Chorus Aviation Inc. (CHR.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

+353.5%

CA$140.26

vs CA$30.93 price

Levered DCF

CA$126.12

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

Distress zone

Rating

A-

Overall 4 / 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	7.03×	-2.16×	7.41×	24.24×	-28.13×	14.41×	9.54×	11.42×
P/B	1.09×	1.16×	0.41×	0.53×	0.83×	0.93×	2.1×	1.79×
P/S	0.42×	0.42×	0.35×	0.39×	0.56×	0.63×	0.93×	0.53×
EV / EBITDA	4.02×	5.38×	7.95×	7.09×	8.75×	7.23×	8.17×	7.54×
Gross margin	20.1%	19.3%	24.1%	26.5%	20.1%	24.3%	26.3%	24.6%
Operating margin	7.6%	6.6%	11.3%	11.8%	6.9%	12.1%	14.7%	14.9%
Net margin	6.0%	-11.3%	7.2%	3.1%	-2.0%	4.4%	9.7%	4.6%
Current ratio	1.3×	0.95×	0.79×	0.69×	0.77×	1×	0.63×	0.69×
Debt / equity	0.74×	1.01×	1.47×	1.72×	2.77×	3.42×	3.04×	3.38×
Interest coverage	5.65×	1.79×	3.7×	1.79×	0.73×	1.25×	2.68×	3.66×
Dividend yield	0.7%	4.5%	7.2%	2.3%	0.0%	3.1%	4.4%	7.0%
Payout ratio	5.0%	-16.9%	34.7%	29.9%	0.0%	45.0%	41.5%	80.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.5%	-31.0%	8.5%	4.1%	-3.0%	6.5%	22.0%	15.6%
Return on invested capital	7.1%	7.3%	3.4%	3.6%	1.8%	3.2%	6.1%	6.6%
Return on assets	6.0%	-9.9%	2.6%	1.2%	-0.6%	1.2%	4.5%	2.9%
Free cash flow yield	5.0%	35.6%	52.5%	34.5%	19.1%	-41.7%	-48.3%	-11.3%
Earnings yield	14.2%	-26.6%	20.8%	7.8%	-3.6%	6.9%	10.5%	8.7%
Enterprise value	CA$898.7M	CA$890.6M	CA$2.2B	CA$2.6B	CA$2.4B	CA$2.6B	CA$3B	CA$2.1B
Net debt / EBITDA	1.55×	1.78×	6.15×	5.35×	6.62×	5.59×	4.74×	4.82×
Cash conversion cycle (days)	30	3	33	-15	-3	18	-16	-20