Covalon Technologies Ltd (CVALF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Covalon Technologies Ltd $1.28, price $2.65, upside -51.7%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $0.6060 – $6.64 · fair‑value band $0.8700 – $1.67 · the $2.65 price screens above the $1.28 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Covalon Technologies Ltd. engages in the research, development, manufacturing, and marketing of medical products in infection management, advanced wound care, and surgical procedure areas in the United States, the Middle East, Canada, Latin America, Asia, and internationally.
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Covalon Technologies Ltd. engages in the research, development, manufacturing, and marketing of medical products in infection management, advanced wound care, and surgical procedure areas in the United States, the Middle East, Canada, Latin America, Asia, and internationally. The company's platform technologies comprises collagen matrix platform that is used to manufacture a family of products to treat chronic and infected wounds, including diabetic ulcers, pressure ulcers, venous ulcers, donor and graft sites, traumatic wounds healing by secondary intention, dehisced surgical wounds, and first and second degree burns; and antimicrobial silicone adhesive platform, which is used for family of pre- and post-surgical, and vascular access products that are designed to kill bacteria or yeast that comes into contact with the antimicrobial silicone. It also offers a medical coating platform, a process that utilizes photo-polymerization to create active grafting sites where new polymer chains are initiated and propagated from the surface of an existing medical device. In addition, the company provides advanced wound care, antimicrobial dressings, collagen dressings, IV dressings, perioperative dressings, silicone dressings, vascular access line guards, and wound dressings; and surgical, peri-operative, and infection management products. It sells its products directly and through independent distributors under the ColActive, ColActive PLUS, CovaWound, CovaView, CovaClear IV, IV Clear, SurgiClear, MediClear, and VALGuard brands. The company serves health care providers, such as hospitals, wound care centers, burn centers, extended/alternate care facilities, acute care facilities, home health care agencies, and physicians' offices. Covalon Technologies Ltd. is headquartered in Mississauga, Canada.
Stock analysis
Covalon Technologies Ltd (CVALF) currently trades at $2.65, while our model-based Fair Value estimate is $1.28, 51.7% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $1.44 per share, and 0 of the 24 models we run sit above the $2.65 price.
Bear case: the Asset-Based group reads lowest at $0.5200, and 24 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: $0.8700 (bear) to $1.67 (bull), the price of $2.65 sits above 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 53/100 (solid quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Covalon Technologies Ltd reported revenue of C$32.8M in FY2025 versus C$19.6M in FY2021, a compound +13.8%/yr. Reported net income was C$2.1M in FY2025, compounding −45.6%/yr from FY2021.
Key figures
Market cap $72.7M · P/E ratio 66.3 · P/S ratio 4.15 · EPS (TTM) $0.0400 · Net margin 6.3% · Return on equity 5.6% · Return on assets (EBIT) −6.9% · Operating margin 10.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 17% below its 52-week high and 126% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −37% fair-value upside, at −52%, CVALF screens richer than that median.
Fair Value models
Bear $0.8700Fair Value $1.28Bull $1.67
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then ($0.0400 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.Evidence ⓘEvidence = 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.
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.64/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+5.3%
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.
+21.8%
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.
+4.9%
Start year 2020 (pandemic). Over 10 years: +15.8% a year
Revenue growth 18 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.
+18.5%
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What shareholders gained per year (last 5 years) ⓘ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.
−39.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−39.3%
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.−24% → 5%
⚠ Revenue per share shrinking 2.0%/yr over ~6Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+34.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in CAD, Canada: IMF forecast 2.1% a year to 2030, 2.6% from 2016 to 2025) that is about +31.5% a year for the price.
Compare Covalon Technologies Ltd with another stock
Price, fair value, quality and upside side by side.
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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.Medical Instruments & Supplies · 185 stocks
Beats the industry median on 2/14 measures
Overall it trails its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside−64.1% · Bottom 25%
Profitability
Return on equity (TTM)5.6% · Below median
Return on assets2.1% · Below median
Net margin (TTM)5.0% · Below median
Operating margin (TTM)10.5% · Below median
Growth and dividend
Revenue growth15.0% · Above median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.21× · Above median
Valuation Multiplesvs Medical Instruments & Supplies median · lower = cheaper
P/E (TTM)66.3× · Priciest 25%
P/B2.43× · Pricier than median
P/S (TTM)2.28× · Cheaper than median
P/FCF51.7× · Priciest 25%
EV/EBITDA48.5× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 25
FUTURE (revenue growth)75· sector 35
PAST (return on equity)22· sector 28
HEALTH (low debt)90· sector 96
DIVIDEND (yield)0· sector 33
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Covalon Technologies Ltd (CVALF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $1.28 versus a price of $2.65, about −52% upside (overvalued).
What is the fair value of CVALF?
Our model-based fair value for Covalon Technologies Ltd is $1.28 (as of Sep 24, 2026), built from audited fundamentals. The current price: $2.65.
What is the quality score of CVALF?
Covalon Technologies Ltd has a Quality Score of 53/100. 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 Covalon Technologies Ltd (CVALF)?
Our model-based price target is the fair value of $1.28 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario $0.8700, optimistic scenario $1.67. It is a calculation from audited fundamentals, not an analyst target.
