MDA Space Ltd (MDA) 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

-220.9%

-$32.83

vs $27.16 price

Levered DCF

$55.27

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.62

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	42.19×	58.7×	87.1×	168.75×	1,398.96×	-225×
P/B	3.4×	3.97×	4.01×	4.35×	4.21×	8.86×
P/S	2.82×	4.32×	5.28×	6.79×	8.5×	13.71×
EV / EBITDA	18.32×	24.7×	39.19×	53.75×	42.28×	254.36×
Gross margin	19.9%	21.7%	24.5%	27.4%	23.4%	11.4%
Operating margin	6.9%	6.0%	5.6%	3.1%	-1.5%	-13.7%
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×	2.3×	5.26×	0.69×	-0.22×	-1.37×
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%	-3.8%
Return on invested capital	5.5%	4.2%	2.5%	-1.8%	0.1%	-1.3%
Return on assets	3.2%	3.1%	2.3%	1.5%	0.2%	-1.2%
Free cash flow yield	5.0%	14.4%	-3.2%	-1.9%	0.5%	1.3%
Earnings yield	2.4%	1.7%	1.1%	0.6%	0.1%	-0.4%
Enterprise value	$3.5B	$3.2B	$3.6B	$3.4B	$3.3B	$3.6B
Net debt / EBITDA	0.98×	-0.16×	4.13×	2.5×	0.79×	28.02×
Cash conversion cycle (days)	-16	25	56	86	82	202