Major Drilling Group International Inc. (MDI.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

-52.0%

CA$7.02

vs CA$14.62 price

Levered DCF

CA$9.78

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

5.2

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	60.27×	27.25×	14.94×	12.01×	17.86×	58.17×	-4.03×	-17.91×
P/B	2.31×	1.37×	1.59×	1.98×	2.65×	2.01×	0.96×	0.91×
P/S	1.45×	0.98×	1.11×	1.22×	1.47×	1.3×	0.7×	0.86×
EV / EBITDA	10.79×	6.87×	5.56×	5.7×	8.23×	10.75×	-18.95×	10.23×
Gross margin	14.5%	17.9%	21.6%	24.0%	21.5%	14.8%	14.8%	23.6%
Operating margin	5.3%	5.4%	11.8%	13.4%	11.0%	3.0%	2.4%	-0.2%
Net margin	2.4%	3.6%	7.5%	10.2%	8.2%	2.3%	-17.3%	-4.7%
Current ratio	2.43×	2.52×	3.4×	3.15×	2.73×	2.94×	4.05×	3.28×
Debt / equity	0.06×	0.07×	0.01×	0.06×	0.15×	0.07×	0.19×	0.05×
Interest coverage	28.61×	80.63×	0×	0×	43.84×	11.04×	8.97×	-0.95×
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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.8%	5.0%	10.7%	16.6%	14.9%	3.6%	-23.9%	-5.0%
Return on invested capital	5.2%	4.6%	12.2%	15.2%	12.6%	3.0%	2.7%	-0.2%
Return on assets	2.8%	3.6%	8.7%	12.2%	9.6%	2.6%	-16.7%	-3.9%
Free cash flow yield	1.6%	4.0%	4.9%	6.1%	4.7%	0.6%	3.5%	-1.4%
Earnings yield	1.7%	3.6%	6.7%	8.4%	5.6%	1.8%	-24.8%	-5.5%
Enterprise value	CA$1.3B	CA$704.8M	CA$695.7M	CA$827M	CA$939.1M	CA$559.7M	CA$282.4M	CA$320.8M
Net debt / EBITDA	-0.24×	-0.09×	-0.73×	-0.47×	-0.14×	-0.06×	0.22×	-0.32×
Cash conversion cycle (days)	63	78	81	78	77	104	114	121