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Pinetree Capital Ltd (PNP) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Pinetree Capital Ltd stock C$8.69, price C$10.31, that is 15.7% below the price, quality 51 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services CA · ISIN CA7233308583

PC Pinetree Capital Ltd logo Some data Nov 4, 2026

Pinetree Capital Ltd

PNP · TO
Expensive, in a downtrend

Our calculation puts a fair price 16% below what the stock costs today.

Highly profitable · 73.2% net margin (TTM)
Low debt
Quality 51/100
Mixed Growth (revenue 5y +59.3 %/yr in CAD)
Mixed vs. peers (6/12)
Wide moat 71/100 · thin data
Some data
Fair value C$8.69 · Overvalued
Negative free cash flow
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

C$22.58 C$2.66 Fair Value C$8.69 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range C$2.66 – C$22.58 · fair‑value band C$7.86 – C$10.63 · the C$10.31 price screens above the C$8.69 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 3 fiscal years are left out: there the valuation rested on only a fraction of the usual models. As of Nov 4, 2026.

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Company profile

Pinetree Capital Ltd. is a venture capital and private equity firm specializing in early, later stage venture, middle market, mature, later stage, turnaround and growth capital investments in micro and small cap companies.

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The firm prefers to invest in enterprise software, financial and healthcare industries. It typically invests in USA, Canada and Europe. The firm invests primarily in equities as well as debt and convertible securities. It takes minority stake in companies.

It typically holds 8-12 investments, resulting in equity positions between 7% and 12% of assets which might exceed 20%. Pinetree Capital Ltd. was founded in 1992 and is based in Toronto, Canada with an additional office in Toronto, Canada.

Stock analysis

Pinetree Capital Ltd (PNP) currently trades at C$10.31, while our model-based Fair Value estimate is C$8.69, 16% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of C$43.41 per share, and 3 of the 6 models we run sit above the C$10.31 price.

Bear case: the Asset-Based group reads lowest at C$1.03, and 3 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: C$7.86 (bear) to C$10.63 (bull), the price of C$10.31 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 51/100 (solid quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Pinetree Capital Ltd reported revenue of C$17.5M in FY2025 versus C$2.3M in FY2021, a compound +66.4%/yr. Reported net income was C$9.9M in FY2025, compounding +61.3%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

Key figures

Market cap C$96.8M (≈ $68.6M) Micro · P/E ratio 16.6 · P/S ratio 12.1 · EPS (TTM) C$0.6200 · Net margin 73.2% · Return on equity 6.4% · Return on assets (EBIT) 14.5% (5-year average) · Operating margin 96.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 71 out of 100 (low confidence).

What moves the price

The share trades about 18% below its 52-week high and 26% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at −16%, PNP screens cheaper than that median.

Fair Value models

Bear C$7.86 Fair Value C$8.69 Bull C$10.63
Price C$10.31 · Downside -15.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (C$0.5317 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income C$7.86 C$8.69 C$10.63 68
P/E Multiple C$10.27 C$13.69 C$17.12 63
Graham-Dodd C$7.16 C$49.95 C$70.09 61
All 6 models by family
Earnings-Based
Graham-Dodd C$7.16 C$49.95 C$70.09 61
Lynch FV C$25.80 C$36.86 C$47.92 59
Multiples
P/E Multiple C$10.27 C$13.69 C$17.12 63
P/B Multiple C$7.56 C$10.08 C$12.60 55
Asset-Based
NCAV (Graham) C$0.6800 C$1.03 C$1.29 54
Economic Profit
Residual Income C$7.86 C$8.69 C$10.63 68

Open the full fair value analysis →

Quality Score breakdown

Overall quality 51/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 51
How much profit the company makes from its sales and capital
Quality Growth 9
Are margins and returns getting better?
Cashflow 33
Do the profits arrive as real cash?
Financial strength 80
Debt, balance sheet and risk of trouble
Investment 33
Does it invest with discipline instead of growing at any price?
Low Volatility 63
How calm the share price moves, does not count
Price momentum 45
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 38
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 45/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−47.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+103.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+59.3%
Start year 2020 (pandemic)
Revenue growth 29 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.4%
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+53.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+53.1%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.74% → 60%
2025 sits 72% above its own trend. The rate follows the median trend of the last 5 years, not that single year.

PNP screens overvalued: fair value 16% below the price. Compare with Blackstone Inc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 587 stocks

Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 51 · Below median
Fair Value upside −15.7% · Below median
Profitability
Return on equity (12 months) 6.4% · Below median
Return on assets 11.1% · Top 25%
Net margin (12 months) 73.2% · Top 25%
Operating margin (12 months) 96.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 429.3% · Top 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (12 months) 16.6× · Pricier than median
P/B 1.10× · Pricier than median
P/S (12 months) 12.14× · Priciest 25%
EV/EBITDA 8.7× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)12 · sector 60
FUTURE (revenue growth)100 · sector 38
PAST (return on equity)25 · sector 29
HEALTH (low debt)100 · sector 96
DIVIDEND (yield)0 · sector 80

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Exor N.V EXO €73.35 €139.37 +90% vs PNP
Raymond James Financial, Inc RJF $162.81 $281.42 +73% vs PNP
Apollo Global Management, Inc APO $116.75 $197.52 +69% vs PNP
Ameriprise Financial, Inc AMP $501.49 $609.56 +22% vs PNP
State Street Corporation STT $165.56 $139.37 −16% vs PNP
Ares Management Corporation ARES $133.98 $99.35 −26% vs PNP
Northern Trust Corporation NTRS $172.76 $123.42 −29% vs PNP
Brookfield Asset Management Ltd BAM $52.95 $31.26 −41% vs PNP
Blackstone Inc BX $119.50 $52.29 −56% vs PNP
KKR & Co KKR $96.48 $27.32 −72% vs PNP

