Stantec

STN · TORONTO

$71.11−$1.66 (−2.28%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $72.77

STN analyst rating

BuyConsensus of 1 analyst over the last 12 months. 100% rate it a buy.

Strong buy0
Buy1
Hold0
Underperform0
Sell0

12-month price target · 13 analysts

Average $99.88 (+40.5% upside)

Low: $81.30
Now: $71.11
High: $126.41

Upgrades and downgrades

The latest rating actions, newest first

STN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	Mar 2, 2026	Maintains	Outperform	$168.00 → $175.00	53%

The case for and against

Updated Oct 18, 2026

Bull case

Stantec is well positioned by a record $9.2B backlog exiting Q2, up 17.5% year over year and 7.0% organically, which supports visibility into a stronger second half as project delays normalize and new awards convert to revenue. Its outlook is reinforced by broad-based demand in Global, where organic growth reached 12.8% in Q2 and remains led by Water and Energy & Resources, while management raised full-year organic growth and adjusted EBITDA margin guidance to 17.8%-18.3%. Financial execution also supports the bullish case, with Q2 organic net revenue growth of 3.7%, adjusted EBITDA margin of 18.7% up 90 bps, and net debt to EBITDA of 1.3x, leaving room for continued share repurchases and disciplined M&A.

Bear case

Stantec is viewed negatively because a softer macro backdrop and weaker demand in Water, Buildings, and Infrastructure could slow organic revenue growth and compress Adjusted EBITDA margins over the forecast horizon. The downside case also assumes no meaningful M&A, limiting a potential growth offset, while risks from fixed-price cost overruns, contract-award uncertainty, labour shortages, and foreign exchange remain material, especially with about 70% of Net Revenue generated outside Canada. Recent results reinforce the caution: Canada organic growth was only 1% y/y in the quarter due to tough comps and a wind-down of transit and roadway projects in Infrastructure, even as other business lines merely tracked the full-year guide.

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