FPX Nickel Corp. (FPX.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

-73.9%

CA$0.07

vs CA$0.28 price

Levered DCF

CA$0.05

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

16.25

Safe zone

Rating

C+

Overall 2 / 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	-32.3×	-27.01×	-17.17×	-21.5×	-25×	-72×	-16×	-9.77×
P/B	2.46×	1.02×	1.33×	2.34×	3.46×	9.39×	7.18×	6.64×
P/S	0×	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-30.21×	-15.65×	-10.72×	-20.99×	-23.61×	-91.31×	-40.5×	-41.38×
Gross margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	11.74×	14.57×	26.64×	31.31×	29.55×	27.52×	7.64×	9.61×
Debt / equity	0×	0×	0×	0×	0.01×	0.27×	2.42×	2.8×
Interest coverage	-276.9×	-146.98×	-165.87×	-257×	-111.5×	-2.7×	-2.23×	-2.05×
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	-7.6%	-3.8%	-7.7%	-9.1%	-12.9%	-14.3%	-37.7%	-68.0%
Return on invested capital	-8.8%	-6.5%	-9.6%	-9.1%	-13.1%	-8.4%	-9.3%	-8.2%
Return on assets	-7.0%	-3.5%	-7.2%	-8.6%	-12.6%	-11.1%	-10.8%	-17.6%
Free cash flow yield	-2.2%	-2.6%	-2.9%	-11.3%	-6.3%	-1.2%	-4.3%	-2.9%
Earnings yield	-3.1%	-3.7%	-5.8%	-3.9%	-3.7%	-1.5%	-5.2%	-10.2%
Enterprise value	CA$147.7M	CA$39.5M	CA$45.8M	CA$75.7M	CA$88.6M	CA$116.6M	CA$30M	CA$25.1M
Net debt / EBITDA	3.29×	13.43×	6.7×	4.95×	3.81×	1.89×	-8.47×	-10.61×
Cash conversion cycle (days)	0	-2,993	-3	-2,150	-3,119	-1,111	-474	0