49 North Resources Inc. (FNR.V) 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

-156.8%

-CA$0.01

vs CA$0.03 price

Levered DCF

-CA$0.05

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-3.13

Distress zone

Rating

—

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	3.17×	5.17×	-1.48×	-0.6×	-0.56×	0.63×	13.33×	-0.36×
P/B	0.35×	0.29×	0.52×	0.45×	0.2×	0.45×	0.33×	0.26×
P/S	5.61×	21.32×	-2.89×	6.39×	5.81×	-2.41×	-5.57×	-0.46×
EV / EBITDA	7.68×	12.73×	-3.61×	-1.39×	-1.53×	1.03×	8.79×	-1.45×
Gross margin	92.7%	63.2%	103.1%	94.3%	87.1%	100.3%	105.0%	100.9%
Operating margin	190.4%	517.1%	156.7%	-1063.2%	-990.8%	-374.0%	-466.9%	105.4%
Net margin	175.5%	407.7%	196.0%	-1065.3%	-1028.5%	-359.4%	-41.9%	126.4%
Current ratio	0.87×	0.84×	0.89×	1.26×	2.45×	3.2×	1.22×	11.9×
Debt / equity	0.57×	0.64×	0.69×	0.58×	0.34×	0.27×	0.81×	0.65×
Interest coverage	12.83×	6.37×	-21.25×	-71.72×	-33.78×	33.91×	2.89×	-6.73×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.9%	5.6%	-35.1%	-75.6%	-35.2%	67.6%	2.5%	-70.9%
Return on invested capital	7.2%	4.1%	-15.8%	-47.8%	-25.4%	55.5%	15.4%	-33.8%
Return on assets	5.4%	2.7%	-16.7%	-42.8%	-24.9%	50.4%	1.3%	-38.6%
Free cash flow yield	-23.1%	-2.9%	-3.8%	-6.2%	-47.9%	-3.0%	22.2%	16.0%
Earnings yield	31.3%	19.1%	-67.8%	-166.7%	-176.9%	149.0%	7.5%	-276.9%
Enterprise value	CA$8.7M	CA$7.9M	CA$9.6M	CA$11.1M	CA$9.7M	CA$17.1M	CA$8.7M	CA$6.6M
Net debt / EBITDA	4.74×	8.7×	-2.05×	-0.77×	-0.94×	0.38×	6.22×	-1.03×
Cash conversion cycle (days)	717	3,010	-229	-10,170	-3,951	-22,888	-12,819	-128