GFL Environmental Inc. (GFL.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

-14.5%

CA$55.05

vs CA$64.35 price

Levered DCF

CA$9.39

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.06

Distress zone

Rating

C-

Overall 1 / 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	5.69×	-30.37×	351.62×	-46.56×	-26.14×	-13.25×	-8.96×	-15.03×
P/B	2.98×	3.5×	2.35×	2.4×	2.99×	2.37×	1.46×	2.27×
P/S	3.29×	3.1×	2.25×	2.15×	3.37×	3.14×	1.21×	3.92×
EV / EBITDA	14.07×	28.52×	11.19×	14.75×	24.54×	68.95×	15.62×	85.49×
Gross margin	20.7%	18.5%	16.7%	12.2%	9.7%	3.9%	8.2%	8.0%
Operating margin	6.0%	6.6%	5.2%	2.2%	0.0%	-5.2%	-3.7%	-10.5%
Net margin	58.0%	-9.2%	0.6%	-4.6%	-11.8%	-26.3%	-13.5%	-26.1%
Current ratio	0.58×	0.54×	0.82×	0.51×	0.98×	0.86×	1.64×	1×
Debt / equity	1.15×	1.51×	1.29×	1.6×	1.67×	1.4×	2.82×	1.97×
Interest coverage	0.67×	0.84×	0.67×	0.3×	0×	-0.52×	-0.23×	-0.53×
Dividend yield	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%	0.0%	0.0%
Payout ratio	0.8%	-3.9%	55.1%	-6.6%	-2.9%	-1.2%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	52.5%	-10.4%	0.6%	-5.2%	-10.5%	-19.8%	-16.3%	-15.1%
Return on invested capital	2.3%	2.1%	0.4%	0.4%	0.0%	-1.2%	-0.8%	-1.4%
Return on assets	19.9%	-3.4%	0.2%	-1.6%	-3.3%	-7.0%	-3.7%	-4.4%
Free cash flow yield	1.8%	1.4%	-0.4%	2.3%	1.4%	0.6%	-5.1%	-2.7%
Earnings yield	17.6%	-3.0%	0.3%	-2.1%	-3.5%	-8.4%	-11.2%	-6.7%
Enterprise value	CA$30.1B	CA$34.8B	CA$26B	CA$24.1B	CA$26.7B	CA$20.9B	CA$11.3B	CA$13.5B
Net debt / EBITDA	3.88×	8.53×	3.93×	5.87×	8.67×	25.55×	10.03×	39.68×
Cash conversion cycle (days)	-82	18	19	24	43	43	-3	-8