Capstone Copper Corp. (CS.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

-129.4%

-CA$3.34

vs CA$11.39 price

Levered DCF

-CA$12.67

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.06

Grey zone

Rating

Overall 3 / 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	23.89×	56.16×	-32.32×	18.22×	7.88×	62.26×	21.11×	23.4×
P/B	2.26×	1.52×	1.24×	0.82×	1.78×	0.95×	0.31×	0.23×
P/S	3.19×	2.91×	2.44×	1.76×	2.25×	1.62×	0.55×	0.42×
EV / EBITDA	7.93×	12.7×	17.57×	7.47×	3.45×	7.34×	4.06×	2.79×
Gross margin	22.8%	32.7%	23.7%	29.5%	56.9%	35.8%	29.1%	34.7%
Operating margin	20.6%	10.2%	2.4%	10.8%	44.8%	8.2%	3.4%	13.8%
Net margin	13.4%	5.2%	-7.6%	9.4%	28.5%	2.8%	-3.8%	-5.5%
Current ratio	1.2×	0.79×	1.13×	1.4×	1.57×	1.68×	2.23×	2.01×
Debt / equity	0.46×	0.43×	0.52×	0.29×	0.02×	0.25×	0.28×	0.29×
Interest coverage	3.94×	3.6×	1.87×	11.79×	19.36×	2.41×	0.85×	3.5×
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	9.5%	2.7%	-3.8%	4.4%	22.5%	1.6%	-2.2%	-3.0%
Return on invested capital	5.5%	1.8%	0.6%	2.0%	18.1%	1.4%	-2.9%	0.8%
Return on assets	4.5%	1.3%	-1.7%	2.2%	13.3%	0.9%	-1.2%	-1.7%
Free cash flow yield	0.9%	-2.9%	-17.6%	-21.4%	22.9%	5.5%	-8.5%	10.3%
Earnings yield	4.2%	1.8%	-3.1%	5.4%	12.7%	1.7%	-7.0%	-13.1%
Enterprise value	CA$8.9B	CA$5.8B	CA$4.5B	CA$2.9B	CA$1.5B	CA$871.9M	CA$397.4M	CA$360.3M
Net debt / EBITDA	1.11×	2.58×	4.81×	1.64×	-0.54×	1.15×	1.72×	1.45×
Cash conversion cycle (days)	31	-7	-4	-2	-24	1	19	42