Diversified Royalty Corp. (DIV.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

-100.8%

-CA$0.04

vs CA$4.16 price

Levered DCF

CA$0.07

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.66

Distress zone

Rating

B-

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	16.91×	18.19×	12.41×	24.83×	14.84×	-31.82×	24.15×	29.98×
P/B	2.18×	1.63×	1.64×	1.6×	1.79×	1.49×	1.81×	1.57×
P/S	8.88×	7.26×	6.89×	8.28×	9.22×	9.28×	11.19×	11.36×
EV / EBITDA	12.85×	12.91×	11.75×	16.99×	12.25×	-125.25×	17.14×	0×
Gross margin	99.9%	99.8%	99.8%	95.0%	94.7%	95.1%	94.1%	93.9%
Operating margin	91.5%	77.2%	90.0%	72.6%	93.4%	2.2%	86.5%	74.1%
Net margin	51.8%	41.0%	56.2%	34.4%	63.1%	-29.1%	46.1%	37.9%
Current ratio	0.68×	4.57×	0.69×	2.26×	0.23×	3.77×	4.95×	99.22×
Debt / equity	0.89×	0.9×	1.29×	0.85×	0.89×	0.82×	0.74×	0.61×
Interest coverage	3.54×	2.72×	3.33×	2.81×	3.78×	0.1×	3.49×	2.96×
Dividend yield	6.2%	7.4%	7.7%	6.5%	6.4%	8.4%	5.7%	7.0%
Payout ratio	105.5%	130.8%	94.9%	157.4%	94.0%	-266.2%	138.2%	209.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.7%	9.2%	13.4%	6.7%	12.3%	-4.7%	7.4%	5.3%
Return on invested capital	7.7%	6.2%	6.5%	4.8%	6.7%	0.1%	5.5%	4.4%
Return on assets	6.0%	4.6%	5.6%	3.4%	6.2%	-2.5%	4.1%	3.2%
Free cash flow yield	7.2%	9.8%	-11.9%	-13.6%	3.2%	-7.9%	-5.1%	2.1%
Earnings yield	5.8%	5.6%	8.1%	4.2%	6.8%	-3.1%	4.1%	3.3%
Enterprise value	CA$880.1M	CA$712.7M	CA$690.6M	CA$566.7M	CA$504.4M	CA$429.8M	CA$478.3M	CA$341.8M
Net debt / EBITDA	3.67×	4.36×	5.12×	5.77×	3.9×	-42.83×	4.93×	0×
Cash conversion cycle (days)	-335	-409	-836	-72	-424	-366	-134	-130