Tidewater Renewables Ltd. (LCFS.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

-2143.9%

-CA$440.05

vs CA$21.53 price

Levered DCF

-CA$251.74

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.87

Grey zone

Rating

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	44.18×	-0.08×	-6.84×	15.35×	105.14×	-40.14×	-70.71×	242.25×
P/B	1×	0.19×	0.55×	0.73×	0.57×	12.88×	13.16×	0×
P/S	0.62×	0.07×	2.87×	5.25×	12.71×	123.49×	115.4×	85.37×
EV / EBITDA	11.84×	-0.55×	-36.56×	9.77×	30.88×	-145.97×	669.93×	0×
Gross margin	7.3%	27.7%	45.1%	60.6%	38.7%	-42.8%	21.3%	89.3%
Operating margin	5.0%	18.2%	4.1%	23.2%	32.1%	-248.1%	-73.6%	44.2%
Net margin	1.4%	-83.9%	-42.0%	34.1%	12.0%	-304.8%	-165.5%	35.3%
Current ratio	1.38×	1.2×	0.2×	0.67×	1.24×	0.06×	0.05×	0×
Debt / equity	1.28×	1.28×	0.68×	0.4×	0.16×	1.13×	1.36×	0×
Interest coverage	0.55×	2.1×	0.18×	2.46×	4.89×	-5.38×	-3.03×	76.59×
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	2.3%	-236.6%	-8.1%	4.8%	0.5%	-31.8%	-18.9%	0.0%
Return on invested capital	3.5%	16.7%	0.3%	1.4%	0.7%	-14.3%	-4.4%	0.0%
Return on assets	0.9%	-88.0%	-3.8%	2.6%	0.4%	-17.3%	-9.8%	0.0%
Free cash flow yield	3.6%	107.1%	-64.2%	-44.3%	-8.4%	-1.6%	-5.7%	-0.1%
Earnings yield	2.3%	-1252.5%	-14.6%	6.5%	0.9%	-2.5%	-1.4%	0.4%
Enterprise value	CA$353.9M	CA$221.5M	CA$625.8M	CA$607.5M	CA$373.8M	CA$584.8M	CA$596.9M	CA$0
Net debt / EBITDA	6.66×	-0.48×	-20.18×	3.34×	6.68×	-17.58×	92.68×	0×
Cash conversion cycle (days)	60	41	30	-355	65	-38	-34	0