com
Pre-Market Stock Futures: Futures are trading lower this morning after negotiations with Iran failed over the weekend, and President Trump indicated the U.S. will block the Strait of Hormuz. This comes as we get set to start the first-quarter earnings season this week, as the major money-center banks and brokerage firms begin to report results today and tomorrow. The stock market ended last week higher, but it was a grind, with big swings throughout. When trading ended Friday, the market posted its best week since November. All the major indices finished Friday lower, except the Nasdaq, which closed at 22,902, up 0.35%. The Dow Jones Industrials were the loss leader on Friday, closing down 0.56% to finish at 47,916, while the Russell 2000 was last seen at 2,630, down 0.22%. The venerable S&P 500 almost broke even by the close, finishing Friday’s session down just 0.11% at 6,816.
Treasury Bonds: After a solid week for the Treasury market, sellers returned on Friday as yields rose across the entire curve, driven by persistent worries about inflation and perceived growing geopolitical instability in the Middle East, with oil-driven inflation fears continuing to pressure the market. Markets are adjusting to a more hawkish Federal Reserve, as traders price in higher interest rates that lower the value of existing bonds. Plus, there is a major issue for the bond market, given the mounting inflation in recent reports, that there could be no interest rate cuts in 2026. The 30-year-long bond closed Friday at 4.91%, while the benchmark 10-year note closed at 4.32%.
Oil and Gas: After a wild week across the energy complex, oil finished in positive territory for consumers, as both major benchmarks finished lower on the day, trading below the pivotal and psychological $100 level. Brent Crude closed Friday at $94.29, down 1.60%, while West Texas Intermediate finished the week at $96.57, down 1.33%. Natural gas also finished the day and the week lower, closing at $2.65, down 0.82%.
Gold: The precious metals complex, like all the other major sectors, finished a volatile week on a quieter note on Friday. Gold closed the session at $4,747, down 0.38%, while Silver closed modestly higher at $75.76, up 0.55%.
Crypto: Crypto markets traded in a “risk-off” mode on Friday, with Bitcoin holding above $72,000 as investors braced for inflation data that came in higher than expected. The market saw a tentative recovery following a broader corrective phase, with Ethereum holding just above key support levels while trading above the 50-day exponential moving average. The Cryptocurrency arena remains fragile and cautious as market participants analyze March’s hot Consumer Price Index (CPI) data, which indicated mounting inflationary pressure. At 7 AM EDT, Bitcoin was trading at $70,825, while Ethereum was quoted at $2, 184.
24/7 Wall St. reviews dozens of analyst research reports daily to identify new investment ideas for both investors and traders. Some of these daily analyst calls cover stocks to buy. Other calls cover stocks to sell or avoid. Remember that no single analyst call should ever be used as a basis to buy or sell a stock.
Here are some of the top Wall Street analyst upgrades, downgrades, and initiations seen on Monday, April 13, 2026.
Upgrades: Bilibili Inc. (NASDAQ: BILI) | BILI Price Prediction was upgraded to Overweight from Equal Weight at Morgan Stanley, which raised the target price to $31 from $25. Constellation Brands Inc. (NYSE: STZ) was upgraded to Buy from Hold at TD Cowen, which raised the price target for the stock to $190 from $142. CoreWeave (NASDAQ: CRWV) was upgraded by Macquerie to Outperform from Neutral, which raised the target price for the stock to $125 from $90. Starbucks Corp. (NASDAQ: SBUX) was raised to Hold from Underperform at Jefferies, which boosted the target price for the ubiquitous coffee retailer to $92 from $86. T-Mobile US Inc. (NASDAQ: TMUS) was upgraded to Overweight from Sector Weight at KeyBanc, with a $260 target price objective. Downgrades: Best Buy Inc. (NYSE: BBY) was double downgraded to Sell from Buy at Goldman Sachs, which lowered the price target for the retailer to $59 from $76. Centessa Pharmaceuticals Inc. (NASDAQ: CNTA) was downgraded to Hold from Buy at Truist with a $38 target price. This is the amount Eli Lilly is paying to purchase the company. Hewlett Packard Enterprise Co. (NYSE: HPE) was downgraded to Outperform from Strong Buy at Raymond James, which trimmed the target price for the legacy tech giant to $29 from $30. Nebius Group NV (NASDAQ: NBIS) was downgraded to Hold from Buy at Freedom Capital, which raised the target price for the stock to $154 from $108. Nike Inc. (NYSE: NKE) was downgraded to Hold from Buy at HSBC, which slashed the target price for the sporting apparel and shoe giant to to $48 from $90. Initiations: Adobe Inc. (NASDAQ: ADBE) was initiated with a Neutral rating at BTIG, with no price target posted.
Credo Technology Group Holding Ltd. (NASDAQ: CRDO) was initiated with a Buy rating at Jefferies, which has set a $175 target price for the company. Johnson Controls Inc. (NYSE: JCI) was initiated with an In Line rating at Evercore ISI, with a $155 target price. Rollins Inc. (NYSE: ROL) was started with a Hold rating at Loop Capital, which has set a $56 target price for the shares. Tempus AI Inc. (NASDAQ: TEM) was started with an Underperform rating at Jefferies, with a $35 price target.
B. Metzler seel. Sohn & Co. AG purchased a new position in Centessa Pharmaceuticals PLC Sponsored ADR (NASDAQ:CNTA – Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 38,432 shares of the company’s stock, valued at approximately $961,000.
A number of other large investors also recently added to or reduced their stakes in CNTA. TD Waterhouse Canada Inc. purchased a new position in Centessa Pharmaceuticals in the 4th quarter worth approximately $25,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Centessa Pharmaceuticals by 26.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,688 shares of the company’s stock worth $117,000 after purchasing an additional 979 shares in the last quarter. DNB Asset Management AS purchased a new position in Centessa Pharmaceuticals in the 3rd quarter worth approximately $218,000. GSA Capital Partners LLP purchased a new position in Centessa Pharmaceuticals in the 3rd quarter worth approximately $455,000. Finally, BNP Paribas Financial Markets lifted its holdings in Centessa Pharmaceuticals by 3,028.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 34,972 shares of the company’s stock worth $460,000 after purchasing an additional 33,854 shares in the last quarter. 82.01% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes A number of research firms recently commented on CNTA. Stephens cut Centessa Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 31st. Leerink Partners downgraded Centessa Pharmaceuticals from an “outperform” rating to a “hold” rating and lifted their price objective for the stock from $36.00 to $40.00 in a research note on Wednesday, April 1st. B. Riley Financial downgraded Centessa Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 31st. Chardan Capital reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Centessa Pharmaceuticals in a research note on Friday, January 2nd. Finally, Lifesci Capital downgraded Centessa Pharmaceuticals from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 1st. Four analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Centessa Pharmaceuticals has an average rating of “Hold” and an average target price of $40.70.
Read Our Latest Analysis on Centessa Pharmaceuticals
Centessa Pharmaceuticals Stock Performance NASDAQ:CNTA opened at $39.47 on Monday. The company has a debt-to-equity ratio of 0.21, a current ratio of 8.57 and a quick ratio of 8.57. Centessa Pharmaceuticals PLC Sponsored ADR has a 1 year low of $10.95 and a 1 year high of $40.26. The stock’s 50 day simple moving average is $31.71 and its two-hundred day simple moving average is $27.35. The company has a market cap of $5.89 billion, a price-to-earnings ratio of -26.85 and a beta of 1.25.
Centessa Pharmaceuticals (NASDAQ:CNTA – Get Free Report) last released its quarterly earnings data on Tuesday, March 31st. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.10). As a group, equities analysts anticipate that Centessa Pharmaceuticals PLC Sponsored ADR will post -1.65 earnings per share for the current fiscal year.
Insider Activity In other news, insider Iqbal J. Hussain sold 38,951 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $25.15, for a total transaction of $979,617.65. Following the transaction, the insider owned 57,645 shares of the company’s stock, valued at approximately $1,449,771.75. The trade was a 40.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Gregory M. Weinhoff sold 73,196 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $26.33, for a total value of $1,927,250.68. Following the transaction, the insider directly owned 65,925 shares in the company, valued at approximately $1,735,805.25. This represents a 52.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 349,073 shares of company stock valued at $9,429,412. 7.09% of the stock is currently owned by insiders.
About Centessa Pharmaceuticals (Free Report)
Centessa Pharmaceuticals plc is a global clinical‐stage biopharmaceutical company focused on the discovery and development of innovative therapies across multiple disease areas. The company operates a modular R&D network, bringing together a portfolio of independent, specialist research entities under a single corporate umbrella. This structure is designed to accelerate decision‐making and resource allocation while leveraging deep scientific expertise in each therapeutic domain.
Centessa’s pipeline spans oncology, immunology, neuroscience, cardiovascular and metabolic diseases, as well as rare genetic disorders.
Featured Articles Five stocks we like better than Centessa Pharmaceuticals Want to see what other hedge funds are holding CNTA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Centessa Pharmaceuticals PLC Sponsored ADR (NASDAQ:CNTA – Free Report).
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NEW YORK CITY & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Centessa Pharmaceuticals plc (NasdaqGS: CNTA) to Eli Lilly and Company (NYSE: LLY). Under the terms of the proposed transaction, shareholders of Centessa will receive $38.00 in cash per share plus one non-transferrable contingent value right entitling the holder to receive up to an aggregate of $9.00 subject to the achievement of certain milestones. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nasdaqgs-cnta/ to learn more.
To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.
The proposed transactions may contain terms that could limit superior competing offers.
Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.
, /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:
Centessa Pharmaceuticals plc (NASDAQ: CNTA)'s sale to Eli Lilly and Company for $38.00 in cash per share plus one non-transferrable contingent value right entitling the holder to receive up to an aggregate of $9.00 subject to the achievement of certain milestones. If you are a Centessa shareholder, click here to learn more about your legal rights and options.
Whitestone REIT (NYSE: WSR)'s sale to Ares Management Corporation for $19.00 per share or unit. If you are a Whitestone shareholder, click here to learn more about your legal rights and options.
Green Dot Corporation (NYSE: GDOT)'s sale to Smith Ventures and CommerceOne Financial Corporation for $8.11 in cash and 0.2215 shares of a new publicly traded bank holding company for each share of Green Dot. If you are a Green Dot shareholder, click here to learn more about your rights and options.
On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures and information, or other relief and benefits.
Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
Attorney Advertising. Prior results do not guarantee a similar outcome.
Contact Information:
Halper Sadeh LLC
Daniel Sadeh, Esq.
Zachary Halper, Esq.
One World Trade Center
85th Floor
New York, NY 10007
(212) 763-0060
[email protected]
[email protected]
https://www.halpersadeh.com
Proven Chief Medical Officer at several publicly listed and clinical-stage oncology companies with successful track record developing multiple modalities including radiotherapies from preclinical through global approvals across hematologic malignancies and solid tumors Played a leading role in clinical development and worldwide approvals of Erbitux® at Merck KGaA leading to its blockbuster status Led clinical development as CMO of NBE Therapeutics which was acquired by Boehringer Ingelheim for $1.4 billion, and most recently CMO of radiotherapy company Full-Life Technologies Timely key hire with Dr. Heeger's operational rigor and clinical expertise expected to elevate development of Actimab-A, ATNM-400, and Iomab-ACT as Actinium advances toward key data readouts and expanded clinical trials in 2H:2026 , /PRNewswire/ -- Actinium Pharmaceuticals, Inc. (NYSE AMERICAN: ATNM) (Actinium or the Company), a pioneer in the development of targeted radiotherapies, today announced the appointment of Steffen Heeger, MD, MSc, as Chief Medical Officer. Dr. Heeger brings a rare combination of radiotherapy expertise, global oncology drug development leadership, and public-company experience. Over his career, he has translated multiple programs from IND submission through global clinical approval in the US, EU, and Japan including the blockbuster Erbitux® and led as CMO an oncology company acquired for $1.4 billion. Most recently Dr. Heeger served as CMO of a clinical-stage radiotherapy company where he advanced into global development, a PSMA program directly relevant to Actinium's ATNM-400 asset. His appointment comes at a pivotal moment as Actinium prepares to advance Actimab-A, ATNM-400, and Iomab-ACT toward key data readouts and expanded clinical trials in the second half of 2026.
"Steffen's background is uniquely suited to unlock the value in Actinium's pipeline" said Sandesh Seth, Chairman and Chief Executive Officer of Actinium Pharmaceuticals. "He has successfully taken multiple targeted oncology and radiotherapy programs from the lab into patients, including anti-PSMA programs directly relevant to our ATNM-400 asset, and has deep experience navigating global regulatory pathways with the FDA and international agencies. Steffen brings precisely the combination of deep radiotherapy expertise, global oncology clinical development leadership, regulatory experience, and executional intensity that we need as we advance and expand our pipeline of targeted radiotherapies."
"Importantly, Steffen's experience spans both hematologic malignancies and solid tumors, aligning exceptionally well with our strategic focus of building Actinium into a leading targeted radiotherapy company." Mr. Seth added. "His direct experience with alpha-emitting radiotherapies, translational medicine, and global clinical execution will be highly valuable as we progress our clinical programs and pursue new opportunities to unlock the full potential of our platform. Few clinical leaders know radiotherapy development as deeply as Steffen does, and fewer still pair that with the public-company experience and translational oncology track record he brings. We are thrilled to welcome him to Actinium."
Prior to Actinium, Dr. Heeger served as Chief Medical Officer of Full-Life Technologies, where he led global development, regulatory affairs, clinical operations, translational research, CMC, quality assurance, and program management for the company's radiotherapy pipeline. There he led the translation of three targeted radioconjugate compounds — including an anti-PSMA program in metastatic castration-resistant prostate cancer — from preclinical to clinical stage within two years, securing IND clearance and fast track designation. Prior to Full-Life, he was CMO of Pega-One, a clinical-stage oncology company that became part of Centessa Pharmaceuticals (Nasdaq: CNTA) ahead of its $380 million initial public offering. Earlier, he served as CMO of NBE-Therapeutics, where he led the IND submission and initial clinical trial of NBE-002, a first-in-class immune-stimulatory antibody-drug conjugate targeting ROR1 in triple-negative breast cancer, non-small cell lung cancer, and sarcoma. NBE-Therapeutics was subsequently acquired by Boehringer Ingelheim for $1.4 billion. Before NBE, Dr. Heeger was CMO of Selvita S.A. (WSE: SLV), where he advanced the company's lead anti-cancer compound through IND and into its first clinical trial.
Earlier in his career, Dr. Heeger served as Vice President, Head of Clinical Development at MorphoSys AG, where he led the clinical strategy and execution of the company's lead hematology and oncology programs, including monoclonal antibody therapeutics targeting CD19, CD38, and PSMA. He began his pharmaceutical career at Merck KGaA, where over nearly a decade, he led global clinical development and life cycle management for Erbitux® (cetuximab) across colorectal, head and neck, gastric, and lung cancers in major markets including the US, Europe, Japan, and China enabling its blockbuster status.
"Actinium is developing what I believe is one of the most compelling radiotherapy pipelines today." said Dr. Heeger. "Their biology-driven R&D has yielded several highly differentiated, even unique, assets that offer real opportunity to bring transformative therapies to patients with limited options. Their assets have nothing comparable being developed and each has blockbuster potential; ATNM-400 with its novel target and compelling data across the largest solid tumor indications, Actimab-A's promise to resensitize immune checkpoint inhibitors in solid tumors and backbone potential in hematological malignancies, as well as their cell and gene therapy conditioning agent Iomab-ACT. These are exactly the kinds of assets I have spent my career developing. I am honored to join Actinium at this pivotal stage and look forward to working closely with Sandesh and our team to unlock the value in our clinical programs."
Dr. Heeger holds an MD and a Master of Healthcare Management (MSc) from the University of Heidelberg, Germany, a world-leading institution for research in nuclear medicine and targeted radionuclide therapies. He trained as a clinical oncologist at the University Hospital Heidelberg, Department of Haematology and Oncology, and at the German Cancer Research Center. He has authored and co-authored more than 20 peer-reviewed publications across oncology and radiopharmaceutical research. Notably, Dr. Heeger's scientific roots include early work in alpha-radiotherapy, including published research involving alpha-radioimmunotherapy using antibody conjugates in hematologic malignancies which bring him to a full cycle at Actinium.
About Actinium Pharmaceuticals, Inc.
Actinium is a pioneer in targeted radiotherapies designed to improve outcomes for patients with cancer. The company employs a biology-driven approach to develop differentiated radiopharmaceuticals for solid tumors and hematologic malignancies. Its mission is to transform cancer treatment through innovative radioconjugates that maximize therapeutic efficacy while minimizing toxicity to healthy tissue by combining expertise in tumor biology, translational medicine, and radiochemistry. Since inception, Actinium has focused on developing innovative radiotherapies. Its pipeline reflects this strategy across three areas: (1) solid tumor therapeutics including ATNM-400 and Actimab-A with pan-tumor potential; (2) Actimab-A as a therapeutic backbone for acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS) in collaboration with the National Cancer Institute (NCI); and (3) targeted conditioning agents including Iomab-B for bone marrow transplant and Iomab-ACT for cell and gene therapy conditioning. ATNM-400 targets a novel antigen distinct from PSMA and has demonstrated preclinical activity across metastatic castration-resistant prostate cancer (mCRPC), non-small cell lung cancer (NSCLC), and breast cancer. Actimab-A has shown improved survival in relapsed/refractory AML with CLAG-M and is advancing toward a Phase 2/3 trial, with additional development ongoing through a CRADA with the NCI. Actinium is also advancing preclinical solid tumor programs and holds ~250 patents and patent applications, including intellectual property related to cyclotron-based production of Ac-225. For more information, please visit www.actiniumpharma.com.
