PHX Energy Services Corp. (PHX.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

-37.4%

CA$7.94

vs CA$12.69 price

Levered DCF

-CA$1.20

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.42

Safe 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	6.2×	7.97×	4.03×	8.83×	9.7×	-19.46×	-71.83×	-7.15×
P/B	1.49×	1.96×	1.89×	2.2×	1.64×	1.01×	1.07×	0.8×
P/S	0.48×	0.66×	0.6×	0.73×	0.63×	0.57×	0.44×	0.43×
EV / EBITDA	3.73×	3.85×	2.83×	5.95×	3.99×	5.59×	4.35×	3.98×
Gross margin	15.6%	18.9%	22.9%	20.5%	20.5%	13.7%	14.5%	12.9%
Operating margin	5.6%	7.7%	11.6%	7.0%	6.0%	1.4%	0.8%	-1.2%
Net margin	7.7%	8.3%	15.0%	8.3%	6.5%	-2.9%	-0.6%	-6.0%
Current ratio	1.88×	1.65×	1.83×	1.81×	1.64×	2.37×	1.99×	1.77×
Debt / equity	0.29×	0.23×	0.21×	0.35×	0.27×	0.3×	0.46×	0.15×
Interest coverage	8.16×	12.22×	16.28×	11.06×	8.01×	1.04×	0.72×	-3.26×
Dividend yield	10.7%	8.6%	7.6%	3.9%	2.8%	1.0%	0.0%	0.0%
Payout ratio	66.4%	68.8%	30.6%	34.2%	27.7%	-19.1%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.9%	24.6%	46.9%	25.1%	16.9%	-5.2%	-1.5%	-11.3%
Return on invested capital	10.2%	13.3%	26.2%	11.9%	10.1%	1.5%	-1.8%	-2.0%
Return on assets	12.3%	12.9%	25.6%	11.8%	8.7%	-3.2%	-0.8%	-7.2%
Free cash flow yield	0.3%	2.6%	7.8%	-9.7%	3.7%	31.7%	9.8%	-18.3%
Earnings yield	16.1%	12.5%	24.8%	11.4%	10.3%	-5.2%	-1.4%	-14.0%
Enterprise value	CA$378.1M	CA$474M	CA$425.1M	CA$433.8M	CA$232M	CA$146.4M	CA$216.4M	CA$157M
Net debt / EBITDA	0.37×	0.31×	0.19×	0.61×	0.19×	0.51×	1.15×	0.55×
Cash conversion cycle (days)	46	38	43	60	34	57	70	84