Topaz Energy Corp. (TPZ.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

-11.8%

CA$26.59

vs CA$30.14 price

Levered DCF

CA$33.15

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.31

Safe 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
P/E	32.79×	87.03×	58.73×	30.19×	81.14×	494.55×	1,832.39×
P/B	2.79×	3.1×	2.25×	2.21×	1.67×	1.52×	1.71×
P/S	13.04×	13.06×	8.71×	8.15×	10.44×	15.31×	14.02×
EV / EBITDA	14.43×	20.9×	10.09×	9.89×	12.87×	14.84×	78.34×
Gross margin	56.3%	97.6%	97.9%	98.3%	98.0%	95.8%	96.6%
Operating margin	50.7%	92.9%	94.3%	95.6%	94.1%	90.4%	86.4%
Net margin	39.6%	14.8%	14.8%	26.9%	13.0%	3.1%	0.8%
Current ratio	11.26×	5.22×	8.52×	15.36×	10.53×	181.19×	24.95×
Debt / equity	0.38×	0.41×	0.31×	0.34×	0.21×	0×	0×
Interest coverage	6.15×	10.39×	10.16×	24.92×	58.97×	145.56×	0×
Dividend yield	4.9%	4.7%	6.3%	5.2%	4.9%	4.8%	0.0%
Payout ratio	161.3%	412.1%	370.1%	158.3%	394.5%	2367.5%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.5%	3.5%	3.8%	7.3%	2.1%	0.3%	0.1%
Return on invested capital	5.5%	10.2%	12.3%	14.5%	9.6%	8.6%	10.6%
Return on assets	5.7%	2.4%	2.8%	5.2%	1.6%	0.3%	0.1%
Free cash flow yield	7.2%	-4.0%	8.8%	-1.2%	7.3%	5.4%	-15.1%
Earnings yield	3.0%	1.1%	1.7%	3.3%	1.2%	0.2%	0.1%
Enterprise value	CA$4.8B	CA$4.6B	CA$3.2B	CA$3.5B	CA$2.5B	CA$1.3B	CA$1.2B
Net debt / EBITDA	1.71×	2.44×	1.23×	1.32×	1.43×	-2.5×	-0.54×
Cash conversion cycle (days)	53	-250	-281	-197	-292	3	-52