Martinrea International Inc. (MRE.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

+237.8%

CA$32.53

vs CA$9.63 price

Levered DCF

CA$71.72

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.9

Grey 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	7.05×	-19.61×	7.43×	6.82×	25.56×	-43.71×	6.5×	5.05×
P/B	0.5×	0.46×	0.78×	0.66×	0.79×	1.01×	0.97×	0.82×
P/S	0.16×	0.14×	0.21×	0.19×	0.24×	0.35×	0.31×	0.26×
EV / EBITDA	3.4×	3.66×	3.65×	4.04×	6.16×	7.91×	4.24×	3.57×
Gross margin	12.9%	12.9%	12.6%	11.8%	9.1%	12.3%	15.2%	15.2%
Operating margin	5.6%	2.5%	5.0%	4.6%	1.7%	3.6%	6.9%	7.5%
Net margin	2.2%	-0.7%	2.9%	2.8%	0.9%	-0.8%	4.7%	5.1%
Current ratio	1.19×	1.19×	1.16×	1.17×	1.2×	1.22×	1.4×	1.35×
Debt / equity	0.74×	0.83×	0.84×	0.98×	1.07×	0.89×	0.81×	0.64×
Interest coverage	4.2×	1.64×	3.35×	4.2×	1.91×	3.36×	7×	10.11×
Dividend yield	1.9%	2.2%	1.4%	1.8%	1.7%	1.3%	1.3%	1.4%
Payout ratio	13.6%	-44.0%	10.4%	12.1%	44.8%	-57.2%	8.2%	7.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.1%	-2.4%	10.5%	9.6%	3.1%	-2.3%	14.9%	16.1%
Return on invested capital	8.8%	-3.0%	7.6%	6.0%	1.9%	5.0%	9.1%	10.2%
Return on assets	2.9%	-0.9%	3.9%	3.2%	1.0%	-0.8%	5.9%	6.4%
Free cash flow yield	24.4%	22.1%	18.2%	6.0%	-12.9%	4.5%	9.0%	-2.8%
Earnings yield	14.2%	-5.1%	13.5%	14.7%	3.9%	-2.3%	15.4%	19.8%
Enterprise value	CA$1.7B	CA$1.7B	CA$2.2B	CA$2.1B	CA$2B	CA$2.1B	CA$2B	CA$1.6B
Net debt / EBITDA	1.89×	2.22×	1.74×	2.29×	3.34×	3.39×	1.79×	1.49×
Cash conversion cycle (days)	1	2	-4	4	8	7	16	22