Forward-Looking Statements
This press release may contain projections or other "forward-looking statements" within the meaning of the "safe-harbor" provisions of the private securities litigation reform act of 1995 regarding future events or the future financial performance of the Company which the Company undertakes no obligation to update. These statements, including statements as related to regaining compliance with the rules of the NYSE American and submission of a compliance plan, are based on management's current expectations and are subject to risks and uncertainties that may cause actual results to differ materially from the anticipated or estimated future results, including the risks and uncertainties associated with preliminary study results varying from final results, estimates of potential markets for drugs under development, clinical trials, actions by the FDA and other governmental agencies, regulatory clearances, responses to regulatory matters, the market demand for and acceptance of Actinium's products and services, performance of clinical research organizations and other risks detailed from time to time in Actinium's filings with the Securities and Exchange Commission (the "SEC"), including without limitation its most recent annual report on form 10-K, subsequent quarterly reports on Forms 10-Q and Forms 8-K, each as amended and supplemented from time to time.
Alstom will deliver a fully integrated, turnkey metro solution, including 32 Metropolis trainsThis flagship urban project valued at €915 million[1] will support Serbia’s long-term growth, connectivity and climate ambitions 27 March 2026 – Alstom, a global leader in smart and sustainable mobility, has secured a €915 million turnkey contract to deliver Belgrade’s Metro Line 1, the first fully automated metro system in Serbia. This project, connecting in the first phase Makiško Polje to Karaburma will alleviate surface congestion and unlock Belgrade’s potential as a leading European capital city.
By cutting directly through the city center, the first phase of Metro Line 1 will span 15 km and 15 stations, including 11 km of tunnels. This is a structural transformation: by moving a significant portion of the city’s transit underground, the project will alleviate chronic surface congestion and unlock Belgrade’s potential as a more accessible, functional European capital. The introduction of one of the world's most modern automated systems will serve as a multiplier for the city's economic attractiveness, creating a more efficient environment for both residents and international investment.
“Belgrade’s decision to build its first fully automated metro is a pragmatic and bold investment in the city’s future and it reflects the strong leadership and vision demonstrated by the Serbian authorities” said Andrew DeLeone, President of Alstom Europe. “Metro Line 1 will fundamentally change how nearly two million residents navigate their city, providing a reliable and safe alternative to road transit. This project is not just about mobility; it is about delivering the modern infrastructure necessary for Belgrade to sustain its growth and meet its long-term economic and climate objectives”.
In this project for the public utility company, Belgrade Metro & Train, Alstom, as system integrator will deliver a full turnkey metro solution, including 32 Metropolis driverless three-car trains, signaling and telecommunications, power supply, trackwork, platform screen doors, depot equipment, a centralized control center, and comprehensive cybersecurity systems. The metro will be equipped with Alstom’s advanced Urbalis CBTC technology, enabling fully automated, high-capacity and reliable operations. The Metropolis trains will be manufactured at Alstom’s Valenciennes site in France.
The project benefits from French government funding support, underlining the strong bilateral cooperation between France and Serbia. Alstom has now officially entered the design phase for Metro Line 1.
The introduction of driverless metro technology will bring tangible benefits, including increased frequency, higher passenger capacity, improved operational resilience and enhanced safety. The turnkey system will enable reliable, energy-efficient operations, with headways of up to 90 seconds, supported by a state-of-the-art integrated control center and cybersecurity platform.
Alstom is a pioneer in automated metro systems, with nearly 30 driverless lines in operation worldwide, including in Paris, Singapore and Lyon. With more than 50 years of experience and 80 turnkey systems in commercial service worldwide, Alstom is a trusted partner for complex metro projects. Recent references include Montreal REM, Riyadh Metro, Athens Line 4, Grand Paris Line 18, Toulouse Line C, Panama Line 2, Guadalajara Line 3 and Dubai Metro Route 2020.
ALSTOM™, Metropolis™ and Urbalis™ are protected trademarks of the Alstom Group.
About Alstom
Alstom is the pure rail leader, committed to making rail the backbone of sustainable transportation. We design and deliver a complete range of future-ready solutions – from high-speed and regional trains to metros, monorails, trams, turnkey systems, end-to-end services, infrastructure, signalling and digital rail solutions. With 86,000 people in 63 countries, Alstom brings together global expertise and multi-local presence to make every journey smarter, cleaner and more enjoyable. Together with our partners and customers, we realise the power of rail. Listed in France, Alstom generated revenues of €18.5 billion for the fiscal year ending 31 March 2025.
For more information, please visit www.alstom.com.
31 March 2026 – Alstom, a global leader in smart and sustainable mobility, is pleased to announce that it has signed a new systems contract in the AMECA region, as part of a consortium, with a total project value of USD 2.75 billion. Alstom’s share represents approximately 30% of the total contract value, corresponding to approximately EUR 700 million.
This order has been recorded in Alstom’s Q4 2025/2026 fiscal year.
Alstom™ is a protected trademark of the Alstom Group.
About Alstom Alstom commits to contribute to a low carbon future by developing and promoting innovative and sustainable transportation solutions that people enjoy riding. From high-speed trains, metros, monorails, trams, to turnkey systems, services, infrastructure, signalling and digital mobility, Alstom offers its diverse customers the broadest portfolio in the industry. With its presence in 63 countries and a talent base of over 86,000 people from 184 nationalities, the company focuses its design, innovation, and project management skills to where mobility solutions are needed most. Listed in France, Alstom generated sales of €18.5 billion for the fiscal year ending on 31 March 2025.
For more information, please visit www.alstom.com. ContactsPress
Coralie COLLET - Tel.: +33 (0) 7 63 63 09 62 [email protected] BEKHTI –Tel.: +971 56 995 45 76
A logo on the side of a building at the Alstom train works in Derby, Britain, October 27, 2025. REUTERS/Phil Noble Purchase Licensing Rights, opens new tab
CompaniesApril 1 (Reuters) - Alstom (ALSO.PA), opens new tab has appointed Martin Sion as its new chief executive officer with immediate effect, the French train maker said on Wednesday.
Former CEO Henri Poupart-Lafarge has decided not to seek a further term after a decade at the head of Alstom, the company said in the statement.
Stay up to date on the key companies, data, and decisions in the ESG world with the Reuters Sustainable Finance newsletter. Sign up here.
Sion joins the group with an engineering background and after three years as the CEO of space and defense company ArianeGroup, equally owned by Airbus (AIR.PA), opens new tab and Safran (SAF.PA), opens new tab.
Under his leadership, Europe's new-generation Ariane 6 launcher, developed by ArianeGroup and the European Space Agency, started its first missions in a context of increased competition from SpaceX and Boeing (BA.N), opens new tab.
Reporting by Mathias de Rozario in Gdansk, editing by Milla Nissi-Prussak
Our Standards: The Thomson Reuters Trust Principles., opens new tab
08 April 2026 – Alstom, a global leader in smart and sustainable mobility, is pleased to announce that it has received a Signalling contract in the Europe region for approximately €295 million.
This order was booked in Alstom’s Q4 2025/2026 fiscal year.
Alstom™ is a protected trademark of the Alstom Group.
About Alstom Alstom is the pure rail leader, committed to making rail the backbone of sustainable transportation. We design and deliver a
complete range of future-ready solutions – from high-speed and regional trains to metros, monorails, trams, turnkey systems,
end-to-end services, infrastructure, signalling and digital rail solutions. With 86,000 people in 63 countries, Alstom brings
together global expertise and multi-local presence to make every journey smarter, cleaner and more enjoyable. Together with
our partners and customers, we realise the power of rail. Listed in France, Alstom generated revenues of €18.5 billion for the
fiscal year ending 31 March 2025.
For more information, please visit www.alstom.com. ContactsPress
Coralie COLLET - Tel.: +33 (0) 7 63 63 09 62 [email protected] Relations
Cyril GUERIN - Tel.: +33 (0)6 07 89 36 16 [email protected]
Alstom experienced a 20%+ single-day drop after withdrawing FCF guidance and warning on profits, triggering a major revaluation. Despite record orders and a €100B+ backlog, ALSMY faces execution challenges, margin pressure, and recurring operational issues impacting earnings visibility. I view the market reaction as an overreaction; at sub-€17/share, ALSMY trades below 10x P/E, presenting long-term value despite historical volatility.
SAN DIEGO, April 20, 2026 (GLOBE NEWSWIRE) -- Johnson Fistel, PLLP is investigating potential claims on behalf of investors of Alstom S.A. (OTC: ALSMY; AOMFF). The investigation focuses on Alstom’s executive officers and whether investor losses may be recovered under federal securities laws.
What if I purchased Alstom securities?
If you purchased Alstom securities and suffered losses on your investment, join our investigation now: Click here to join the investigation.
Or for more information, contact Jim Baker at [email protected] or (619) 814-4471.
There is no cost or obligation to you.
Background of the investigation
On April 16, 2026, Alstom S.A. announced preliminary unaudited results for the fiscal year ended March 31, 2026. Among other things, the Company disclosed that it manufactured 4,284 cars during the fiscal year and that adjusted EBIT margin stood at around 6%.
The Company further stated that “some large rolling-stock projects have progressed more slowly than anticipated,” weighing on near-term margins and cash. In addition, Alstom disclosed free cash flow of approximately €330 million, withdrew its three-year cumulative €1.5 billion free cash flow guidance, and stated that its prior medium-term ambition of adjusted EBIT margin of 8–10% would no longer be met by the end of its next fiscal year.
Following this disclosure, the price of Alstom’s stock declined sharply, damaging investors.
In light of this disclosure, Johnson Fistel is investigating whether Alstom complied with the federal securities laws. If you suffered losses from your investment in Alstom stock, contact Johnson Fistel.
About Johnson Fistel, PLLP | Securities Fraud & Investor Rights
Johnson Fistel, PLLP is a nationally recognized shareholder-rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits and also assists foreign investors who purchased shares on U.S. exchanges. To learn more, visit www.johnsonfistel.com.
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NEW YORK, April 28, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Alstom S.A. (“Alstom” or the “Company”) (OTCMKTS: ALSMY; AOMFF). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Alstom and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On April 16, 2026, Alstom S.A. announced preliminary unaudited results for the fiscal year ended March 31, 2026. Among other things, the Company disclosed that it manufactured 4,284 cars during the fiscal year and that adjusted EBIT margin stood at around 6%. The Company further disclosed that “some large rolling-stock projects have progressed more slowly than anticipated,” weighing on near-term margins and cash. In addition, Alstom disclosed free cash flow of approximately €330 million, withdrew its three-year cumulative €1.5 billion free cash flow guidance, and said that its prior medium-term ambition of adjusted EBIT margin of 8-10% would no longer be met by the end of its next fiscal year.
Following these disclosures, Alstom’s stock price fell sharply, damaging investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Alstom S.A. ("Alstom" or the "Company") (OTCMKTS: ALSMY; AOMFF). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Alstom and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On April 16, 2026, Alstom S.A. announced preliminary unaudited results for the fiscal year ended March 31, 2026. Among other things, the Company disclosed that it manufactured 4,284 cars during the fiscal year and that adjusted EBIT margin stood at around 6%. The Company further disclosed that "some large rolling-stock projects have progressed more slowly than anticipated," weighing on near-term margins and cash. In addition, Alstom disclosed free cash flow of approximately €330 million, withdrew its three-year cumulative €1.5 billion free cash flow guidance, and said that its prior medium-term ambition of adjusted EBIT margin of 8-10% would no longer be met by the end of its next fiscal year.
Following these disclosures, Alstom's stock price fell sharply, damaging investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Deployment of Alstom’s new-generation, train-centric CBTC system, suited for Lausanne’s existing automated metro line Increased service frequency and passenger capacity for the m2 metro, the backbone of public transport in the Lausanne regionComprehensive modernisation of the train fleet as part of a service strategy to ensure long-term operational performance 5 May 2026 – Transports publics de la région lausannoise (tl) and Alstom have signed a contract worth 295 million euros1 to modernise Lausanne’s m2 metro line. The project will enable more frequent services and increased passenger capacity through the deployment of a new communications based train control (CBTC) system, combined with the mid-life modernisation of the existing train fleet.
The m2 metro is the backbone of public transport in the Lausanne region. The new signalling system will allow trains to operate closer together with greater precision, enabling more trains to run on the line, reducing waiting times and supporting growing passenger demand, while maintaining the highest levels of safety and reliability.
The Urbalis Fluence CBTC solution selected for the project uses a train‑centric architecture, with more intelligence onboard to maximise capacity and operational flexibility while limiting infrastructure changes and additional trackside equipment. It is well suited to modernising existing, fully automated metro lines, improving performance while making best use of current assets and enabling phased upgrades aligned with long‑term network strategies.
Alongside the signalling upgrade, the m2 fleet will undergo a major mid‑life modernisation at Alstom’s site in Villeneuve in Switzerland, effectively extending the lifetime of the metro cars. The FlexCare Modernise programme will consist in renewing key onboard systems, notably the train control and monitoring system (TCMS), which will be fully integrated with the new CBTC signalling, as well as in enhancements to interior areas and a refresh of trains’ exterior. Together, these upgrades will unlock higher capacity, improved reliability and a smoother passenger experience, demonstrating Alstom’s capability to deliver complex mid-life modernisation programmes fully integrated with advanced digital signalling systems.
Patricia Solioz Mathys, CEO of TL, emphasises the importance of modernisation: “As Switzerland’s only metro system, m2 is a real success story. The need to modernise the automation systems and increase capacity is crucial for the whole transport network in the Lausanne metropolitan area. We are delighted to be able to rely on Alstom’s expertise and knowledge in carrying out these strategic operations.”
“This modernisation will bring more frequent, more reliable journeys for passengers and help the city meet growing demand with shorter waits and a smoother ride. By pairing our new-generation, train-centric CBTC with a fully integrated mid-life upgrade of the fleet, we are boosting capacity while extending the performance of the existing trains for years to come. We are very happy to engage in this new project with tl and look forward to many years of continuous long-standing collaboration ,” said Marie Icardo, Managing Director of Alstom Switzerland.
The agreement also includes technical support and obsolescence management services, securing reliable operation of the m2 line through the transition period and beyond.
The works will be carefully phased to minimise disruption to daily services. Most installation and testing activities will be carried out during short night time windows, ensuring that passenger services can be maintained throughout the programme. This reflects the brownfield nature of the project, integrating a new generation CBTC system into a fully operational metro line.
About tl
Transports publics de la région lausannoise (tl) design, organise and operate daily public transport services for some 360,000 passengers. Every day, more than 2,000 staff members help to keep the network running. As a key player in the region and a recognised partner of local authorities, the tl contributes to the economic and social development of the Olympic capital.
ALSTOM™, Urbalis Fluence™ and FlexCare Modernise™ are protected trademarks of the Alstom Group.
About AlstomAlstom is the pure rail leader, committed to making rail the backbone of sustainable transport. We design and deliver a complete range of future-ready solutions – from high-speed and regional trains to metros, monorails, trams, turnkey systems, end-to-end services, infrastructure, signalling and digital rail solutions. With 86,000 people in 63 countries, Alstom brings together global expertise and local know-how to make every journey smarter, cleaner and more enjoyable. Together with our partners and customers, we realise the power of rail. Listed in France, Alstom generated revenues of €18.5 billion for the fiscal year ending 31 March 2025.For more information, please visit www.alstom.com
1 This order was booked in the 4th quarter of Alstom’s 2025/2026 financial year. It is the order referred to in the Note to Investors published on 8 April 2026 (“Alstom signs a new Signalling contract in Europe”).
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Alstom S.A. ("Alstom" or the "Company") (OTCMKTS: ALSMY; AOMFF). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Alstom and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On April 16, 2026, Alstom S.A. announced preliminary unaudited results for the fiscal year ended March 31, 2026. Among other things, the Company disclosed that it manufactured 4,284 cars during the fiscal year and that adjusted EBIT margin stood at around 6%. The Company further disclosed that "some large rolling-stock projects have progressed more slowly than anticipated," weighing on near-term margins and cash. In addition, Alstom disclosed free cash flow of approximately €330 million, withdrew its three-year cumulative €1.5 billion free cash flow guidance, and said that its prior medium-term ambition of adjusted EBIT margin of 8-10% would no longer be met by the end of its next fiscal year.
Following these disclosures, Alstom's stock price fell sharply, damaging investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
NEW YORK, May 12, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Alstom S.A. (“Alstom” or the “Company”) (OTCMKTS: ALSMY; AOMFF). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Alstom and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On April 16, 2026, Alstom S.A. announced preliminary unaudited results for the fiscal year ended March 31, 2026. Among other things, the Company disclosed that it manufactured 4,284 cars during the fiscal year and that adjusted EBIT margin stood at around 6%. The Company further disclosed that “some large rolling-stock projects have progressed more slowly than anticipated,” weighing on near-term margins and cash. In addition, Alstom disclosed free cash flow of approximately €330 million, withdrew its three-year cumulative €1.5 billion free cash flow guidance, and said that its prior medium-term ambition of adjusted EBIT margin of 8-10% would no longer be met by the end of its next fiscal year.
