Athabasca Oil Corporation (ATH.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

+55.4%

CA$18.29

vs CA$11.77 price

Levered DCF

CA$12.55

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.82

Safe 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	14.35×	6.27×	-47.55×	2.39×	1.38×	-0.13×	1.69×	-0.89×
P/B	1.98×	1.67×	1.54×	0.8×	0.62×	0.16×	0.25×	0.53×
P/S	2.68×	2.02×	2.04×	0.91×	0.62×	0.19×	0.37×	0.63×
EV / EBITDA	6.68×	3.51×	20.61×	3.72×	1.22×	-1.06×	1.32×	-3.1×
Gross margin	32.3%	52.1%	34.7%	48.6%	55.6%	34.4%	50.1%	26.6%
Operating margin	28.1%	30.2%	18.4%	19.1%	30.2%	-40.3%	12.5%	-8.2%
Net margin	18.7%	32.4%	-4.3%	38.0%	45.0%	-155.1%	22.0%	-70.4%
Current ratio	1.78×	2.21×	2.7×	1.3×	1.29×	2.46×	2.6×	1.62×
Debt / equity	0.11×	0.11×	0.12×	0.12×	0.37×	0.99×	0.46×	0.6×
Interest coverage	52×	10.69×	7.23×	3.63×	3.9×	-2.53×	1.44×	-0.96×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.8%	26.8%	-3.2%	33.5%	44.6%	-127.1%	15.1%	-59.0%
Return on invested capital	12.3%	14.9%	11.8%	14.2%	20.1%	-14.2%	4.0%	-4.0%
Return on assets	9.6%	18.9%	-2.5%	25.7%	26.3%	-50.5%	8.8%	-31.2%
Free cash flow yield	5.6%	9.9%	6.8%	12.3%	16.2%	-149.7%	-34.6%	-37.9%
Earnings yield	7.0%	16.0%	-2.1%	41.8%	72.5%	-801.7%	59.8%	-112.1%
Enterprise value	CA$3.4B	CA$2.8B	CA$2.3B	CA$1.4B	CA$792.8M	CA$484.2M	CA$612.9M	CA$1B
Net debt / EBITDA	-0.23×	-0.18×	-1.43×	0.02×	0.25×	-0.86×	0.66×	-1.55×
Cash conversion cycle (days)	-23	-31	-10	-11	-24	-39	-46	-24