Thermal Energy International Inc. (TMG.V) 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

+269.1%

CA$0.57

vs CA$0.16 price

Levered DCF

CA$0.67

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

1.3

Distress 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	21.92×	300×	45.45×	25×	-7.69×	150×	-6.78×	-26.92×
P/B	5.32×	5.92×	12.13×	9.17×	13.71×	9.52×	6.14×	2.83×
P/S	0.82×	0.71×	1.62×	0.86×	0.93×	1.89×	0.6×	0.53×
EV / EBITDA	13.75×	17.08×	18.2×	11.38×	-24.57×	33.02×	-7.91×	324.1×
Gross margin	40.4%	41.4%	48.1%	45.4%	42.3%	44.0%	41.8%	43.8%
Operating margin	3.8%	1.4%	5.3%	5.4%	-8.9%	2.2%	-8.3%	-1.3%
Net margin	3.7%	0.2%	3.6%	3.4%	-12.1%	1.3%	-8.9%	-2.0%
Current ratio	1.54×	1.32×	1.33×	1.38×	1.66×	1.8×	1.55×	1.34×
Debt / equity	0.35×	0.44×	1.12×	2.4×	4.93×	1.58×	1.57×	0.76×
Interest coverage	11.75×	1.8×	3.28×	2.54×	-4.21×	1.06×	-4.25×	-0.92×
Dividend yield	0.2%	0.0%	0.1%	0.1%	0.2%	0.0%	0.1%	0.1%
Payout ratio	4.9%	0.0%	5.4%	3.5%	-1.3%	4.3%	-0.9%	-2.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	24.2%	2.0%	26.8%	36.5%	-178.5%	6.5%	-90.3%	-10.7%
Return on invested capital	17.8%	6.9%	18.4%	17.2%	-22.3%	4.3%	-27.4%	-3.0%
Return on assets	9.0%	0.6%	5.5%	5.3%	-20.0%	1.7%	-18.2%	-3.3%
Free cash flow yield	6.3%	-8.3%	12.0%	7.3%	-13.5%	-4.5%	8.0%	4.4%
Earnings yield	4.6%	0.3%	2.2%	4.0%	-13.0%	0.7%	-14.7%	-3.8%
Enterprise value	CA$25.9M	CA$19.9M	CA$38.9M	CA$20M	CA$17.6M	CA$29.5M	CA$11.4M	CA$10.1M
Net debt / EBITDA	-0.78×	-1.04×	-1.44×	1.09×	-3.97×	0.64×	1.02×	-37.7×
Cash conversion cycle (days)	57	60	34	89	90	83	30	34