NFI Group (New Flyer) stock (CA63541B1013): insider buying and US transit JV in focus

NFI Group shares have rallied in 2026, while a director’s recent insider purchase and a new US-focused joint venture with Gillig for American Seating assets put additional attention on the Canadian bus maker’s stock.

NFI Group (New Flyer) has drawn fresh attention from investors after director Daniel Barclay bought 25,000 shares on May 13 at an average price of C$20.76, doubling his personal holding to 50,000 shares, according to an insider filing summarized by InsiderTrades as of 05/15/2026. The move comes as the stock trades around C$21 on the Toronto Stock Exchange, having risen strongly since the start of the year, while the company also advances a new US transit-focused joint venture to acquire the assets of American Seating.

On the market side, NFI Group’s shares were quoted at C$21.00 at the close on May 13, 2026, on the Toronto Stock Exchange, up from C$15.52 at the start of 2026, according to data compiled by MarketBeat as of 05/13/2026. That performance places the Canadian bus manufacturer among the stronger movers in North American transit equipment this year, even as the broader industrials sector has shown mixed trends.

As of: 05/15/2026

By the editorial team – specialized in equity coverage.

At a glance

• Name: NFI Group
• Sector/industry: Commercial vehicles, transit buses and coaches
• Headquarters/country: Winnipeg, Canada
• Core markets: North American and UK public transit and coach operators
• Key revenue drivers: Heavy-duty buses, motorcoaches and aftermarket services
• Home exchange/listing venue: Toronto Stock Exchange (ticker: NFI)
• Trading currency: Canadian dollar (CAD)

NFI Group (New Flyer): core business model

NFI Group is a North American-focused bus and coach manufacturer whose operations span heavy-duty urban transit buses, double-deck buses, motorcoaches and related aftermarket services. The company operates under several brands, including New Flyer, its flagship for heavy-duty transit buses, and additional bus and coach brands that serve both public agencies and private operators in the US, Canada and the UK. This diversified portfolio positions NFI as a significant supplier to transit authorities looking to renew or expand fleets.

The business model centers on designing, manufacturing and servicing buses that meet varying regulatory and operational requirements across jurisdictions. In the US, this includes Buy America content rules and Federal Transit Administration procurement standards, while in Canada and the UK it must adapt to local regulations and tender processes. A substantial portion of NFI’s revenue is generated through multi-year supply contracts with transit agencies, where order timing and project execution can have a material impact on reported quarterly results.

Beyond vehicle sales, NFI has developed an aftermarket parts and service platform that supports its installed base of buses throughout their lifecycle. This includes replacement parts, warranty work, retrofit programs and technical support. By maintaining long-term relationships with transit operators and leveraging data from its fleets, NFI aims to generate recurring, higher-margin revenue streams that are less cyclical than original equipment sales. This aftermarket focus has become increasingly important as agencies seek to extend asset life and manage operating budgets.

In recent years, the company has also emphasized its role in sustainable transportation, offering zero-emission battery-electric and fuel cell buses alongside traditional diesel and hybrid models. This shift reflects policy priorities in the US and Canada where federal and state-level funding programs support decarbonization of public transit fleets. For NFI, the transition to zero-emission vehicles involves continued investment in engineering, charging and fueling infrastructure partnerships, and close collaboration with transit agencies planning long-term fleet transformations.

Main revenue and product drivers for NFI Group (New Flyer)

NFI’s revenue is driven primarily by orders from public transit authorities and private operators that procure buses through competitive tender processes. These customers often plan purchases around multi-year capital budgets and government funding cycles, which means that order intake can be lumpy but is underpinned by long-term infrastructure and mobility needs. In the US, federal and state grants for transit infrastructure, including recent programs focused on low- and zero-emission buses, create a demand backdrop that can influence NFI’s production volumes and backlog.

