Peyto Exploration & Development Corp. (PEY.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

+40.3%

CA$34.85

vs CA$24.84 price

Levered DCF

CA$33.33

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.08

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	10.87×	11.99×	7.34×	6.06×	10.27×	-13.27×	4.69×	9.08×
P/B	1.6×	1.24×	0.79×	1.15×	0.89×	0.29×	0.37×	0.69×
P/S	4.13×	3.69×	2.13×	1.45×	1.72×	1.2×	1.33×	2.32×
EV / EBITDA	5.72×	5.62×	4.64×	3.72×	5.13×	6.4×	4.77×	4.51×
Gross margin	58.8%	46.4%	58.9%	65.8%	63.1%	31.1%	43.8%	37.0%
Operating margin	31.3%	15.6%	38.2%	55.0%	48.4%	0.0%	20.3%	17.0%
Net margin	37.9%	30.9%	29.0%	23.9%	16.7%	-8.9%	28.4%	25.7%
Current ratio	0.98×	1.46×	1.75×	0.46×	0.6×	0.87×	0.71×	0.55×
Debt / equity	0.41×	0.5×	0.52×	0.42×	0.61×	0.7×	0.66×	0.7×
Interest coverage	4.85×	1.5×	6.73×	19.08×	7.48×	0×	1.78×	1.64×
Dividend yield	5.8%	7.7%	10.5%	4.3%	1.0%	3.4%	7.4%	10.9%
Payout ratio	63.1%	91.9%	77.4%	26.2%	9.9%	-46.4%	34.6%	98.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.7%	10.4%	10.8%	18.9%	8.6%	-2.1%	7.8%	7.7%
Return on invested capital	5.2%	2.1%	5.5%	18.6%	9.9%	0.0%	2.7%	1.7%
Return on assets	7.7%	5.1%	5.3%	9.7%	4.0%	-1.0%	3.7%	3.5%
Free cash flow yield	8.4%	6.4%	10.9%	12.9%	5.9%	-6.8%	17.6%	21.8%
Earnings yield	9.2%	8.4%	13.6%	16.5%	9.7%	-7.4%	21.3%	11.1%
Enterprise value	CA$5.7B	CA$4.7B	CA$3.5B	CA$3.2B	CA$2.6B	CA$1.6B	CA$1.7B	CA$2.3B
Net debt / EBITDA	1.14×	1.61×	1.8×	0.98×	2.08×	4.53×	3.06×	2.26×
Cash conversion cycle (days)	-101	-61	-93	-86	-136	-64	-95	-88