Triple Flag Precious Metals Corp. (TFPM) 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

-34.9%

$18.94

vs $29.11 price

Levered DCF

$42.60

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

13.02

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	27.68×	-136.73×	73.94×	39.31×	39.19×	25.39×	-103.04×	-45,700×
P/B	3.31×	1.74×	1.47×	1.63×	1.39×	1.39×	2.39×	3.23×
P/S	17.1×	11.26×	13×	14.13×	11.96×	12.59×	23.97×	32.94×
EV / EBITDA	18.75×	31.72×	24.41×	18.6×	15.71×	22.94×	103.79×	38.72×
Gross margin	67.6%	85.8%	50.0%	57.3%	55.3%	44.5%	20.6%	2.9%
Operating margin	59.3%	-6.7%	20.1%	42.2%	45.7%	30.8%	-52.6%	-9.8%
Net margin	61.7%	-8.6%	17.8%	36.3%	30.3%	49.4%	-23.3%	-0.1%
Current ratio	3.92×	2.79×	3.29×	7.2×	16.2×	14.22×	11.74×	7.05×
Debt / equity	0×	0×	0.03×	0×	0×	0.27×	0.1×	0.27×
Interest coverage	54.68×	-3.2×	5.59×	19.36×	10.7×	3.34×	-3.56×	-1.44×
Dividend yield	0.7%	1.4%	1.6%	1.4%	0.8%	0.0%	0.0%	0.0%
Payout ratio	19.1%	-187.5%	113.9%	55.2%	32.6%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.0%	-1.3%	2.0%	4.2%	3.5%	5.5%	-2.3%	-0.0%
Return on invested capital	10.1%	-1.0%	2.2%	4.5%	4.6%	2.4%	-4.8%	0.5%
Return on assets	11.6%	-1.3%	1.9%	4.1%	3.5%	4.3%	-2.1%	-0.0%
Free cash flow yield	1.4%	5.2%	-1.4%	3.1%	3.8%	-45.5%	-9.4%	-16.4%
Earnings yield	3.6%	-0.8%	1.4%	2.6%	2.5%	3.9%	-1.0%	-0.0%
Enterprise value	$6.7B	$3B	$2.7B	$2.1B	$1.8B	$1.7B	$1.5B	$1.5B
Net debt / EBITDA	-0.07×	-0.37×	0.38×	-0.62×	-0.35×	3.51×	3.39×	2.78×
Cash conversion cycle (days)	22	33	44	14	46	28	59	121