Empire Company Limited (EMP-A.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

+143.9%

CA$122.21

vs CA$50.10 price

Levered DCF

CA$138.67

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.81

Grey zone

Rating

B-

Overall 2 / 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	53.45×	17.41×	10.98×	13.76×	15.1×	14.81×	14.23×	20.99×
P/B	2.13×	2.25×	1.49×	1.81×	2.25×	2.38×	2.12×	2.02×
P/S	0.33×	0.39×	0.26×	0.31×	0.37×	0.37×	0.31×	0.32×
EV / EBITDA	10.15×	8.13×	6.81×	7.38×	7.81×	7.93×	7.77×	9.79×
Gross margin	27.1%	27.0%	26.4%	25.8%	25.7%	25.6%	25.2%	24.5%
Operating margin	3.8%	4.1%	4.3%	4.0%	4.5%	4.6%	4.2%	2.6%
Net margin	0.6%	2.2%	2.4%	2.2%	2.5%	2.5%	2.2%	1.5%
Current ratio	0.82×	0.77×	0.8×	0.77×	0.76×	0.92×	0.8×	0.98×
Debt / equity	1.57×	1.38×	1.38×	1.38×	1.49×	1.63×	1.77×	0.5×
Interest coverage	3.79×	4.02×	4.32×	4.34×	4.52×	4.44×	3.66×	7.54×
Dividend yield	1.9%	1.6%	2.3%	1.8%	1.4%	1.3%	1.6%	1.5%
Payout ratio	102.5%	27.4%	25.1%	24.8%	21.0%	19.9%	22.2%	30.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.0%	12.9%	13.6%	13.2%	14.9%	16.0%	14.9%	9.7%
Return on invested capital	7.0%	7.0%	7.1%	7.0%	7.6%	7.9%	7.0%	7.0%
Return on assets	1.2%	4.1%	4.3%	4.2%	4.5%	4.6%	4.0%	4.0%
Free cash flow yield	10.1%	11.1%	16.0%	9.0%	11.8%	11.5%	17.7%	5.6%
Earnings yield	1.9%	5.7%	9.1%	7.3%	6.6%	6.7%	7.0%	4.8%
Enterprise value	CA$18.2B	CA$19.4B	CA$15.1B	CA$16.4B	CA$17.9B	CA$16.7B	CA$14.2B	CA$9.6B
Net debt / EBITDA	4.22×	3.02×	3.21×	3.14×	2.9×	2.97×	3.24×	1.5×
Cash conversion cycle (days)	-6	-9	-8	-12	-15	-16	-18	-14