Empowering Investors for over 20 years

Veritas is Canada's Leading
Independent Equity Research Firm


Our Mission is to Seek the Truth from the Facts


Darryl McCoubrey, Vice President and Head of Research, Partner, and Dimitry Khmelnitsky, Vice President, Partner, Head of Accounting & Special Situations

We Outperform

Our recommendations to Buy stocks have outperformed the S&P/TSX Composite by more than 300 basis points, while the Sell recommendations have underperformed by more than 400 basis points since March 1999.

Find out more about our Track Record.

We Are Independent 

We provide investment research you can trust. We do not have investment banking or trading revenue or biases. That means we are only paid by the clients who read our research or receive our training. We call it the Veritas Way.

Find out more about our Investment Approach.

We Stand Up For Investors

We are the voice of investors and study accounting like no other. We have served on national and international accounting standards and regulatory advisory boards, taught at business schools and regularly are cited by major media outlets.

Find out more about Our Team.

  We have many subscription options.

   Contact our Sales Team to discuss your equity research needs.     Contact Sales

New Report


Veritas S-List

Introducing the Veritas SELL List, or S-List, comprised of all our SELL-recommended stocks by our analyst team. Using our valuation framework, our SELL-recommended stocks are expected to generate a negative return over the next 12 months. 

We recommend SELLs based on their potential for downside risk, using bottom-up fundamental analysis. Our Veritas Quality Rating process scrutinizes accounting and disclosure practices to identify companies with eroding or low competitive advantages and weak cash flows.

You can subscribe to the S-List. Discover more about our reports.


Sample Reports and Products


S-List Model Portfolio vs S&P/TSX Index Since 1999 Inception

Since our inception just over 25 years ago, our SELL recommendations have underperformed the S&P/TSX Composite Index by a CAGR of 491 basis points. * Note inception is March 25, 1999. Returns greater than 1-year are presented as compound annual growth rates.

Virtual Open House

Showcasing Independent Research

Here is the replay from our second Veritas Virtual Open House. In it, you will meet our Co-founder and CEO, Anthony Scilipoti, and learn a little more about his vision for independent research and why it's so important to investors.

You'll also meet Darryl McCoubrey, our Head of Research, to learn a little more about the Veritas methodology behind our investment research and what goes into making our investment recommendations.

Finally, you'll meet two of our analysts, Dan Fong and Shalabh Garg, who share some of their past successful picks and views on their sectors.

Please contact sales if you'd like to learn more about subscribing to our research.

Contact Sales

Our Track Record

What is the V-List?

Veritas' track record is measured through our V-List, a model portfolio that has outperformed the S&P/TSX Composite Index by 324 basis points annually (as of June 30, 2024, from inception on October 31, 2004).

The V-List is a concentrated portfolio of 12 to 25 companies recommended by Veritas Investment Research as the best investment opportunities drawn from our firm’s research.  

Stocks are selected based on their liquidity, lower volatility and potential for long-term capital appreciation, using bottom-up fundamental analysis and a strict review of accounting and disclosure practices to identify companies with defensible competitive advantages and the ability to generate meaningful cash flow.

Find Out More



V-List Model Portfolio vs S&P/TSX Index Since 2004 Inception

Returns greater than 1-year are presented as compound annual growth rates.



V-List Review

Darryl McCoubrey, Head of Research and member of our V-List Committee, discusses the V-List's performance so far in 2024 and its positioning moving forward.

He discusses performance, how we are managing risk and what kinds of companies we are favouring in this market environment.





January 31, 2024
The Untold Truth Behind Growth Stocks (Wealth Builder 5) - Anthony Scilipoti

Our President and CEO, Anthony Scilipoti, had the opportunity to talk about the world of investing on a podcast with Breakthrough Academy, a service that works with contractors to help them navigate the challenges of growing their businesses and personal wealth. He talked about the five main areas of fundamental research that we dig into at Veritas Investment Research, how accounting is more subjective than most people realize, the difference between investing and speculating and how to evaluate a financial advisor. In one segment, he talked about why it is important for investors to dig beyond the headlines and charts of the day, especially today, as the market is starting to look frothy.

News and Insights

June 12, 2024
National Bank to Buy Canadian Western Bank

Our Senior Financial Services Analyst Nigel D'Souza was quoted widely regarding National Bank of Canada's (TSX: NA) deal to buy Canadian Western Bank (TSX: CWB). In the media quotes, Nigel leaned on two extensive reports we published for clients over the past year in which he studied Canadian banks going back for decades, and concluded that the banks that stay closest to home and avoid international expansion tend to have the highest returns for shareholders.
The Canadian Western deal is "a clear winner" for National Bank, Nigel told Reuters. He praised the expansion and diversification of the bank's Canadian franchise, which he said has the highest risk-adjusted returns over the long term. Nigel had a BUY on Canadian Western Bank before the proposed transaction was announced.
Visit News and Insights for full coverage.

Recent Reports


Our Affiliated Companies

The Veritas Group of Companies

Veritas Investment Research Corp., Veritas Asset Management Inc. and The Veritas Foundation
are owned by the Veritas Group of Companies, which is 100% employee-owned.

Veritas Asset Management Inc.

Veritas Asset Management was founded on the belief that superior research leads to better investment decisions. Our funds capitalize on the successful research of our affiliate Veritas Investment Research Corp.

Sam LaBell, Veritas Asset Management Advising Representative, Director

Our portfolios offer concentrated, high-conviction positions in companies identified through our research and due diligence work, applying a disciplined and systematic selection process. 

Through our research, we identify opportunities to profit from mispriced securities, either by buying top-quality companies for long-term capital appreciation or through long-short hedging strategies.  While our portfolios are primarily focused on Canadian equities, our portfolio managers also consider opportunities beyond Canada.

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Veritas Foundation

The Veritas Foundation aims to be Canada's authoritative source for participating in the country's charitable sector and evaluating its effectiveness and impact. Our vision is to foster a thriving Canadian charitable sector.

Mark S. Bonham, Veritas Foundation Executive Director

The Veritas Foundation is committed to making sustainable improvements to the Charitable sector through its innovative research, management and granting programs. 

In addition to offering the Veritas Foundation Giving Fund, a Donor Advised Fund, the foundation offers grants and awards linked to independent advice, information, thought leadership, and comprehensive reviews of Canadian registered charities, all within a unique VScore program framework.

Learn More