Haivision Systems Inc (HAI) fair value: what the stock is really worth
As of Oct 28, 2026: fair value (intrinsic value) of Haivision Systems Inc stock C$0.73, price C$3.52, upside -79.3%, quality 60 out of 100. Rating: strongly overvalued. 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. As of Oct 28, 2026.
How to read this chart
60‑month range C$2.12 – C$10.40 · fair‑value band C$0.7200 – C$0.7500 · the C$3.52 price screens above the C$0.7300 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Oct 28, 2026.
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Haivision Systems Inc. provides mission-critical, real-time video networking, and visual collaboration solutions in Canada, the United States, and internationally.
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The company offers Haivision Command 360, a video wall solution for situational awareness and real-time decision-making in mission-critical environments; Haivision Media Platform that manages, shares, and delivers secure corporate communications, real-time video feeds, and broadcast IPTV; Haivision Play Pro, a free app for securely playing or streaming live SRT feeds from anywhere over the internet; Haivision Play Set-Top Boxes, a high quality viewing solution; Makito X H.264 that encodes high quality video at low latency with secure and reliable SRT streaming; Haivision StreamHub that receives, decodes, and distributes live video streams from any Haivision mobile transmitter; Haivision SRT Gateway, a broadcast solution for secure routing of live video streams across different types of IP networks; and SRT Open Source Protocol that delivers secure, high quality, and low latency video across the public internet.
It provides intelligence, surveillance, reconnaissance (ISR) video solutions, including Makito X4, a low latency encoder for live broadcast and mission-critical video; Kraken, a video transcoder for mission-critical applications; Makito X4 Rugged, a video encoder for military-grade video encoding appliance; Haivision Play ISR, a free software application designed for defense and ISR; Makito X1 Rugged, a low latency for ISR and situational awareness video encoder; Makito FX, a real-time encoding for mission-critical video; and Haivision EMS, an element management system for centrally managing and monitoring encoders and decoders.
The company was formerly known as Hajtek Vision Inc. and changed its name to Haivision Systems Inc. in June 2004. Haivision Systems Inc. was incorporated in 2004 and is headquartered in Montreal, Canada.
Stock analysis
Haivision Systems Inc (HAI) currently trades at C$3.52, while our model-based Fair Value estimate is C$0.7300, 79.3% 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 C$2.82 per share, and 7 of the 24 models we run sit above the C$3.52 price.
Bear case: the Growth Earnings group reads lowest at C$0.0900, and 17 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: C$0.7200 (bear) to C$0.7500 (bull), the price of C$3.52 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 60/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Haivision Systems Inc reported revenue of C$138M in FY2025 versus C$92.6M in FY2021, a compound +10.4%/yr. Reported net income was C$115K in FY2025.
Key figures
Market cap C$97.0M (≈ $69.4M) Micro · P/E ratio 89.0 · P/S ratio 0.07 · EPS (TTM) C$−0.0300 · Net margin −0.5% · Return on equity −0.8% · Return on assets (EBIT) −0.3% · Operating margin −4.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 66% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −29% fair-value upside, at −79%, HAI screens richer than that median.
Fair Value models
BearC$0.7200Fair Value C$0.7300BullC$0.7500
Price C$3.52 · Upside -79.3%
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.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.
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.77/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+6.3%
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.
+3.1%
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.
+10.6%
Start year 2020 (pandemic)
Revenue growth 8 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.
+12.1%
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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.
−54.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−54.5%
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.10% → 0%
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
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).
+6.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (Canada: IMF forecast 2.1% a year to 2030, 2.6% from 2016 to 2025) that is about +4.5% a year for the price and +1.8% for the forecasts.
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.Software - Infrastructure · 344 stocks
Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−79.3% · Bottom 25%
Profitability
Return on assets0.1% · Below median
Net margin (12 months)−0.5% · Below median
Operating margin (12 months)−4.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−1.4% · Bottom 25%
Balance sheet
Debt / equity0.01× · Below median
Valuation Multiplesvs Software - Infrastructure median · lower = cheaper
P/E (12 months)89.0× · Priciest 25%
P/B0.99× · Cheapest 25%
P/S (12 months)0.68× · Cheapest 25%
Price / free cash flow13.9× · Cheaper than median
EV/EBITDA47.8× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 22
FUTURE (revenue growth)0· sector 59
PAST (return on equity)0· sector 23
HEALTH (low debt)99· sector 98
DIVIDEND (yield)0· sector 28
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.
Cite: Fair Value Calculator (2026). "Haivision Systems Inc Fair Value". https://www.fairvalue-calculator.com/stock/HAI
Frequently asked questions
Is Haivision Systems Inc (HAI) overvalued or undervalued?
As of Oct 28, 2026, our model estimates a fair value of C$0.7300 versus a price of C$3.52, about −79% upside (overvalued).
What is the fair value of HAI?
Our model-based fair value for Haivision Systems Inc is C$0.7300 (as of Oct 28, 2026), built from audited fundamentals. The current price: C$3.52.
What is the quality score of HAI?
Haivision Systems Inc has a Quality Score of 60/100. 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 Haivision Systems Inc (HAI)?
Our model-based price target is the fair value of C$0.7300 (as of Oct 28, 2026) from 24 valuation models. Cautious scenario C$0.7200, optimistic scenario C$0.7500. It is a calculation from audited fundamentals, not an analyst target.
What is the Haivision Systems Inc stock forecast for 2026?
