MDA Space Ltd (MDA.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

-272.8%

-CA$63.44

vs CA$36.72 price

Levered DCF

CA$248.65

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.51

Grey 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
P/E	30.62×	44.74×	28.1×	29.09×	389.34×	-97×
P/B	2.44×	3.02×	1.29×	0.76×	1.17×	3.75×
P/S	2.03×	3.28×	1.7×	1.19×	2.36×	4.35×
EV / EBITDA	13.44×	17.63×	12.18×	6.98×	9.77×	56.08×
Gross margin	19.9%	30.1%	34.1%	39.3%	40.1%	35.6%
Operating margin	6.9%	9.9%	9.6%	11.6%	3.9%	-4.8%
Net margin	6.6%	7.4%	6.0%	4.1%	0.6%	-5.9%
Current ratio	0.47×	0.57×	1.22×	1.19×	1.3×	1.35×
Debt / equity	0.3×	0.12×	0.49×	0.25×	0.17×	1.27×
Interest coverage	6.67×	3.81×	9.01×	2.56×	0.58×	-0.64×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	8.0%	6.8%	4.6%	2.6%	0.3%	-5.0%
Return on invested capital	5.5%	5.0%	3.1%	4.0%	0.4%	-1.5%
Return on assets	3.2%	3.1%	2.3%	1.5%	0.2%	-1.6%
Free cash flow yield	7.0%	19.1%	-9.8%	-10.6%	1.7%	3.1%
Earnings yield	3.3%	2.2%	3.6%	3.5%	0.3%	-1.3%
Enterprise value	CA$3.6B	CA$3.5B	CA$1.9B	CA$974.3M	CA$1.2B	CA$2.2B
Net debt / EBITDA	0.98×	-0.15×	3.26×	1.52×	0.62×	12.7×
Cash conversion cycle (days)	-16	12	37	68	64	128