Tenaz Energy Corp. (TNZ.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

+215.4%

CA$215.80

vs CA$68.42 price

Levered DCF

-CA$267.16

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.78

Distress zone

Rating

B-

Overall 2 / 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	2.37×	-50.11×	4.05×	11.94×	5.67×	-0.69×	18.16×	16.88×
P/B	1.71×	4.13×	1.12×	0.86×	0.73×	0.67×	0.88×	1.11×
P/S	2.63×	6.04×	1.66×	1.79×	2.67×	1.79×	1.53×	2.75×
EV / EBITDA	2.47×	88.62×	2.3×	6.39×	1.65×	-1.21×	3.09×	4.57×
Gross margin	10.4%	58.5%	60.5%	63.7%	62.2%	47.7%	52.9%	49.0%
Operating margin	4.9%	-24.8%	-0.1%	17.1%	13.2%	-31.0%	14.9%	3.7%
Net margin	111.1%	-12.2%	40.9%	15.4%	46.8%	-259.0%	8.6%	16.0%
Current ratio	0.94×	4.68×	2.1×	1.23×	3.71×	0.23×	0.67×	0.15×
Debt / equity	0.78×	1.5×	0×	0.3×	0×	0.18×	0.01×	0.05×
Interest coverage	0.76×	-34.92×	0×	58.73×	8.08×	-9.05×	16.36×	3.84×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	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	72.0%	-8.4%	27.6%	7.3%	12.8%	-97.4%	4.9%	6.4%
Return on invested capital	0.6%	-1.9%	-0.0%	3.1%	3.5%	-7.6%	5.5%	1.0%
Return on assets	12.5%	-2.0%	11.1%	2.6%	11.1%	-64.8%	4.0%	5.0%
Free cash flow yield	6.5%	-3.8%	-9.0%	-12.7%	-13.6%	-35.4%	0.3%	-58.1%
Earnings yield	42.2%	-2.0%	24.6%	8.6%	17.5%	-144.5%	5.6%	5.8%
Enterprise value	CA$985.9M	CA$378.9M	CA$57.7M	CA$80.9M	CA$22.2M	CA$19.8M	CA$39.6M	CA$48.5M
Net debt / EBITDA	0.6×	-0.32×	-1.99×	1.56×	-1.88×	-0.27×	0.01×	0.2×
Cash conversion cycle (days)	-55	-257	-178	1,431	-329	-33	-44	-134