The North West Company Inc. (NWC.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

-13.7%

CA$49.69

vs CA$57.58 price

Levered DCF

CA$55.54

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.81

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	16.65×	16.18×	14.35×	14.21×	10.92×	11.63×	16.21×	17.51×
P/B	2.91×	2.87×	2.71×	2.76×	3×	3.31×	3.25×	3.72×
P/S	0.89×	0.86×	0.75×	0.74×	0.75×	0.69×	0.64×	0.75×
EV / EBITDA	8.03×	7.91×	7.32×	7.43×	6.38×	6.48×	8.5×	8.47×
Gross margin	29.3%	33.7%	32.7%	31.8%	32.8%	32.8%	31.7%	31.8%
Operating margin	8.2%	8.1%	7.9%	7.7%	9.8%	8.9%	6.2%	6.5%
Net margin	5.4%	5.3%	5.2%	5.2%	6.9%	5.9%	3.9%	4.3%
Current ratio	2.1×	2×	2.01×	1.91×	1.37×	1.26×	2.06×	2.13×
Debt / equity	0.55×	0.55×	0.59×	0.64×	0.62×	0.82×	1.33×	0.9×
Interest coverage	11.82×	11.18×	9.89×	11.37×	15.57×	11.96×	6.22×	9.3×
Dividend yield	3.3%	3.4%	4.0%	4.1%	4.2%	4.1%	4.8%	4.1%
Payout ratio	55.5%	55.0%	56.8%	58.8%	45.5%	48.1%	77.8%	71.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	17.4%	17.8%	18.9%	19.4%	27.5%	28.5%	20.0%	21.2%
Return on invested capital	12.0%	12.3%	12.8%	12.4%	16.9%	15.9%	9.9%	11.7%
Return on assets	8.9%	9.0%	9.3%	9.1%	12.7%	11.7%	6.8%	8.5%
Free cash flow yield	6.1%	5.1%	5.8%	3.8%	7.7%	16.2%	2.9%	1.6%
Earnings yield	6.0%	6.2%	7.0%	7.0%	9.2%	8.6%	6.2%	5.7%
Enterprise value	CA$2.7B	CA$2.6B	CA$2.2B	CA$2.1B	CA$2B	CA$2B	CA$1.9B	CA$1.8B
Net debt / EBITDA	1.05×	1.09×	1.17×	1.23×	0.96×	1.09×	2.38×	1.51×
Cash conversion cycle (days)	36	37	32	35	27	22	41	37