Following these disclosures, Alstom’s stock price fell sharply, damaging investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
13 May 2026 - Alstom, global leader in smart and sustainable mobility, reports financial results for the fiscal year FY 2025/26. Martin Sion, Chief Executive Officer of Alstom, said:
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Alstom S.A. ("Alstom" or the "Company") (OTCMKTS: ALSMY; AOMFF). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Alstom and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On April 16, 2026, Alstom S.A. announced preliminary unaudited results for the fiscal year ended March 31, 2026. Among other things, the Company disclosed that it manufactured 4,284 cars during the fiscal year and that adjusted EBIT margin stood at around 6%. The Company further disclosed that "some large rolling-stock projects have progressed more slowly than anticipated," weighing on near-term margins and cash. In addition, Alstom disclosed free cash flow of approximately €330 million, withdrew its three-year cumulative €1.5 billion free cash flow guidance, and said that its prior medium-term ambition of adjusted EBIT margin of 8-10% would no longer be met by the end of its next fiscal year.
Following these disclosures, Alstom's stock price fell sharply, damaging investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
NEW YORK, May 19, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Alstom S.A. (“Alstom” or the “Company”) (OTCMKTS: ALSMY; AOMFF). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Alstom and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On April 16, 2026, Alstom S.A. announced preliminary unaudited results for the fiscal year ended March 31, 2026. Among other things, the Company disclosed that it manufactured 4,284 cars during the fiscal year and that adjusted EBIT margin stood at around 6%. The Company further disclosed that “some large rolling-stock projects have progressed more slowly than anticipated,” weighing on near-term margins and cash. In addition, Alstom disclosed free cash flow of approximately €330 million, withdrew its three-year cumulative €1.5 billion free cash flow guidance, and said that its prior medium-term ambition of adjusted EBIT margin of 8-10% would no longer be met by the end of its next fiscal year.
Following these disclosures, Alstom’s stock price fell sharply, damaging investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
Information pursuant to article L. 233-8 II of the Code de commerce and articles 223-16 and 223-11 of the AMF General regulation (Règlement général de l’Autorité des marchés financiers)
DateNumber of shares with a nominal value of €7Gross number of
voting rights21 May 2026 462,616,024
462,616,024 About AlstomAlstom is the pure rail leader, committed to making rail the backbone of sustainable transportation. We design and deliver a complete range of future-ready solutions – from high-speed and regional trains to metros, monorails, trams, turnkey systems, end-to-end services, infrastructure, signalling and digital rail solutions. With 87,800 people in 61 countries, Alstom brings together global expertise and multi-local presence to make every journey smarter, cleaner and more enjoyable.
Together with our partners and customers, we realise the power of rail. Listed in France, Alstom generated revenues of €19.2 billion for the fiscal year ending 31 March 2026.
For more information, please visit www.alstom.com.
, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Alstom S.A. ("Alstom" or the "Company") (OTCMKTS: ALSMY; AOMFF). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Alstom and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On April 16, 2026, Alstom S.A. announced preliminary unaudited results for the fiscal year ended March 31, 2026. Among other things, the Company disclosed that it manufactured 4,284 cars during the fiscal year and that adjusted EBIT margin stood at around 6%. The Company further disclosed that "some large rolling-stock projects have progressed more slowly than anticipated," weighing on near-term margins and cash. In addition, Alstom disclosed free cash flow of approximately €330 million, withdrew its three-year cumulative €1.5 billion free cash flow guidance, and said that its prior medium-term ambition of adjusted EBIT margin of 8-10% would no longer be met by the end of its next fiscal year.
Following these disclosures, Alstom's stock price fell sharply, damaging investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY TO ANY U.S. PERSON OR ANY PERSON LOCATED IN THE UNITED STATES OF AMERICA OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS PRESS RELEASE.
10 June 2026 – Alstom successfully placed yesterday an inaugural European Green, perpetual and deeply subordinated (‘Hybrid’) Bonds issuance with a principal amount of €700 million, as part of its €1.5 billion Euro Medium Term Notes (EMTN) Programme, published on June 3rd 2026 by the Autorité des Marchés Financiers (AMF).
The bonds bear a fixed rate coupon of 5.25% per annum for the first 5.25 years and a resettable rate every 5 years thereafter. They are direct, unconditional, unsecured, undated and deeply subordinated obligations (titres subordonnés de dernier rang) of the issuer. Moody’s has assigned a 50% equity content to the bonds1 and a Ba2 rating, two notches below Alstom's Baa3 senior unsecured rating.
This first green transaction was multiple times oversubscribed, reflecting strong demand across geographies and investor classes, and supporting further diversification of the investor base.
The proceeds of this transaction will be used to finance and refinance in full the assets and/or expenditures described in the European Green Bond Factsheet, available on Alstom’s website and reviewed by Moody’s, in accordance with the EuGB regulations.
With this inaugural EU Green Bond issuance, Alstom reaffirms its commitment to its Investment Grade rating, while advancing its objective of accelerating the transition to low-carbon mobility and driving sustainable value across its operations and solutions.
The €700 million bond due in October 2026 is expected to be repaid upon maturity.
Credit Agricole Corporate and Investment Bank acted as green structuring bank.
BNP Paribas, Credit Agricole Corporate and Investment Bank, HSBC, and Natixis acted as global coordinators and joint bookrunners for the issuance. Banco Bilbao Vizcaya Argentaria, S.A., Deutsche Bank and Société Générale acted as active bookrunners. Herbert Smith Freehills Kramer acted as legal advisors to Alstom and A&O Shearman as legal advisors to the banks.
About Alstom Alstom is the pure rail leader, committed to making rail the backbone of sustainable transport. We design and deliver a complete range of future-ready solutions – from high-speed and regional trains to metros, monorails, trams, turnkey systems, end-to-end services, infrastructure, signalling and digital rail solutions. With 87,800 people in 61 countries, Alstom brings together global expertise and local know-how to make every journey smarter, cleaner and more enjoyable. Together with our partners and customers, we realise the power of rail. Listed in France, Alstom generated revenues of €19.2 billion for the fiscal year ending 31 March 2026.
For more information, please visit www.alstom.com. Contacts Press:
Charles-Etienne LEBATARD [email protected]
This press release is for information purposes only and is not an offer to sell securities or a solicitation to buy securities in any jurisdiction. The securities mentioned in this press release were not and will not be offered through a public offering and no related documents will be distributed to the public in any jurisdiction. This press release does not constitute an offer or sale of any securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of any such jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Alstom does not intend to register any of the securities mentioned in this announcement in the United States or to conduct a public offering of securities in the United States. This press release shall not be released, published or distributed directly or indirectly to any U.S. Person or in or into the United States (each as defined in Regulation S under the U.S. Securities Act of 1933, as amended) or in any jurisdiction where it is unlawful to release, publish or distribute this press release.
This press release is an advertisement and not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council dated 14 June 2017 (as amended, the “Prospectus Regulation”). The final prospectus, when published, will be available on the website of the Autorité des marches financiers (www.amf-france.org) and on the website of the Issuer (www.alstom.com).
1 Alstom will account for the bonds entirely as equity under IFRS
THE WOODLANDS, Texas--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH), a global leader in pre-insulated piping and leak detection systems, today announced the appointment of Nancy Zakhour and Saleh Sagr to its Board of Directors, effective April 8, 2026. Ms. Zakhour will serve as an independent director and a member of the Board's Audit, Compensation, and Nominating and Corporate Governance Committees. Mr. Sagr will serve as a director. Ms. Zakhour is a dynamic energy ex.
Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH – Get Free Report) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $28.91 and traded as high as $32.49. Perma-Pipe International shares last traded at $31.62, with a volume of 84,157 shares trading hands.
Analysts Set New Price Targets PPIH has been the topic of several research analyst reports. Weiss Ratings upgraded shares of Perma-Pipe International from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, February 23rd. Wall Street Zen upgraded shares of Perma-Pipe International from a “hold” rating to a “strong-buy” rating in a research note on Saturday, December 13th. Finally, Loop Capital set a $36.00 price target on shares of Perma-Pipe International in a research note on Tuesday, December 16th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $36.00.
Check Out Our Latest Stock Analysis on Perma-Pipe International
Perma-Pipe International Price Performance The company has a market capitalization of $255.81 million, a P/E ratio of 18.60 and a beta of 0.57. The firm’s fifty day moving average is $30.72 and its 200 day moving average is $28.91. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.53 and a current ratio of 1.76.
Institutional Investors Weigh In On Perma-Pipe International A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. acquired a new position in Perma-Pipe International during the 4th quarter valued at approximately $2,914,000. Royce & Associates LP acquired a new position in Perma-Pipe International during the 3rd quarter valued at approximately $2,146,000. 683 Capital Management LLC acquired a new position in Perma-Pipe International during the 4th quarter valued at approximately $1,122,000. Russell Investments Group Ltd. acquired a new position in Perma-Pipe International during the 3rd quarter valued at approximately $805,000. Finally, Millennium Management LLC increased its stake in Perma-Pipe International by 265.1% during the 4th quarter. Millennium Management LLC now owns 42,780 shares of the industrial products company’s stock valued at $1,299,000 after purchasing an additional 31,064 shares in the last quarter. Hedge funds and other institutional investors own 28.43% of the company’s stock.
Perma-Pipe International Company Profile (Get Free Report)
Perma-Pipe International Holdings Ltd. is a publicly traded company on the NASDAQ under the symbol PPIH that specializes in the design, manufacture and installation of prefabricated piping systems. Its core business revolves around factory-assembled thermal insulation and corrosion protection solutions, including pre-insulated pipe, heat tracing, field-applied jackets and specialty spool pieces. These engineered systems are custom-built to industry specifications and are used to maintain temperatures, control heat loss and extend the life of critical piping infrastructure.
The company’s products and services serve a diverse range of end markets, with primary focus on oil and gas production, petrochemical processing, power generation, district energy, and industrial facilities.
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THE WOODLANDS, Texas--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) today announced financial results for the fourth quarter and 2025 fiscal year ended January 31, 2026.
“For the three months ended January 31, 2026, net sales were $55.1 million, an increase of $10.1 million, or 22.4%, compared to $45.0 million in the same quarter of the prior year. Growth was driven by higher sales volumes in both the Middle East and North America. Gross profit was $17.3 million, up $2.1 million from $15.2 million last year, reflecting higher activity levels. Selling, general and administrative expenses increased slightly to $10.3 million from $9.7 million, primarily due to higher payroll costs, partially offset by lower bonus costs. The Company’s effective tax rate (“ETR”) was 12.3%, compared to 32.1% in the prior-year quarter, reflecting the impact of product mix across various tax jurisdictions. As a result, net income attributable to common stock was $4.9 million, an increase of $3.1 million, or 172.2%, compared to $1.8 million in the fourth quarter of fiscal 2024,” noted President and CEO Saleh Sagr.
“For the year ended January 31, 2026, net sales were $210.9 million, an increase of $52.5 million, or 33.1%, compared to $158.4 million in the prior year period. The increase was primarily attributable to higher sales volumes in both the Middle East and North America. Gross profit was $69.5 million, compared to $53.2 million in the prior year period, reflecting increased activity levels. Selling, general and administrative expenses were $40.1 million, up from $32.9 million, due to higher payroll and professional fees, including approximately $1.0 million related to Sarbanes-Oxley Section 404 compliance in connection with our transition from a non-accelerated filer to an accelerated filer. This also includes a one-time compensation charge of approximately $2.0 million related to the departure of the previous CEO. The Company’s effective tax rate was 24.9%, compared to 29.1% in the prior-year period. The change in the Company's effective tax rate reflects product mix across various tax jurisdictions and the Company’s overall reduction in its effective tax rate for the year was partially offset by the impact of a tax limitation related to the one-time charge associated with the prior CEO’s departure. Net income attributable to common stock was $17.0 million, an increase of $8.0 million, or 88.9%, compared to $9.0 million in fiscal 2024,” Mr. Sagr commented.
President and CEO Saleh Sagr added: “Our backlog stood at $121.6 million as of January 31, 2026. This reflects strong operational execution as we successfully accelerated the conversion of existing sales orders into realized revenue. Our backlog remains at historically strong levels. We continue to see meaningful multi-regional expansion, particularly across North America and the Middle East, reinforcing sustained global demand for our solutions.”
“Our fiscal 2025 results represent a landmark achievement for the Company. Total revenues of $210.9 million and net income attributable to common stockholders of $17.0 million mark our highest level of earnings in the Company’s modern operating history, driven not only by strong top-line growth but also by improved margins. This record performance was driven by broad-based strength across our global footprint, with significant growth contributions from the Middle East and North America. Our ability to scale across these diverse markets while maintaining disciplined margin performance has enabled us to convert top-line momentum into meaningful bottom-line value for our shareholders.”
“To sustain this trajectory, we have entered into a long-term lease for a new production facility in Ohio (AI data centers). This strategically located hub will serve as a primary logistics center for the Northeast and New England corridors, enabling us to localize production for our district heating and cooling offerings and capture additional regional market share. The region’s favorable and flexible labor environment further enhances our operational agility.”
“Supporting our long-term growth strategy, we also finalized a new credit facility with J.P. Morgan Chase. This agreement represents a watershed moment for the Company. We have standardized our borrowing platform globally at significantly improved terms. This transition optimizes our cost of capital while providing the liquidity necessary to support the next phase of our global expansion,” Mr. Sagr continued.
“With record earnings as our foundation and a modernized capital structure as our fuel, we enter the remainder of 2026 with strong confidence in our ability to scale our global operations and drive meaningful shareholder returns,” Mr. Sagr concluded.
2025 Results
Net sales were $210.9 million for the fiscal year ended January 31, 2026, an increase of $52.5 million, or 33.1%, from $158.4 million in the prior year. The growth was primarily driven by higher sales volumes across our key markets in the Middle East, Canada, and the United States
Gross profit was $69.5 million, or 33% of net sales, compared to $53.2 million, or 34% of net sales, in the prior year. The $16.3 million was driven by higher sales volumes and consistent gross margins globally.
General and administrative expenses were $35.3 million, compared to $28.0 million in the prior year. The increase of $7.3 million was primarily related to higher compensation costs and professional fees, including approximately $1.0 million relating to Sarbanes-Oxley 404 compliance in connection with our transition from a non-accelerated filer to an accelerated filer. This also includes a one-time compensation charge of approximately $2.0 million related to the departure of the previous CEO.
Selling expenses were $4.7 million, compared to $4.9 million in the years ended January 31, 2026 and 2025, respectively. The decrease of $0.2 million was primarily driven by lower payroll expenses during the year.
Interest expense, net was $1.8 million and $1.9 million in the years ended January 31, 2026 and 2025, respectively. The decrease of $0.1 million was the result of an overall reduction in interest rates during the year.
The Company's worldwide effective tax rates ("ETR") were 24.9% and 29.1% in the years ended January 31, 2026 and 2025, respectively. The change in ETR was largely due to changes in the mix of income and loss in various tax jurisdictions and the domestic Global Intangible Low-Taxed Income ("GILTI") inclusion.
Net income attributable to common stock was $17.0 million, or $ 2.09 per diluted share, for the fiscal year ended January 31, 2026, compared to $9.0 million, or $ 1.12 per diluted share, in the prior year. The 89% increase was driven by the significant growth in sales volumes and operational efficiencies discussed above, partially offset by the one-time charges previously noted and amounts attributable to non-controlling interest.
Perma-Pipe International Holdings, Inc.
Perma-Pipe International Holdings, Inc. (the “Company”) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, the Company has operations at thirteen locations in seven countries.
Forward-Looking Statements
Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) fluctuations in the price of oil and natural gas and its impact on customer order volume for the Company's products; (ii) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (iii) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (iv) the Company’s ability to repay its debt and renew expiring international credit facilities; (v) the Company’s ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (vi) the Company's ability to collect a long-term account receivable related to a project in the Middle East; (vii) the Company’s ability to interpret changes in tax regulations and legislation; (viii) the Company's ability to use its net operating loss carryforwards; (ix) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s "over-time" revenue recognition; (x) the Company’s failure to establish and maintain effective internal control over financial reporting; (xi) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (xii) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xiii) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xiv) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xv) reductions or cancellations of orders included in the Company’s backlog; (xvi) risks and uncertainties specific to the Company's international business operations; (xvii) the Company’s ability to attract and retain senior management and key personnel; (xviii) the Company’s ability to achieve the expected benefits of its growth initiatives; (xix) the impact of pandemics and other public health crises on the Company and its operations; and (xx) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website (http://investors.permapipe.com.)
The Company's fiscal year ends on January 31. Years, results, and balances described as 2025, 2024, and 2023 are for the fiscal year ending January 31, 2026, 2025, and 2024, respectively.
Additional information regarding the Company's financial results for the fiscal year ended January 31, 2026, including management's discussion and analysis of the Company's financial condition and results of operations, is contained in the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2026, which will be filed with the Securities and Exchange Commission on or about the date hereof and will be accessible at www.sec.gov and www.permapipe.com. For more information, visit the Company's website.
PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended January 31,
Year Ended January 31,
2026
2025
2026
2025
Net sales
$
55,129
$
44,987
$
210,925
$
158,384
Gross profit
17,337
15,171
69,488
53,248
Total operating expenses
10,367
9,732
40,039
32,947
Income from operations
6,970
5,439
29,449
20,301
Interest expense, net
505
451
1,822
1,940
Other (expense) income, net
(58
)
262
(134
)
107
Income before income taxes
6,407
5,250
27,493
18,468
Income tax expense
787
1,685
6,844
5,377
Net income
$
5,620
$
3,565
$
20,649
$
13,091
Less: Net income attributable to non-controlling interest
702
1,805
3,614
4,108
Net income attributable to common stock
$
4,918
$
1,760
$
17,035
$
8,983
Weighted average common shares outstanding
Basic
8,103
7,983
8,047
7,956
Diluted
8,206
8,073
8,148
8,015
Earnings per share
Basic
$
0.61
$
0.22
$
2.12
$
1.13
Diluted
$
0.60
$
0.22
$
2.09
$
1.12
Note: Earnings per share calculations could be impacted by rounding.
PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
January 31,
2026
2025
ASSETS
Current assets
$
146,734
$
108,802
Long-term assets
70,752
56,439
Total assets
$
217,486
$
165,241
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
$
79,789
$
54,063
Long-term liabilities
31,396
28,073
Total liabilities
111,185
82,136
Non-controlling interests
15,663
10,967
Stockholders' equity
90,638
72,138
Total liabilities and stockholders' equity
$
217,486
$
165,241
PERMA-PIPE INTERNATIONAL HOLDINGS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURE
ADJUSTED INCOME BEFORE TAX
(In thousands)
(Unaudited)
The following information contains a reconciliation of the non-GAAP financial measure of adjusted income before income tax and income before tax prepared in accordance with generally accepted accounting principles ("GAAP") for the three and twelve months ended January 31, 2026, and 2025, respectively. This reconciliation is intended to provide investors with useful information in evaluating the Company's performance. Adjusted income before tax includes certain adjustments as identified below. This measure is not considered an alternative to income before tax or other financial measures of performance that are prepared in accordance with GAAP. The Company believes that the exclusion of certain items from income before tax allows investors to more effectively evaluate the Company's operating performance and identify trends that might not be apparent due to the variability and infrequent nature of these items. In addition, the Company believes this measure provides meaningful information to investors when comparing results between periods and performance with respect to the Company's peers.
Adjustments were made for certain items as follows: (i) a one-time charge associated with the acceleration of executive compensation; (ii) a one-time litigation settlement charge; and (iii) other non-recurring items. These non-GAAP measures are provided to enhance the user's overall understanding of the company’s current financial performance and may not be comparable to similarly titled measures used by other companies.
The following table provides a reconciliation of the GAAP and non-GAAP financial measures:
For the three months ended
For the twelve months ended
January 31,
2026
January 31,
2025
January 31,
2026
January 31,
2025
Income before income tax (GAAP as reported)
$
6,407
$
5,250
$
27,493
$
18,468
Acceleration of certain executive compensation
-
-
2,018
-
Litigation settlement
-
-
-
35
Other one-time charges
-
-
88
517
Adjusted income before tax
$
6,407
$
5,250
$
29,599
$
19,020
More News From Perma-Pipe International Holdings, Inc.
Perma-Pipe is upgraded to BUY after a post-earnings pullback, with fundamentals improving and risk/reward now attractive. PPIH delivered 33% sales growth in 2025, with Q4 sales up 22% year-over-year and EPS of $0.60, beating expectations. Order backlog remains historically high despite a sequential decline, reflecting strong execution and robust revenue conversion.
Perma-Pipe International (PPIH +1.50%) stock is a little-known microcap stock (market cap under $300 million) that has huge growth potential stemming from 3 main catalysts:
The eventual rebuilding needs of the Middle East following the Iran war; Middle East economic growth and modernization in general; The surging global artificial intelligence (AI) data center build-out, which should be a multiyear phenomenon.
Image source: Perma-Pipe International.
When the Iran war ends, the Middle East will have major and long-lasting rebuilding needs The United States-Israel war against Iran, which began on Feb. 28, expanded to include much of the Middle East. Prior to the recent, temporary ceasefire, Iran had been striking U.S. military bases and other targets located in Middle Eastern countries that it considers to be complicit with the U.S. and Israel.
When the war ends, the Middle East will face major, long-lasting rebuilding needs, as its infrastructure has been severely damaged. Stocks of select companies that are involved in this rebuilding should get a significant boost.
The companies that should benefit most from the rebuilding are those that are small enough that rebuilding work will move the needle for their finances. Investors should also favor companies with growth catalysts beyond rebuilding work. Perma-Pipe International meets these criteria.
Perma-Pipe's key stock stats Company/Index
Market Cap
Trailing P/E
1-Year Stock Change
5-Year Stock Change
Perma-Pipe International $244 million
14.4
153%359%S&P 500 Index --
--
38.7%82% Data sources: Yahoo! Finance, YCharts, and finviz.com. P/E = price-to-earnings ratio. Data to April 21, 2026.
Here are some positive financial points:
Cash flow positive, not just net income positive Insiders own nearly 11% of shares Low trailing-12-month price-to-earnings (P/E) ratio of 14.4 Manageable debt-to-equity ratio
Today's Change
(
1.50
%) $
0.38
Current Price
$
25.65
Perma-Pipe: Business snapshot Perma-Pipe describes itself as a "global leader in engineered pipe services, offering a robust portfolio of capabilities in insulation solutions, containment systems, anti-corrosion coatings, engineering and technical support, material sciences, custom fabrication and leak detection technology."
The Woodlands, Texas-based company's primary traditional end markets are oil and gas, and district energy (heating and cooling). Its newest end market is the AI-enabled data center market.
District energy systems have "one or more central plants producing hot water, steam, and/or chilled water, which then flows through a network of insulated pipes to provide hot water, space heating, and/or air conditioning for nearby buildings," according to the U.S. Department of Energy.
These systems, which are highly energy-efficient, are often found in urban central business districts, college campuses, airports, industrial complexes, and -- notably for the Middle East's rebuilding and modernization needs -- military bases.
Perma-Pipe has 14 operating locations across seven countries, with a heavy concentration in the U.S., Canada, and the Middle East.
Revenue breakdown by country in the fiscal year ended Jan. 31, 2026:
U.S.: 28% Canada: 23% United Arab Emirates (UAE): 22% Saudi Arabia: 22% Other: 5% Perma-Pipe looks poised to benefit from the rebuilding of the Middle East Perma-Pipe is small enough that rebuilding contracts could send its revenue and earnings soaring. Moreover, it has a strong presence -- and, by extension, existing connections -- in the Middle East, a region that has been helping fuel its robust recent growth.
Indeed, Perma-Pipe has called growing its Saudi Arabia business a "strategic priority," and has expanded its manufacturing capabilities in the country. This makes good sense given that the country ranks as the largest economy in the Persian Gulf, driven largely by its massive oil production and exports.
A huge catalyst for its oil and gas market came in September 2025 In September, Perma-Pipe announced that its Saudi Arabian business unit had received formal technical and commercial approval from state-owned Saudi Aramco, the world's largest oil company.
"This approval significantly expands Perma-Pipe's business opportunities in the Kingdom, enabling the Company to directly serve the oil and gas sector," it said in the press release. Until this time, Perma-Pipe's access to the Saudi market was primarily limited to district heating and cooling. "With this new approval, the Company is now well-positioned to participate in Saudi Arabia's pipe coating market, the largest in the Middle East and among the largest globally."
A relatively new growth catalyst: AI data center market Perma-Pipe has entered the data center market, which is experiencing explosive growth driven by the rapid adoption and advances in AI. It has won contracts in this business since at least 2025.
Revenue from this market is likely still a small share of its overall total, but it's growing rapidly. And with Perma-Pipe's expertise in cooling systems and leak detection systems, it has strong growth potential in this market, both in the U.S. and the Middle East.
Indeed, on March 19, Perma-Pipe issued a press release updating investors on its plans to accelerate growth by investing in a manufacturing facility in the Northeast U.S. region, primarily to serve AI data center customers. It expects the facility to become operational in the second quarter of 2026.
Perma-Pipe's Middle East ties provide an opportunity -- but also increase its risk level In that same release, the company updated investors on the status of its Middle East operations. "Despite ongoing regional conflicts, our business operations have not been impacted. We have implemented comprehensive business continuity plans designed to mitigate potential risks and aim to ensure uninterrupted service to our customers and maintain operational stability and safety across all our facilities," CEO Saleh Sagr said.
Data by YCharts.
Perma-Pipe's financials On April 16, Perma-Pipe released its fourth-quarter and full-year results for fiscal 2025, which ended Jan. 31, 2026. For the year, net sales were $210.9 million, up 33% year over year. Growth was primarily driven by higher sales volumes in the Middle East and North America.
Net income was $17.0 million, up 89% from the prior year, translating into earnings per share (EPS) soaring 87% to $2.09. Growth was driven by higher sales, improved margins, and a lower effective income tax rate stemming from the mix of jurisdictions in which sales were made. Absent the latter factor, earnings growth was still strong with net income before income taxes surging 49%.
U.S. businesses usually pay significantly lower corporate income taxes in Saudi Arabia than in the U.S., which should be a long-term positive for Perma-Pipe's profits.
Backlog remains at historically high levels. It was $121.6 million at the end of fiscal 2025, down somewhat from $138.1 million at the start of the fiscal year.
The company does not provide guidance. But its backlog, combined with CEO comments in the earnings release, suggests it is poised for another great year in fiscal 2026 and beyond.
Perma-Pipe stock has huge growth potential, but also a higher risk level Perma-Pipe International has huge growth potential stemming from 3 main catalysts: (1) eventual rebuilding needs of the Middle East, (2) Middle East economic growth and modernization in general, and (3) the surging global AI data center build-out, which should be a multiyear phenomenon.
Moreover, the district cooling market in Saudi Arabia and the UAE, in particular, is projected to grow at a good clip, as these countries build large-scale mixed-use projects.
However, the company's heavy concentration in the Middle East makes it vulnerable to risks stemming from the Iran war and future conflicts in the region. Its small size relative to competitors also increases its risk level. But with its growth dynamics and low P/E ratio, it is a stock that risk-tolerant investors might find attractive.
Shares of Perma-Pipe International Holdings, Inc. (PPIH - Free Report) have declined 12.4% since the company reported its earnings for the quarter ended Jan. 31, 2026, underperforming the S&P 500 index’s 1.1% growth over the same period. Over the past month, however, the stock has gained 4%, lagging the broader market’s 8.2% increase.
Perma-Pipe reported fourth-quarter fiscal 2025 GAAP earnings per share (EPS) of 60 cents, which increased sharply from 22 cents in the prior-year quarter.
Net sales rose 22.4% to $55.1 million from $45 million a year earlier, while net income attributable to common stock climbed 172.2% to $4.9 million.
Operational Performance and Key MetricsThe company’s gross profit for the quarter increased to $17.3 million from $15.2 million in the prior-year period, supported by higher activity levels across its markets.
Operating income also improved, reaching $7 million in the fourth quarter versus $5.4 million a year earlier.
The company ended the quarter with a backlog of $121.6 million, indicating sustained demand and strong order conversion into revenues. This backlog level remains historically high, suggesting continued visibility into future revenue streams.
Factors Influencing PerformanceGrowth in both the quarter and full year was primarily driven by higher sales volumes in key regions, particularly the Middle East and North America. Management highlighted that increased activity levels contributed to higher gross profit, while improved operational execution enabled the company to convert backlog into realized revenues more efficiently.
Expenses increased moderately during the quarter, with selling, general and administrative costs rising to $10.3 million from $9.7 million, largely due to higher payroll expenses.
Tax dynamics also played a role in profitability. The effective tax rate declined significantly in the fourth quarter to 12.3% from 32.1% in the prior year, boosting net income.
Management Commentary and Strategic DirectionManagement characterized fiscal 2025 as a “landmark” year, citing record revenue and earnings driven by broad-based global growth. CEO Saleh Sagr emphasized that expansion across North America and the Middle East, combined with disciplined margin management, enabled the company to translate top-line growth into substantial bottom-line gains.
The company also pointed to strong operational execution, particularly in accelerating backlog conversion, as a key contributor to performance. Management expressed confidence in sustaining growth momentum, supported by continued demand across its global footprint.
Fiscal 2025 UpdateFor fiscal 2025, revenues increased 33.1% to $210.9 million, and EPS rose to $2.09 from $1.12, reflecting an 89% increase in net income attributable to common stock, which reached $17 million.
Gross profit rose to $69.5 million compared to $53.2 million, though margins remained relatively stable at around one-third of net sales. Operating income climbed to $29.4 million from $20.3 million.
Other DevelopmentsDuring the quarter, Perma-Pipe took several steps to support its long-term growth strategy. The company entered into a long-term lease for a new production facility in Ohio, aimed at enhancing logistics capabilities and capturing additional market share in the Northeast and New England regions. Additionally, it finalized a new credit facility with J.P. Morgan Chase, standardizing its global borrowing platform and improving access to liquidity at more favorable terms.
These initiatives, combined with record financial performance, position the company to expand its operations further while maintaining financial flexibility.
Listen to the audio version of this article (generated by AI).
Tom Yeung here with your Sunday Digest.
Right now, Wall Street is crowding into the same handful of stocks. Everyone owns the same mega-caps and semiconductor names. Everyone is chasing the same returns. And everyone assumes interest rates are staying higher for longer.
That’s exactly why I think smaller stocks may be one of the most interesting opportunities in the market today.
Last week, I introduced three small-cap stocks from InvestorPlace Senior Analyst Louis Navellier’s “Exclusion List” — a group of 53 smaller companies his system has flagged as unusually well positioned for the next phase of the market.
The timing was important. Last Wednesday, the Senate confirmed Kevin Warsh as the 17th chairman of the Federal Reserve. Warsh has historically favored lower interest rates, and Louis believes the market may still be underestimating the odds of lower rates later this year.
Now, to be clear, there’s still plenty of uncertainty here. Gasoline and food prices are rising fast, and most investors believe that inflation could force the Fed to keep rates higher for longer – or even hike rates.
But that’s exactly the point.
When “everyone knows” the same thing, opportunities tend to emerge elsewhere — especially in smaller companies that Wall Street often ignores.
Today, I want to introduce you to three more small-cap stocks from Louis’ Exclusion List.
And if you’d like to see the full list of 53 stocks — along with Louis’ full case for why he believes we may be entering one of the most important small-cap opportunities in years — you can watch the limited-time replay of his presentation right here.
Exclusion List Small-Cap Stock to Buy No. 1: Data Centers… and Oil? It’s been an excellent several quarters for our first company. AI data center construction has caused shortages throughout the construction supply chain, and shares of this Houston-based firm have risen 130% since 2025:
Perma-Pipe International Holdings Inc. (PPIH).
Perma-Pipe is a manufacturer of specialty piping systems – the insulated, layered pipes that go into everything from heating and cooling systems to oil and gas pipelines. The company also sells leak-detection systems.
These products have caught on with data centers. Roughly 30% to 40% of an AI data center’s total energy usage goes into cooling, so better-insulated piping quickly becomes a cost advantage.
Conveniently, Perma-Pipe sells arguably the world’s widest range of these insulated pipes. Its XTRU-THERM product line, for instance, can operate as low as -320°F, while its TRACE-THERM goes up to 1,200°F. They also offer corrosion-resistant pipes, budget pipes, fire-retardant pipes, and so on.
Demand for Perma-Pipe’s products has proved insatiable. In March 2026, management announced it would add a new production facility in Ohio specifically for AI data centers. Revenues were up 33% last year.
Even better, Perma-Pipe is an oil and gas play hiding in plain sight.
In the early 2020s, the company began expanding into the Middle East. Governments in Saudi Arabia, Qatar, and beyond were seeking suppliers for their district cooling projects (centralized air conditioning at enormous scale), and Perma-Pipe turned out to be a convenient “one-stop-shop” for these megaprojects. Not only did the American firm offer a wide variety of pipes for municipal cooling, but they could also supply oil and gas pipelines crucial to the region’s economy. This vastly simplified the approvals process and led to the construction of multiple Perma-Pipe factories in the region.
In fact, Perma-Pipe’s expansion was so successful that the company eventually promoted the head of its Middle East operations, Saleh Sagr, to CEO in 2025.
The near-closure of the Strait of Hormuz has now put pipeline megaprojects back on the table. Over the past several months, the Saudi government has floated the idea of expanding its East-West pipeline to avoid the blockade of the Persian Gulf. The United Arab Emirates is exploring a second pipeline to increase current capacity to the Gulf of Oman. Syria and Israel have both suggested building pipelines through to the Mediterranean to bypass the contested region entirely.
Any of these projects could provide a windfall for Perma-Pipe, which generated roughly half of its sales from the Middle East in 2025. Oil and gas pipelines require far more piping than single data center projects, and even repairing the damage from Iranian strikes could cost billions.
And so, AI data centers and the need for new infrastructure in the Middle East give Perma-Pipe two distinct catalysts beyond interest rates. Analysts are projecting only an 8% increase in revenues this year (and zero earnings growth), which I believe understates the opportunity the firm has ahead of it.
And if investors do pivot toward smaller-cap stocks as rates get cut, then PPIH’s strong run may still have room to keep going.
Exclusion List Small-Cap Stock to Buy No. 2: Backup to the Future The second pick today is a battery maker that’s also quickly turning itself into an AI data center supplier:
Electrovaya Inc. (ELVA).
This Canadian small-cap built its business around high-end lithium-ion batteries for electric forklifts and other warehouse equipment. This core market helped drive 43% sales growth last year and helped flip the firm from negative profits to positive.
It’s important to note that Electrovaya uses a proprietary ceramic composite separator (CCS) called SEPARION in its products. This allows batteries to last three to five times longer than normal and charge up far faster – making them less likely to catch fire. (Meanwhile, normal lithium-ion batteries use a thinner plastic-like membrane that’s prone to softening and shrinking.)
