Veritas Investment Research

What Veritas Investment Research does

Veritas Investment Research is a privately held, employee-owned Canadian independent equity research firm founded in 2000 and headquartered in Toronto. The firm produces subscription-based fundamental equity research using a forensic accounting methodology, with coverage spanning Canadian equities, REITs, income-oriented securities, and broader market themes. Its core products include the Equity Research Platform, the V-List Model Portfolio, bi-annual Dividend Reports, the Great Canadian Real Estate Conference, recurring webinars, the Housing Riskometer, and formal training programs. The firm sells access primarily to financial advisors, private investors, and institutional investors, with pricing handled through a direct sales relationship rather than self-serve channels.

The business model is anchored in recurring subscription revenue from research access, augmented by event ticket sales, training fees, and conference sponsorship. The firm operates within a broader Veritas ecosystem that includes the affiliated Veritas Asset Management and the Veritas Foundation, supporting cross-sell and brand extension. Its competitive positioning rests on employing CPAs and chartered accountants as analysts, a senior presence on the IFRS Capital Markets Advisory Committee, and a documented long-term outperformance record for the V-List versus the TSX Composite dating back to 2004.

Distribution is multi-channel and increasingly diversified: the firm historically relied on written research distribution and annual conferences, and has expanded into podcasting via the CSI Chat show, recurring webinar programming, and thematic training offerings such as the AI Sector Training 2026 program. The team is described in the size band of 11-50 employees, with named analysts who have received external recognition including Refinitiv StarMine rankings. The firm has not disclosed fundraising, revenue, or ARR figures, and operates without disclosed AI/ML tooling applied to its research production process.

Name

Veritas Investment Research

Legal name

Veritas Investment Research Corporation

Website

https://veritascorp.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

11–50 employees

Short description

Veritas Investment Research is a Toronto-based, employee-owned independent equity research firm founded in 2000 that sells subscription-based forensic accounting research, the V-List Model Portfolio, and training to financial advisors, private investors, and institutional clients in Canada.

Ownership category

akta.pro rank

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Equity Research Subscriptions: Veritas generates primary revenue through subscription services for equity research reports, analysis, and model portfolios. The firm offers various subscription tiers including a Base Subscription which is described as the most popular for financial advisors and private investors.
2. Training Programs: The company offers training programs on sector analysis (e.g., AI Sector Training 2026) and professional development topics (e.g., Flammable Items and Ethics in Accounting 2025).
3. Conference and Event Fees: Revenue is generated from annual conferences including the Great Canadian Real Estate Conference and other events, with paid attendance providing both revenue and client acquisition.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Veritas Investment Research is an independent equity research firm that sells subscription-based research on Canadian and international companies, anchored by a forensic accounting methodology. Its flagship offerings include the V-List Model Portfolio (a concentrated 12–25 stock portfolio that has outperformed the S&P/TSX Composite by 280 basis points since 2004), bi-annual Dividend Reports, and event-based services such as the Annual Great Canadian Real Estate Conference. Revenue is generated through subscription tiers (Base Subscription being the most popular), paid training programs, and conference fees.

Product overview

Veritas Investment Research operates as a single unified equity research platform offering independent investment analysis on Canadian and international companies. The core offering centers on the V-List Model Portfolio (a concentrated portfolio of 12-25 recommended stocks) and bi-annual Dividend Reports identifying recommended and cautionary dividend stocks. Additional services include the Annual Great Canadian Real Estate Conference, analyst webinars, the Housing Riskometer research tool, and Training Programs including specialized sector training. These offerings are delivered through subscription tiers with the Base Subscription serving as the primary tier for financial advisors and private investors. The company is affiliated with Veritas Asset Management Inc. and the Veritas Foundation, though these are separate entities.

Differentiator

Problem solved

Functional benefit

Products and services

• Equity Research Platform Subscription-based independent equity research platform providing forensic accounting-based investment analysis on Canadian and international companies, targeting financial advisors, private investors, and institutional clients.
• V-List Model Portfolio A concentrated, equally-weighted model portfolio of 12 to 25 companies recommended by Veritas analysts as the best investment opportunities, selected based on liquidity, lower volatility, and potential for long-term capital appreciation. Available to subscribers.
• Bi-Annual Dividend Reports Cross-sector dividend reports published twice a year identifying companies positioned for robust dividend growth and cautionary dividend names. Included in the Base Subscription.
• Annual Real Estate Conference Annual Great Canadian Real Estate Conference bringing together investors, regulators, academics and industry professionals to analyze residential and commercial real estate markets; held in Toronto and streamed online with paid attendance.
• Analyst Webinars Recurring webinars and video conferences featuring Veritas analysts presenting research findings, sector analysis, and investment recommendations, including Best Ideas webinars, V-List updates, and sector-specific deep dives.
• Housing Riskometer A risk assessment tool for Canadian housing markets providing indicators on market conditions, risk levels, and trends.
• Training Programs Paid educational offerings including sector-specific training such as the 2026 AI Sector training program and the 2025 'Flammable Items and Ethics in Accounting' course.
• Base Subscription Entry-level subscription tier for financial advisors and private investors, including access to Dividend Reports, the V-List Model Portfolio, and analyst webinars. Quote-based pricing through sales team.

