CAE Inc. (CAE) 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

-36.1%

$17.07

vs $26.71 price

Levered DCF

$20.39

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

2.08

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	36.99×	27.85×	-25.08×	43.69×	70.89×	-210.52×	15.16×	24.19×
P/B	2.19×	2.31×	1.92×	2.16×	2.53×	3.1×	2.7×	3.43×
P/S	2.36×	2.4×	1.9×	2.42×	3.01×	3.26×	1.85×	2.42×
EV / EBITDA	13.22×	12.89×	67.1×	16.22×	22.25×	31.8×	9.71×	14.47×
Gross margin	27.3%	27.6%	27.0%	27.0%	28.3%	25.7%	28.7%	28.5%
Operating margin	12.7%	15.5%	-4.3%	11.6%	8.4%	1.6%	14.0%	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×	0.72×	0.76×	0.75×	1.39×	1×
Interest coverage	2.7×	3.76×	-1.03×	3.43×	2.57×	0.43×	3.38×	7.02×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.4%	1.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.7%	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%	6.2%	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%	1.1%	-0.2%	0.5%	2.1%	3.4%	2.4%
Earnings yield	2.7%	3.6%	-3.7%	2.3%	1.4%	-0.5%	4.6%	4.1%
Enterprise value	$14.3B	$14.5B	$11B	$12.7B	$12.8B	$11.2B	$6.5B	$9.9B
Net debt / EBITDA	2.49×	2.83×	17.7×	3.86×	4.68×	4.06×	2.64×	2.76×
Cash conversion cycle (days)	82	78	103	131	142	155	128	115