Saputo Inc. (SAP.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

+93.6%

CA$79.81

vs CA$41.23 price

Levered DCF

CA$112.63

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.74

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	26.5×	-59.12×	42.03×	23.47×	44.86×	24.7×	23.18×	23.5×
P/B	2.62×	1.51×	1.59×	2.05×	1.89×	2.4×	2.07×	3.27×
P/S	1.02×	0.55×	0.65×	0.82×	0.82×	1.08×	0.91×	1.31×
EV / EBITDA	12.49×	9×	9.74×	11.82×	14.12×	13.05×	12.02×	16.38×
Gross margin	15.8%	8.2%	8.7%	8.7%	7.7%	10.3%	9.8%	9.0%
Operating margin	5.9%	8.2%	8.7%	8.7%	7.7%	10.2%	9.8%	9.0%
Net margin	3.8%	-0.9%	1.5%	3.5%	1.8%	4.4%	3.9%	5.6%
Current ratio	1.71×	1.52×	1.54×	1.62×	1.54×	1.84×	1.63×	1.62×
Debt / equity	0.48×	0.52×	0.57×	0.57×	0.65×	0.64×	0.68×	0.44×
Interest coverage	7.71×	8.02×	8.47×	10.32×	9.61×	12.07×	9.51×	13.62×
Dividend yield	1.8%	3.0%	2.2%	1.4%	1.7%	1.3%	2.0%	1.4%
Payout ratio	48.2%	-181.8%	92.5%	32.0%	76.3%	32.7%	46.3%	33.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.9%	-2.5%	3.8%	8.7%	4.2%	9.7%	8.9%	13.9%
Return on invested capital	7.0%	13.5%	8.2%	10.2%	6.7%	9.5%	9.0%	11.1%
Return on assets	4.9%	-1.3%	1.9%	4.3%	2.0%	4.8%	4.2%	7.6%
Free cash flow yield	6.6%	7.7%	4.8%	2.6%	1.6%	4.2%	3.4%	2.5%
Earnings yield	3.8%	-1.7%	2.4%	4.2%	2.2%	4.0%	4.3%	4.3%
Enterprise value	CA$20.7B	CA$13.9B	CA$14.7B	CA$18.4B	CA$16.3B	CA$19.3B	CA$17.7B	CA$20B
Net debt / EBITDA	1.71×	2.17×	2.33×	2.42×	3.53×	2.57×	2.83×	1.87×
Cash conversion cycle (days)	39	44	47	50	52	51	48	44