Vecima Networks Inc. (VCM.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

+3.1%

CA$13.56

vs CA$13.15 price

Levered DCF

CA$95.87

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.65

Safe zone

Rating

C+

Overall 2 / 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	100.69×	-12.63×	26.11×	15.26×	42.76×	-1,113.01×	129.65×	-60.33×
P/B	1.47×	1.05×	2.16×	1.91×	2.09×	2.11×	1.3×	1.12×
P/S	1.08×	0.78×	1.74×	1.37×	2.01×	2.98×	2.43×	2.38×
EV / EBITDA	8.46×	32.83×	11.55×	8.07×	13.05×	32.18×	11.63×	31.22×
Gross margin	36.6%	38.3%	47.0%	46.8%	48.2%	45.6%	54.2%	52.8%
Operating margin	5.4%	-0.8%	10.2%	11.0%	5.1%	-0.9%	0.2%	-7.8%
Net margin	1.1%	-6.2%	6.7%	9.0%	4.7%	-0.3%	1.9%	-4.1%
Current ratio	1.71×	1.53×	1.64×	1.88×	1.93×	2.36×	3.27×	4.46×
Debt / equity	0.23×	0.29×	0.3×	0.17×	0.09×	0.03×	0.04×	0.01×
Interest coverage	1.76×	-0.24×	4.15×	13.93×	31.35×	-5.22×	0.76×	-39.73×
Dividend yield	1.7%	2.4%	1.1%	1.3%	1.4%	1.4%	2.1%	2.4%
Payout ratio	168.5%	-30.1%	27.6%	19.1%	58.4%	-1517.2%	273.1%	-142.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.5%	-8.3%	8.3%	12.5%	4.8%	-0.2%	1.0%	-1.9%
Return on invested capital	4.7%	-0.6%	9.0%	10.4%	3.7%	-0.3%	0.1%	-2.1%
Return on assets	0.9%	-5.3%	5.0%	8.2%	3.3%	-0.2%	0.9%	-1.7%
Free cash flow yield	16.9%	23.2%	-5.4%	-9.0%	-5.3%	0.4%	-1.5%	-3.7%
Earnings yield	1.0%	-7.9%	3.8%	6.5%	2.3%	-0.1%	0.8%	-1.7%
Enterprise value	CA$364.1M	CA$282.9M	CA$575.2M	CA$450.8M	CA$379M	CA$346.5M	CA$223.2M	CA$184.5M
Net debt / EBITDA	1.07×	6.82×	1.35×	0.62×	0.14×	-2.15×	-0.58×	-3.02×
Cash conversion cycle (days)	165	211	327	221	207	138	186	140