DSG.TO (DSG) Fair Value & Analysis
Technology · CA · Market cap C$8.7B (≈ $6.3B) · ISIN CA2499061083
What is DSG.TO really worth?
A solid business, but trading 100% above our fair value of C$54.57.
As of Aug 13, 2026, the fair value of DSG.TO is C$54.57 per share against a price of C$109.13, so the fair value sits 50% below the price. A model estimate blended from multiple valuation models, recalculated regularly.
Strengths
Risks
Fair value as of: Aug 13, 2026
From 24 valuation models · updated 23 days ago
Fair value updated Aug 13, 2026, revised from C$39.19 to C$54.57 (+39.2%) since Jul 12, 2026. Share price +1.7% over the past month.
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What matters now
- A high-quality business (quality 72/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits above even our optimistic bull case (C$68.21). The favourable scenario is already priced in.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range C$70.47 – C$175.34 · fair‑value band C$40.93 – C$68.21 · the C$109.13 price screens above the C$54.57 fair value. Dashed = 300-day average. As of Aug 13, 2026.
Analysis
DSG.TO (DSG) currently trades at C$109.13, while our model-based Fair Value estimate is C$54.57, implying the stock looks roughly 100.0% overvalued today. The Quality Score stands at 72/100 (solid quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of C$73.65 per share, and 0 of the 24 models we run sit above the C$109.13 price. Bear case: the Asset-Based group reads lowest at C$12.55, and 24 of the 24 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, DSG.TO generated revenue of C$754M at a net margin of 23.4%. Revenue grew 14.7% year over year. It earns a return on equity of 11.4%. The balance sheet holds a net cash position of C$345M. Fundamentals as of Aug 13, 2026
Our scenario range runs from C$40.93 (bear case) to C$68.21 (bull case); at C$109.13, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 28% below its 52-week high and 28% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at −36% fair-value upside, at −50%, DSG screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 7 months have passed since. In that time the company retained roughly C$1.67 per share, which is 3.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: DCF Models (C$73.65) versus Asset-Based (C$12.55). Highest evidence: FCF DCF (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 72 · Market factors (momentum, volatility) 43
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
The Descartes Systems Group Inc. provides global logistics technology solutions in the United States, Europe, the Middle East, Africa, Canada, and the Asia Pacific. Its Logistics Technology platform offers a range of modular, interoperable web and wireless logistics management solutions.
Full company description
The Descartes Systems Group Inc. provides global logistics technology solutions in the United States, Europe, the Middle East, Africa, Canada, and the Asia Pacific. Its Logistics Technology platform offers a range of modular, interoperable web and wireless logistics management solutions. The company offers a suite of solutions that include routing, mobile, and telematics; transportation management; ecommerce, shipping, and fulfillment; customs and regulatory compliance; global trade intelligence; broker and forwarder enterprise systems; and B2B messaging and connectivity services. It also provides its customers to use its modular and technology solutions to route, track, and measure delivery resources; plan, allocate, and execute shipments; rate, audit, and pay transportation invoices; access and analyze global trade data; research and perform trade tariff and duty calculations; file customs and security documents for imports and exports; and various other logistics processes. In addition, the company offers consulting, implementation, and training services, as well as maintenance and support services. It serves transportation providers, such as air, ocean, and truck modes; logistics service providers, including third-party logistics providers, freight forwarders, and customs brokers; and distribution-intensive companies, such as retailers, manufacturers, distributors, and mobile business service providers through subscription, transactional or perpetual license basis. The Descartes Systems Group Inc. was incorporated in 1981 and is headquartered in Waterloo, Canada.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
DSG.TO reported revenue of $743M in FY2026 versus $425M in FY2022, a compound +15.0%/yr. Reported net income was $167M in FY2026, compounding +17.9%/yr from FY2022.
of which total revenue +15.0 % · buybacks/dilution −1.7 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
DSG screens 100% overvalued. Compare with SAP SE →
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Software - Application stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SAP SE SAP | €191.32 | €169.59 | −11% |
| Shopify Inc SHOP | C$209.78 | C$28.76 | −86% |
| Uber Technologies, Inc UBER | $78.82 | $43.66 | −45% |
| Salesforce, Inc CRM | $259.23 | $249.28 | −4% |
| ServiceNow, Inc NOW | $138.43 | $43.73 | −68% |
| Cadence Design Systems, Inc CDNS | $340.39 | $112.57 | −67% |
| Snowflake Inc SNOW | $329.11 | $42.27 | −87% |
| Adobe Inc ADBE | $266.51 | $454.04 | +70% |
| Automatic Data Processing, Inc ADP | $277.62 | $177.51 | −36% |
| Intuit Inc INTU | $332.70 | $363.46 | +9% |
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