Despite the continued decline, the TSX dividend stock has returned nearly 800% to shareholders over the past decade. Additionally, it offers a forward yield of 4.4%, based on an annual dividend per share of $5.84 in 2025.
GSY is valued at a market cap of $2.25 billion and is part of the financial lending segment. Over the past three decades, goeasy has served 1.6 million customers and provided a total of $18.5 billion in loans.
With more than 400 locations across Canada, goeasy offers non-prime leasing and lending services to consumers under the easyhome, easyfinancial and LendCare brands.
It offers unsecured and secured installment loans, home equity and home improvement loans, installment loans and auto vehicle financing, and more. goeasy also rents household furniture, appliances, electronics and unsecured loan products to private consumers.
Is this TSX stock a good buy?
goeasy delivered solid third-quarter results despite navigating a challenging macroeconomic environment and a short-seller report. In the third quarter (Q3) of 2025, goeasy reported record revenue of $440 million, up 15% year over year. It ended the third quarter with a consumer loan portfolio of $5.44 billion and new loans of $946 million.
While loan applications rose 22% year-on-year, new loans rose 13%. Goeasy maintained balanced growth across both secured and unsecured products, with secured loans now accounting for 48% of the total portfolio.
This shift to collateralized lending provides additional protection against downside risk while depressing overall portfolio returns. Management adjusted fourth-quarter yield expectations to a range of 30.5% to 31.5% to reflect the continued transition of loans originating above the 35% federal interest rate cap that was implemented earlier this year.
Net charge-offs improved 30 basis points year-on-year to 8.9%, driven by a higher composition of secured loans and optimized collection processes.
However, early-stage delinquencies rose 60 basis points from the prior quarter to 4.5%, prompting management to increase the allowance for credit losses to 8.1% from 7.9%. This 21 basis point provision increase reduced adjusted earnings per share in the quarter by approximately $0.50, bringing earnings per share to $4.12.
Management provided transparency in two areas under investor scrutiny. Interest receivable increased to $142 million, driven by portfolio growth, the shift in mix toward secured loans that stay on the books longer, and the use of borrower assistance programs.
About 10% of borrowers currently use these relief tools, which help customers meet their payment obligations during periods of financial stress while allowing the company to avoid costly legal action and asset seizures.
The company’s balance sheet remains well capitalized following a successful $796 million offering of senior unsecured notes in August. This transaction, which was stepped up due to strong investor demand, provides sufficient liquidity to finance organic growth.
Is TSX stock still undervalued?
goeasy’s free cash flow was $393 million over the last twelve months. Analysts predict adjusted earnings will grow from $16.44 per share in 2025 to $24.77 per share in 2027.
If the GSY share price is seven times forward earnings, it should be trading around $173 in December 2026, indicating 23% upside potential from current levels.
The company’s annual dividend per share is expected to rise to $7.37 per share in 2027, up from $0.40 per share in 2015, significantly increasing its yield at cost.
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