Quantifiable outcome

• V-List portfolio outperformed S&P/TSX Composite by 280 basis points from 2004 to 2026
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• Veritas Asset Management Inc.coreOthersVeritas Asset Management Inc. is an affiliated company under the Veritas Group of Companies, 100% employee-owned. The firm capitalizes on research from affiliate Veritas Investment Research Corp., offering concentrated, high-conviction portfolio management focused on Canadian equities with some international exposure. Sam LaBell serves as Veritas Asset Management Advising Representative and Director.
• The Veritas FoundationcoreOthersThe Veritas Foundation is an affiliated charitable organization under the Veritas Group of Companies. It aims to be Canada's authoritative source for evaluating charitable sector effectiveness through its VScore program. Mark S. Bonham serves as Executive Director. The foundation offers the Veritas Foundation Giving Fund, a Donor Advised Fund, and grants/awards linked to independent research.
• Veritas Charity Services Inc.minorOthersVeritas Charity Services Inc. is an affiliated company that supports charitable initiatives, including organizing charity golf tournaments and managing charitable donations for Veritas events.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• TipRanks: TipRanks is a fintech research aggregation platform that tracks analyst ratings, fundamental data, and quant-driven equity research for retail and advisor users. Comparable as an emerging, technology-enabled alternative to traditional subscription research firms like Veritas.
• Seeking Alpha: Seeking Alpha is a crowdsourced equity research platform with premium subscription tiers providing model portfolios, quant ratings, and contributor research. An emerging competitor to Veritas for retail and advisor customers seeking independent, subscription-based investment analysis at a lower price point.
• AlphaSense: AlphaSense is a market intelligence and enterprise search platform that aggregates equity research, transcripts, and broker reports for institutional clients. An emerging technology-enabled competitor to traditional independent research firms, particularly relevant to Veritas's institutional and advisor segments.

Broad incumbents

• Morningstar: Morningstar is a global independent investment research firm offering equity research, fund analysis, and portfolio analytics to advisors and retail investors. It is directly comparable in the independent equity research and model-portfolio category but operates at much greater scale and breadth than Veritas.
• Bloomberg Intelligence: Bloomberg Intelligence is a large-scale research and analytics arm of Bloomberg providing equity research, industry analysis, and data-driven insights to institutional clients. Competes with Veritas at the institutional end of the market but is bundled into the broader Bloomberg Terminal ecosystem.

Direct peers

• Canaccord Genuity Group: Canaccord Genuity is a Canadian-headquartered independent investment bank with a dedicated equity research franchise covering Canadian small/mid-cap names. Directly comparable as a Canada-focused equity research provider to advisors and institutional clients, though it also operates trading and underwriting businesses.
• Value Line: Value Line is a long-standing, subscription-based independent equity research firm providing fundamental research, ratings, and model portfolios to retail and advisor clients. It is a direct peer in business model, customer base, and subscription-style delivery, with a similar focus on long-term, fundamentals-driven research.
• Argus Research Company: Argus Research is an independent equity research firm providing fundamental research and model portfolios to institutional and individual investors. Comparable to Veritas in being a subscription-based, conflict-free research house with a focus on long-term fundamental analysis.
• CFRA (S&P Global Market Intelligence equity research): CFRA (formerly S&P Capital IQ equity research business) provides independent fundamental equity research, forensic accounting analysis, and model portfolios to institutional and retail clients. It is a direct peer given the shared forensic-accounting methodology and independent-research subscription model.
• Zacks Investment Research: Zacks provides subscription-based independent equity research, earnings analysis, and model portfolios primarily to retail investors. It competes with Veritas for the same retail-advisor segment with similar subscription tiers and a focus on quantifiable stock-ranking systems.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/ASclipoti
• LinkedInlinkedin.com/company/veritas-investment-research

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Veritas Investment Research