Onex Corporation (ONEX.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

-11.6%

CA$96.41

vs CA$109.03 price

Levered DCF

CA$29.64

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

6.18

Safe 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	9.04×	19.46×	10.31×	17.39×	4.97×	7.5×	1.48×	-8.31×
P/B	0.65×	0.71×	0.63×	0.5×	0.83×	0.76×	0.91×	2.15×
P/S	19.37×	9.29×	4.84×	9.37×	3.44×	4.84×	5.74×	0.23×
EV / EBITDA	6.71×	31.04×	15.98×	24.97×	7.01×	11.3×	2.25×	13.96×
Gross margin	75.7%	66.6%	77.1%	37.3%	85.7%	80.6%	81.7%	26.2%
Operating margin	216.7%	50.4%	62.4%	57.4%	69.8%	73.1%	67.5%	3.4%
Net margin	214.2%	46.8%	47.1%	53.8%	69.2%	64.1%	388.1%	-2.8%
Current ratio	357.45×	20.48×	13.83×	14.67×	7.78×	12.41×	3.88×	1.31×
Debt / equity	0×	0.62×	0.46×	0.43×	0.46×	0.57×	0.61×	8.85×
Interest coverage	624×	163×	350×	125.5×	709×	416×	372×	0.68×
Dividend yield	0.4%	0.4%	0.4%	0.6%	0.4%	0.5%	0.4%	0.5%
Payout ratio	3.2%	7.6%	4.5%	11.1%	2.0%	4.0%	0.7%	-3.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.2%	3.6%	6.2%	2.8%	16.8%	10.1%	61.2%	-25.9%
Return on invested capital	5.6%	2.4%	5.5%	2.1%	11.6%	7.3%	6.5%	2.1%
Return on assets	5.6%	2.2%	4.1%	1.9%	10.9%	6.2%	36.2%	-1.5%
Free cash flow yield	11.8%	2.9%	1.1%	-9.6%	5.2%	6.9%	7.3%	12.6%
Earnings yield	11.1%	5.0%	9.8%	5.7%	20.1%	13.3%	67.7%	-12.0%
Enterprise value	CA$4.4B	CA$10.3B	CA$9.1B	CA$7.5B	CA$10.3B	CA$8.9B	CA$9.6B	CA$25.5B
Net debt / EBITDA	-1.99×	12.89×	6.45×	11.41×	2.24×	4.32×	0.77×	10.95×
Cash conversion cycle (days)	3,233	3,168	1,448	3,330	710	1,333	39	113