How Onex Arrives at C$176 a Share for Its Investing Capital

Onex Corporation owns and manages businesses on behalf of itself and outside investors, and it keeps score in a figure it calls investing capital. At June 30, 2026, that figure was US$123.99 per fully diluted share, according to the company's second-quarter release of August 13. Converted by the company, it came to C$176.02.

The next update is dated. A release on October 20 set November 13 for the third-quarter results, with a webcast at 11:00 a.m. Eastern.

What Onex owns, in the company's own terms

A holding company like Onex is easiest to understand as a household balance sheet with two kinds of income. One part is the money it has invested with its own capital. The other is a business that charges fees for managing other people's money.

Onex reports the first part as investing capital. The August 13 release put it at US$9.5 billion at June 30, 2026, up from US$8.7 billion at December 31, 2025. Investing capital is the company's own measure of the investments and cash it holds for itself, net of its debt. It is a management figure, and it is distinct from the book value in the financial statements.

The second part is asset management. Onex runs private-equity funds under the Onex Partners name and credit funds under Onex Credit. The release reported about US$43.2 billion of fee-generating assets under management at June 30, of which US$30.6 billion was credit and US$12.6 billion private equity. Fee-generating assets are the outside money on which Onex earns a management fee.

One insurer carries much of the value

The largest single item in investing capital is Convex, a specialty insurer and reinsurer in which Onex holds an interest. Onex valued its Convex interest at US$4.2 billion at June 30, or US$54.11 per share, up US$177 million, or 4 per cent, in the quarter.

The method matters here. Onex values Convex at 2.0 times its tangible book value, the same multiple it used the quarter before. Tangible book value is an insurer's equity after removing goodwill and other intangible assets. The company also reported Convex's return on equity over the 12 months to June 30, 2026 at 20.3 per cent.

Convex earned net income of US$169 million in the quarter to June 30, 2026, per the same release. Return on equity is profit as a share of shareholders' money. It is the figure that tends to support, or weaken, the multiple a holder places on an insurer's book.

Everything else, which Onex calls other investing capital, came to about US$5.3 billion, or US$69.88 per share. That pool holds the company's interests in its private-equity and credit funds, its cash and its other holdings, less debt.

The table puts the June figures side by side.

The quarter's earnings, and where cash went

Onex reported second-quarter net earnings of US$131 million, or US$1.71 per diluted share, down from US$229 million a year earlier. For the first six months the figure was US$260 million.

Convex accounted for the quarter's earnings. It contributed a net gain of US$177 million in the quarter to June 30, 2026.

The rest of the portfolio was close to flat. In the quarter to June 30, 2026, other investing capital recorded a net loss of US$32 million and the asset management segment a net loss of US$1 million. Private-equity investments lost US$15 million in that quarter and credit investments US$5 million, which the release attributed mainly to volatility in credit markets.

Fee-related earnings, the profit from management fees after the costs of running the funds, were US$11 million for asset management and US$4 million for the company as a whole. The difference is US$7 million of expenses the release reports under public company and Onex capital investing, which asset management's figure excludes. Structured credit had its highest quarterly fee-related earnings on record, at US$19 million, per the release.

Cash and near-cash stood at US$287 million at June 30, 2026, against US$2.06 billion at December 31, 2025, per the August 13 release; the interim statements and MD&A filed for the same quarter carry the full accounts. The release's reconciliation shows the largest outflow was the US$3,821 million direct investment in Convex, offset in part by US$1,101 million of private-equity realizations and distributions, US$642 million from issuing subordinate voting shares and US$500 million drawn on the senior secured facility. Onex reported total available liquidity of US$887 million at June 30, including US$600 million undrawn on its revolving credit facility.

July brought money back in. The release reported US$256 million of net proceeds from the sale of Emerald, and a US$280 million principal repayment on the senior secured facility, which left US$220 million outstanding. Onex Partners also completed its acquisition of AirSprint, which Onex describes as Canada's leader in fractional jet ownership, on August 10.

The board declared a third-quarter dividend of C$0.10 per subordinate voting share, payable October 31 to holders of record on October 9. The release also said Onex would resume buying back its own shares under its normal course issuer bid, a program that lets a company repurchase a set share of its stock on the exchange over a year. It gave no count or price for purchases.

A Wednesday close against a June figure

On the TSX, Onex subordinate voting shares closed at C$103.61 on October 28, down 0.8 per cent, per end-of-day data read at 13:22 Pacific on October 28 from the TMX Money quote page.

It was an ordinary session. About 119,600 shares changed hands on the TSX, and the price stayed between C$102.96 and C$104.75. Over 52 weeks the shares have traded between C$95.15 and C$131.38.

Set side by side, the close was about 59 per cent of the company's C$176.02 investing capital per share at June 30. That ratio is our arithmetic on two published numbers. They differ in date by four months and in method. The share price is set by trading each day. Investing capital is a valuation Onex prepares each quarter; Convex, about 44 per cent of it at June 30, is valued at 2.0 times tangible book value, the same multiple as the quarter before.

A household comparison helps. A family might value its house using a recent appraisal, while the price a buyer would pay on a given day depends on the market that day. Both are real numbers. They answer different questions.

The company's own release offered one longer view. It said investing capital per share rose about 6 per cent in US dollars and about 11 per cent in Canadian dollars over the 12 months to June 30, excluding the dilution from 7.5 million shares issued to AIG.

What the October 20 release sets

The October 20 release is a scheduling notice, and a useful one. It fixes November 13 for the results of the quarter ended September 30 and says the webcast link and replay will be posted on the company's events page.

The chief executive, Bobby Le Blanc, said in August that Onex had "made significant progress against the strategic objectives we outlined following the Convex acquisition." The third-quarter report will also carry the accounting change the company described in August. Convex moved its bond portfolio to an available-for-sale classification. Market swings in those bonds will now pass through tangible book value rather than net income.

Onex has published a per-share figure every quarter, and every TSX price in the past 52 weeks sat below both its December value of C$171.15 and its June value of C$176.02. How much of that distance belongs to the Convex multiple, and how much to the rest of the portfolio, is a question no filing answers. Onex has valued Convex, cut its debt, said it will resume buybacks and set November 13 for its next count, and whether the market will price that count closer to the company's own is something only the trading after that date can show.