Dollarama Inc. (DOL.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

+84.4%

CA$390.88

vs CA$212.00 price

Levered DCF

CA$331.58

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

6.99

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	38.63×	32.9×	27.64×	28.73×	29.95×	27.89×	25.05×	20.93×
P/B	34.74×	32.39×	73.34×	810.58×	-300.93×	47.1×	-153.52×	-49.02×
P/S	6.97×	6×	4.76×	4.56×	4.59×	3.92×	3.74×	3.23×
EV / EBITDA	22.86×	21.62×	17.89×	18.37×	18.22×	15.73×	15.86×	13.65×
Gross margin	38.9%	45.1%	44.5%	46.5%	47.3%	47.5%	47.1%	48.2%
Operating margin	23.8%	26.7%	25.5%	23.6%	22.7%	21.4%	22.9%	23.8%
Net margin	18.0%	18.2%	17.2%	15.9%	15.3%	14.0%	14.9%	15.5%
Current ratio	1.13×	1.18×	1.93×	0.99×	0.79×	0.83×	0.7×	2.46×
Debt / equity	3.71×	3.96×	11.38×	148.5×	-54.77×	10.33×	-36.79×	-14.1×
Interest coverage	8.24×	8.9×	8.69×	10.33×	10.79×	9×	8.63×	8.93×
Dividend yield	0.2%	0.3%	0.3%	0.3%	0.3%	0.3%	0.4%	0.4%
Payout ratio	8.6%	8.3%	7.5%	7.9%	9.1%	9.7%	9.6%	9.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	89.9%	98.3%	265.3%	2822.5%	-1004.3%	168.5%	-611.8%	-234.5%
Return on invested capital	18.4%	21.5%	23.1%	20.2%	19.7%	16.2%	18.6%	18.8%
Return on assets	17.3%	18.0%	19.2%	16.6%	16.3%	13.4%	15.2%	16.3%
Free cash flow yield	2.9%	3.6%	4.5%	3.1%	5.0%	4.6%	4.2%	4.4%
Earnings yield	2.6%	3.0%	3.6%	3.5%	3.3%	3.6%	4.0%	4.8%
Enterprise value	CA$55.6B	CA$43.1B	CA$32B	CA$27.1B	CA$23.4B	CA$18.8B	CA$17.5B	CA$14.7B
Net debt / EBITDA	2.08×	2.3×	2.25×	2.79×	2.76×	2.53×	3×	3.01×
Cash conversion cycle (days)	82	89	93	119	86	99	105	103