Product mix also plays a key role. Higher-value, feature-rich buses such as zero-emission and articulated models typically command higher selling prices than standard diesel buses, but they bring additional engineering requirements and sometimes longer lead times. As transit agencies increasingly pilot and scale decarbonized fleets, NFI’s exposure to battery-electric and fuel cell bus platforms can influence both its revenue profile and margin structure. Successful execution of these programs is important for building references that help the company compete for new awards across the US and Canada.

Aftermarket revenue is another significant driver, particularly given the large installed base of NFI-built vehicles operating in North American cities. Parts, service contracts, refurbishment projects and operator training provide a more stable revenue stream that is less tied to the timing of new vehicle awards. Transit agencies often prioritize fleet uptime and predictable maintenance costs, offering NFI opportunities to provide bundled solutions that combine vehicle sales with lifecycle services.

Exchange rates and cost dynamics also affect financial performance. NFI reports in Canadian dollars, while a substantial portion of its revenue is earned in US dollars through sales to American customers. Movements in the CAD–USD exchange rate can therefore influence reported results. On the cost side, materials such as steel, electronics and battery systems, as well as labor availability and wage trends, shape production costs and margins. The company’s ability to manage supply chain risks and maintain efficient manufacturing operations is closely watched by investors.

Insider buying adds a fresh signal

The recent insider purchase by director Daniel Barclay has added a notable governance and sentiment angle to the stock. According to an insider transaction report summarized by InsiderTrades as of 05/15/2026, Barclay acquired 25,000 shares on May 13, 2026, at an average price of C$20.76, increasing his total holding to 50,000 shares. For market participants, such purchases can be interpreted as a sign that insiders see value at current levels, although individual transactions may be driven by personal portfolio decisions rather than a formal corporate view.

Insider buying is often assessed alongside other indicators such as analyst coverage and institutional investor interest. Data reported by MarketBeat as of 05/13/2026 shows that NFI Group has attracted a number of analyst ratings, with a consensus stance described as positive and an average price target of C$25.00. While the details of each firm’s valuation model differ, the presence of ongoing professional coverage indicates that the stock remains in focus among Canadian and US-based institutions following the transportation and industrials sectors.

Share price performance and volatility

NFI Group’s share price has seen a pronounced recovery in 2026 against a backdrop of broader volatility in industrial and mobility-related equities. According to data compiled by MarketBeat as of 05/13/2026, the stock advanced from C$15.52 at the start of 2026 to C$21.00 by mid-May, representing a gain of roughly 35%. This move follows earlier periods of pressure when the company navigated pandemic-era disruptions, supply chain issues and a challenging environment for public transit ridership.

The company’s own historical pricing data show that closing prices can fluctuate meaningfully over short periods. For example, NFI’s historic price lookup indicates a closing price of $11.78 on February 24, 2025, with daily highs and lows spanning a modest range that day, according to company records published on the investor relations site NFI Group as of 02/24/2025. Such data underscore that the stock can be sensitive to news about orders, funding programs, quarterly earnings and macro conditions that influence capital spending by transit agencies.

Market data providers frequently highlight NFI’s volatility metrics and trading patterns, which can be relevant for US-based investors who access the stock via the Toronto listing or potentially through alternative trading systems. For active traders, factors such as average daily volume, intraday trading ranges and technical indicators may inform short-term strategies. For longer-horizon investors, the more important questions tend to center on order backlog, earnings visibility and the durability of funding streams supporting bus and coach purchases across North America.

US-focused joint venture for American Seating assets

Alongside market developments, NFI Group has also advanced strategic initiatives in the US transit ecosystem. The company and US bus maker Gillig formed a 50/50 joint venture that acquired the assets of American Seating, a long-standing producer of seats for transit, motorcoach and rail applications. The transaction was highlighted in industry coverage by Metro Magazine as of 04/11/2024, which described how the deal aims to maintain product continuity for transit agencies while integrating seating solutions more closely with vehicle platforms.