These are extremely important features for forklifts for warehouses (where fires can be devastating) and have allowed ELVA to land major customers like Walmart Inc. (WMT) and Home Depot Inc. (HD).
But the more compelling story is where Electrovaya is going next: robotics, automation, defense, and (most importantly) AI data center energy storage.
In April 2025, the company began battery system assembly at its new 52-acre “gigafactory” in Jamestown, New York. The company plans to begin lithium-ion cell and module production in mid-2026, and much of this is aimed at powering the next generation of robots, drones, and AI data centers.
For AI data centers, Electrovaya is developing an 800-volt DC battery system specifically to meet a new standard set by Nvidia Corp. (NVDA). AI chips require far more energy than before (so higher voltages are ideal), and batteries are needed to supply energy during the crucial minutes it takes to start up diesel generators or switch power sources. As every high schooler with a writing project knows, even a split-second power outage can prove catastrophic for data recovery. Electrovaya’s SEPARION technology is particularly well suited for high voltages, where fire risks are high.
The firm expects commercial deliveries to start in 2027.
Meanwhile, Electrovaya’s energy-dense 48V batteries should prove essential for robots and drones, where batteries are constantly charged and discharged. Revenues are expected to rise another 35% this year before accelerating to a 50% growth rate in fiscal 2027 as its Jamestown gigafactory reaches full scale.
Exclusion List Small-Cap Stock to Buy No. 3: The Toyo Alternative Last week, I flagged Toyo Corp. (TOYO) as a stock to buy. The company recently acquired a 1-gigawatt solar manufacturing plant in Texas and plans to expand it to 2.5GW this year. Import tariffs and rising electricity prices mean that Toyo should see strong demand for its highly efficient solar panels.
However, Toyo’s fraud risk is quite high due to its complex holding structure – somewhat typical of Japanese companies – and numerous related-party transactions. Its auditor also has a long history of failing regulatory inspections. And so, I’d like to flag an alternative solar maker this week:
Tigo Energy Inc. (TYGO).
The Silicon Valley-based company has a far simpler corporate structure and a more reputable auditor, Deloitte & Touche.
It also has a similar growth profile, with revenues expected to compound 26% annually through 2028. Profits are expected to flip positive this year, a historically bullish sign.
Tigo’s “secret sauce” is its flagship product, the TS4 Module-Level Power Electronics (MLPE) optimizer.
Ordinarily, solar arrays are limited by their weakest panel. Uneven aging or passing clouds create bottlenecks, reducing the output of the whole system. TS4 MLPE optimizers solve this problem with some electrical engineering, allowing every panel to run closer to its maximum output. And unlike rivals like SolarEdge Technologies Inc. (SEDG) and Enphase Energy Inc. (ENPH), Tigo’s products do not rely on proprietary inverters.
That makes Tigo’s products popular among the “repowering” market. Homeowners can add Tigo’s TS4 optimizers to old systems without tearing existing pieces out, and revenues from this segment have jumped to 20% of total U.S. sales. The systems are also popular among utilities, wary of locking themselves into SolarEdge’s or Enphase’s proprietary systems.
The company also does quite well in foreign markets, especially Europe and Australia. Both regions are seeing higher electricity prices, and I expect solar installations to rise as utilities seek alternatives to fossil fuels.
And so, shares look highly reasonable at $4 today. Demand for solar energy is rising, and Tigo provides an essential piece of that puzzle.
Investing Away from the Crowd Earlier on, I pointed out that most investors see near-zero chance of a rate cut this year. “Everyone knows” rates are staying high.
Yet, six months ago, everyone also “knew” it was Kevin Hassett (not Kevin Warsh) who would be the next Federal Reserve Chair. Futures markets “knew” that oil would trade at $56 by the end of 2026.
That’s why investing against the crowd sometimes works so well. You’re getting into trades before anyone realizes what’s going on. And even if rates aren’t cut this year, these three picks should still perform well.
PPIH is growing revenues 33% annually and sits at the center of both the AI data center buildout and a potential Middle East pipeline boom. ELVA is ramping a gigafactory to supply batteries for robots, drones, and Nvidia-spec data centers. TYGO is riding a global solar surge with a product that works with any existing system. These three picks – and the other three from last week — are just a starting point.
Louis has identified 53 small caps positioned to benefit if the new Fed begins cutting rates, and he explains exactly why he believes those cuts are coming in his brand-new, free presentation.
This broadcast is only available for a limited time, so I urge you to watch it now before it goes offline.
Until next week,
Thomas Yeung, CFA
Market Analyst, InvestorPlace
Thomas Yeung is a market analyst and portfolio manager of the Omnia Portfolio, the highest-tier subscription at InvestorPlace. He is the former editor of Tom Yeung’s Profit & Protection, a free e-letter about investing to profit in good times and protecting gains during the bad.
THE WOODLANDS, Texas--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) announced today financial results for the first quarter ended April 30, 2026. “For the three months ended April 30, 2026, net sales increased 7.5% to $50.3 million, compared to $46.7 million in the prior-year quarter, driven by higher sales volumes in both North America and the MENA region. Gross profit was $14.6 million, compared to $16.7 million in the first quarter of fiscal 2025. The decrease in gr.
Meet the TELUS SmartHome Assistant -- one intelligent interface to manage all smart home devices, designed and powered in Canada
, /CNW/ - Today, TELUS launched the world's first smart home AI assistant with Generative UI, rolling out to SmartHome+ customers over the coming weeks. The TELUS SmartHome Assistant processes voice, images, sensor feeds and videos in real time to dynamically create a personalized interface based on user needs. It addresses the smart home industry's biggest challenge -- a fragmented user experience across disparate devices and apps from various brands. Rather than toggling between different apps, the TELUS SmartHome Assistant provides one intuitive interface that truly understands and responds to the user and the entire connected home. TELUS is making it possible to unify more than 2,000 device models, including many of the biggest brands, into a single intelligent interface that makes the connected home experience even better.
"The true test of any smart home platform is whether it actually makes life easier and your home more enjoyable. The TELUS SmartHome Assistant delivers that with one app, one login, and one AI assistant that can support thousands of smart devices, including those already existing in homes or ones consumers choose to buy to compliment their existing set-up," said Dwayne Benefield, Chief Product Officer at TELUS. "Nothing else like it exists in the market. We're proud to not only bring this to Canadians, but also to service providers on a global scale who can customize and deploy this innovation under their own brands. TELUS is truly transforming an entire industry, and there's so much more in store: In the coming weeks, TELUS SmartHome Assistant will launch internet management capabilities, enabling users to monitor and optimize Wi-Fi performance and manage family usage and screen time through natural conversation and automated actions across devices."
The TELUS SmartHome Assistant is evolving in real time as more connected devices are added and it continuously improves its own performance based on experience. If you ask it to disable the TV during homework time, it won't just tell you it did, it will build the automation UI visually, so you can edit and confirm the new routine with just a few taps. Take a photo of a device that isn't working and get an instant troubleshooting guide. Ask it if your dog walker showed up on schedule and it checks your cameras to tell you when they arrived and shows you a clip of them leaving the driveway. Rush out the door to get to work, and ask it to turn off the lights, make sure the iron's unplugged, set the thermostat to eco mode, and lock the front door -- then get it to create a routine, so you can set it and forget it. By understanding multiple types of input, the assistant can provide tailored solutions, with a dynamic interface, in real time.
Since launching SmartHome+ in late 2024, TELUS has rapidly expanded the platform with industry-leading innovations, including Automation, Video, SmartEnergy, and now its AI-powered assistant, the TELUS SmartHome Assistant -- all accessible through the TELUS SmartHome+ app.
TELUS SmartHome Assistant is available now to all Canadians, and new subscribers to SmartHome+ can save up to $125 on smart devices and 50 per cent off professional installation when they sign up and stay subscribed for 24 months, making it more affordable than ever to transform a residence into an intelligent, cohesive and connected home.
For more information about SmartHome+ and to subscribe to any or all of the Automation, SmartHome+ Video and SmartEnergy subscriptions, visit telus.com/SmartHomePlus.
About TELUS
TELUS (TSX: T, NYSE: TU) is a world-leading communications technology company operating in more than 45 countries and generating over $20 billion in annual revenue with more than 21 million customer connections through our advanced suite of broadband services for consumers, businesses and the public sector. We are committed to leveraging our technology to enable remarkable human outcomes. TELUS is passionate about putting our customers and communities first, leading the way globally in client service excellence and social capitalism. TELUS Health is enhancing more than 161 million lives across 200 countries and territories through innovative preventive medicine and well-being technologies. TELUS Agriculture & Consumer Goods utilizes digital technologies and data insights to optimize the connection between producers and consumers. TELUS Digital specializes in digital customer experiences and future-focused digital transformations that deliver value for their global clients. Guided by our enduring 'give where we live' philosophy, TELUS continues to invest in initiatives that support education, health and community well-being. In 2023, we launched the TELUS Student Bursary, which strives to ensure that every young person in Canada who wants a postsecondary education has the opportunity to pursue one. To date, the program has distributed over $6 million in bursaries to 2,000 students and counting. Since 2000, TELUS, our team members and retirees have contributed $1.85 billion in cash, in-kind contributions, time and programs, including 2.5 million days of service--earning TELUS the distinction of the world's most giving company.
For more information, visit telus.com or follow @Darren_Entwistle on Instagram.
For more information, please contact:
Chelsey Higdon
TELUS Public Relations
[email protected]
CHATTANOOGA, Tenn., April 30, 2026 (GLOBE NEWSWIRE) -- NOVONIX Limited (NASDAQ: NVX, ASX: NVX) (“NOVONIX” or the “Company”), a leading battery materials company, today announced that it has finalized and closed the previously announced sale of its NOVONIX Battery Technology Solutions Inc. (“BTS”) business in Nova Scotia, Canada, to its former Chief Executive Officer, Dr. Chris Burns (“Buyer”).
“The divestiture of the BTS division reflects our disciplined strategy of building a vertically integrated synthetic graphite supply chain in North America,” said Mike O’Kronley, CEO of NOVONIX. “By divesting non-core business segments, we are directing our management attention and capital toward advancing domestic supply of this critical mineral and supporting the growth of the North American battery industry.”
Founded in 2013 by Dr. Chris Burns and acquired by NOVONIX in 2017, BTS will now operate as two independent companies: Avrion Battery Labs Inc., which will provide advanced battery testing systems and specialized R&D services, and Dryve Battery Materials Inc., which will continue efforts to commercialize the patented pCAM-free dry synthesis platform for lithium-ion cathode materials.
Key Deal Terms:
Share equity sale of the BTS business including all associated liabilities and assetsTransaction price of US $1.00NOVONIX to receive a 15% equity stake in the cathode business, which will operate under Dryve Battery Materials Inc.Cash balance at BTS as of Close is to be US$2M, subject to agreed adjustmentsNOVONIX will provide certain transition services and will grant Buyer a trademark license through 31 December 2026
The transaction has now been successfully completed following the execution of definitive agreements and satisfaction of all closing conditions.
This announcement has been authorized for release by NOVONIX Chairman,
Mr. Ron Edmonds.
About NOVONIX
NOVONIX strives to reduce supply chain risk, support U.S. energy independence, and establish a resilient battery materials supply chain. The company is building a North American platform for critical battery materials—anchored by its Chattanooga, Tennessee headquarters and anode materials operations, expanding through its patented all-dry, precursor-free cathode synthesis technology, and supported by industry-leading battery cell testing and R&D services.
Together, these capabilities position NOVONIX as an integrated supplier of advanced battery materials and technologies powering the energy storage and electrification economy.
To learn more, visit us at www.novonixgroup.com or on LinkedIn and X.
This communication contains forward-looking statements about the Company and the industry in which it operates. Forward-looking statements can generally be identified by use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or other similar expressions. Examples of forward-looking statements in this communication include, among others, statements made regarding the anticipated benefit or impact of the BTS transaction, the advancement of the domestic supply of synthetic graphite, the growth of the North American battery industry, the future commercialization of cathode technology, and efforts to help localize the battery supply chain for critical materials and play a leading role in the transition to cleaner energy solutions.
The Company has based such statements on current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. Such forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the timely deployment and scaling of its furnace technology, ability to meet the technical specifications and demand of existing and future customers, the accuracy of estimates regarding market size, expenses, future revenue, capital requirements, needs and access for additional financing, the availability and impact and compliance with the applicable terms of government funding and other support, ability to obtain patent rights effective to protect its technologies and processes and successfully defend any challenges to such rights and prevent others from commercializing such technologies and processes, and regulatory and economic developments in the United States, Australia, and other jurisdictions. These and other factors that could affect its business and results are included in its filings with the U.S. Securities and Exchange Commission (“SEC”), including the Company’s most recent annual report on Form 20-F. Copies of these filings may be obtained by visiting the Company’s Investor Relations website at www.novonixgroup.com or the SEC’s website at www.sec.gov.
Forward-looking statements are not guarantees of future performance or outcomes, and actual performance and outcomes may differ materially from those made in or suggested by the forward-looking statements contained in this communication. Accordingly, you should not place undue reliance on forward-looking statements. Any forward-looking statement in this communication is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.
Investors interested in Waste Removal Services stocks are likely familiar with H20 (HTO - Free Report) and GFL Environmental Inc. (GFL - Free Report) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.
Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.
Right now, H20 is sporting a Zacks Rank of #2 (Buy), while GFL Environmental Inc. has a Zacks Rank of #3 (Hold). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that HTO is likely seeing its earnings outlook improve to a greater extent. However, value investors will care about much more than just this.
Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.
The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.
HTO currently has a forward P/E ratio of 19.78, while GFL has a forward P/E of 69.62. We also note that HTO has a PEG ratio of 3.02. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. GFL currently has a PEG ratio of 3.39.
Another notable valuation metric for HTO is its P/B ratio of 1.36. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, GFL has a P/B of 2.91.
These metrics, and several others, help HTO earn a Value grade of B, while GFL has been given a Value grade of C.
HTO stands above GFL thanks to its solid earnings outlook, and based on these valuation figures, we also feel that HTO is the superior value option right now.
Shares of GFL Environmental Inc. (NYSE:GFL – Get Free Report) have received a consensus recommendation of “Moderate Buy” from the fifteen analysts that are currently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $56.6667.
Several equities analysts have recently commented on the company. Scotiabank cut their price target on GFL Environmental from $57.00 to $56.00 and set a “sector outperform” rating on the stock in a research note on Thursday, February 12th. Barclays raised their price target on GFL Environmental from $62.00 to $63.00 and gave the company an “overweight” rating in a research note on Thursday, February 12th. JPMorgan Chase & Co. raised their price target on GFL Environmental from $46.75 to $48.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Citigroup cut their price target on GFL Environmental from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Friday, January 16th. Finally, Weiss Ratings lowered GFL Environmental from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, February 9th.
Check Out Our Latest Stock Report on GFL
Hedge Funds Weigh In On GFL Environmental Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Aster Capital Management DIFC Ltd purchased a new position in GFL Environmental in the fourth quarter valued at about $25,000. Sunbelt Securities Inc. purchased a new position in GFL Environmental in the third quarter valued at about $33,000. EverSource Wealth Advisors LLC grew its stake in GFL Environmental by 43.1% in the second quarter. EverSource Wealth Advisors LLC now owns 727 shares of the company’s stock valued at $37,000 after purchasing an additional 219 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its stake in GFL Environmental by 45.2% in the third quarter. Caitong International Asset Management Co. Ltd now owns 976 shares of the company’s stock valued at $46,000 after purchasing an additional 304 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its stake in GFL Environmental by 21.9% in the third quarter. Jones Financial Companies Lllp now owns 1,606 shares of the company’s stock valued at $75,000 after purchasing an additional 289 shares during the last quarter. Hedge funds and other institutional investors own 64.70% of the company’s stock.
GFL Environmental Stock Performance Shares of GFL Environmental stock opened at $44.55 on Wednesday. The firm has a market cap of $15.95 billion, a P/E ratio of 6.55, a P/E/G ratio of 3.47 and a beta of 0.84. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 1.05. GFL Environmental has a 12 month low of $38.60 and a 12 month high of $52.00. The stock’s fifty day moving average price is $42.89 and its 200-day moving average price is $43.90.
GFL Environmental (NYSE:GFL – Get Free Report) last announced its quarterly earnings results on Wednesday, February 11th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.14 by $0.12. The firm had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.67 billion. GFL Environmental had a return on equity of 3.66% and a net margin of 56.61%.The business’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.58) earnings per share. On average, equities research analysts expect that GFL Environmental will post 0.58 earnings per share for the current fiscal year.
GFL Environmental Increases Dividend The company also recently declared a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Monday, April 13th will be paid a dividend of $0.0169 per share. This is an increase from GFL Environmental’s previous quarterly dividend of $0.02. This represents a $0.07 annualized dividend and a dividend yield of 0.2%. The ex-dividend date is Monday, April 13th. GFL Environmental’s payout ratio is 0.88%.
About GFL Environmental (Get Free Report)
GFL Environmental Inc is a leading North American provider of diversified environmental services, offering comprehensive solutions across solid waste management, liquid waste management, soil remediation and infrastructure services. The company’s core business activities include residential, commercial and industrial waste collection, recycling, composting and landfill management. In addition to traditional waste services, GFL provides specialized liquid waste hauling, treatment and disposal services as well as environmental consulting to support industrial and municipal clients in meeting regulatory and sustainability goals.
