Aecon Group Inc. (ARE.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

-102.3%

-CA$1.20

vs CA$53.01 price

Levered DCF

-CA$11.90

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

Grey zone

Rating

C-

Overall 1 / 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	130.33×	-28.65×	4.99×	18.22×	20.59×	11.13×	14.6×	17.79×
P/B	2.14×	1.78×	0.76×	0.58×	1.12×	1.12×	1.24×	1.58×
P/S	0.36×	0.4×	0.17×	0.12×	0.26×	0.27×	0.31×	0.4×
EV / EBITDA	10.75×	-56.18×	7.46×	5.98×	7.52×	4.03×	5.65×	6.29×
Gross margin	5.3%	4.3%	5.5%	7.6%	8.2%	8.6%	10.6%	10.9%
Operating margin	0.8%	-1.4%	5.2%	2.1%	3.0%	4.1%	3.1%	2.7%
Net margin	0.3%	-1.4%	3.5%	0.6%	1.2%	2.4%	2.1%	1.8%
Current ratio	1.1×	1.14×	1.42×	1.21×	1.39×	1.38×	1.48×	1.64×
Debt / equity	0.65×	0.49×	0.39×	0.95×	0.85×	0.42×	0.86×	0.78×
Interest coverage	0.68×	-1.35×	3.27×	1.7×	2.6×	5.56×	4.76×	3.78×
Dividend yield	2.4%	2.8%	5.6%	8.0%	4.1%	3.8%	3.2%	2.3%
Payout ratio	315.9%	-79.1%	28.2%	146.4%	83.1%	42.6%	46.6%	50.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.6%	-6.2%	15.2%	3.2%	5.4%	10.1%	8.5%	7.2%
Return on invested capital	1.7%	-3.1%	13.6%	3.3%	4.2%	5.9%	5.0%	4.6%
Return on assets	0.4%	-1.8%	5.1%	0.9%	1.5%	2.7%	2.3%	2.0%
Free cash flow yield	3.0%	-1.4%	5.7%	-25.6%	-6.2%	24.1%	15.2%	24.7%
Earnings yield	0.8%	-3.5%	20.0%	5.5%	4.9%	9.0%	6.8%	4.5%
Enterprise value	CA$2.1B	CA$1.7B	CA$580M	CA$980.3M	CA$1.2B	CA$582M	CA$1B	CA$1.1B
Net debt / EBITDA	0.59×	-0.87×	-2.93×	2.59×	0.96×	-2.77×	-0.12×	-1×
Cash conversion cycle (days)	69	66	66	53	45	40	47	57