Atrium Mortgage Investment Corporation (AI.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+34.7%

CA$14.99

vs CA$11.13 price

Levered DCF

CA$12.15

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.29

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.24×	10.29×	8.88×	9.94×	14.34×	13.6×	14.95×	17.01×
P/B	1.05×	0.95×	0.95×	0.97×	1.27×	1.16×	1.26×	1.49×
P/S	6.47×	5.53×	5.08×	6.61×	10.5×	9.23×	9.7×	11.09×
EV / EBITDA	13.02×	13.33×	12.19×	13.62×	18.5×	20.93×	22.08×	26.13×
Gross margin	89.7%	55.4%	58.6%	70.5%	75.8%	70.0%	68.4%	67.1%
Operating margin	81.7%	53.9%	57.1%	66.3%	73.3%	67.6%	65.2%	64.9%
Net margin	57.6%	53.9%	57.1%	66.3%	73.3%	67.6%	65.2%	64.9%
Current ratio	3.15×	92.49×	0.88×	0.55×	0.43×	0.02×	0.03×	0.02×
Debt / equity	0.68×	0.29×	0.35×	0.36×	0.37×	0.62×	0.61×	0.79×
Interest coverage	3.39×	1.84×	1.99×	2.35×	3.34×	2.88×	2.24×	2.2×
Dividend yield	8.0%	9.4%	9.2%	7.8%	5.8%	7.3%	5.7%	5.1%
Payout ratio	90.0%	96.0%	82.2%	77.8%	82.7%	99.2%	84.3%	86.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.3%	9.3%	10.7%	9.7%	8.9%	8.5%	8.5%	8.7%
Return on invested capital	7.8%	5.6%	5.9%	5.3%	5.4%	5.2%	5.2%	4.9%
Return on assets	5.5%	5.5%	5.9%	5.3%	5.4%	5.2%	5.2%	4.8%
Free cash flow yield	10.8%	13.9%	7.6%	12.6%	11.3%	10.5%	8.4%	7.2%
Earnings yield	8.9%	9.8%	11.2%	10.0%	7.0%	7.3%	6.7%	5.9%
Enterprise value	CA$906.2M	CA$637.7M	CA$627.5M	CA$631M	CA$773M	CA$820.3M	CA$851.5M	CA$882.4M
Net debt / EBITDA	5.11×	3.08×	3.29×	3.65×	4.18×	7.27×	7.19×	9.04×
Cash conversion cycle (days)	-87	-54	-25	-97	-75	-52	-76	-44