North American Financial 15 Split Corp (FFN-PA.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

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Levered DCF

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After debt service

Piotroski score

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Altman Z-score

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Rating

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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	0×	0×	0×	0×	0×	0×	0×	0×
P/B	0×	0×	0×	0×	0×	0×	0×	0×
P/S	0×	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	0×	0×	0×	0×	0×	0×	0×	0×
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	98.3%	99.0%	114.5%	190.8%	97.1%	103.2%	96.1%	115.8%
Net margin	98.3%	99.0%	114.5%	190.8%	97.1%	103.2%	96.1%	115.8%
Current ratio	0×	0×	0×	0×	0×	0×	0×	0×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	60.0%	29.7%	-218.1%	-863.6%	52.8%	-42.5%	77.6%	-223.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.0%	74.0%	-13.6%	-2.6%	37.7%	-60.6%	31.5%	-11.5%
Return on invested capital	0.0%	32.6%	-3.8%	-0.9%	14.7%	-16.9%	12.1%	-4.2%
Return on assets	0.0%	32.6%	-3.8%	-0.9%	14.7%	-16.9%	12.1%	-4.2%
Free cash flow yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Enterprise value	CA$0	-CA$109M	-CA$44.7M	-CA$90.6M	-CA$57.6M	-CA$22.6M	-CA$16.3M	-CA$14.8M
Net debt / EBITDA	0×	0×	0×	0×	0×	0×	0×	0×
Cash conversion cycle (days)	0	2	-303	-157	3	-3	6	-23