Neo Performance Materials Inc. (NEO.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

-112.7%

-CA$3.13

vs CA$24.74 price

Levered DCF

-CA$8.46

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.57

Grey zone

Rating

Overall 2 / 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	-47.21×	-17.91×	-30.32×	11.42×	17.43×	-6.63×	16.11×	11.06×
P/B	1.21×	0.58×	0.59×	0.63×	1.43×	1.12×	0.87×	1.04×
P/S	0.97×	0.49×	0.45×	0.46×	1.13×	1.17×	0.91×	0.99×
EV / EBITDA	11.4×	9.01×	8.36×	3.39×	9.17×	18.62×	5.44×	6.18×
Gross margin	26.5%	26.1%	19.0%	23.3%	27.9%	23.2%	25.4%	26.4%
Operating margin	6.6%	7.4%	2.0%	9.2%	11.1%	0.3%	9.2%	6.5%
Net margin	-2.1%	-2.7%	-1.5%	4.1%	6.5%	-17.6%	5.6%	9.0%
Current ratio	1.83×	2.23×	3.08×	3.63×	2.88×	2.79×	3.51×	3.93×
Debt / equity	0.27×	0.18×	0.07×	0.11×	0.02×	0.02×	0.01×	0.01×
Interest coverage	9.24×	19.12×	24.54×	64.84×	302.46×	1.26×	16.23×	0×
Dividend yield	2.6%	5.2%	5.2%	4.5%	2.1%	2.8%	3.1%	2.6%
Payout ratio	-120.7%	-95.2%	-158.7%	51.6%	36.3%	-18.5%	50.1%	28.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.6%	-3.2%	-2.0%	5.5%	8.2%	-16.9%	5.4%	9.4%
Return on invested capital	-14.5%	-18.7%	-5.6%	5.9%	9.8%	0.3%	5.7%	4.8%
Return on assets	-1.5%	-2.0%	-1.3%	3.8%	5.9%	-12.6%	4.3%	7.5%
Free cash flow yield	-18.4%	-5.4%	7.8%	-4.6%	-1.9%	0.6%	16.1%	-4.9%
Earnings yield	-2.2%	-5.5%	-3.3%	8.7%	5.8%	-15.0%	6.2%	9.1%
Enterprise value	CA$539.5M	CA$221M	CA$197.8M	CA$199.9M	CA$532M	CA$340.6M	CA$288.8M	CA$382.7M
Net debt / EBITDA	1.42×	-0.57×	-2.43×	-1.65×	-1.37×	-3.62×	-1.51×	-1.08×
Cash conversion cycle (days)	191	131	150	162	155	132	115	133