Founded in 2007 by entrepreneur Patrick Dovigi, GFL Environmental has pursued an aggressive growth strategy driven by strategic acquisitions and organic expansion.
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A truck from Canadian waste management company GFL Environmental Inc, which is planning an IPO, makes its rounds through a neighbourhood in Toronto, Ontario, Canada November 5, 2019. Picture... Purchase Licensing Rights, opens new tab Read more
CompaniesApril 12 (Reuters) - Waste management company GFL Environmental (GFL.TO), opens new tab is nearing a deal to acquire Canada's Secure Waste Infrastructure (SES.TO), opens new tab in a deal valued at over C$6 billion ($4.33 billion), Bloomberg News reported on Sunday, citing a person familiar with the matter.
Reuters could not immediately confirm the report. GFL and Secure Waste did not immediately respond to requests for comment.
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The deal is expected to be 20% cash and 80% stock, the report said, adding that the proposed price is around C$24.50 per share.
The deal represents a premium of about 15% to Secure Waste's last close on Friday.
Earlier this month, GFL acquired Frontier Waste Solutions from BGL, with the financial terms of the transaction undisclosed.
Calgary-based Secure Waste operates a network of processing, recovery, and disposal infrastructure across Western Canada and North Dakota, according to its website.
($1 = 1.3865 Canadian dollars)
Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Rashmi Aich
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Unique opportunity to acquire a leading waste management provider in Western Canada Immediately accretive, increasing Adjusted Free Cash Flow(1) per share by 12% to 15% Highly attractive financial profile, increasing Adjusted EBITDA margin(1) to 31.6% and Adjusted Free Cash Flow(1) conversion to between 40.5% and 42.5% on a pro forma basis Net Leverage(1) neutral acquisition providing GFL with enhanced scale and balance sheet flexibility Purchase price of $24.75 per SECURE common share delivers immediate value to SECURE shareholders Enhances potential for broader future equity index inclusion , /PRNewswire/ - GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL") and SECURE Waste Infrastructure Corp. ("SECURE") (TSX: SES) today announced that they have entered into a definitive agreement (the "Arrangement Agreement") pursuant to which GFL has agreed to acquire all of the issued and outstanding common shares of SECURE for $24.75 per SECURE common share, representing an enterprise value of approximately $6.4 billion (the "Transaction"). The consideration for the Transaction will be satisfied through a combination of 80% in GFL subordinate voting shares and 20% in cash. The Transaction will be implemented through a plan of arrangement under the Business Corporations Act (Alberta).
The purchase price of $24.75 per SECURE common share represents a premium of 23% to the volume weighted average price of the common shares of SECURE for the 60 trading days ending April 10, 2026. Under the terms of the Transaction, SECURE common shareholders will receive, at their election, (i) $24.75 in cash, (ii) 0.4195 of a GFL subordinate voting share or (iii) a combination of $4.95 in cash and 0.3356 of a GFL subordinate voting share, for each SECURE common share held, subject to pro-ration, based on a maximum amount of GFL subordinate voting shares and maximum amount of cash as set out in the plan of arrangement, such that the aggregate consideration paid to SECURE common shareholders will consist of 80% GFL subordinate voting shares and 20% cash.
The transaction is fully financed and is not subject to any financing conditions.
SECURE operates a large scale, diversified waste management platform in Western Canada and North Dakota through its vertically integrated network of assets across over 80 locations, including 12 landfills, 55 waste treatment facilities, 12 recycling facilities, 98 injection wells and 5 transfer stations. SECURE's operations are supported by a proven management team and over 2,000 employees.
"The acquisition of SECURE will provide us with a highly complementary network of permitted waste processing and disposal assets that will densify our footprint in Western Canada, significantly enhance our scale and expand our ability to offer customers a full suite of waste management services", said Patrick Dovigi, Founder and CEO of GFL.
Mr. Dovigi continued, "The transaction reinforces GFL's goal of creating long-term equity value for our shareholders and is expected to significantly accelerate the achievement of the multi-year financial targets we outlined at our Investor Day in early 2025. The high-quality portfolio of acquired assets coupled with SECURE's strong operating margins and lower maintenance capital intensity are expected to increase Adjusted EBITDA margin(1) to 31.6% and Adjusted Free Cash Flow(1) conversion to between 40.5% and 42.5%. The transaction is also expected to be immediately accretive to Adjusted Free Cash Flow(1) per share by 12% to 15%. Our significantly enhanced scale following the acquisition will allow us to materially increase our capital deployment capacity while maintaining our targeted year end Net Leverage(1) in the low-to-mid 3s. Additionally, the transaction increases GFL's float weighted market capitalization which provides greater liquidity and enhances potential for broader future equity index inclusion."
"With this transaction, we have delivered to SECURE shareholders an immediate premium to market value, crystalizing the intrinsic value in our shares and delivering approximately $5.5 billion of equity value to shareholders", said Mick Dilger, Chairman of the Board of Directors of SECURE (the "SECURE Board"). "We have long respected how Patrick and his team have grown GFL over the years and believe that the 16% ownership interest that SECURE common shareholders will retain in the combined company will provide shareholders with meaningful upside as GFL continues to execute on its growth strategy."
"The transaction will combine SECURE's hard to replicate infrastructure network with GFL's broader platform, strengthening GFL's ability to capture more waste streams across the value chain," said Allen Gransch, President and CEO of SECURE. "We look forward to joining the GFL team on closing and working together to further unlock value for all shareholders."
Mr. Dovigi concluded, "We are excited that Allen and SECURE's other senior management will continue to lead the business following closing as both employees and shareholders of GFL. We look forward to welcoming the over 2,000 SECURE employees to the GFL family."
The Transaction has been unanimously approved by the Board of Directors of both companies. Angelo, Gordon & Co. LP and Solus Alternative Asset Management LP, which collectively own approximately 20% of the issued and outstanding SECURE common shares, together with the directors and senior officers of SECURE who collectively own approximately 2% of the issued and outstanding SECURE common shares, have entered into customary voting and support agreements pursuant to which they have agreed to vote all of their SECURE common shares in favor of the Transaction at a special meeting of shareholders which is expected to be held in late May 2026 (the "Special Meeting").
SECURE Special Committee and Board Recommendations
In connection with the Transaction, the SECURE Board established a special committee (the "Special Committee"), comprised entirely of independent directors, to, among other matters, review the terms of the Transaction and consider potential alternatives available to SECURE. The Special Committee, after considering the terms of the proposed Transaction in detail and upon receipt of advice from external legal counsel and the advice and fairness opinion from its financial advisor, unanimously recommended to the SECURE Board, among other things, that the SECURE Board approve the proposed Transaction.
The SECURE Board, informed in part by the recommendation of the Special Committee, and after considering the terms of the proposed Transaction in detail and receiving advice from external legal counsel and advice from its financial advisors and a fairness opinion, unanimously: (i) determined that the consideration to be received by the SECURE common shareholders pursuant to the Transaction is fair, from a financial point of view, and that the Transaction is in the best interests of SECURE; (ii) resolved to unanimously recommend that the SECURE common shareholders vote in favor of the Transaction; and (iii) authorized the entering into of the Arrangement Agreement and the performance by SECURE of its obligations under the Arrangement Agreement.
RBC Capital Markets provided a verbal independent fairness opinion to the SECURE Board and ATB Cormark Capital Markets provided a verbal independent fairness opinion to the Special Committee, in each case, to the effect that, based upon and subject to the various matters, limitations and qualifications and assumptions stated in each such opinion, the consideration to be received by the SECURE common shareholders pursuant to the Transaction is fair, from a financial point of view, to the SECURE common shareholders.
_____________________
(1)
A non-IFRS measure; see "Non-IFRS Measures" below for an explanation of the composition of non-IFRS measures. Due to the uncertainty of the likelihood, amount and timing of effects of events or circumstances to be excluded from these measures, GFL does not have information available to provide a quantitative reconciliation of such projections to comparable IFRS measures.
Financing Plan
GFL has obtained fully committed financing for the Transaction through a bridge facility which can be used, together with cash on hand and capacity under its revolving credit facility, to fund the cash component of the Transaction. GFL will evaluate other long-term strategic and opportunistic financing opportunities as they present themselves. GFL expects to maintain its current credit rating profile following the closing of the Transaction.
Transaction Details
The Transaction requires approval by at least: (i) 66 2/3% of the votes cast by SECURE common shareholders represented in person or by proxy at the Special Meeting; and (ii) a simple majority of the votes cast by SECURE common shareholders represented in person or by proxy at the Special Meeting, excluding those votes attached to SECURE common shares held by persons required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
Details of the Transaction and the required SECURE common shareholder approval will be included in an information circular ("Circular") that SECURE expects to mail to the SECURE common shareholders and file on SEDAR+ at www.sedarplus.ca in late April 2026. All holders of SECURE common shares are urged to read the Circular once available as it will contain additional important information concerning the Transaction, including the deadline for making elections to receive cash and/or GFL subordinate voting shares.
The Transaction is expected to close in the second half of 2026, subject to the satisfaction of customary closing conditions, including court approval, regulatory approvals and approval by SECURE shareholders, as further detailed in the Arrangement Agreement, a copy of which will be filed on GFL's profile on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov and SECURE's profile on SEDAR+ at www.sedarplus.ca.
The Arrangement Agreement includes customary deal protection provisions, including that SECURE has agreed not to solicit or initiate any discussions regarding any other transaction, subject to customary "fiduciary out" rights to respond to a superior proposal. SECURE has also granted GFL a right-to-match any superior proposal and will pay a termination fee of $200 million to GFL if the Arrangement Agreement is terminated in certain circumstances. GFL has agreed to pay an expense reimbursement fee of up to $20 million to SECURE if the Arrangement Agreement is terminated in certain circumstances.
Following completion of the Transaction, it is expected that the SECURE common shares will be delisted from the TSX and SECURE will cease to be a reporting issuer under Canadian securities laws.
Conference Call
GFL and SECURE will hold a conference call to discuss the Transaction on April 13, 2026 at 8:30 am Eastern Time. A live audio webcast of the conference call can be accessed by logging onto GFL's Investors page at investors.gflenv.com or by clicking here or listeners may access the call toll-free by dialing 1-833-950-0062 in Canada or 1-833-470-1428 in the United States (access code: 194824) approximately 15 minutes prior to the scheduled start time.
Participants who will be dialing in are encouraged to pre-register for the conference call using the following link: https://www.netroadshow.com/events/login/LE9zwo4AM07bxjk133DnH3hdaWqFuBeb9yC. Callers who pre-register will be given a conference access code and PIN to gain immediate access to the call and bypass the live operator on the day of the call.
Advisors
Barclays is acting as financial advisor to GFL and Stikeman Elliott LLP is acting as legal counsel to GFL in connection with the Transaction.
Moelis & Company LLC and RBC Capital Markets are acting as financial advisors to SECURE. McCarthy Tétrault LLP is acting as lead Canadian legal counsel to SECURE in connection with the Transaction, with Bennett Jones LLP acting as Canadian competition counsel to SECURE.
About GFL
GFL is the fourth largest diversified environmental services company in North America, providing comprehensive solid waste management services from its platform of facilities throughout Canada and 18 U.S. states. GFL has a workforce of more than 15,000 employees across its organization.
About SECURE
SECURE is a leading waste management and energy infrastructure business headquartered in Calgary, Alberta. SECURE's Waste Management segment is centered on a network of long-life, permitted processing, recovery, and disposal infrastructure across Western Canada and North Dakota that plays an essential role in the safe, efficient, and environmentally responsible management of waste generated by energy and industrial activity. Processing activities optimize the handling of hazardous and non-hazardous liquids, solids, emulsions, and industrial by-products, while recovery activities enable the recycling of metals and recovered oil, and disposal assets provide compliant, long-term solutions for residual waste. SECURE's Energy Infrastructure segment consists of crude oil terminals and storage facilities, and pipeline-connected infrastructure that enable the optimization, terminalling, storage and movement of crude oil and natural gas liquids to market, including value-adding marketing and optimization activities.
Forward-Looking Statements
This release includes certain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking information"), within the meaning of applicable U.S. and Canadian securities laws, respectively, including statements relating to the expected financial and other benefits of the Transaction to GFL and SECURE shareholders, GFL's expected credit rating profile, growth plans and leverage, the expected timing of closing, the timing for when SECURE expects to hold a special meeting of SECURE common shareholders to approve the Transaction and the mailing of the Circular in respect thereof, and the consideration to be received by SECURE shareholders pursuant to the Transaction. Forward-looking information includes all statements that do not relate solely to historical or current facts and may relate to our future outlook, financial guidance and anticipated events or results and may include statements regarding our financial performance, financial condition or results, business strategy, growth strategies, budgets, operations and services. Particularly, statements regarding our expectations of future results, performance, achievements, prospects or opportunities and the markets in which we operate are forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "believes", or "potential" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved", although not all forward-looking information includes those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances. Without limiting the foregoing, there can be no assurance that the Transaction will be completed, or if so on the terms currently contemplated and as beneficial to the combined company as is anticipated by such forward looking information.
Forward-looking information is based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, is subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward- looking information, including but not limited to certain assumptions set out herein; our ability to obtain and maintain existing financing on acceptable terms; our ability to source and execute on acquisitions on terms acceptable to us; currency exchange and interest rates; commodity price fluctuations; our ability to implement price increases and surcharges; changes in waste volumes; labour, supply chain and transportation constraints; inflationary cost pressures; fuel supply and fuel price fluctuations; our ability to maintain a favorable working capital position; the impact of competition; the changes and trends in our industry or the global economy; and changes in laws, rules, regulations, and global standards. Other important factors that could materially affect the forward-looking information contained herein can be found in the "Risk Factors" section of GFL's annual information form for the year ended December 31, 2025, GFL's other periodic filings with the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada, SECURE's Annual Information Form for the year ended December 31, 2025 and from time to time in filings made by SECURE with securities regulatory authorities. Shareholders, potential investors and other readers are urged to consider these risks carefully in evaluating our forward-looking information and are cautioned not to place undue reliance on such information. There can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors not currently known to us or that we currently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward- looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The forward-looking information contained in this release represents our expectations as of the date of this release (or as the date it is otherwise stated to be made) and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable U.S. or Canadian securities laws.
Non-IFRS Measures
This release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. Rather, these non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation.
"EBITDA" represents, for the applicable period, net income (loss) from continuing operations plus (a) interest and other finance costs, plus (b) depreciation and amortization of property and equipment, landfill assets and intangible assets, plus (less) (c) the provision (recovery) for income taxes, in each case to the extent deducted or added to/from net income (loss) from continuing operations. We present EBITDA to assist readers in understanding the mathematical development of Adjusted EBITDA. Management does not use EBITDA as a financial performance metric.
"Adjusted EBITDA" is a supplemental measure used by management and other users of our financial statements including, our lenders and investors, to assess the financial performance of our business without regard to financing methods or capital structure. Adjusted EBITDA is also a key metric that management uses prior to execution of any strategic investing or financing opportunity. For example, management uses Adjusted EBITDA as a measure in determining the value of acquisitions, expansion opportunities, and dispositions. In addition, Adjusted EBITDA is utilized by financial institutions to measure borrowing capacity. Adjusted EBITDA is calculated by adding and deducting, as applicable from EBITDA, certain expenses, costs, charges or benefits incurred in such period which in management's view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including: (a) (gain) loss on foreign exchange, (b) (gain) loss on sale of property and equipment, (c) change in value on Call Option, (d) share of net (income) loss of investments accounted for using the equity method, (e) share-based payments, (f) (gain) loss on divestiture, (g) transaction costs, (h) acquisition, rebranding and other integration costs (included in cost of sales related to acquisition activity), (i) Founder/CEO remuneration and (j) other. For the year ended December 31, 2025, change in value on Call Option has been added back to EBITDA. We use Adjusted EBITDA to facilitate a comparison of our operating performance on a consistent basis reflecting factors and trends affecting our business. As we continue to grow our business, we may be faced with new events or circumstances that are not indicative of our underlying business performance or that impact the ability to assess our operating performance.
"Adjusted EBITDA margin" represents Adjusted EBITDA divided by revenue. Management and other users of our financial statements including our lenders and investors use Adjusted EBITDA margin to facilitate a comparison of the operating performance of each of our operating segments on a consistent basis reflecting factors and trends affecting our business.
"Acquisition EBITDA" represents, for the applicable period, management's estimates of the annual Adjusted EBITDA of an acquired business, based on its most recently available historical financial information at the time of acquisition, as adjusted to give effect to (a) the elimination of expenses related to the prior owners and certain other costs and expenses that are not indicative of the underlying business performance, if any, as if such business had been acquired on the first day of such period and (b) contract and acquisition annualization for contracts entered into and acquisitions completed by such acquired business prior to our acquisition (collectively, "Acquisition EBITDA Adjustments"). Further adjustments are made to such annual Adjusted EBITDA to reflect estimated operating cost savings and synergies, if any, anticipated to be realized upon acquisition and integration of the business into our operations. Acquisition EBITDA is calculated net of divestitures. We use Acquisition EBITDA for the acquired businesses to adjust our Adjusted EBITDA to include a proportional amount of the Acquisition EBITDA of the acquired businesses based upon the respective number of months of operation for such period prior to the date of our acquisition of each such business.
