(ONEX) Onex - Ratings and Ratios

Onex Corporation is a seasoned private equity firm with a long history of executing complex acquisitions and building platform businesses. Founded in 1984 and headquartered in Toronto, Canada, Onex has established itself as a disciplined investor with a focus on control-oriented deals. The firm operates with a flexible mandate, investing across the capital structure in industries where it has deep expertise.

Their investment approach is multifaceted. They target buyouts, recapitalizations, and corporate carve-outs, often in undervalued or underperforming businesses that can benefit from operational restructuring. Onex also invests in growth capital and distressed situations, demonstrating its ability to adapt to different market conditions. The firm’s sector focus includes industrials, healthcare, financial services, consumer goods, and business services & software—areas where they’ve built significant experience over the years.

Geographically, Onex primarily targets businesses headquartered in North America, with a secondary focus on Europe. They are not constrained by company size, as they’re willing to invest in smaller businesses if there’s a strategic fit within their existing portfolio. That said, their sweet spot is companies with revenues of at least $300 million, and they typically deploy between $125 million and $1 billion per transaction. They also engage in co-investments alongside their managed funds, which span private equity, real estate, and credit strategies.

From a financial perspective, Onex trades on the Toronto Stock Exchange under the ticker ONEX, with a market capitalization of approximately $7.99 billion CAD. The stock currently trades at a P/E ratio of 8.85, with a forward P/E of 222.22, reflecting expectations of significant earnings growth. The price-to-book ratio is 0.64, indicating that the stock may be undervalued relative to its book value. The price-to-sales ratio of 8.41 suggests a premium valuation on revenue, though this can vary widely depending on the profitability of their portfolio companies.

Onex’s global presence includes offices in New York, Boston, New Jersey, and London, enabling them to source and manage investments across key markets. Their long-term track record and disciplined investment approach make them a credible player in the private equity space, particularly for investors seeking exposure to a diversified portfolio of businesses undergoing transformation.