Our models put fair value at C$0.7300, about −79% upside versus a price of C$3.52 (overvalued). Cautious scenario C$0.7200, optimistic scenario C$0.7500. The calculation is refreshed regularly with new filings.
What is the revenue of Haivision Systems Inc (HAI)?
Haivision Systems Inc reported trailing-twelve-month revenue of about C$142M (latest available figure, as of Oct 28, 2026).
What growth is priced into Haivision Systems Inc (HAI)?
For today's price to be fair in a discounted-cash-flow model, Haivision Systems Inc would have to grow free cash flow by +6.7 % per year for five years (discount rate 12.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.6 % per year. As of Oct 28, 2026.
What discount rate (WACC) does the fair value of HAI use?
Our models discount Haivision Systems Inc at 12.6 %: a base by market capitalisation (micro), damped by beta 1.05, country premium for Canada. 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 Haivision Systems Inc that is +6.7 % per year a year over ten years, using the same discount rate (12.6 %) and the same formula as our fair value.
How much growth has Haivision Systems Inc (HAI) delivered so far?
Over the past 5 years revenue at Haivision Systems Inc grew +10.6 % a year. The price currently implies +6.7 % 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 Haivision Systems Inc (HAI) growing?
The median revenue growth in the sector is +10.8 % a year. That is the yardstick for the growth priced into Haivision Systems Inc (+6.7 % 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 Haivision Systems Inc (HAI)?
The free-cash-flow yield on the price is 7.18 %: that much free cash flow Haivision Systems Inc produces per unit of market value. When it exceeds the discount rate of our models (12.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Haivision Systems Inc (HAI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Haivision Systems Inc it is C$0.7300 per share (as of Oct 28, 2026), against a price of C$3.52. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Haivision Systems Inc stock overvalued or undervalued in 2026?
As of Oct 28, 2026, HAI trades above its calculated fair value: price C$3.52, fair value C$0.7300, a gap of about −79% (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 HAI?
No. The price is what the market pays today (C$3.52); the fair value is what the company's own numbers justify (C$0.7300). For Haivision Systems Inc the two are C$2.79 per share apart. That gap is exactly why we show both numbers side by side.
How much is Haivision Systems Inc worth?
The market values Haivision Systems Inc at about C$97.0M (market capitalisation, as of Oct 28, 2026). Per share that is C$3.52; our models calculate a fair value of C$0.7300 per share.
What do the bullish and bearish scenarios say about HAI?
Our models span a range for Haivision Systems Inc: cautious scenario C$0.7200, base C$0.7300, optimistic C$0.7500 per share (as of Oct 28, 2026, price C$3.52). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HAI?
Haivision Systems Inc trades at a price-to-earnings ratio of 89.0 (as of Oct 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$0.7300 is built from several models across several years. Other multiples: P/B 1.0, P/S 0.7, EV/EBITDA 47.8.
How solid is the balance sheet of Haivision Systems Inc (HAI)?
Balance-sheet figures for Haivision Systems Inc (as of Oct 28, 2026): return on equity −0.8%, debt of 0.01 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is HAI from its 52-week high?
Haivision Systems Inc trades at C$3.52, about 66% below its 52-week high of C$10.40 and 3% above the low of C$3.43 (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of C$0.7300 is for.
Which stocks are comparable to Haivision Systems Inc?
From the same area (Technology) we also value Microsoft Corporation, Palantir Technologies Inc, Oracle Corporation, Palo Alto Networks, 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 Haivision Systems Inc stock attractive at the current price?
The data as of Oct 28, 2026: price C$3.52, calculated fair value C$0.7300 (−79%), Quality Score 60/100, 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 HAI calculated?
We run Haivision Systems Inc 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 C$0.7300, 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 13.4 % above its aggregate fair value. Haivision Systems Inc 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 Haivision Systems Inc (HAI)?
The closing price on Oct 28, 2026 was C$3.52. Our model-based fair value is C$0.7300, about −79% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Haivision Systems Inc right now?
The price sits above even our optimistic bull case (C$0.7500). The favourable scenario is already priced in. Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder. The models converge in a tight band (C$0.7200 to C$0.7500), unusually little disagreement for a valuation.
Key figures of Haivision Systems Inc
How large is the market capitalisation of Haivision Systems Inc (HAI)?
The market capitalisation of Haivision Systems Inc is C$97.0M (≈ $69.4M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Haivision Systems Inc (HAI)?
The price-to-sales ratio of Haivision Systems Inc is 0.07 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Haivision Systems Inc (HAI)?
Earnings per share at Haivision Systems Inc are C$−0.0300 (price ÷ EPS = P/E 89.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Haivision Systems Inc (HAI)?
The net margin of Haivision Systems Inc is −0.5% (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 Haivision Systems Inc (HAI)?
The return on equity (ROE) of Haivision Systems Inc is −0.8% (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 Haivision Systems Inc (HAI)?
On an EBIT basis the return on assets of Haivision Systems Inc is −0.3% (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 Haivision Systems Inc (HAI)?
The operating margin of Haivision Systems Inc is −4.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Haivision Systems Inc (HAI)?
Revenue at Haivision Systems Inc is growing −1.4% versus a year earlier (3y avg +3.1%). 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 Haivision Systems Inc (HAI)?
Earnings per share at Haivision Systems Inc are growing +65.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Haivision Systems Inc (HAI) hold?
Haivision Systems Inc holds more cash than debt, C$7.2M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Oct 28, 2026