DEFSEC Technologies Inc. (DFSC) 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

-25676.2%

-$148.34

vs $0.58 price

Levered DCF

-$210.10

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-9.32

Distress zone

Rating

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
P/E	-0.31×	-0.23×	-0.92×	-0.59×	-9.22×
P/B	0.39×	1.26×	2.18×	-6.2×	14.02×
P/S	0.61×	1.15×	6.96×	8.62×	67.31×
EV / EBITDA	0.28×	-0.3×	-0.47×	-0.88×	-9.22×
Gross margin	35.2%	32.3%	-15.5%	25.6%	37.4%
Operating margin	-183.7%	-651.4%	-980.6%	-1398.6%	-721.3%
Net margin	-194.8%	-494.4%	-753.9%	-1458.1%	-730.2%
Current ratio	3.07×	0.62×	1.07×	0.22×	3.5×
Debt / equity	0.17×	0.22×	0.11×	-2.55×	0.06×
Interest coverage	-35.65×	-38.88×	-16.73×	-19.71×	-79.26×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	-123.4%	-543.6%	-236.5%	1049.0%	-152.1%
Return on invested capital	-89.1%	-351.4%	-220.0%	-376.6%	-121.2%
Return on assets	-74.5%	-132.4%	-79.1%	-143.7%	-106.9%
Free cash flow yield	-268.7%	-532.4%	-179.0%	-90.4%	-8.3%
Earnings yield	-318.4%	-431.7%	-108.3%	-169.2%	-10.8%
Enterprise value	-$2.4M	$1.8M	$3.6M	$8.6M	$83.5M
Net debt / EBITDA	0.65×	-0.01×	0.65×	-0.24×	0.26×
Cash conversion cycle (days)	123	13	134	-1,205	-42