Kinaxis Inc. (KXS.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

-39.3%

CA$117.42

vs CA$193.50 price

Levered DCF

CA$196.33

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

9.26

Safe zone

Rating

A-

Overall 4 / 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	49.23×	60,157.49×	320.33×	153.51×	-3,275.63×	277.51×	86.47×	86.23×
P/B	8.43×	8.59×	7.14×	7.65×	12.01×	14.1×	8.99×	6.73×
P/S	6.36×	7.03×	7.55×	8.45×	15.24×	17.69×	10.52×	8.27×
EV / EBITDA	26.99×	65.35×	55.81×	47.58×	174.23×	101.19×	37.71×	33.67×
Gross margin	60.6%	61.0%	60.6%	64.3%	65.4%	68.7%	71.9%	68.8%
Operating margin	14.5%	2.6%	3.3%	7.6%	0.8%	9.3%	16.9%	13.8%
Net margin	12.9%	0.0%	2.4%	5.5%	-0.5%	6.1%	12.2%	9.6%
Current ratio	1.97×	1.97×	2.54×	2.09×	2.28×	2.32×	2.82×	2.45×
Debt / equity	0.11×	0.12×	0.11×	0.14×	0.17×	0.06×	0.04×	0.05×
Interest coverage	0×	0×	0×	0×	7.39×	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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.1%	0.0%	2.2%	5.0%	-0.4%	4.9%	10.4%	7.8%
Return on invested capital	13.0%	0.0%	1.4%	3.8%	-0.5%	4.4%	9.0%	6.7%
Return on assets	9.9%	0.0%	1.5%	3.1%	-0.2%	3.2%	6.8%	4.8%
Free cash flow yield	3.2%	2.7%	2.4%	0.2%	0.4%	1.2%	1.2%	1.2%
Earnings yield	2.0%	0.0%	0.3%	0.6%	-0.0%	0.3%	1.2%	1.2%
Enterprise value	CA$3.4B	CA$3.3B	CA$3.1B	CA$3B	CA$3.7B	CA$3.8B	CA$1.8B	CA$1.1B
Net debt / EBITDA	-0.79×	-2.46×	-2.2×	-1.91×	-6.93×	-4.42×	-3.45×	-3.51×
Cash conversion cycle (days)	77	88	108	129	85	106	123	145