Winpak Ltd. (WPK.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

+162.0%

CA$118.16

vs CA$45.10 price

Levered DCF

CA$184.33

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

7.97

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	14.19×	14.11×	13.52×	15.75×	18.37×	20.49×	20.42×	20.83×
P/B	1.54×	1.67×	1.48×	1.68×	1.77×	1.93×	2.27×	2.47×
P/S	1.73×	1.85×	1.76×	1.71×	1.91×	2.56×	2.69×	2.56×
EV / EBITDA	6.97×	6.07×	5.9×	7.27×	8.15×	8.74×	9.53×	9.97×
Gross margin	30.3%	32.0%	29.3%	28.1%	27.4%	30.9%	31.3%	30.4%
Operating margin	15.6%	16.5%	15.8%	14.6%	14.2%	17.2%	17.7%	16.9%
Net margin	12.2%	13.2%	13.0%	10.9%	10.4%	12.5%	13.1%	12.2%
Current ratio	6.34×	3.71×	10.47×	7.22×	7.82×	11.49×	9.42×	8.37×
Debt / equity	0.02×	0.01×	0.01×	0.01×	0.01×	0.01×	0×	0×
Interest coverage	39.65×	206.81×	204.41×	224.04×	173.92×	187.43×	296.32×	398.11×
Dividend yield	7.2%	0.3%	0.3%	0.3%	8.7%	0.3%	0.2%	0.3%
Payout ratio	102.0%	4.4%	3.9%	4.7%	159.5%	5.4%	5.1%	5.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.8%	12.0%	11.0%	10.7%	9.6%	9.4%	11.1%	11.8%
Return on invested capital	9.1%	9.7%	9.0%	9.5%	8.7%	8.5%	10.0%	10.9%
Return on assets	8.9%	9.1%	9.4%	8.8%	7.9%	8.0%	9.5%	10.0%
Free cash flow yield	5.2%	2.8%	7.6%	1.4%	2.5%	4.8%	4.3%	2.6%
Earnings yield	7.0%	7.1%	7.4%	6.4%	5.4%	4.9%	4.9%	4.8%
Enterprise value	CA$1.6B	CA$1.6B	CA$1.5B	CA$1.6B	CA$1.5B	CA$1.7B	CA$2B	CA$1.9B
Net debt / EBITDA	-1.47×	-1.81×	-2.11×	-1.72×	-1.92×	-2.47×	-1.91×	-1.78×
Cash conversion cycle (days)	125	162	145	160	130	124	118	110