Base Carbon Inc. (BCBN.NE) 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

+17.0%

CA$0.67

vs CA$0.57 price

Levered DCF

CA$0.12

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

4.1

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	300.38×	-1.21×	0.44×	-3.07×	-56×
P/B	0.74×	0.34×	0.32×	1.23×	1.69×
P/S	41.25×	1.22×	6.68×	0×	0×
EV / EBITDA	117.21×	-0.74×	0.4×	-4.38×	33.16×
Gross margin	-69.6%	86.4%	65.5%	0.0%	0.0%
Operating margin	378.9%	71.7%	-6.9%	0.0%	0.0%
Net margin	13.5%	-102.4%	1531.2%	0.0%	0.0%
Current ratio	50.01×	29.16×	79.98×	56.04×	139.28×
Debt / equity	0×	0×	0×	0×	0×
Interest coverage	571.83×	801.98×	-518.81×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	0.2%	-28.1%	73.0%	-41.1%	-3.0%
Return on invested capital	3.0%	18.3%	-0.3%	-15.9%	-2.5%
Return on assets	0.2%	-25.8%	69.6%	-35.1%	-2.9%
Free cash flow yield	-7.1%	47.5%	-18.7%	-63.8%	-1.1%
Earnings yield	0.3%	-83.6%	229.3%	-33.4%	-1.8%
Enterprise value	CA$69M	CA$19.8M	CA$41.6M	CA$33.4M	CA$38.8M
Net debt / EBITDA	-9.63×	0.55×	-0.01×	1.69×	-40.22×
Cash conversion cycle (days)	2,660	2,378	-73	-52	-2,685