# Coveo Solutions Inc. (CVO.TO) fundamentals

Data as of 2026-11-04. TSX, Canada. Sector: Technology / Software. Price C$4.60, market value C$411 million.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Coveo Solutions Inc. reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 2.7×**. Each dollar of revenue is priced at 2.7×.
- **Price / book: 4.9×**. The shares trade at 4.9× book value; book value is a meaningful part of the valuation.
- **Free-cash-flow yield: 7.2%** (5-yr avg 0.9%). Free cash flow equals 7.2% of the market value, above its five-year average of 0.9%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.

## Profitability
- **Gross margin: 77.8%**. Coveo Solutions Inc. keeps 77.8% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: -18.5%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: -19.5%**. The company reported a net loss over the last twelve months.
- **Return on equity: -31.4%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: -522.1%**. Return on all capital, debt included, is -522.1%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -14.2%**. Each dollar of assets produces -14.2% of profit.

## Growth
- **Revenue growth (1 yr): 11.3%** (3-yr 9.8%/yr). Revenue grew 11.3% over the last year.
- **EPS growth (1 yr): -114.3%**. Earnings per share fell 114.3%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 0.17**. Debt is 0.17 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 4.1×**. It would take 4.1 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Current ratio: 1.42** (quick 1.42). Current assets cover the next year's liabilities 1.42 times.
- **Altman Z-score: 3.26**. A Z-score of 3.26 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend: none**. Coveo Solutions Inc. does not currently pay a dividend, but it returned 3.9% of its market value through buybacks over the last year.

## Analyst view
- **Analyst consensus: buy** (8 analysts). 8 analysts cover Coveo Solutions Inc.; the consensus is buy, with an average price target of C$6.64 (+44% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -40.1%** (YTD -27.5%, 3-mo 5.5%). The shares are down 40.1% over twelve months including dividends.
- **From 52-week high: -38.8%** (28.1% above the low). Trading 39% below its 52-week high, deep in a drawdown.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 58**. An RSI of 58 is neutral.
- **Beta (1 yr): 0.80** (volatility 59%). Beta of 0.80 against the S&P/TSX Composite: the shares move roughly with the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=CVO.TO · Page: https://foliofundamentals.com/stocks/cvo.to

Not investment advice.