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Major Drilling Group (MJDLF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Major Drilling Group $2.98, price $12.05, upside -75.3%, quality 60 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Broad data
Sep 24, 2026
Broad data
Sep 24, 2026
Major Drilling Group
MJDLF · USStretched ValuationStrong overvaluation with only moderate quality.
!Fair value $2.98 · Strongly overvalued (−75.3%)
✓Quality 60/100
!Mixed Growth (revenue 5y +15.5 %/yr)
!Thin margins · 2.4% net margin (TTM)
✓Low debt · generates free cash flow
!Narrow moat 31/100
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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
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 $4.63 – $13.45 · fair‑value band $2.36 – $3.88 · the $12.05 price screens above the $2.98 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. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Major Drilling Group International Inc. provides contract drilling services to mining and mineral exploration companies in the United States, Canada, South and Central America, Australasia, and Africa.
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Major Drilling Group International Inc. provides contract drilling services to mining and mineral exploration companies in the United States, Canada, South and Central America, Australasia, and Africa. The company offers various drilling services, including reverse circulation, surface and underground coring, directional, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, underground percussive, longhole drilling, and surface drill and blast services, as well as range of mining services. Major Drilling Group International Inc. was founded in 1980 and is headquartered in Moncton, Canada.
Stock analysis
Major Drilling Group (MJDLF) currently trades at $12.05, while our model-based Fair Value estimate is $2.98, 75.3% 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 $4.14 per share, and 0 of the 24 models we run sit above the $12.05 price.
Bear case: the Earnings-Based group reads lowest at $1.44, and 24 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: $2.36 (bear) to $3.88 (bull), the price of $12.05 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 Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Major Drilling Group reported revenue of C$889M in FY2026 versus C$650M in FY2022, a compound +8.1%/yr. Reported net income was C$21.4M in FY2026, compounding −20.5%/yr from FY2022.
Key figures
Market cap $990M · P/E ratio 63.4 · P/S ratio 1.53 · EPS (TTM) $0.1900 · Net margin 2.4% · Return on equity 4.0% · Return on assets (EBIT) 10.5% · Operating margin 4.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (medium confidence).
What moves the price
The share trades about 10% below its 52-week high and 47% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at −75%, MJDLF screens richer than that median.
Fair Value models
Bear $2.36
Fair Value $2.98
Bull $3.88
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 2026 figures (about 5 months old). Earnings retained since then ($0.0812 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.
Highest evidence
FCF DCF
$2.12
$3.03
$4.29
81
Growth DCF
$2.13
$2.90
$3.89
79
Owner Earnings
$2.87
$4.14
$5.91
77
All 24 models by family
DCF Models
FCF DCF
$2.12
$3.03
$4.29
81
Owner Earnings
$2.87
$4.14
$5.91
77
5Y Revenue Exit
$3.13
$5.17
$7.83
72
5Y EBITDA Exit
$5.05
$8.84
$13.38
74
5Y P/E Exit
$2.28
$3.52
$4.85
71
10Y Revenue Exit
$2.60
$4.26
$6.59
66
10Y EBITDA Exit
$3.82
$6.61
$10.55
67
10Y P/E Exit
$2.19
$3.20
$4.47
64
Earnings-Based
Graham-Dodd
$1.24
$4.34
$5.83
64
Lynch FV
$1.01
$1.44
$1.87
61
PEG = 1.0
$1.01
$1.44
$1.87
57
EPV
$2.80
$3.14
$3.43
74
Multiples
P/E Multiple
$2.33
$3.10
$3.88
63
P/S Multiple
$2.33
$3.10
$3.88
58
P/B Multiple
$2.33
$3.10
$3.88
55
EV/EBIT
$4.52
$5.92
$7.33
66
EV/EBITDA
$7.76
$10.24
$12.73
67
EV/Revenue
$3.96
$5.52
$7.09
54
Asset-Based
NCAV (Graham)
$2.37
$3.18
$4.74
54
Growth DCF
Growth DCF
$2.13
$2.90
$3.89
79
Rev-Margin DCF
$3.13
$5.13
$7.49
72
Economic Profit
Residual Income
$3.31
$3.19
$3.23
71
ROIC Compounder
$2.80
$3.14
$3.43
72
Growth Earnings
Growth-Adj P/E
$2.06
$2.95
$3.83
67
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Set up alert →Quality Score breakdown
Overall quality
60/100
Of which business quality 61 · Market factors (momentum, volatility) 57
Profitability
39
Margins and returns on capital today
Quality Growth
58
Are margins and returns improving?
