Cargojet Inc. (CJT.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

-166.4%

-CA$59.79

vs CA$90.04 price

Levered DCF

-CA$226.89

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.41

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	16.02×	16.12×	54.92×	10.56×	17.12×	-38.16×	120.15×	46.88×
P/B	1.73×	2.37×	2.61×	2.42×	4.24×	19.12×	5.05×	6.02×
P/S	1.29×	1.75×	2.34×	2.05×	3.78×	5.01×	2.87×	2.09×
EV / EBITDA	7.34×	6.96×	9.65×	6.86×	9.1×	15.81×	13.57×	12.29×
Gross margin	19.9%	22.6%	15.7%	25.3%	30.7%	37.5%	24.5%	24.7%
Operating margin	11.3%	13.5%	7.7%	17.6%	22.8%	22.2%	11.4%	13.3%
Net margin	8.1%	10.8%	4.3%	19.5%	22.1%	-13.1%	2.4%	4.4%
Current ratio	1.23×	0.58×	1.49×	0.77×	2.04×	0.53×	0.62×	0.99×
Debt / equity	1.55×	1.02×	1.02×	0.85×	0.59×	3.27×	2.29×	3.83×
Interest coverage	2.26×	2.38×	1.09×	5.15×	5.6×	3.74×	1.27×	2.21×
Dividend yield	1.2%	1.5%	1.0%	0.9%	0.6%	0.4%	0.9%	1.2%
Payout ratio	20.0%	24.6%	52.8%	9.9%	10.2%	-16.6%	106.9%	55.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.8%	14.7%	4.8%	22.9%	24.7%	-50.1%	4.2%	12.8%
Return on invested capital	4.9%	6.0%	2.6%	8.0%	10.2%	12.9%	3.0%	5.2%
Return on assets	3.8%	5.6%	1.8%	9.6%	11.2%	-7.2%	1.1%	2.4%
Free cash flow yield	-7.9%	4.5%	-3.6%	-16.3%	-1.1%	4.4%	-4.8%	-10.0%
Earnings yield	6.2%	6.2%	1.8%	9.5%	5.8%	-2.6%	0.8%	2.1%
Enterprise value	CA$2.4B	CA$2.5B	CA$2.8B	CA$2.7B	CA$3.2B	CA$3.9B	CA$2B	CA$1.6B
Net debt / EBITDA	3.46×	2.1×	2.63×	1.77×	0.87×	2.3×	4.23×	4.78×
Cash conversion cycle (days)	30	-28	-22	-5	-7	-35	-4	16