# Vecima Networks Inc. (VCM.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Financial Services / Diversified Financial Services. Price C$12.28, market value C$299 million.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Vecima Networks 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: 1.1×**. Each dollar of revenue is priced at 1.1×.
- **Price / book: 1.4×**. The shares trade at 1.4× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 17.8×**. Enterprise value is 17.8× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 16.1%** (5-yr avg 0.7%). Free cash flow equals 16.1% of the market value, above its five-year average of 0.7%, so the shares are cheaper on cash than they have usually been. Above 5% is generally attractive.

## Profitability
- **Gross margin: 36.1%**. Vecima Networks Inc. keeps 36.1% of revenue after the direct cost of what it sells.
- **Operating margin: -3.8%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: -6.2%**. The company reported a net loss over the last twelve months.
- **Return on equity: -8.3%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: -2.6%**. Return on all capital, debt included, is -2.6%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -4.0%**. Each dollar of assets produces -4.0% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -1.8%** (3-yr 15.2%/yr, 5-yr 24.3%/yr). Revenue fell 1.8% over the last year, against 24.3% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -191.3%**. Earnings per share fell 191.3%, slower than revenue, so margins compressed.

## Financial health
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.
- **Cash and short-term investments: C$3 million**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend yield: 1.79%** (C$0.22 per share, trailing). Vecima Networks Inc. yields 1.79%, a modest yield more typical of a growth-oriented payer.
- **Consecutive years of increases: 11**. 11 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 0.0%/yr** (1-yr 0.0%). The dividend has not grown over five years.
- **Shareholder yield: 1.8%**. Dividends plus net buybacks return 1.8% of the market value a year.

## Price and momentum
- **Total return (1 yr): 31.9%** (YTD 17.8%, 3-mo -10.4%). The shares are up 31.9% over twelve months including dividends.
- **From 52-week high: -15.3%** (32.0% above the low). Trading 15% below its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 47**. An RSI of 47 is neutral.
- **Beta (1 yr): 0.11** (volatility 29%). Beta of 0.11 against the S&P/TSX Composite: the shares move much less than the market.

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

Not investment advice.