Cashflow
41
Earnings quality: real cash, not paper profit
Fin. Strength
85
Balance sheet, leverage, solvency risk
Investment
66
Disciplined investing over empire-building
Low Volatility
35
Calm price path (market factor)
Momentum
60
Price trend over the last 3–12 months (market factor)
52W Momentum
75
Distance to the 52-week high (market factor)
Net Issuance
83
Share count: buybacks or dilution?
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.
85/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+22.2%
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.
+6.5%
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.
+15.5%
Start year 2021 (pandemic). Over 10 years: +11.3% a year
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.
+8.3%
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
’26
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.
−7.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.6%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2026 ⓘ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.3% → 5%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than 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).
+39.4%
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.
+10.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in CAD, Canada: IMF forecast 2.1% a year to 2030, 2.6% from 2016 to 2025) that is about +36.5% a year for the price and +8.1% for the forecasts.
Forecast 2027 (sales)+15.2%
Forecast 2028 (sales)+10.9%
Projected 2029 (sales)+9.8%
Projected 2030 (sales)+8.7%
Projected 2031 (sales)+7.6%
Compare Major Drilling Group 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.Other Industrial Metals & Mining · 433 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation Multiplesvs Other Industrial Metals & Mining median · lower = cheaper
Context: sector, industry, market
- Is the Materials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: US Stocks
- Valuation of the USA 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
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| Hindustan Zinc Limited HINDZINC | ₹588.95 | ₹647.85 | +10% |
| China Tungsten And Hightech Materials Co 000657 | ¥57.18 | ¥29.56 | −48% |
| Korea Zinc Company 010130 | 1,116,000 KRW | 646,063 KRW | −42% |
| Boliden AB BOL | kr 521.00 | kr 464.45 | −11% |
| Western Mining Co 601168 | ¥35.19 | ¥38.71 | +10% |
| Ivanhoe Mines Ltd IVN | C$12.06 | C$4.46 | −63% |
| Xiamen Tungsten Co 600549 | ¥46.90 | ¥23.62 | −50% |
| Vedanta Limited VEDL | ₹266.35 | ₹655.92 | +146% |
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Frequently asked questions
Is Major Drilling Group (MJDLF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $2.98 versus a price of $12.05, about −75% upside (overvalued).
What is the fair value of MJDLF?
Our model-based fair value for Major Drilling Group is $2.98 (as of Sep 24, 2026), built from audited fundamentals. The current price: $12.05.
What is the quality score of MJDLF?
Major Drilling Group 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 Major Drilling Group (MJDLF)?
Our model-based price target is the fair value of $2.98 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario $2.36, optimistic scenario $3.88. It is a calculation from audited fundamentals, not an analyst target.
What is the Major Drilling Group stock forecast for 2026?
Our models put fair value at $2.98, about −75% upside versus a price of $12.05 (overvalued). Cautious scenario $2.36, optimistic scenario $3.88. The calculation is refreshed regularly with new filings.
What is the revenue of Major Drilling Group (MJDLF)?
Major Drilling Group reported trailing-twelve-month revenue of about C$889M (latest available figure, as of Sep 24, 2026).
What growth is priced into Major Drilling Group (MJDLF)?
For today's price to be fair in a discounted-cash-flow model, Major Drilling Group would have to grow free cash flow by +39.4 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of MJDLF use?
