Latest Ratios: P/E Ratio -0.0x · EV/EBITDA N/A · ROE -210.0%. (2021–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $6564 | $24468 | — | — | — | — |
| Enterprise Value | $-3792097 | $-5358511 | — | — | — | — |
| P/E Ratio → | -0.00 | — | — | — | — | — |
| P/S Ratio | 0.00 | 0.00 | — | — | — | — |
| P/B Ratio | 0.00 | 0.00 | — | — | — | — |
| P/FCF | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | -1.08 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 35.2% | 35.2% | 32.3% | -15.5% | 25.6% | 37.4% |
| Operating Margin | -183.7% | -183.7% | -651.4% | -980.6% | -1398.6% | -721.3% |
| Net Profit Margin | -194.8% | -194.8% | -494.4% | -753.9% | -1458.1% | -730.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -210.0% | -210.0% | -280.5% | -634.7% | -410.9% | -152.1% |
| ROA | -103.9% | -103.9% | -85.6% | -97.5% | -131.2% | -106.9% |
| ROIC | -126.4% | -126.4% | -243.5% | -306.9% | -188.4% | — |
| ROCE | -143.6% | -143.6% | -244.5% | -419.4% | -253.7% | -121.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.17 | 0.17 | 0.22 | 0.11 | — | 0.06 |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.69 | 0.03 | -1.26 | — | -0.38 |
| Net Debt / EBITDA | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — |
| Interest Coverage | -36.79 | -36.79 | -28.51 | -11.86 | -19.64 | -79.23 |
Net cash position: cash ($7M) exceeds total debt ($1M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 3.07 | 3.07 | 0.62 | 1.07 | 0.22 | 3.50 |
| Quick Ratio | 3.07 | 3.07 | 0.62 | 1.07 | 0.22 | 3.50 |
| Cash Ratio | 2.29 | 2.29 | 0.09 | 0.85 | 0.02 | 2.32 |
| Asset Turnover | — | 0.38 | 0.27 | 0.10 | 0.10 | 0.15 |
| Inventory Turnover | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $610169 | $39387 | $19439 | $3477 | $3012 |
Liquidity and dilution risk
Based on reported figures, DEFSEC's ROIC has remained consistently negative, bottoming out at -71.7% in 2024Q3, which indicates that the company is currently destroying shareholder value rather than compounding it through its heavy R&D and infrastructure investments in the Kanata North facility.
The inability to generate positive returns on capital suggests that the firm's current operational scale is insufficient to absorb its fixed cost base. Investors should monitor whether the company can achieve a pivot toward high-margin software licensing, which would be necessary to reverse this multi-year trend of capital decay.
According to recent quarterly filings, the company's asset turnover ratio has stagnated between 0.05 and 0.14, reflecting a business model that struggles to efficiently convert its asset base into revenue due to the lumpy nature of government procurement cycles and project-based milestones.
The DSO trend, which reached 93 days in 2026Q2, highlights the significant leverage that government customers hold over the company's cash conversion cycle. This extended collection period exacerbates the firm's liquidity constraints, as the company must fund its ongoing operations well in advance of receiving final contract payments.
As reported in financial statements, the company's interest coverage ratio has remained deeply negative, with a -54.13 reading in 2026Q2, indicating that the firm currently lacks the operational earnings required to service its debt obligations without relying on external capital infusions.
While the D/E ratio appears manageable at 0.25, this metric is misleading given the absence of positive EBITDA to support the debt load. The company's reliance on dilutive financing to maintain its balance sheet suggests that refinancing risk remains a primary concern for long-term stakeholders.
Based on the most recent quarterly data, the company's quick ratio has fluctuated significantly, dropping from 4.25 in 2026Q1 to 2.40 in 2026Q2, which signals a tightening liquidity position as the firm continues to burn through its remaining cash reserves to fund its R&D initiatives.
The rapid decline in the quick ratio warrants further investigation into the company's ability to sustain its current burn rate through the next fiscal year. Without a material increase in contract wins, the firm may face a liquidity crunch that necessitates further equity dilution to maintain operations.
Investors frequently misapply traditional EV/EBITDA multiples to DEFSEC, which obscures the company's true financial health because the firm is currently in a pre-profitability phase where negative EBITDA renders such valuation metrics entirely meaningless for assessing the company's long-term intrinsic value.
Instead of EBITDA, analysts should focus on the company's cash runway and the conversion of its contract backlog into realized revenue. Relying on standard valuation multiples in this context may lead to an overestimation of the company's current market position and an underestimation of its ongoing liquidity risks.
Includes 30+ ratios · 5 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DFSCW stock.
DEFSEC Technologies Inc. Warrant's current P/E ratio is -0.0x. This places it at the 50th percentile of its historical range.
DEFSEC Technologies Inc. Warrant's return on equity (ROE) is -210.0%. The historical average is -263.4%.
Based on historical data, DEFSEC Technologies Inc. Warrant is trading at a P/E of -0.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
DEFSEC Technologies Inc. Warrant has 35.2% gross margin and -183.7% operating margin.