AtkinsRéalis Group Inc. (ATRL.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

-9.3%

CA$81.69

vs CA$90.11 price

Levered DCF

CA$1.68

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.82

Grey zone

Rating

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	5.72×	47.07×	26.01×	429.91×	8.13×	-3.95×	16.02×	-6.12×
P/B	2.74×	3.54×	2.29×	1.46×	1.82×	1.49×	1.42×	2.21×
P/S	1.37×	1.4×	0.88×	0.56×	0.74×	0.55×	0.71×	0.82×
EV / EBITDA	4.52×	21.47×	13.94×	21.47×	18.15×	-373.7×	2.14×	-10.78×
Gross margin	7.5%	6.9%	6.7%	3.4%	-1.7%	-1.3%	2.9%	1.5%
Operating margin	6.1%	5.0%	4.8%	1.7%	-4.1%	-3.8%	1.9%	0.3%
Net margin	24.0%	3.0%	3.4%	0.1%	9.1%	-14.0%	4.4%	-13.3%
Current ratio	1.08×	1.02×	0.91×	0.85×	0.92×	0.95×	1.14×	0.83×
Debt / equity	0.31×	0.58×	0.72×	0.87×	0.73×	0.98×	0.72×	1×
Interest coverage	5.1×	2.68×	2.02×	0.99×	-2.65×	-2.13×	0.74×	0.16×
Dividend yield	0.1%	0.1%	0.2%	0.3%	0.3%	0.4%	0.8%	2.5%
Payout ratio	0.5%	4.9%	4.9%	144.0%	2.1%	-1.5%	12.8%	-15.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	47.8%	7.5%	8.8%	0.3%	22.4%	-37.7%	8.8%	-36.1%
Return on invested capital	7.5%	5.5%	5.6%	-0.7%	-4.9%	-3.6%	1.6%	0.3%
Return on assets	21.0%	2.5%	2.8%	0.1%	6.7%	-9.3%	2.8%	-10.2%
Free cash flow yield	1.9%	2.7%	-0.3%	-8.5%	0.5%	1.2%	-9.1%	-5.7%
Earnings yield	17.5%	2.1%	3.8%	0.2%	12.3%	-25.3%	6.2%	-16.3%
Enterprise value	CA$15.6B	CA$14.9B	CA$9.4B	CA$6.1B	CA$7B	CA$5.4B	CA$6.7B	CA$11.1B
Net debt / EBITDA	0.16×	2.21×	2.81×	6.7×	4.01×	-107.32×	0.46×	-2.94×
Cash conversion cycle (days)	50	48	57	38	41	40	69	46