Methanex Corporation (MX.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

+58.1%

CA$151.63

vs CA$95.94 price

Levered DCF

CA$123.90

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.33

Grey zone

Rating

B+

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	FY2019	FY2018
P/E	36.04×	20.54×	18.39×	7.64×	6.24×	-27.82×	33.55×	6.81×
P/B	1.18×	1.61×	1.66×	1.28×	1.79×	3.04×	2.22×	2.56×
P/S	0.79×	0.9×	0.86×	0.63×	0.68×	1.32×	1.06×	0.99×
EV / EBITDA	6.43×	7.15×	7.25×	4.95×	4.61×	17.17×	8.53×	4.41×
Gross margin	35.6%	19.1%	17.6%	20.1%	24.4%	11.1%	17.4%	27.3%
Operating margin	12.9%	9.7%	7.1%	14.2%	16.1%	-1.2%	6.8%	21.1%
Net margin	2.2%	4.4%	4.7%	8.2%	10.9%	-4.7%	3.2%	14.5%
Current ratio	2.06×	2.62×	1.14×	1.99×	2.06×	2.08×	1.9×	1.2×
Debt / equity	1.44×	1.54×	1.56×	1.43×	1.71×	2.69×	1.87×	0.96×
Interest coverage	2.14×	2.73×	2.25×	4.66×	4.93×	-0.2×	1.52×	8.79×
Dividend yield	1.9%	1.5%	1.5%	1.6%	0.8%	1.0%	3.7%	2.7%
Payout ratio	67.0%	30.4%	28.4%	12.4%	5.1%	-28.7%	122.9%	18.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.3%	7.8%	9.0%	16.8%	28.7%	-10.9%	6.6%	37.7%
Return on invested capital	5.0%	5.4%	4.7%	8.3%	11.3%	-0.4%	3.9%	17.0%
Return on assets	1.1%	2.5%	2.7%	5.3%	7.9%	-2.2%	1.7%	12.3%
Free cash flow yield	25.4%	16.7%	6.6%	14.8%	24.9%	3.4%	6.5%	19.0%
Earnings yield	2.8%	4.9%	5.4%	13.1%	16.0%	-3.6%	3.0%	14.7%
Enterprise value	CA$5.9B	CA$5.7B	CA$5.8B	CA$4.9B	CA$5B	CA$5.7B	CA$5B	CA$5.1B
Net debt / EBITDA	3.32×	2.93×	3.22×	2.2×	1.81×	6.73×	3.51×	1.04×
Cash conversion cycle (days)	39	35	11	5	4	11	30	18