AMTD Digital Inc. (HKD) 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

-89.8%

$0.17

vs $1.65 price

Levered DCF

-$0.04

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

11.62

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	16.76×	17.9×	12.32×	31.32×	100.3×	95.38×	1,121.91×	10,491.09×
P/B	3.49×	43.23×	2.02×	3.79×	6.97×	5.81×	17.46×	247.68×
P/S	15.7×	34.05×	15.7×	38.64×	108.31×	84.97×	133.73×	1,616.81×
EV / EBITDA	10.17×	18.12×	22.77×	26.02×	95.09×	124.84×	169.76×	20,220.94×
Gross margin	65.7%	78.4%	87.7%	70.2%	8.1%	12.9%	91.6%	37.0%
Operating margin	15.5%	51.7%	75.7%	52.6%	5.5%	63.8%	86.0%	10.0%
Net margin	92.7%	189.5%	128.0%	127.2%	108.7%	90.8%	90.3%	120.9%
Current ratio	1.92×	0.52×	2.83×	2.29×	27.78×	19.58×	1.48×	0.99×
Debt / equity	1.22×	17.42×	0.17×	0.35×	0×	0×	1.75×	60.69×
Interest coverage	0.89×	1.17×	0×	14.56×	0×	0×	0×	0×
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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	20.6%	240.6%	16.5%	12.5%	7.0%	6.2%	11.8%	18.5%
Return on invested capital	1.0%	2.4%	8.0%	3.4%	0.4%	3.7%	3.5%	1.2%
Return on assets	5.7%	8.8%	11.9%	8.7%	6.7%	5.8%	4.2%	0.3%
Free cash flow yield	1.5%	0.1%	2.7%	1.2%	0.4%	0.5%	1.0%	0.1%
Earnings yield	5.9%	5.6%	8.2%	3.3%	1.0%	1.1%	0.7%	0.1%
Enterprise value	$1.2B	$1.1B	$713.1M	$1.2B	$21.4B	$16.2B	$24.3B	$29.3B
Net debt / EBITDA	2.35×	4.45×	-2.24×	-0.71×	-0.5×	-3.2×	14.2×	3,976.42×
Cash conversion cycle (days)	1,541	30	1,683	1,569	4,713	529	896	134,070