iA Financial Corporation Inc. (IAG.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

-76.8%

CA$49.82

vs CA$215.18 price

Levered DCF

CA$7.05

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.33

Distress zone

Rating

Overall 3 / 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	15.71×	13.59×	11.98×	10.5×	9.33×	9.66×	11.11×	7.45×
P/B	2×	1.71×	1.31×	1.18×	1.07×	0.91×	1.25×	0.83×
P/S	1.46×	1.61×	1.06×	-2.4×	0.58×	0.33×	0.5×	0.48×
EV / EBITDA	9.89×	8.27×	7.19×	13.89×	4.9×	5.03×	7.02×	4.71×
Gross margin	100.0%	46.7%	36.0%	-0.3%	32.5%	31.4%	22.9%	32.1%
Operating margin	11.7%	15.5%	11.5%	-10.0%	8.3%	4.3%	5.8%	8.2%
Net margin	9.7%	12.1%	9.1%	-9.5%	6.4%	3.6%	4.6%	6.4%
Current ratio	0×	35.24×	0×	1.74×	1.71×	2.36×	2.17×	2.08×
Debt / equity	0.34×	0.28×	0.27×	0.29×	0.23×	0.26×	0.21×	0.16×
Interest coverage	19.25×	20.15×	17.26×	6.84×	16.44×	11.04×	16.13×	14.89×
Dividend yield	2.4%	2.7%	3.6%	3.6%	3.2%	3.9%	2.8%	4.1%
Payout ratio	36.9%	36.2%	41.6%	91.0%	28.6%	36.4%	30.0%	30.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.3%	12.9%	11.2%	4.7%	11.9%	9.7%	11.4%	11.2%
Return on invested capital	0.9%	0.9%	0.8%	0.9%	2.1%	1.6%	2.0%	17.8%
Return on assets	0.9%	0.9%	0.8%	0.4%	0.9%	0.7%	1.0%	1.0%
Free cash flow yield	19.4%	6.0%	11.5%	3.9%	-0.8%	28.5%	3.5%	4.5%
Earnings yield	6.6%	7.5%	8.6%	4.0%	11.1%	10.7%	9.2%	13.4%
Enterprise value	CA$17.4B	CA$13.3B	CA$9.7B	CA$9.1B	CA$7.8B	CA$5.6B	CA$8.1B	CA$4.9B
Net debt / EBITDA	0.47×	0.32×	0.36×	1.08×	0.06×	-0.25×	0.4×	0.17×
Cash conversion cycle (days)	118	-27	-25	112	-30	-12	-36	-199