Orezone Gold Corporation (ORE.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

+121.7%

CA$5.85

vs CA$2.64 price

Levered DCF

CA$1.24

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.1

Grey zone

Rating

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	10.74×	3.18×	5.34×	331.97×	-15.79×	-12.16×	-5.18×	-5.44×
P/B	1.76×	0.7×	1.55×	3.88×	4.59×	10.9×	5.17×	2.11×
P/S	1.83×	0.64×	0.85×	7.06×	0×	0×	0×	0×
EV / EBITDA	3.85×	1.49×	2.72×	65.66×	-36.51×	-11.13×	-4.36×	-3.36×
Gross margin	43.0%	41.5%	46.7%	38.4%	0.0%	0.0%	0.0%	0.0%
Operating margin	40.1%	36.7%	30.2%	3.0%	0.0%	0.0%	0.0%	0.0%
Net margin	17.2%	19.6%	15.9%	2.1%	0.0%	0.0%	0.0%	0.0%
Current ratio	1.05×	1.38×	0.63×	0.42×	2.02×	3.08×	3.61×	10.85×
Debt / equity	0.3×	0.31×	0.63×	1.55×	0.73×	0.01×	0.01×	0×
Interest coverage	13.2×	7.62×	5.52×	0.75×	-292.36×	-1,024.76×	-934.82×	-1,940.11×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.5%	21.6%	29.0%	1.2%	-29.1%	-89.7%	-99.8%	-38.7%
Return on invested capital	16.6%	21.5%	25.2%	0.6%	-6.9%	-173.5%	-159.7%	-47.3%
Return on assets	9.9%	12.4%	13.5%	0.4%	-13.2%	-136.0%	-124.3%	-42.6%
Free cash flow yield	-7.8%	5.9%	15.4%	-32.4%	-28.2%	-8.3%	-20.3%	-15.5%
Earnings yield	9.4%	30.8%	18.7%	0.3%	-6.3%	-8.2%	-19.3%	-18.4%
Enterprise value	CA$721.9M	CA$188.1M	CA$304.3M	CA$420.3M	CA$304M	CA$206M	CA$96.3M	CA$50M
Net debt / EBITDA	0.11×	0.06×	0.66×	17.76×	-1.24×	0.47×	0.53×	2.12×
Cash conversion cycle (days)	47	8	-19	-65	-8,426	0	0	-2,806