Keyera Corp. (KEY.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

-10.7%

CA$48.87

vs CA$54.71 price

Levered DCF

CA$47.31

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.05

Distress 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	23.28×	20.74×	17.31×	19.99×	19.41×	80.79×	16.43×	13.58×
P/B	3.65×	3.56×	2.64×	2.32×	2.37×	1.81×	2.39×	1.96×
P/S	1.47×	1.41×	1.04×	0.93×	1.26×	1.66×	2.01×	1.2×
EV / EBITDA	11.85×	11.61×	9.18×	10.17×	10.79×	9.84×	11.6×	8.77×
Gross margin	14.7%	19.4%	20.3%	16.7%	21.0%	31.2%	27.8%	21.9%
Operating margin	12.2%	16.9%	18.1%	15.0%	18.8%	28.8%	24.8%	19.6%
Net margin	6.3%	6.8%	6.0%	4.6%	6.5%	2.1%	12.3%	8.8%
Current ratio	1.76×	0.95×	1.34×	1.11×	1.2×	1.3×	0.8×	1×
Debt / equity	2.28×	1.38×	1.54×	1.39×	1.39×	1.24×	0.99×	0.86×
Interest coverage	3.45×	5.47×	6.21×	6.37×	5.55×	6.61×	8.69×	11.11×
Dividend yield	4.8%	4.6%	6.6%	6.5%	6.7%	8.5%	5.4%	6.7%
Payout ratio	112.4%	96.1%	114.6%	129.3%	130.9%	681.9%	88.7%	90.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.6%	17.2%	15.3%	11.6%	12.2%	2.2%	14.5%	14.4%
Return on invested capital	6.1%	11.6%	12.0%	10.5%	9.8%	10.4%	12.6%	10.7%
Return on assets	3.3%	5.6%	4.8%	3.8%	4.0%	0.8%	5.9%	5.8%
Free cash flow yield	4.9%	10.1%	3.7%	0.4%	1.1%	0.6%	-2.8%	-13.4%
Earnings yield	4.3%	4.8%	5.8%	5.0%	5.1%	1.2%	6.1%	7.4%
Enterprise value	CA$14B	CA$13.9B	CA$11.6B	CA$10.7B	CA$10B	CA$8.4B	CA$10.3B	CA$7.7B
Net debt / EBITDA	3.34×	3.17×	3.38×	3.92×	3.98×	4.01×	3.39×	2.66×
Cash conversion cycle (days)	15	13	19	11	21	22	-2	9