Trican Well Service Ltd. (TCW.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

+237.0%

CA$21.90

vs CA$6.50 price

Levered DCF

CA$7.52

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.92

Safe 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	10.24×	9.33×	7.36×	11.09×	58.19×	-1.91×	-4.56×	-1.65×
P/B	1.65×	2.1×	1.73×	1.75×	1.43×	0.9×	0.44×	0.45×
P/S	1.05×	1.05×	0.92×	1.02×	1.25×	1.12×	0.52×	0.43×
EV / EBITDA	4.94×	4.52×	3.45×	4.55×	6.7×	-3.01×	13.39×	-3.6×
Gross margin	19.4%	19.4%	20.7%	17.4%	7.7%	-10.2%	-7.0%	1.0%
Operating margin	15.1%	15.1%	16.6%	12.7%	2.5%	-17.8%	-13.3%	-20.2%
Net margin	10.2%	11.2%	12.4%	9.1%	2.1%	-58.8%	-11.2%	-25.8%
Current ratio	2.49×	1.94×	2.06×	2.8×	2.34×	2.02×	2.5×	2.35×
Debt / equity	0.17×	0.04×	0.04×	0.08×	0.02×	0.03×	0.09×	0.06×
Interest coverage	37.67×	59.86×	62.47×	42.87×	7.2×	-21.4×	-18.02×	-11.96×
Dividend yield	3.6%	3.5%	3.8%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	37.1%	32.5%	28.4%	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	16.1%	22.4%	23.4%	15.7%	2.5%	-47.4%	-9.6%	-27.6%
Return on invested capital	14.1%	20.2%	21.6%	13.9%	2.8%	-12.3%	-7.2%	-17.0%
Return on assets	11.1%	16.0%	17.0%	11.8%	2.1%	-41.4%	-7.7%	-22.4%
Free cash flow yield	9.1%	7.8%	18.9%	5.5%	2.9%	13.1%	-1.4%	5.8%
Earnings yield	9.8%	10.7%	13.5%	9.0%	1.7%	-52.6%	-21.7%	-60.7%
Enterprise value	CA$1.3B	CA$1B	CA$823.1M	CA$867.8M	CA$682M	CA$434.4M	CA$387.5M	CA$424.4M
Net debt / EBITDA	0.41×	-0.03×	-0.3×	-0.08×	-0.19×	0.06×	2.02×	-0.35×
Cash conversion cycle (days)	80	58	54	59	69	60	75	44