Bank of Montreal (BMO) 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

+136.1%

$411.09

vs $174.10 price

Levered DCF

$810.25

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.14

Distress zone

Rating

C+

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	FY2020	FY2019	FY2018
P/E	15.17×	13.32×	18.17×	6.26×	11.68×	10.49×	11.25×	12.04×
P/B	1.43×	1.1×	0.98×	1.17×	1.52×	0.9×	1.22×	1.39×
P/S	1.61×	1.18×	1.09×	2.23×	2.7×	1.48×	1.62×	1.96×
EV / EBITDA	34.26×	34.08×	43.18×	16.35×	23.13×	32.65×	33.9×	28.5×
Gross margin	41.6%	36.0%	43.6%	69.6%	82.8%	64.2%	63.4%	68.3%
Operating margin	14.8%	12.1%	8.7%	48.0%	31.6%	18.5%	18.8%	22.9%
Net margin	11.1%	9.3%	6.5%	36.3%	23.9%	14.8%	14.9%	16.9%
Current ratio	0.14×	0.14×	0.2×	0.17×	0.23×	0.21×	0.21×	0.21×
Debt / equity	4.72×	4.43×	4.66×	4.6×	5×	4.87×	5.52×	5.04×
Interest coverage	0.27×	0.2×	0.16×	1.62×	1.84×	0.68×	0.55×	0.77×
Dividend yield	4.0%	4.2%	3.6%	3.1%	3.4%	4.9%	4.4%	4.1%
Payout ratio	57.8%	52.5%	61.1%	19.2%	38.4%	48.6%	47.8%	47.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.9%	8.7%	5.8%	19.1%	13.5%	9.0%	11.3%	11.9%
Return on invested capital	1.5%	1.3%	0.8%	2.7%	1.9%	1.3%	1.4%	1.6%
Return on assets	0.6%	0.5%	0.3%	1.2%	0.8%	0.5%	0.7%	0.7%
Free cash flow yield	6.8%	29.7%	10.6%	4.2%	49.1%	97.9%	45.2%	26.8%
Earnings yield	6.9%	7.9%	6.0%	16.3%	8.8%	10.0%	9.2%	8.6%
Enterprise value	$470.4B	$396.9B	$347.2B	$316.7B	$273.5B	$260.1B	$287.4B	$243.4B
Net debt / EBITDA	25.12×	26.15×	33.93×	12.05×	15.72×	26.27×	26.54×	21.08×
Cash conversion cycle (days)	-250	-182	-327	-452	-826	-309	-268	-339