Pinetree Capital Ltd (PNP) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Pinetree Capital Ltd C$8.70, price C$9.70, upside -10.3%, quality 48 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 23, 2026.
How to read this chart
60‑month range C$2.66 – C$22.58 · fair‑value band C$7.87 – C$12.09 · the C$9.70 price screens above the C$8.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 4 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.
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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. The firm prefers to invest in enterprise software, financial and healthcare industries. It typically invests in USA, Canada and Europe.
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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. 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$9.70, while our model-based Fair Value estimate is C$8.70, implying the stock looks roughly 11.5% overvalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of C$36.86 per share, and 4 of the 6 models we run sit above the C$9.70 price.
Bear case: the Asset-Based group reads lowest at C$6.25, and 2 of the 6 models stay below the price. Evidence for this calculation is medium.
Scenario range: C$7.87 (bear) to C$12.09 (bull), the price of C$9.70 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 48/100 (below-average 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$91.1M (≈ $64.4M) · EPS (TTM) C$−2.11 · Net margin 56.5% · Return on equity −25.2% · Return on assets (EBIT) 14.5% · Operating margin 103% · Revenue (TTM) −C$17.4M · Revenue growth (YoY) −52.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 29% below its 52-week high and 19% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at −10%, PNP screens richer than that median.
Fair Value models
Bear C$7.87Fair Value C$8.70Bull C$12.09
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.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.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.40/100
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%
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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.
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.Asset Management · 657 stocks
Beats the industry median on 4/8 measures
A mixed picture versus its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside−10% · Below median
Profitability
Return on assets−15% · Bottom 25%
Net margin (TTM)57% · Above median
Operating margin (TTM)103% · Top 25%
Growth and dividend
Revenue growth−52% · Bottom 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
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). "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 Sep 23, 2026, our model estimates a fair value of C$8.70 versus a price of C$9.70, about −10% upside (overvalued).
What is the fair value of PNP?
Our model-based fair value for Pinetree Capital Ltd is C$8.70 (as of Sep 23, 2026), built from audited fundamentals. The current price: C$9.70.
What is the quality score of PNP?
Pinetree Capital Ltd has a Quality Score of 48/100. 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$8.70 (as of Sep 23, 2026) from 6 valuation models. Cautious scenario C$7.87, optimistic scenario C$12.09. 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$8.70, about −10% upside versus a price of C$9.70 (overvalued). Cautious scenario C$7.87, optimistic scenario C$12.09. The calculation is refreshed regularly with new filings.
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$8.70 per share (as of Sep 23, 2026), against a price of C$9.70. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Pinetree Capital Ltd stock overvalued or undervalued in 2026?
As of Sep 23, 2026, PNP trades above its calculated fair value: price C$9.70, fair value C$8.70, a gap of about −10% (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$9.70); the fair value is what the company's own numbers justify (C$8.70). For Pinetree Capital Ltd the two are C$1.00 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$91.1M (market capitalisation, as of Sep 23, 2026). Per share that is C$9.70; our models calculate a fair value of C$8.70 per share.
What do the bullish and bearish scenarios say about PNP?
Our models span a range for Pinetree Capital Ltd: cautious scenario C$7.87, base C$8.70, optimistic C$12.09 per share (as of Sep 23, 2026, price C$9.70). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Pinetree Capital Ltd (PNP)?
Balance-sheet figures for Pinetree Capital Ltd (as of Sep 23, 2026): return on equity −25.2%. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is PNP from its 52-week high?
Pinetree Capital Ltd trades at C$9.70, about 29% below its 52-week high of C$13.63 and 19% above the low of C$8.18 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of C$8.70 is for.
Which stocks are comparable to Pinetree Capital Ltd?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, 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 Sep 23, 2026: price C$9.70, calculated fair value C$8.70 (−10%), Quality Score 48/100, 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 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$8.70, 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 13.0 % 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 Sep 23, 2026 was C$9.70. Our model-based fair value is C$8.70, about −10% upside (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?
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
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$91.1M (≈ $64.4M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Pinetree Capital Ltd (PNP)?
Earnings per share at Pinetree Capital Ltd are C$−2.11. 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 56.5% (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 Pinetree Capital Ltd (PNP)?
The return on equity (ROE) of Pinetree Capital Ltd is −25.2% (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 103% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How much revenue does Pinetree Capital Ltd (PNP) generate?
Pinetree Capital Ltd generates revenue of −C$17.4M (last twelve months). Revenue of the last twelve months (TTM), the most recent full year, not the calendar year.
How fast is revenue growing at Pinetree Capital Ltd (PNP)?
Revenue at Pinetree Capital Ltd is growing −52.1% 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 −58.9% 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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