Capital Power Corporation (CPX.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

-63.6%

CA$23.05

vs CA$63.41 price

Levered DCF

-CA$23.89

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.79

Distress zone

Rating

C-

Overall 1 / 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	66.53×	12.35×	6.28×	54.54×	100.48×	44.92×	47.19×	12.28×
P/B	1.81×	1.79×	1.4×	2.2×	1.56×	1.27×	1.17×	0.89×
P/S	2.65×	2.78×	1.11×	1.2×	1.56×	1.94×	1.9×	2.01×
EV / EBITDA	14.43×	7.91×	4.86×	11.09×	9.1×	7.91×	9.3×	6.63×
Gross margin	-0.3%	0.5%	15.7%	33.9%	30.8%	24.9%	31.5%	29.0%
Operating margin	-6.4%	-6.0%	11.9%	30.7%	26.8%	19.4%	25.5%	22.1%
Net margin	4.8%	23.7%	18.6%	3.1%	3.5%	7.2%	6.6%	19.5%
Current ratio	0.94×	1.44×	1.29×	0.76×	0.98×	1.01×	0.6×	1.02×
Debt / equity	1.42×	1.12×	1.52×	1.58×	1.23×	1.28×	1.15×	0.87×
Interest coverage	-0.67×	-0.74×	2.93×	9.88×	5.19×	1.95×	3.26×	2.55×
Dividend yield	3.8%	3.4%	6.5%	5.5%	5.0%	6.6%	6.6%	7.9%
Payout ratio	211.2%	40.1%	39.0%	214.5%	223.5%	177.9%	190.4%	81.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.3%	15.3%	23.3%	5.6%	3.4%	4.7%	4.1%	8.6%
Return on invested capital	-1.4%	-1.2%	3.8%	15.6%	5.6%	2.8%	6.0%	3.1%
Return on assets	1.0%	5.4%	6.7%	1.4%	1.1%	1.5%	1.4%	3.5%
Free cash flow yield	0.5%	0.1%	1.0%	4.0%	4.8%	7.5%	1.5%	2.6%
Earnings yield	1.8%	8.5%	16.7%	2.6%	2.2%	3.7%	3.5%	9.7%
Enterprise value	CA$15.6B	CA$12.5B	CA$7.9B	CA$9B	CA$7.5B	CA$7B	CA$6.9B	CA$5.2B
Net debt / EBITDA	6.27×	2.7×	2.12×	4.42×	3.76×	3.76×	4.44×	3.15×
Cash conversion cycle (days)	92	79	78	89	83	125	96	165