For NFI, the joint venture represents an extension of its value chain in the US market, where seating is a critical component of bus and rail interiors. By partnering with Gillig, a major US bus manufacturer, NFI gains a foothold in an adjacent product category with direct relevance to its core customer base of transit agencies and operators. The JV structure allows both partners to share risk and capital requirements while potentially leveraging combined purchasing power, engineering expertise and distribution networks.

From the perspective of US transit agencies, continuity of supply and support for American Seating products may be an important consideration, particularly for fleets already configured with its seats. The joint venture arrangement is designed to preserve access to parts, service and future upgrades while ensuring that US manufacturing and jobs linked to the product line can be maintained. For NFI, the initiative may also provide incremental revenue opportunities through integration of seating systems into new bus orders and refurbishments.

Industry trends and competitive position

NFI operates within a competitive landscape that includes other North American and European bus manufacturers, as well as new entrants focused on electric buses. Longstanding competitors include traditional diesel and hybrid bus makers, while more recent rivals feature pure-play electric bus specialists. In this environment, fleet decarbonization policies in the US, Canada and the UK play a central role in shaping demand, with agencies targeting reductions in greenhouse gas emissions and local air pollutants.

Industry observers have pointed to several structural drivers supporting demand for heavy-duty buses and coaches over the medium term. Urbanization, congestion concerns and policy support for public transit can encourage cities to invest in fleet renewals, especially when combined with federal or state grants. At the same time, rising expectations from passengers regarding comfort, accessibility and digital connectivity influence vehicle specifications, creating opportunities for manufacturers that can deliver integrated, technology-rich solutions.

NFI’s competitive positioning reflects its installed base, relationships with transit agencies and ongoing investments in zero-emission technologies. The company’s ability to offer a range of propulsion options, including diesel, hybrid, battery-electric and fuel cell, provides flexibility for agencies at different stages of the energy transition. Furthermore, its international footprint, with operations and sales not only in Canada and the US but also in the UK and other markets, enables it to balance demand cycles across regions.

Why NFI Group (New Flyer) matters for US investors

For US investors, NFI Group offers exposure to the public transit and coach segment, which sits at the intersection of infrastructure spending, environmental policy and urban mobility trends. Although the company is headquartered in Canada and listed on the Toronto Stock Exchange, a substantial portion of its business is tied to US transit agencies that purchase buses and related services. As such, federal legislation and funding streams in Washington, as well as state-level programs, can influence NFI’s opportunities and risks.

Participation in US procurement processes requires compliance with Buy America content rules and other regulatory frameworks. NFI has established manufacturing and assembly capabilities designed to meet these requirements, enabling it to compete effectively for federally funded contracts. For US-based investors seeking to align portfolios with themes such as fleet electrification and public transit modernization, the company’s product range and geographic exposure may be of interest alongside domestic pure-play manufacturers and diversified industrial groups.

Currency considerations are also relevant. Because NFI reports in Canadian dollars while earning a sizeable portion of revenue in US dollars, movements in the exchange rate can affect reported revenue and earnings. US investors who buy the stock in Canadian dollars on the TSX therefore face both equity and currency risk. Some investors manage this by viewing the exposure as part of a broader North American allocation, while others may consider hedging strategies depending on their risk tolerance and time horizon.

Conclusion

NFI Group’s recent share price recovery, combined with insider buying by director Daniel Barclay and strategic moves such as the joint venture with Gillig to acquire American Seating assets, has kept the stock in focus among North American transit investors. The company’s exposure to US transit funding, its diversified bus and coach portfolio, and its investments in zero-emission technologies provide multiple drivers that could influence future performance. At the same time, order timing, cost pressures, execution on large contracts and currency movements remain important variables that can affect results and share price volatility. Investors evaluating NFI Group are therefore likely to weigh its positioning in the evolving public transit landscape against the operational and financial risks inherent in a capital-intensive manufacturing business.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.