"Run-Rate EBITDA" represents Adjusted EBITDA for the applicable period as adjusted to give effect to management's estimates of (a) Acquisition EBITDA Adjustments (as defined above) and (b) the impact of annualization of certain new municipal and disposal contracts and cost savings initiatives, entered into, commenced or implemented, as applicable, in such period, as if such contracts or costs savings initiatives had been entered into, commenced or implemented, as applicable, on the first day of such period ((a) and (b), collectively, "Run-Rate EBITDA Adjustments"). Run-Rate EBITDA has not been adjusted to take into account the impact of the cancellation of contracts and cost increases associated with these contracts. These adjustments reflect monthly allocations of Acquisition EBITDA for the acquired businesses based on straight line proration. As a result, these estimates do not take into account the seasonality of a particular acquired business. While we do not believe the seasonality of any one acquired business is material when aggregated with other acquired businesses, the estimates may result in a higher or lower adjustment to our Run-Rate EBITDA than would have resulted had we adjusted for the actual results of each of the acquired businesses for the period prior to our acquisition. We primarily use Run-Rate EBITDA to show how GFL would have performed if each of the acquired businesses had been consummated at the start of the period as well as to show the impact of the annualization of certain new municipal and disposal contracts and cost savings initiatives. We also believe that Run-Rate EBITDA is useful to investors and creditors to monitor and evaluate our borrowing capacity and compliance with certain of our debt covenants. Run-Rate EBITDA as presented herein is calculated in accordance with the terms of our revolving credit agreement.
"Net Leverage" is a supplemental measure used by management to evaluate borrowing capacity and capital allocation strategies. Net Leverage is equal to our total long-term debt, as adjusted for fair value, deferred financings and other adjustments and reduced by our cash, divided by Run-Rate EBITDA.
"Adjusted Cash Flows from Operating Activities" represents cash flows from operating activities adjusted for (a) operating cash flows from discontinued operations, (b) incremental cash flow adjustment related to corporate costs attributable to discontinued operations, (c) transaction costs, (d) acquisition, rebranding and other integration costs, (e) Founder/CEO remuneration, (f) cash payments related to GFL Environmental Services transition services agreement, (g) cash taxes related to divestitures, (h) cash interest paid on early termination of long-term debt and (i) distribution received from joint ventures. Adjusted Cash Flows from Operating Activities is a supplemental measure used by investors as a valuation and liquidity measure in our industry. For the year ended December 31, 2025, cash payments related to GFL Environmental Services transition services agreement and cash interest paid on early termination of long-term debt have been added back to Adjusted Cash Flows from Operating Activities. These amounts were not paid in the prior period. Adjusted Cash Flows from Operating Activities is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL.
"Adjusted Free Cash Flow" represents Adjusted Cash Flows from Operating Activities adjusted for (a) proceeds on disposal of assets and other, (b) purchase of property and equipment and (c) incremental growth investments. Adjusted Free Cash Flow is a supplemental measure used by investors as a valuation and liquidity measure in our industry. Adjusted Free Cash Flow is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL.
All references to "$" in this press release are to Canadian dollars.
For more information:
GFL:
Patrick Dovigi
+1 905-326-0101
[email protected]
SECURE:
Allen Gransch, President and Chief Executive Officer;
Chad Magus, Chief Financial Officer,
Phone: (403) 984-6100,
Email: [email protected],
Website: www.secure.ca
GFL Environmental has agreed to buy the specialized waste-management and energy-infrastructure company in a deal with an enterprise value around $4.62 billion.
Today’s Evening News: Did We Misread the AI Threat? 5:55 pm
Oracle (ORCL 2.28%) jumped 11% on Monday, sparking a comeback across software as investors rethink whether artificial intelligence (AI) is disruption -- or just the next upgrade cycle. Stock Advisor recommendations Adobe (ADBE 1.78%), Salesforce (CRM 2.34%), and ServiceNow (NOW 0.64%) followed, with buyers putting money back into a group that’s been under pressure all year. This week, the market seems willing to bet the incumbents won’t go quietly.
Foolishly speaking: A Foolish approach may favor owning software businesses with high switching costs and embedded workflows -- where "rip and replace" is costly, and AI becomes an enhancement, not a threat. Incumbents alongside start-ups: Last week, leonardobruge shared their take that "The future winners in enterprise will probably be a mix of new start-ups, AI-native, and incumbent players" and that enterprise customers will prioritize "safety, control, easiness to deploy, and specialization (accuracy)." Closing Bell 4:05 pm
The S&P 500 climbed Monday as investors bet U.S.-Iran tensions could ease despite a fresh blockade and stalled talks. Tech helped lead the rebound, with Oracle (ORCL 2.28%) jumping 11% and Palantir Technologies (PLTR 1.19%) up 3%. Oil surged toward $100, underscoring the stakes around the Strait of Hormuz. Markets appear to be balancing near-term geopolitical risk with optimism for a diplomatic path—and steady earnings.
Oil’s Grip Tightens: Crude near $100 keeps pressure on inflation and margins, making energy exposure and cost discipline central for investors. Tech Still Leads: Software strength suggests capital is rotating toward companies with durable demand despite macro uncertainty. Apple’s AI Strategy? Wait It Out. 3:23 pm — AAPL -0.99%
While rivals pour billions into AI, Apple (AAPL +0.59%) is taking a slower path, projecting about $14 billion in capex versus far larger budgets elsewhere, including Meta Platforms (META 2.17%). The bet: AI costs may fall as models proliferate, letting Apple invest later with more clarity. Critics see lag but bulls see discipline. With its ecosystem intact, Apple may not need to win the first inning of AI to stay competitive over the long term.
Cost curve wildcard: Rapid model iteration and techniques like distillation could compress AI development costs, rewarding late movers. Apple’s installed base and services layer may cushion slower feature rollouts while it waits to deploy AI more selectively. Don't Sleep on Apple: "Apple is definitely not a unique investment idea in the AI space," Team Rule Breakers analyst Sanmeet Deo recently wrote. "But a consensus narrative shift of its business and its role in the AI wars could further propel the stock higher as it figures out its own AI strategy," he added. And now for Your Take! Member ChrisBrooklyn commented last month, "I sold two-thirds of my Apple stock the last three years. It's still one of the largest positions in my portfolio—it had grown to maybe 25%. But Siri and that feeling of stagnation concerned me a lot, as signs of a company too comfortable in its moat." Are you buying Apple’s wait-and-see approach to AI? Join the discussion below!
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Up 60% YTD, Can AI Lift Nokia Higher? 3:04 pm — NOK +8.83%
While you weren’t looking, Nokia (NOK 3.25%) has surged 58.14% year to date — and Monday added to the run after a bullish call from Bank of America (BAC +0.22%). The firm upgraded shares and pointed to rising AI-driven demand for optical networking, with upside tied to Nokia’s Infinera integration and growing hyperscaler spend. Investors are increasingly framing Nokia as an AI infrastructure play alongside partners like Nvidia (NVDA 3.39%), with further upside implied by a $12.40 price target.
Optics, not handsets: Nokia’s optical networks unit could grow revenue at a 17% CAGR through 2028, shifting mix toward higher-margin services. In this context, “optics” refers to fiber-optic hardware and systems that transmit data as light—critical infrastructure for moving massive AI workloads between data centers and cloud networks. AI deal flow builds: Partnerships and hyperscaler spend may drive both sales growth and margin expansion, reframing Nokia’s long-term narrative; Nokia is no longer being valued as a slow, cyclical telecom vendor. That’s a big shift in how the market thinks about this business.
AI Demand Sends CoreWeave 10% Higher 2:36 pm — CRWV +8.50%, META +0.24%
CoreWeave (CRWV 2.88%) surged after a wave of analyst price-target hikes followed major AI deals and fresh financing. A $21 billion expansion with Meta Platforms (META 2.17%) and a new Anthropic partnership reinforce its role in AI infrastructure. Reports of about 20% price hikes and longer contract terms suggest tightening supply and rising pricing power as inference demand accelerates.
$21B Vote Of Confidence: Meta’s long-term spend commitment locks in demand visibility through 2032, strengthening CoreWeave’s positioning with hyperscalers. Pricing Power Emerges: Higher prices and longer contracts hint at scarce compute and improving unit economics—key for funding rapid build-out.
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Conagra Shake-Up Amid Slump 2:13 pm — CAG -4.78%
Conagra Brands (CAG +1.52%) is replacing longtime CEO Sean Connolly with industry veteran John Brase, effective June 1, as the packaged-food giant navigates weak demand, inflation, and shifting eating habits tied to GLP-1 drugs. The board said Connolly’s exit is “without cause,” ending a decade-long tenure as shares have fallen more than 40% over the past year. Brase, formerly COO at J.M. Smucker (SJM +4.15%), steps in after a recent earnings miss and lowered outlook, with analysts calling the move a needed reset.
Fresh eyes, same pressures: Brase brings decades at Procter & Gamble (PG +0.47%) and Smucker, but inherits slowing grocery demand and changing consumer behavior. With profits trending toward the low end of guidance, execution—not strategy—may define whether this reset works. Database saw it coming: In the Moneyball Hidden Gems leadership database, Conagra’s Superscore of 30—with Leadership at 42 and Intangibles at 35—flagged persistent execution risk, mirroring a decade of uneven growth, volatile margins, and mounting concerns around pay-for-performance alignment. "Despite the CEO's long tenure, which generally suggests stability, the period has also been marked by strategic missteps that impacted investor confidence," the database says.
Lululemon (LULU 1.95%) shares fell as much as 4.5% today after Texas Attorney General Ken Paxton announced an investigation into whether the yogawear brand's apparel contains PFAS -- so-called "forever chemicals" linked to cancer and immune health issues. The probe will examine whether Lululemon's marketing misled health-conscious customers about the presence of these synthetic compounds in its products.
The investigation adds to a growing list of headaches for Lululemon, which is already navigating slowing sales growth, resurfacing quality concerns, founder pressure for a board overhaul, and a CEO search. Paxton has launched a series of similar probes aligned with the Make America Healthy Again agenda, previously targeting companies including WK Kellogg and toothpaste makers over health-related marketing concerns.
Today's Lunchtime News: Tesla Cracks the European Union 1:00pm -- TSLA +1.14%
Tesla (TSLA 3.58%) won approval for its full self-driving (FSD) software in the Netherlands, the first E.U. country to approve the system after more than 18 months of testing. The approval could pave the way for a broader European rollout, though all E.U. member states must vote before access is granted across the continent.
Revenue opportunity: FSD is priced at 99 euros per month in the Netherlands or 7,500 euros outright. Investors will look for updates on Tesla's autonomous-driving progress when the company reports Q1 earnings on April 22. Cost advantage in focus: Separately, Bank of America (BAC +0.22%) estimates Tesla's vision-only approach puts robotaxi build costs at roughly $40,000 per vehicle versus $150,000 for Waymo's LiDAR-equipped cars. That cost differential looms large as Tesla prepares to expand its Austin robotaxi service to seven more U.S. cities this year. Meta Set to Dethrone Google in Digital Ads 12:21pm -- META -0.45%, GOOG +0.10%
Meta Platforms (META 2.17%) is on track to surpass Alphabet (GOOG 2.23%) in global digital ad revenue for the first time ever, according to Emarketer. Meta's net ad revenues are projected to hit $243.46 billion in 2026, edging out Google's $239.54 billion. The key driver is Meta's accelerating growth rate — forecast at 24.1% this year versus Google's steady 11.9%.
Advantage+ fueling the surge: Meta's automated ad suite has won over advertisers with its ability to streamline campaign setup and boost returns, validating the company's core ad strategy. Smaller platforms at risk: As ad budgets concentrate on the biggest players, Snap (SNAP 3.76%) and Pinterest remain most exposed to any pullback in spending during periods of geopolitical uncertainty. OpenAI Leans on Amazon to Break Free From Microsoft 12:09pm
OpenAI's new revenue chief Denise Dresser sent staff a memo Sunday touting its Amazon Web Services partnership as a key growth driver. It also acknowledged that its Microsoft (MSFT 1.29%) deal has "limited our ability to meet enterprises where they are." Microsoft has invested more than $13 billion in OpenAI since 2019. Demand for Amazon's (AMZN 2.54%) Bedrock platform since the partnership announcement has been "frankly staggering," Dresser wrote.
The memo also takes aim at Anthropic, claiming its $30 billion revenue run rate is inflated by roughly $8 billion due to accounting treatment, and that it has made a "strategic misstep" by not acquiring enough compute. Anthropic disputes the characterization. Both companies are racing to dominate enterprise AI ahead of their anticipated IPOs, with Alphabet (GOOG 2.23%)'s Gemini also competing aggressively for the same customers.
Top of the Morning 11:00am
By Morning Show host Jim Gillies
It’s a “Merger Monday!” And I’m actually quite annoyed about this one.
Let me back up and explain.
SECURE Waste Infrastructure (SES +1.39%) – a leading provider of waste management energy infrastructure services in Western Canada - is being acquired by larger industry player GFL Environmental (GFL +2.33%)(GFL +2.46%) in a cash and stock deal that values SECURE at roughly CA$6.4 billion including debt. The purchase price for the equity is CA$24.75 per share, though with just 20% of the purchase price being paid in cash and the other 80% coming in the form of newly issued GFL shares, the ultimate price received by SECURE shareholders will depend on how the market receives this news and treats GFL’s share price.
In GFL’s press release announcing the deal they speak of all of the great things that acquiring SECURE is going to do for them: Immediately accretive and increasing free cash flow (FCF) by 12%-to-15%, increasing adjusted EBITDA and FCF margins, all done with no real impact on GFL’s leverage (which has trended in years past from “elevated” to “disconcerting”.)
And I agree with them (GFL) – they are getting a great company here. At Fool Canada we think so highly of SECURE that in the span of five months (late February to early July 2025) we formally recommended the name in all three of our “frontline” Canadian Foolish services: Dividend Investor Canada, Hidden Gems Canada, and Stock Advisor Canada.
10:15 am
By Morning Show host Loren Horst
Team Rule Breakers
My episodic series of trying to uncover some of the underfollowed and underappreciated winners deep in our longest-serving scorecards has graduated from Stock Advisor and moved into our second-oldest active scorecard, Rule Breakers.
The full Rule Breakers scorecard is visible to subscribers of our Epic service, and this week I wanted to highlight three companies breaking the rules and beating the market that many Fools might not have realized were ever recommended, let alone active recommendations: Broadcom (AVGO 5.12%), First Solar (FSLR 4.91%), and MasTec (MTZ 4.96%).
For our December basket of stocks, the Fool’s AI engineering and Premium Content teams and I put the spotlight on one-time recommendations from Stock Advisor, and January’s bonus set called attention to stocks that recovered into market beaters after trailing at the five-year mark.
All of these shared the characteristics of having outperformed the S&P 500 since initially recommended, while also exceeding the market over the trailing five years to meet a "What have you done for me lately?" factor.
As it turns out, the Rule Breakers mantra of adding to your winners -- exemplified by Fool co-founder David Gardner formalizing re-recommendations into a monthly Rule Breakers habit when the service previously made two monthly recommendations -- resulted in just a pair of decade-plus winners without a subsequent re-rec and as many early losers that avoided being sold before they could turn around. Interestingly, three names bubbled up instead of four, with MasTec at the middle of that Venn diagram.
Click here for my full-length intro with links to the AI-powered stock updates available to all Motley Fool members.
9:05 am — GS -4.88% in pre-market trading
By Morning Show host Sanmeet Deo
Team Rule Breakers
Goldman Sachs Group (GS 2.98%) delivered a powerhouse Q1 2026 performance that initially looked like a clean sweep, but the market’s mixed reaction proves that the "devil is in the details." While net revenue jumped 14% to $17.23 billion and EPS of $17.55 blew past expectations, a closer look at the engine room explains the caution. The star of the show was the equities desk, which pulled in a record $5.33 billion, yet this was partially offset by a sluggish Fixed Income (FICC) segment that missed analyst targets by nearly $850 million.
The post-earnings dip--compounded by a broader inflation-driven market sell-off--raises a compelling valuation question. Currently, Goldman is trading at a forward P/E ratio of approximately 16x.
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Trump's 50% China Tariff Threat Rattles Trade 10:00 am
President Trump threatened a "staggering" 50% tariff on China during a Sunday Fox News (FOX +0.21%) interview, following intelligence reports that Beijing may be preparing to ship advanced air defense systems to Iran. While Trump labeled the underlying CNN report as potentially "fake," he insisted that any country caught supplying military hardware to Tehran would face immediate economic retaliation. The threat comes despite recent reports from the New York Times (NYT 0.80%) suggesting China actually pressured Iran toward last week's temporary ceasefire. Beijing has maintained it is actively promoting peace but has not confirmed an official mediation role in the conflict.
Trade War Escalation: A 50% levy would represent a massive expansion of current trade barriers, significantly impacting Apple (AAPL +0.59%) and other multinational manufacturers heavily reliant on Chinese supply chains. Geopolitical Volatility: The threat of renewed tariffs adds a layer of economic risk to the ongoing Middle East conflict, as investors weigh the impact of potential trade disruptions on global retail giants like Nike (NKE 1.54%).
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Top of the Morning 9:05 am -- GS -4.88% in pre-market trading
By Morning Show host Sanmeet Deo
Team Rule Breakers
Goldman Sachs Group (GS 2.98%) delivered a powerhouse Q1 2026 performance that initially looked like a clean sweep, but the market's mixed reaction proves that the "devil is in the details." While net revenue jumped 14% to $17.23 billion and EPS of $17.55 blew past expectations, a closer look at the engine room explains the caution. The star of the show was the equities desk, which pulled in a record $5.33 billion, yet this was partially offset by a sluggish Fixed Income (FICC) segment that missed analyst targets by nearly $850 million.
