Tecsys Inc. (TCS.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

-80.9%

CA$7.28

vs CA$38.10 price

Levered DCF

CA$42.63

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.92

Safe zone

Rating

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	132.89×	141.27×	298×	190.71×	84.19×	90.24×	129.17×	-259.72×
P/B	8.48×	8.79×	8.06×	5.52×	5.53×	9.71×	4.98×	4.87×
P/S	2.73×	3.55×	3.22×	2.55×	2.77×	5.29×	2.9×	2.52×
EV / EBITDA	41.29×	54.23×	86.09×	46.37×	36.67×	42.24×	34.11×	150.2×
Gross margin	51.5%	48.3%	45.8%	43.8%	44.0%	49.3%	48.0%	49.0%
Operating margin	6.4%	4.1%	1.1%	2.3%	3.9%	8.7%	4.5%	-2.4%
Net margin	2.1%	2.5%	1.1%	1.4%	3.3%	5.8%	2.2%	-1.0%
Current ratio	1.12×	1.32×	1.38×	1.45×	1.71×	1.72×	1.56×	1.24×
Debt / equity	0.08×	0.02×	0.03×	0.04×	0.21×	0.28×	0.34×	0.3×
Interest coverage	86.75×	87.56×	11.86×	8.79×	8.64×	13.57×	4.36×	-9.17×
Dividend yield	1.0%	0.8%	0.8%	1.1%	1.0%	0.6%	1.0%	1.4%
Payout ratio	127.7%	109.4%	246.6%	202.2%	87.7%	50.2%	128.3%	-370.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.5%	6.3%	2.7%	3.0%	6.5%	10.7%	3.8%	-1.9%
Return on invested capital	9.6%	5.9%	2.0%	2.7%	5.3%	8.5%	3.7%	-1.4%
Return on assets	2.8%	3.2%	1.4%	1.6%	3.6%	5.6%	1.9%	-0.9%
Free cash flow yield	1.9%	1.8%	0.6%	1.5%	0.8%	2.7%	2.9%	1.8%
Earnings yield	0.8%	0.7%	0.3%	0.5%	1.2%	1.1%	0.8%	-0.4%
Enterprise value	CA$514.2M	CA$600M	CA$534.3M	CA$370.6M	CA$370.8M	CA$644.4M	CA$297.8M	CA$189.2M
Net debt / EBITDA	-1.11×	-2.37×	-2.7×	-2.29×	-0.87×	-0.46×	-0.76×	-2.43×
Cash conversion cycle (days)	74	74	49	51	53	51	48	-22