Firm Capital Mortgage Investment Corporation (FC.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

+77.3%

CA$18.23

vs CA$10.28 price

Levered DCF

CA$12.59

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.82

Grey zone

Rating

B+

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	11.49×	10.66×	9.2×	11.37×	15.11×	13.99×	14.57×	18.79×
P/B	1.01×	1×	0.93×	1.1×	1.52×	1.07×	1.33×	1.23×
P/S	6.45×	6.16×	5.6×	7.54×	12.82×	8.35×	8.81×	7.44×
EV / EBITDA	11.56×	10.61×	15.94×	21.36×	27.78×	21.94×	20.6×	22.49×
Gross margin	92.9%	74.1%	61.6%	69.2%	78.1%	73.0%	69.5%	65.0%
Operating margin	92.4%	99.0%	51.6%	55.6%	66.2%	59.7%	59.1%	54.4%
Net margin	56.2%	51.3%	51.6%	55.6%	66.2%	59.7%	59.1%	54.4%
Current ratio	0.83×	0.12×	0.55×	0.08×	0.06×	0.06×	0.19×	0.11×
Debt / equity	0.38×	0.47×	0.46×	0.63×	0.66×	0.61×	0.51×	0.79×
Interest coverage	4.96×	4.8×	2.17×	2.16×	2.7×	2.5×	2.21×	1.73×
Dividend yield	8.5%	8.2%	8.8%	7.4%	5.1%	7.9%	6.5%	7.5%
Payout ratio	97.3%	98.9%	95.9%	100.8%	98.8%	109.9%	97.0%	102.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.8%	8.3%	8.6%	8.1%	7.8%	7.7%	8.9%	9.0%
Return on invested capital	10.4%	10.8%	5.8%	4.9%	4.7%	4.7%	5.9%	5.0%
Return on assets	6.3%	5.6%	5.8%	4.9%	4.7%	4.7%	5.8%	5.0%
Free cash flow yield	11.0%	-3.3%	17.1%	11.9%	7.1%	10.2%	9.7%	11.7%
Earnings yield	8.7%	8.3%	9.2%	7.4%	5.2%	7.1%	6.7%	7.3%
Enterprise value	CA$577.1M	CA$622.4M	CA$544.5M	CA$688.4M	CA$833.1M	CA$578.3M	CA$576.8M	CA$579.2M
Net debt / EBITDA	2.94×	3.41×	5.08×	7.79×	8.42×	7.94×	5.7×	8.83×
Cash conversion cycle (days)	-190	-22	-14	-19	-44	-8	-1	-16