The post-earnings dip--compounded by a broader inflation-driven market sell-off--raises a compelling valuation question. Currently, Goldman is trading at a forward P/E ratio of approximately 16x.
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Intel Surges From "Life Support" to Top Performer 9:00 am -- INTC -0.19% in pre-market trading
Intel (INTC 0.54%) has transitioned from "life support" to one of the S&P 500's top performers, adding over $100 billion in market value during a historic eight-day rally. The surge was ignited by a $14.2 billion deal to reclaim its Irish plant from Apollo Global Management, followed by a high-profile partnership with Tesla (TSLA 3.58%) and SpaceX for Elon Musk's Terafab project. Despite trailing the S&P 500 since 2020, Intel's narrative is accelerating as it secures its position as a strategic domestic foundry asset. The U.S. government's stake has swelled to $27 billion, reflecting growing confidence that the semiconductor giant is successfully reclaiming its competitive edge.
High-Stakes Valuation: While shares trade at a record 90 times estimated earnings--well above dot-com bubble peaks--bullish analysts argue that Wall Street is underestimating long-term earnings potential as Intel shifts to expansion mode. Turnaround Validation: Beyond the Musk deal, Intel has secured future Xeon processor commitments from Alphabet's (GOOG 2.23%) Google, alongside previous backing from Nvidia (NVDA 3.39%), suggesting the company is becoming an indispensable partner in the global AI infrastructure race.
Super Mario Galaxy Movie Tops 2026 Box Office 8:15 am -- CMCSA +0.21% in pre-market trading
The Super Mario Galaxy Movie from Comcast (CMCSA +0.65%) has officially become Hollywood's highest-grossing film of 2026, amassing $628.8 million globally in its opening weeks. The live-action sequel, produced by Universal and Illumination, is riding massive momentum from its $300 million domestic haul and is now favored to reach the $1 billion mark. This performance reinforces the immense value of Nintendo's intellectual property following the 2023 predecessor's $1.3 billion run. While the film faces a crowded summer slate including Avengers: Doomsday, its current trajectory suggests a dominant year for Universal's theatrical division.
Content Strategy Payoff: The film's success validates the long-term partnership between Universal and Nintendo, providing a high-margin revenue stream that offsets volatility in traditional cable and broadcast segments. Theatrical Dominance: By outpacing early 2026 projections, Mario provides Comcast a significant lead in market share over rivals, establishing a formidable "moat" ahead of Disney's heavy-hitting summer releases.
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GFL Deepens Western Canada Reach in CA$6B Deal 8:00 am -- GFL -3.67% in pre-market trading
GFL Environmental (GFL +2.46%) is reportedly nearing a CA$6 billion ($4.33 billion) acquisition of Calgary-based Secure Waste Infrastructure (SECYF +1.30%). The deal, structured primarily as an 80% stock transaction, values Secure at a 15% premium and would give its shareholders a 15% stake in the combined entity. Under CEO Patrick Dovigi, GFL has utilized aggressive M&A to triple its market value in six years; this latest move significantly deepens its footprint in Western Canada's industrial and energy waste sectors. The merger follows GFL's recent $900 million purchase of Frontier Waste Solutions, signaling a relentless drive for North American scale through consolidation.
Strategic Synergy: The acquisition allows GFL to cross-sell traditional waste services into Secure's existing energy infrastructure client base, potentially driving significant cost efficiencies across the combined Canadian operations. Vertical Integration: By absorbing Secure's pipeline and storage assets, GFL is diversifying beyond residential trash collection into higher-margin industrial waste streams, mirroring the consolidation strategies seen in major logistics and energy sectors.
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This Morning's Breakfast News 7:30 am
We're entering bank reporting season, after the stock market put in another positive week. The S&P 500 gained 3.6%, while the Nasdaq climbed 4.7%, after the threat of escalation of the Iran conflict subsided. The S&P 500 is within 1% of breaking even in 2026 year to date. S&P 500 futures, however, lost 0.6% this morning – with Nasdaq futures off by 0.7% – as President Trump again raised the heat after weekend negotiations with Tehran bore little fruit.
Oil back over $100 again: The prospect of a blockade of all ships passing through the Strait of Hormuz having called at Iranian ports pushed WTI crude to $105 per barrel, with Brent Crude hitting $103. Banks unofficially lead out the new reporting season: Goldman Sachs (GS 2.98%) kicks off first-quarter bank results before the opening bell today. JPMorgan Chase (JPM 0.91%), Wells Fargo (WFC 0.01%), and Citigroup (C 1.00%) are on the calendar for Tuesday. Bank of America (BAC +0.22%) and Morgan Stanley (MS 1.59%) report Wednesday.
McDonald's Takes Aim at Starbucks With New Drinks 7:25 am -- MCD -0.21% in pre-market trading
McDonald's (MCD +0.26%) is preparing to launch a specialty beverage line this August, featuring Red Bull Dragonberry and custom sodas like "Dirty Dr Pepper." The fast-food leader aims to weaponize its massive scale to undercut the pricing of premium competitors, positioning these offerings as affordable alternatives for a wider customer base. Franchisees have already invested thousands in specialized mixing equipment to ensure these high-margin drinks don't disrupt kitchen throughput. This expansion marks a permanent shift toward the "caffeine and refreshment" territory traditionally dominated by boutique cafes and specialized soda shops.
Targeting the Competition: The strategy directly threatens the market share of Starbucks (SBUX +1.39%) and Dutch Bros (BROS +4.31%) by offering sophisticated energy and tea blends at a lower price point during critical afternoon "snack" hours. Margin Expansion: Because beverages typically carry lower cost-of-goods than labor-intensive food items, successful adoption could significantly boost profitability for operators, offsetting broader inflationary pressures across the quick-service industry.
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FTC Probes Ad Giants for Boycotting X Platform 6:30 am -- WPP +0.63% in pre-market trading
The Federal Trade Commission is in talks with a number of advertising companies over alleged coordinated boycotts of platforms including X, says the WSJ. A probe into possible federal antitrust law violations – covering WPP (WPP 1.50%), Japan's Dentsu, and others.
"The only harm X has asserted is that its customers collectively chose X's competitors over X": The latest move follows last month's dismissal by Senior U.S. Judge Jane J. Boyle of X's lawsuit against companies including CVS Health (CVS +0.99%) and Colgate-Palmolive (CL +2.45%), claiming their boycotts violated antitrust. No admission of wrongdoing: The proposal reportedly means the ad companies will agree not to avoid media outlets for political reasons. Individual advertisers can still choose to avoid platforms hosting undesirable content. Meta's Zuckerberg AI Twin Signals Bold AI Pivot 6:00 am -- META -1.39% in pre-market trading
Meta Platforms (META 2.17%) is developing a photorealistic, 3D AI version of CEO Mark Zuckerberg to interact with employees and streamline corporate feedback. Zuckerberg is reportedly spending up to 10 hours a week coding on internal AI projects and training this digital twin on his specific tone, mannerisms, and strategic thinking. This push for "personal superintelligence" coincided with the release of Muse Spark, a specialized AI model that sent shares up 7% as investors cheered the company's technical pace. Beyond executive avatars, Meta is implementing "skills baseline exercises" for staff, including "vibe coding" tests, as it pivots the entire $1.6 trillion organization toward an AI-first operating model.
Infrastructure Payoff: Meta's multibillion-dollar spending spree on compute capacity, including its recent $21 billion deal with CoreWeave (CRWV 2.88%), is now yielding proprietary models like Muse Spark that challenge leaders like Alphabet (GOOG 2.23%). Internal Efficiency and Risks: While management pushes AI automation to "streamline" product management, the internal rollout of these tools has sparked concerns over future job cuts, even as the tech proves difficult to scale due to massive processing requirements.
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Replimune Collapses on Second FDA Rejection 5:15 am -- REPL -56.09% in pre-market trading
Replimune Group (REPL 8.33%) shares plunged over 40% last week, and are down significantly this morning, after the FDA issued a second Complete Response Letter rejecting its RP1 melanoma therapy. The regulatory setback prompted analyst downgrades and raised serious questions about the biotech company's survival prospects.
Second rejection devastates investors: The FDA cited concerns about the single-arm trial design and manufacturing issues, echoing objections from the first rejection in July 2025 and sending shares down roughly 20% on the announcement. Survival strategy now critical: With RP1 representing the company's lead program, analysts note that Replimune's future hinges on executing a strategic pivot to preserve shareholder value and refocus on other pipeline candidates.
Before the Opening Bell 4:30 am
Stock futures recovered from overnight lows Monday as investors digested President Trump's executive order for a U.S. Navy blockade of the Strait of Hormuz. The aggressive move follows the collapse of high-stakes negotiations in Islamabad, ending hopes for a permanent de-escalation. While the Navy intends to interdict ships paying Iranian "tolls," the blockade effectively halts critical energy flows, sending Brent crude surging back above $100 per barrel. Despite the geopolitical friction, markets found some footing as attention shifted to the opening of first-quarter earnings season, where investors look for corporate resilience amid rising inflationary pressures and supply chain instability.
Big Banks Take Center Stage: Goldman Sachs (GS 2.98%) leads the charge this morning, with Wall Street bracing for commentary on how Middle East volatility is impacting deal-making and trading revenue ahead of reports from JPMorgan Chase (JPM 0.91%) and Citigroup (C 1.00%) later this week. Economic Fragility: The breakdown of the two-week ceasefire forces the Fed to contend with a renewed "war premium" on energy, complicating the outlook for Bank of America (BAC +0.22%) and Wells Fargo (WFC 0.01%) as they navigate shifting rate expectations and credit cycle risks.
GFL Environmental Inc. (NYSE:GFL – Get Free Report)’s share price gapped down before the market opened on Monday . The stock had previously closed at $43.08, but opened at $41.19. GFL Environmental shares last traded at $40.1580, with a volume of 480,735 shares trading hands.
Key GFL Environmental News Here are the key news stories impacting GFL Environmental this week:
Positive Sentiment: GFL announced a definitive deal to buy SECURE Waste Infrastructure (enterprise value reported ~C$6.4B / ~$4.6B). Management says the deal is immediately accretive, lifts pro‑forma EBITDA margins and materially increases adjusted free‑cash‑flow conversion — arguments that support long‑term earnings and cash generation. Read More. Neutral Sentiment: Multiple outlets and filings provide deal context and valuation (market coverage from WSJ, Financial Post, Globe & Mail). These reports help investors assess strategic fit and timing but don’t change deal economics by themselves. Read More. Neutral Sentiment: Citigroup trimmed its price target from $55 to $51 but kept a “Buy” rating, signaling continued analyst confidence in the company’s growth thesis despite the lower target. Read More. Negative Sentiment: JPMorgan downgraded GFL from “Neutral” to “Underweight” and cut its target to $42 (from $49). The downgrade increases short‑term selling pressure and raises investor caution on valuation and deal execution. Read More. Negative Sentiment: Market reaction includes an intra‑day slide as investors digest that the acquisition consideration is ~80% GFL shares and ~20% cash. The stock‑heavy structure raises near‑term dilution concerns, potential share issuance, and uncertainties around leverage/integration — common catalysts for share weakness after large, stock‑financed M&A. Read More. Wall Street Analysts Forecast Growth A number of research firms have recently weighed in on GFL. JPMorgan Chase & Co. downgraded shares of GFL Environmental from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $49.00 to $42.00 in a research report on Tuesday. Barclays increased their target price on shares of GFL Environmental from $62.00 to $63.00 and gave the company an “overweight” rating in a research report on Thursday, February 12th. Weiss Ratings downgraded shares of GFL Environmental from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, February 9th. Citigroup reduced their target price on shares of GFL Environmental from $55.00 to $51.00 and set a “buy” rating for the company in a research report on Tuesday. Finally, Royal Bank Of Canada increased their target price on shares of GFL Environmental from $59.00 to $60.00 and gave the company an “outperform” rating in a research report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, GFL Environmental presently has an average rating of “Moderate Buy” and an average target price of $55.44.
View Our Latest Analysis on GFL Environmental
GFL Environmental Trading Down 0.7% The firm has a fifty day moving average of $42.77 and a two-hundred day moving average of $43.75. The company has a market cap of $13.84 billion, a PE ratio of 5.69, a price-to-earnings-growth ratio of 3.09 and a beta of 0.84. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 1.05.
GFL Environmental (NYSE:GFL – Get Free Report) last announced its quarterly earnings data on Wednesday, February 11th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.12. GFL Environmental had a return on equity of 3.66% and a net margin of 56.61%.The company had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same quarter last year, the firm posted ($0.58) EPS. The firm’s revenue for the quarter was up 7.3% on a year-over-year basis. As a group, sell-side analysts predict that GFL Environmental Inc. will post 0.58 EPS for the current year.
GFL Environmental Increases Dividend The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Monday, April 13th will be issued a $0.0169 dividend. This is an increase from GFL Environmental’s previous quarterly dividend of $0.02. The ex-dividend date of this dividend is Monday, April 13th. This represents a $0.07 annualized dividend and a yield of 0.2%. GFL Environmental’s payout ratio is 1.03%.
Institutional Investors Weigh In On GFL Environmental Several large investors have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its holdings in GFL Environmental by 43.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 727 shares of the company’s stock worth $37,000 after acquiring an additional 219 shares during the last quarter. Advisory Services Network LLC boosted its stake in GFL Environmental by 4.1% in the 3rd quarter. Advisory Services Network LLC now owns 6,537 shares of the company’s stock worth $310,000 after purchasing an additional 256 shares during the period. Jones Financial Companies Lllp boosted its stake in GFL Environmental by 21.9% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,606 shares of the company’s stock worth $75,000 after purchasing an additional 289 shares during the period. Tobam boosted its stake in GFL Environmental by 10.5% in the 4th quarter. Tobam now owns 3,079 shares of the company’s stock worth $132,000 after purchasing an additional 293 shares during the period. Finally, Caitong International Asset Management Co. Ltd boosted its stake in GFL Environmental by 45.2% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 976 shares of the company’s stock worth $46,000 after purchasing an additional 304 shares during the period. Hedge funds and other institutional investors own 64.70% of the company’s stock.
GFL Environmental Company Profile (Get Free Report)
GFL Environmental Inc is a leading North American provider of diversified environmental services, offering comprehensive solutions across solid waste management, liquid waste management, soil remediation and infrastructure services. The company’s core business activities include residential, commercial and industrial waste collection, recycling, composting and landfill management. In addition to traditional waste services, GFL provides specialized liquid waste hauling, treatment and disposal services as well as environmental consulting to support industrial and municipal clients in meeting regulatory and sustainability goals.
Founded in 2007 by entrepreneur Patrick Dovigi, GFL Environmental has pursued an aggressive growth strategy driven by strategic acquisitions and organic expansion.
Featured Stories Five stocks we like better than GFL Environmental Receive News & Ratings for GFL Environmental Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for GFL Environmental and related companies with MarketBeat.com's FREE daily email newsletter.
Large-cap stocks faced broad selling pressure last week, with several names slipping on weak earnings and strategic shifts.
From analyst downgrades to macro concerns, multiple factors weighed on investor sentiment across sectors.
These ten large-cap stocks were worst performers last week. Are they a part of your portfolio?
Venture Global, Inc. (NYSE:VG) decreased 14.09% this week. JP Morgan analyst Jeremy Tonet maintained a Neutral rating on the stock, lowering the price target from $19 to $16.
Alcoa Corporation (NYSE:AA) fell 10.23% this week following reports suggesting the company will sell a former smelter site to NYDIG. Also, the company reported worse-than-expected Q1 financial results.
LyondellBasell Industries NV (NYSE:LYB) slumped 13.93% this week.
AST SpaceMobile, Inc. (NASDAQ:ASTS) slipped 8.22% this week. This may be in response to Amazon’s acquisition of Globalstar.
GFL Environmental Inc. (NYSE:GFL) fell 5.94% this week. The company announced that it will acquire SECURE Waste Infrastructure for $6.4 billion in cash and stock.
Equinor ASA (NYSE:EQNR) slumped 10.86% this week.
Coterra Energy Inc. (NYSE:CTRA) decreased 8.56% this week.
APA Corporation (NASDAQ:APA) fell 9.8% this week.
Photo by PJ McDonnell via Shutterstock
Market News and Data brought to you by Benzinga APIs
Wall Street expects a year-over-year increase in earnings on higher revenues when GFL Environmental Inc. (GFL - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on April 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.
Zacks Consensus EstimateThis company is expected to post quarterly earnings of $0.05 per share in its upcoming report, which represents a year-over-year change of +183.3%.
Revenues are expected to be $1.19 billion, up 9.2% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 8.33% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for GFL Environmental?For GFL Environmental, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +20.00%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination indicates that GFL Environmental will most likely beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that GFL Environmental would post earnings of $0.14 per share when it actually produced earnings of $0.26, delivering a surprise of +85.71%.
Over the last four quarters, the company has beaten consensus EPS estimates just once.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
GFL Environmental appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsPentair plc (PNR - Free Report) , another stock in the Zacks Waste Removal Services industry, is expected to report earnings per share of $1.17 for the quarter ended March 2026. This estimate points to a year-over-year change of +5.4%. Revenues for the quarter are expected to be $1.03 billion, up 1.9% from the year-ago quarter.
The consensus EPS estimate for Pentair has been revised 0.1% lower over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -0.07%.
When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that Pentair will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.
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