Spin Master Corp. (TOY.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

+280.2%

CA$80.19

vs CA$21.09 price

Levered DCF

CA$87.91

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.97

Grey zone

Rating

B-

Overall 3 / 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	-9.31×	29.79×	18.04×	9.68×	19.54×	50.59×	48.29×	18.51×
P/B	1.15×	1.73×	1.92×	2.02×	3.68×	2.76×	4.08×	4.32×
P/S	0.65×	1.07×	1.43×	1.25×	1.9×	1.48×	1.96×	1.75×
EV / EBITDA	30.19×	7.47×	5.21×	5.3×	8.55×	12.39×	15.16×	9.4×
Gross margin	50.9%	52.6%	54.5%	54.6%	51.7%	46.3%	49.6%	50.2%
Operating margin	8.6%	7.3%	9.9%	17.0%	13.3%	3.6%	7.0%	11.7%
Net margin	-7.0%	3.6%	7.9%	12.9%	9.7%	2.9%	4.1%	9.5%
Current ratio	1.14×	1.15×	2.95×	2.65×	1.99×	1.94×	1.91×	1.95×
Debt / equity	0.37×	0.38×	0.04×	0.06×	0.07×	0.09×	0.11×	0×
Interest coverage	4.27×	3.46×	12.31×	26.02×	32.19×	4.9×	8.34×	21.32×
Dividend yield	2.5%	1.1%	0.7%	0.2%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-23.4%	32.0%	12.4%	1.7%	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	-12.4%	5.8%	10.7%	20.9%	18.9%	5.4%	8.5%	23.4%
Return on invested capital	9.7%	5.3%	9.1%	18.9%	17.4%	6.0%	9.6%	20.9%
Return on assets	-6.3%	3.1%	7.6%	14.5%	11.4%	3.4%	5.1%	15.5%
Free cash flow yield	17.0%	11.5%	7.4%	8.4%	9.9%	13.1%	1.8%	4.6%
Earnings yield	-10.7%	3.4%	5.6%	10.3%	5.1%	2.0%	2.1%	5.4%
Enterprise value	CA$1.8B	CA$2.7B	CA$2.1B	CA$2B	CA$3.4B	CA$2.1B	CA$3.1B	CA$2.7B
Net debt / EBITDA	6.06×	0.82×	-1.61×	-1.55×	-1.24×	-1.47×	-0.16×	-0.5×
Cash conversion cycle (days)	70	67	41	37	12	39	72	37