Cipher Pharmaceuticals Inc. (CPH.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

+423.7%

CA$69.13

vs CA$13.20 price

Levered DCF

CA$96.95

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

9.06

Safe zone

Rating

S-

Overall 5 / 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	10.06×	21.17×	5.22×	2.67×	4.83×	4.29×	9.62×	61.73×
P/B	2.22×	2.39×	1.32×	1.11×	0.96×	0.6×	1.11×	1.36×
P/S	5.44×	7.33×	5.02×	3.44×	1.7×	0.91×	1.38×	1.47×
EV / EBITDA	11.52×	22.52×	5.79×	3.55×	1.26×	0.93×	2.66×	6.62×
Gross margin	65.8%	72.2%	80.8%	80.7%	83.2%	85.9%	87.1%	89.8%
Operating margin	32.7%	23.5%	54.5%	58.2%	53.9%	56.4%	52.0%	23.4%
Net margin	54.2%	34.6%	96.3%	128.8%	35.4%	21.1%	14.4%	2.4%
Current ratio	1.12×	1.94×	9.19×	4.07×	2.39×	2.03×	1.04×	1.08×
Debt / equity	0.04×	0.4×	0×	0.01×	0.01×	0.06×	0.34×	0.71×
Interest coverage	14.17×	0×	0×	0×	128.49×	37.76×	12.1×	5.88×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.1%	11.3%	25.3%	41.6%	19.9%	13.9%	11.6%	2.2%
Return on invested capital	12.8%	5.5%	14.3%	18.7%	21.0%	23.7%	14.4%	4.8%
Return on assets	17.8%	7.1%	23.7%	36.1%	15.0%	10.3%	7.0%	1.0%
Free cash flow yield	10.8%	8.0%	15.0%	14.7%	37.1%	55.4%	24.4%	13.9%
Earnings yield	10.0%	4.7%	19.2%	37.4%	20.8%	23.1%	10.5%	1.6%
Enterprise value	CA$277.5M	CA$267.2M	CA$66.7M	CA$42.8M	CA$17.2M	CA$12.4M	CA$34.2M	CA$40.8M
Net debt / EBITDA	-0.08×	1.92×	-3.42×	-2.36×	-1.47×	-0.54×	0.25×	1.17×
Cash conversion cycle (days)	117	148	-61	-59	-276	66	-242	-879