Torex Gold Resources Inc. (TXG.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

-85.4%

CA$9.51

vs CA$65.29 price

Levered DCF

CA$1.61

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

7.25

Safe zone

Rating

A-

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	10.24×	12.7×	4.55×	5.21×	5.87×	11.8×	18.8×	35.26×
P/B	1.73×	1.05×	0.62×	0.76×	0.81×	1.35×	1.61×	1.06×
P/S	3.16×	1.53×	1.05×	1.13×	1.04×	1.62×	2.1×	1.81×
EV / EBITDA	5.98×	3.19×	1.88×	1.28×	1.28×	2.67×	4.1×	5.34×
Gross margin	45.9%	59.1%	54.9%	58.2%	61.3%	61.9%	55.3%	48.2%
Operating margin	40.6%	53.9%	51.3%	54.4%	58.1%	58.7%	51.6%	42.1%
Net margin	30.9%	12.1%	23.2%	21.7%	17.7%	13.8%	11.1%	5.2%
Current ratio	1.16×	1.05×	1.44×	2.31×	2.33×	1.81×	1.4×	1.21×
Debt / equity	0.08×	0.09×	0.02×	0×	0×	0.05×	0.21×	0.44×
Interest coverage	21.28×	287.01×	222.94×	157.1×	202.28×	28.07×	14.67×	6.33×
Dividend yield	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	2.5%	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	16.9%	8.3%	13.7%	14.6%	13.8%	11.5%	8.5%	3.1%
Return on invested capital	16.2%	12.7%	25.5%	23.0%	24.8%	27.4%	18.6%	6.2%
Return on assets	13.6%	6.3%	11.1%	11.8%	11.2%	8.7%	5.8%	1.8%
Free cash flow yield	2.7%	-6.6%	-19.2%	13.3%	11.2%	15.6%	14.4%	12.8%
Earnings yield	9.8%	7.9%	22.0%	19.2%	17.0%	8.5%	5.3%	2.9%
Enterprise value	CA$4.3B	CA$1.7B	CA$789M	CA$612.5M	CA$638.7M	CA$1.2B	CA$1.4B	CA$1B
Net debt / EBITDA	0.12×	0.06×	-0.34×	-0.78×	-0.51×	-0.3×	0.04×	1.11×
Cash conversion cycle (days)	92	40	28	35	4	-8	53	-45