What is the Covalon Technologies Ltd stock forecast for 2026?
Our models put fair value at $1.28, about −52% upside versus a price of $2.65 (overvalued). Cautious scenario $0.8700, optimistic scenario $1.67. The calculation is refreshed regularly with new filings.
What is the revenue of Covalon Technologies Ltd (CVALF)?
Covalon Technologies Ltd reported trailing-twelve-month revenue of about C$32.7M (latest available figure, as of Sep 24, 2026).
What growth is priced into Covalon Technologies Ltd (CVALF)?
For today's price to be fair in a discounted-cash-flow model, Covalon Technologies Ltd would have to grow free cash flow by +34.2 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of CVALF use?
Our models discount Covalon Technologies Ltd at 8.5 %: a base by market capitalisation (nano), damped by beta 0.01, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Covalon Technologies Ltd that is +34.2 % per year a year over ten years, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has Covalon Technologies Ltd (CVALF) delivered so far?
Over the past 5 years revenue at Covalon Technologies Ltd grew +4.9 % a year. The price currently implies +34.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Covalon Technologies Ltd (CVALF) growing?
The median revenue growth in the sector is +5.1 % a year. That is the yardstick for the growth priced into Covalon Technologies Ltd (+34.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Covalon Technologies Ltd (CVALF)?
The free-cash-flow yield on the price is 1.39 %: that much free cash flow Covalon Technologies Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Covalon Technologies Ltd (CVALF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Covalon Technologies Ltd it is $1.28 per share (as of Sep 24, 2026), against a price of $2.65. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Covalon Technologies Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CVALF trades above its calculated fair value: price $2.65, fair value $1.28, a gap of about −52% (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 CVALF?
No. The price is what the market pays today ($2.65); the fair value is what the company's own numbers justify ($1.28). For Covalon Technologies Ltd the two are $1.37 per share apart. That gap is exactly why we show both numbers side by side.
How much is Covalon Technologies Ltd worth?
The market values Covalon Technologies Ltd at about $72.7M (market capitalisation, as of Sep 24, 2026). Per share that is $2.65; our models calculate a fair value of $1.28 per share.
What do the bullish and bearish scenarios say about CVALF?
Our models span a range for Covalon Technologies Ltd: cautious scenario $0.8700, base $1.28, optimistic $1.67 per share (as of Sep 24, 2026, price $2.65). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CVALF?
Covalon Technologies Ltd trades at a price-to-earnings ratio of 66.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $1.28 is built from several models across several years. Other multiples: P/B 2.4, P/S 2.3, EV/EBITDA 48.5.
How solid is the balance sheet of Covalon Technologies Ltd (CVALF)?
Balance-sheet figures for Covalon Technologies Ltd (as of Sep 24, 2026): return on equity 5.6%, debt of 0.21 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is CVALF from its 52-week high?
Covalon Technologies Ltd trades at $2.65, about 17% below its 52-week high of $3.20 and 126% above the low of $1.17 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $1.28 is for.
Which stocks are comparable to Covalon Technologies Ltd?
From the same area (Healthcare) we also value Intuitive Surgical, Inc, EssilorLuxottica Société anonyme, Becton, Dickinson and Company, Medline 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 Covalon Technologies Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price $2.65, calculated fair value $1.28 (−52%), Quality Score 53/100, from 24 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 CVALF calculated?
We run Covalon Technologies Ltd through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $1.28, 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 14.5 % above its aggregate fair value. Covalon Technologies 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 Covalon Technologies Ltd (CVALF)?
The closing price on Oct 2, 2026 was $2.65. Our model-based fair value is $1.28, about −52% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Covalon Technologies Ltd right now?
The price sits above even our optimistic bull case ($1.67). The favourable scenario is already priced in. Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($0.8700 to $1.67) leaves room in how you read the outcome.
Key figures of Covalon Technologies Ltd
How large is the market capitalisation of Covalon Technologies Ltd (CVALF)?
The market capitalisation of Covalon Technologies Ltd is $72.7M. 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 Covalon Technologies Ltd (CVALF)?
The price-to-sales ratio of Covalon Technologies Ltd is 4.15 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Covalon Technologies Ltd (CVALF)?
Earnings per share at Covalon Technologies Ltd are $0.0400 (price ÷ EPS = P/E 66.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Covalon Technologies Ltd (CVALF)?
The net margin of Covalon Technologies Ltd is 6.3% (fiscal year 2025). 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 Covalon Technologies Ltd (CVALF)?
The return on equity (ROE) of Covalon Technologies Ltd is 5.6% (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 Covalon Technologies Ltd (CVALF)?
On an EBIT basis the return on assets of Covalon Technologies Ltd is −6.9% (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 Covalon Technologies Ltd (CVALF)?
The operating margin of Covalon Technologies Ltd is 10.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Covalon Technologies Ltd (CVALF)?
Revenue at Covalon Technologies Ltd is growing +15.0% versus a year earlier (3y avg +21.8%). 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 Covalon Technologies Ltd (CVALF)?
Earnings per share at Covalon Technologies Ltd are growing +153% versus a year earlier. How much earnings per share grew versus a year earlier.
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Some data
Sep 24, 2026