Precision Drilling Corporation (PD.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

+274.5%

CA$512.13

vs CA$136.76 price

Levered DCF

CA$399.30

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.42

Distress 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	703.5×	11.26×	3.32×	-40.99×	-3.36×	-2.39×	78.7×	-2.36×
P/B	0.83×	0.75×	0.63×	1.14×	0.49×	0.2×	0.34×	0.45×
P/S	0.71×	0.66×	0.51×	0.87×	0.6×	0.31×	0.34×	0.45×
EV / EBITDA	4.03×	3.85×	2.97×	8.14×	9×	4.77×	5.15×	13.51×
Gross margin	15.5%	83.7%	37.8%	13.2%	0.6%	3.8%	10.9%	7.0%
Operating margin	9.3%	11.1%	15.7%	2.0%	-9.1%	-3.7%	2.9%	0.6%
Net margin	0.1%	5.8%	14.9%	-2.1%	-18.0%	-12.8%	0.4%	-19.1%
Current ratio	1.62×	1.48×	1.4×	1.15×	1.34×	2.05×	1.93×	1.85×
Debt / equity	0.47×	0.53×	0.63×	0.94×	0.95×	0.92×	0.98×	1.1×
Interest coverage	2.92×	2.94×	3.58×	0.37×	-0.98×	-0.32×	0.37×	0.07×
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	0.1%	6.6%	18.4%	-2.8%	-14.5%	-8.5%	0.4%	-18.9%
Return on invested capital	0.4%	5.8%	10.2%	1.3%	-3.6%	-1.3%	-1.2%	0.3%
Return on assets	0.1%	3.8%	9.6%	-1.2%	-6.7%	-4.1%	0.2%	-8.1%
Free cash flow yield	11.3%	21.2%	27.7%	3.8%	10.6%	57.3%	24.2%	24.0%
Earnings yield	0.1%	8.9%	29.2%	-2.4%	-29.8%	-41.8%	1.3%	-42.3%
Enterprise value	CA$2B	CA$2.1B	CA$1.9B	CA$2.5B	CA$1.7B	CA$1.5B	CA$1.9B	CA$2.3B
Net debt / EBITDA	1.34×	1.52×	1.45×	3.63×	5.89×	3.84×	3.76×	9.43×
Cash conversion cycle (days)	53	-10	44	67	70	68	58	64