Our models discount Major Drilling Group at 12.0 %: a base by market capitalisation (small), damped by beta 1.28, 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 Major Drilling Group that is +39.4 % per year a year over ten years, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Major Drilling Group (MJDLF) delivered so far?
Over the past 5 years revenue at Major Drilling Group grew +15.5 % a year. The price currently implies +39.4 % 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 Major Drilling Group (MJDLF) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into Major Drilling Group (+39.4 % 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 Major Drilling Group (MJDLF)?
The free-cash-flow yield on the price is 1.47 %: that much free cash flow Major Drilling Group produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Major Drilling Group (MJDLF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Major Drilling Group it is $2.98 per share (as of Sep 24, 2026), against a price of $12.05. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Major Drilling Group stock overvalued or undervalued in 2026?
As of Sep 24, 2026, MJDLF trades above its calculated fair value: price $12.05, fair value $2.98, a gap of about −75% (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 MJDLF?
No. The price is what the market pays today ($12.05); the fair value is what the company's own numbers justify ($2.98). For Major Drilling Group the two are $9.07 per share apart. That gap is exactly why we show both numbers side by side.
How much is Major Drilling Group worth?
The market values Major Drilling Group at about $990M (market capitalisation, as of Sep 24, 2026). Per share that is $12.05; our models calculate a fair value of $2.98 per share.
What do the bullish and bearish scenarios say about MJDLF?
Our models span a range for Major Drilling Group: cautious scenario $2.36, base $2.98, optimistic $3.88 per share (as of Sep 24, 2026, price $12.05). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MJDLF?
Major Drilling Group trades at a price-to-earnings ratio of 63.4 (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 $2.98 is built from several models across several years. Other multiples: P/B 1.7, P/S 1.0, EV/EBITDA 8.7.
How solid is the balance sheet of Major Drilling Group (MJDLF)?
Balance-sheet figures for Major Drilling Group (as of Sep 24, 2026): return on equity 4.0%, debt of 0.05 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is MJDLF from its 52-week high?
Major Drilling Group trades at $12.05, about 10% below its 52-week high of $13.45 and 47% above the low of $8.17 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $2.98 is for.
Which stocks are comparable to Major Drilling Group?
From the same area (Basic Materials) we also value Saudi Arabian Mining Company, CMOC Group, Hindustan Zinc Limited, China Tungsten And Hightech Materials Co, 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 Major Drilling Group stock attractive at the current price?
The data as of Sep 24, 2026: price $12.05, calculated fair value $2.98 (−75%), 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 MJDLF calculated?
We run Major Drilling Group 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 $2.98, 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. Major Drilling Group 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 Major Drilling Group (MJDLF)?
The closing price on Oct 2, 2026 was $12.05. Our model-based fair value is $2.98, about −75% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Major Drilling Group right now?
The price sits above even our optimistic bull case ($3.88). 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.
Key figures of Major Drilling Group
How large is the market capitalisation of Major Drilling Group (MJDLF)?
The market capitalisation of Major Drilling Group is $990M. 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 Major Drilling Group (MJDLF)?
The price-to-sales ratio of Major Drilling Group is 1.53 (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 Major Drilling Group (MJDLF)?
Earnings per share at Major Drilling Group are $0.1900 (price ÷ EPS = P/E 63.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Major Drilling Group (MJDLF)?
The net margin of Major Drilling Group is 2.4% (fiscal year 2026). 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 Major Drilling Group (MJDLF)?
The return on equity (ROE) of Major Drilling Group is 4.0% (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 Major Drilling Group (MJDLF)?
On an EBIT basis the return on assets of Major Drilling Group is 10.5% (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 Major Drilling Group (MJDLF)?
The operating margin of Major Drilling Group is 4.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Major Drilling Group (MJDLF)?
Revenue at Major Drilling Group is growing +24.6% versus a year earlier (3y avg +6.5%). 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 Major Drilling Group (MJDLF)?
Earnings per share at Major Drilling Group are growing +898% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Major Drilling Group (MJDLF) hold?
Major Drilling Group holds more cash than debt, C$27.5M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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