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Pinetree Capital Ltd (PNPFF) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Pinetree Capital Ltd $6.11, price $6.52, upside -6.3%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Financial Services · US · Home Canada · ISIN CA7233308583

PC Pinetree Capital Ltd logo Thin data Sep 24, 2026

Pinetree Capital Ltd

PNPFF · US

NeutralThe stock looks roughly fairly valued with average quality.

·Fair value $6.11 · Fairly valued (−6.3%)
!Quality 51/100
!Mixed Growth (revenue 5y +59.3 %/yr)
✓Highly profitable · 56.5% net margin (FY2025)
!Low debt · negative free cash flow
!Narrow moat 44/100
!Evidence only low, so the estimate is less certain
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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

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Price vs Fair Value

$16.54 $0.6700 Fair Value $6.11 Apr 2016 Oct 2026

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 $0.6700 – $16.54 · fair‑value band $5.54 – $8.27 · the $6.52 price screens above the $6.11 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

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 (PNPFF) currently trades at $6.52, while our model-based Fair Value estimate is $6.11, so the stock looks roughly fairly valued today (gap 6.7%).

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Valuation

Bull case: the Earnings-Based group reads highest at a median of $25.86 per share, and 4 of the 6 models we run sit above the $6.52 price.

Bear case: the Asset-Based group reads lowest at $4.38, and 2 of the 6 models stay below the price. Evidence for this calculation is low.

Scenario range: $5.54 (bear) to $8.27 (bull), the price of $6.52 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 51/100 (solid 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 $59.4M · EPS (TTM) $−1.51 · Net margin 56.5% · Return on equity −25.2% · Return on assets (EBIT) 14.5% · Operating margin 103% · Revenue (TTM) −$17.4M · Revenue growth (YoY) −52.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (medium confidence).

What moves the price

The share trades about 31% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at −6%, PNPFF screens cheaper than that median.

Fair Value models

Bear $5.54 Fair Value $6.11 Bull $8.27
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. 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
Residual Income $5.34 $5.83 $6.83 68
P/E Multiple $7.20 $9.60 $12.01 63
Graham-Dodd $5.02 $35.04 $49.17 61
All 6 models by family
Earnings-Based
Graham-Dodd $5.02 $35.04 $49.17 61
Lynch FV $18.10 $25.86 $33.61 59
Multiples
P/E Multiple $7.20 $9.60 $12.01 63
P/B Multiple $6.87 $9.16 $11.45 55
Asset-Based
NCAV (Graham) $3.27 $4.38 $6.54 54
Economic Profit
Residual Income $5.34 $5.83 $6.83 68

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Quality Score breakdown

Overall quality 51/100

Of which business quality 52 · Market factors (momentum, volatility) 27

Profitability 51
Margins and returns on capital today
Quality Growth 9
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 80
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 44
Calm price path (market factor)
Momentum 28
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 100
Share count: buybacks or dilution?

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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. 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.
+103.2%
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%
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.
+65.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+65.7%
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.73% → 60%
2025 sits 136% above its own trend. The rate follows the median trend of the last 5 years, not that single year.

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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 · 647 stocks

Beats the industry median on 4/8 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 51 · Below median
Fair Value upside +41.1% · Above median
Profitability
Return on assets −14.9% · Bottom 25%
Net margin (TTM) 0.0% · Bottom 25%
Operating margin (TTM) 102.6% · Top 25%
Growth and dividend
Revenue growth −52.1% · Bottom 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 0.68× · Cheaper than median
EV/EBITDA 5.1× · Cheaper than median

Context: sector, industry, 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

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $112.09 $52.29 −53%
KKR & Co KKR $93.18 $29.26 −69%
Brookfield Corporation BN $36.87 $13.45 −64%
Apollo Global Management, Inc APO $116.06 $197.23 +70%
State Street Corporation STT $177.78 $139.37 −22%
Ameriprise Financial, Inc AMP $494.82 $595.40 +20%
Ares Management Corporation ARES $122.01 $103.68 −15%
Northern Trust Corporation NTRS $175.73 $123.42 −30%
Raymond James Financial, Inc RJF $161.16 $317.27 +97%
Exor N.V EXO €68.10 €136.20 +100%

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$6.11 −6%Fair Value
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Cite: Fair Value Calculator (2026). "Pinetree Capital Ltd Fair Value". https://www.fairvalue-calculator.com/stock/PNPFF

Frequently asked questions

Is Pinetree Capital Ltd (PNPFF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $6.11 versus a price of $6.52, about −6% upside (fairly valued).
What is the fair value of PNPFF?
Our model-based fair value for Pinetree Capital Ltd is $6.11 (as of Sep 24, 2026), built from audited fundamentals. The current price: $6.52.
What is the quality score of PNPFF?
Pinetree Capital Ltd has a Quality Score of 51/100. 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 (PNPFF)?
Our model-based price target is the fair value of $6.11 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario $5.54, optimistic scenario $8.27. 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 $6.11, about −6% upside versus a price of $6.52 (fairly valued). Cautious scenario $5.54, optimistic scenario $8.27. The calculation is refreshed regularly with new filings.
What is the intrinsic value of Pinetree Capital Ltd (PNPFF)?
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 $6.11 per share (as of Sep 24, 2026), against a price of $6.52. 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 24, 2026, PNPFF trades above its calculated fair value: price $6.52, fair value $6.11, a gap of about −6% (fairly valued). 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 PNPFF?
No. The price is what the market pays today ($6.52); the fair value is what the company's own numbers justify ($6.11). For Pinetree Capital Ltd the two are $0.4100 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 $59.4M (market capitalisation, as of Sep 24, 2026). Per share that is $6.52; our models calculate a fair value of $6.11 per share.
What do the bullish and bearish scenarios say about PNPFF?
Our models span a range for Pinetree Capital Ltd: cautious scenario $5.54, base $6.11, optimistic $8.27 per share (as of Sep 24, 2026, price $6.52). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Pinetree Capital Ltd (PNPFF)?
Balance-sheet figures for Pinetree Capital Ltd (as of Sep 24, 2026): return on equity −25.2%. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is PNPFF from its 52-week high?
Pinetree Capital Ltd trades at $6.52, about 31% below its 52-week high of $9.43 and 18% above the low of $5.52 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $6.11 is for.
Which stocks are comparable to Pinetree Capital Ltd?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, 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 24, 2026: price $6.52, calculated fair value $6.11 (−6%), Quality Score 51/100, 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 PNPFF 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 $6.11, 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. 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 (PNPFF)?
The closing price on Oct 2, 2026 was $6.52. Our model-based fair value is $6.11, about −6% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Pinetree Capital Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Pinetree Capital Ltd

How large is the market capitalisation of Pinetree Capital Ltd (PNPFF)?
The market capitalisation of Pinetree Capital Ltd is $59.4M. 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 (PNPFF)?
Earnings per share at Pinetree Capital Ltd are $−1.51. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Pinetree Capital Ltd (PNPFF)?
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 (PNPFF)?
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 (PNPFF)?
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 (PNPFF)?
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 (PNPFF) generate?
Pinetree Capital Ltd generates revenue of −$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 (PNPFF)?
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 (PNPFF)?
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 (PNPFF) generate?
The free cash flow of Pinetree Capital Ltd is −$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 (PNPFF) hold?
Pinetree Capital Ltd holds more cash than debt, $5.4M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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