CAE Inc. (CAE.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

-19.9%

CA$29.55

vs CA$36.89 price

Levered DCF

CA$41.00

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.14

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	36.96×	27.86×	-28.6×	43.66×	70.74×	-210.65×	15.21×	24.11×
P/B	2.19×	2.31×	2.07×	2.15×	2.52×	3.1×	1.9×	3.42×
P/S	2.37×	2.4×	2.04×	2.42×	3×	3.27×	1.31×	2.41×
EV / EBITDA	13.13×	13.77×	13.79×	16.14×	19.67×	20.07×	8.96×	15.69×
Gross margin	27.3%	27.6%	27.0%	27.0%	28.3%	25.7%	29.9%	28.5%
Operating margin	12.7%	15.5%	-4.3%	11.6%	8.4%	1.6%	14.8%	14.5%
Net margin	6.4%	8.6%	-7.1%	5.6%	4.2%	-1.6%	8.6%	10.0%
Current ratio	0.96×	0.8×	0.85×	0.99×	1.03×	1.28×	1.36×	1.12×
Debt / equity	0.61×	0.71×	0.73×	0.77×	0.76×	0.75×	1.39×	1.08×
Interest coverage	2.7×	3.08×	-0.84×	2.54×	2.06×	0.34×	3.57×	7.32×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.3%	1.3%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	35.6%	30.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.9%	8.3%	-7.2%	4.9%	3.5%	-1.5%	12.5%	14.2%
Return on invested capital	5.5%	6.6%	-1.9%	4.4%	3.6%	0.4%	6.6%	7.3%
Return on assets	2.8%	3.6%	-3.1%	2.1%	1.5%	-0.5%	3.7%	4.6%
Free cash flow yield	5.0%	4.0%	1.4%	-0.2%	0.5%	2.1%	3.4%	2.4%
Earnings yield	2.7%	3.6%	-3.5%	2.3%	1.4%	-0.5%	6.6%	4.1%
Enterprise value	CA$14.3B	CA$14.5B	CA$11.7B	CA$13B	CA$12.8B	CA$11.2B	CA$7.2B	CA$10.1B
Net debt / EBITDA	2.47×	3.02×	3.45×	4.07×	4.14×	2.56×	3.1×	3.25×
Cash conversion cycle (days)	82	78	103	131	142	136	128	128