Boyd Group Services Inc. (BYD.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

+278.1%

CA$467.05

vs CA$123.52 price

Levered DCF

CA$460.09

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.72

Distress 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	260.27×	190.16×	68.93×	109.51×	181.47×	107.1×	81.78×	28.67×
P/B	2.86×	5.61×	7.24×	5.96×	5.95×	6.5×	8.74×	4.92×
P/S	1.54×	1.52×	2.03×	1.83×	2.31×	2.96×	2.34×	1.51×
EV / EBITDA	15.5×	17.58×	19.28×	19.91×	25.02×	24.87×	20.18×	18.46×
Gross margin	38.6%	45.5%	45.5%	44.7%	44.6%	45.7%	45.4%	45.2%
Operating margin	4.2%	10.9%	12.5%	11.2%	11.2%	13.3%	13.4%	9.0%
Net margin	0.6%	0.8%	2.9%	1.7%	1.3%	2.8%	2.8%	4.2%
Current ratio	3.14×	0.62×	0.63×	0.65×	0.64×	0.67×	0.57×	0.81×
Debt / equity	1×	1.51×	1.37×	1.31×	1.36×	0.84×	1.52×	0.52×
Interest coverage	1.9×	4.85×	7.1×	5.68×	6×	4.86×	6.02×	12.97×
Dividend yield	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.3%
Payout ratio	50.8%	36.7%	11.0%	22.4%	40.7%	17.0%	16.9%	12.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.1%	3.0%	10.5%	5.5%	3.2%	6.2%	10.5%	13.6%
Return on invested capital	2.5%	12.0%	13.1%	10.6%	8.7%	11.4%	12.9%	13.5%
Return on assets	0.5%	1.0%	3.6%	1.9%	1.2%	2.8%	3.4%	6.3%
Free cash flow yield	5.6%	4.2%	4.8%	4.7%	3.6%	4.4%	4.6%	5.1%
Earnings yield	0.4%	0.5%	1.4%	0.9%	0.5%	1.0%	1.2%	2.8%
Enterprise value	CA$5.4B	CA$5.9B	CA$7.1B	CA$5.5B	CA$5.2B	CA$5.1B	CA$4.7B	CA$2.4B
Net debt / EBITDA	1.4×	3.68×	3.02×	3.54×	4.54×	2.59×	2.89×	1.41×
Cash conversion cycle (days)	-33	-37	-41	-41	-47	-56	-47	-60