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Pinetree Capital Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Pinetree Capital Ltd Fair Value". https://www.fairvalue-calculator.com/stock/PNP

Frequently asked questions

Is Pinetree Capital Ltd (PNP) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of C$8.69 versus a price of C$10.31, about 16% lower (overvalued).
What is the fair value of PNP?
Our model-based fair value for Pinetree Capital Ltd is C$8.69 (as of Nov 4, 2026), built from audited fundamentals. The current price: C$10.31.
What is the quality score of PNP?
Pinetree Capital Ltd has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Pinetree Capital Ltd (PNP)?
Our model-based price target is the fair value of C$8.69 (as of Nov 4, 2026) from 6 valuation models. Cautious scenario C$7.86, optimistic scenario C$10.63. It is a calculation from audited fundamentals, not an analyst target.
What is the Pinetree Capital Ltd stock forecast for 2026?
Our models put fair value at C$8.69, about 16% lower versus a price of C$10.31 (overvalued). Cautious scenario C$7.86, optimistic scenario C$10.63. The calculation is refreshed regularly with new filings.
What is the revenue of Pinetree Capital Ltd (PNP)?
Pinetree Capital Ltd reported trailing-twelve-month revenue of about C$8.0M (latest available figure, as of Nov 4, 2026).
What is the intrinsic value of Pinetree Capital Ltd (PNP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Pinetree Capital Ltd it is C$8.69 per share (as of Nov 4, 2026), against a price of C$10.31. It is the blended result of 6 valuation models in 4 families (Earnings-Based, Multiples, Asset-Based, Economic Profit).
Is Pinetree Capital Ltd stock overvalued or undervalued in 2026?
As of Nov 4, 2026, PNP trades above its calculated fair value: price C$10.31, fair value C$8.69, a gap of about −16% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PNP?
No. The price is what the market pays today (C$10.31); the fair value is what the company's own numbers justify (C$8.69). For Pinetree Capital Ltd the two are C$1.62 per share apart. That gap is exactly why we show both numbers side by side.
How much is Pinetree Capital Ltd worth?
The market values Pinetree Capital Ltd at about C$96.8M (market capitalisation, as of Nov 4, 2026). Per share that is C$10.31; our models calculate a fair value of C$8.69 per share.
What do the bullish and bearish scenarios say about PNP?
Our models span a range for Pinetree Capital Ltd: cautious scenario C$7.86, base C$8.69, optimistic C$10.63 per share (as of Nov 4, 2026, price C$10.31). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PNP?
Pinetree Capital Ltd trades at a price-to-earnings ratio of 16.6 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$8.69 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings: 10.5. Other multiples: P/B 1.1, P/S 12.1, EV/EBITDA 8.7.
How solid is the balance sheet of Pinetree Capital Ltd (PNP)?
Balance-sheet figures for Pinetree Capital Ltd (as of Nov 4, 2026): return on equity 6.4%. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is PNP from its 52-week high?
Pinetree Capital Ltd trades at C$10.31, about 18% below its 52-week high of C$12.65 and 26% above the low of C$8.18 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of C$8.69 is for.
Which stocks are comparable to Pinetree Capital Ltd?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Pinetree Capital Ltd stock attractive at the current price?
The data as of Nov 4, 2026: price C$10.31, calculated fair value C$8.69 (−16%), Quality Score 51/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PNP calculated?
We run Pinetree Capital Ltd through 6 models from 4 families: Earnings-Based, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of C$8.69 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Pinetree Capital Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Pinetree Capital Ltd (PNP)?
The closing price on Nov 6, 2026 was C$10.31. Our model-based fair value is C$8.69, about 16% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pinetree Capital Ltd right now?
Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Pinetree Capital Ltd

How large is the market capitalisation of Pinetree Capital Ltd (PNP)?
The market capitalisation of Pinetree Capital Ltd is C$96.8M (≈ $68.6M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Pinetree Capital Ltd (PNP)?
The price-to-sales ratio of Pinetree Capital Ltd is 12.1 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Pinetree Capital Ltd (PNP)?
Earnings per share at Pinetree Capital Ltd are C$0.6200 (price ÷ EPS = P/E 16.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Pinetree Capital Ltd (PNP)?
The net margin of Pinetree Capital Ltd is 73.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Pinetree Capital Ltd (PNP)?
The return on equity (ROE) of Pinetree Capital Ltd is 6.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Pinetree Capital Ltd (PNP)?
On an EBIT basis the return on assets of Pinetree Capital Ltd is 14.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Pinetree Capital Ltd (PNP)?
The operating margin of Pinetree Capital Ltd is 96.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Pinetree Capital Ltd (PNP)?
Revenue at Pinetree Capital Ltd is growing +429% versus a year earlier (3y avg +103%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Pinetree Capital Ltd (PNP)?
Earnings per share at Pinetree Capital Ltd are growing +501% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Pinetree Capital Ltd (PNP) generate?
The free cash flow of Pinetree Capital Ltd is −C$3.9M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Pinetree Capital Ltd (PNP) hold?
Pinetree Capital Ltd holds more cash than debt, C$5.4M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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