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PyroGenesis Inc. (PYRGF) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of PyroGenesis Inc. $0.08, price $0.18, upside -56.3%, quality 24 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? No
  3. Add to watchlist

Industrials · US

PI PyroGenesis Inc. logo Thin data Jun 23, 2026

PyroGenesis Inc.

PYRGF · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $0.0800 · Strongly overvalued (−56.3%)
!Quality 24/100
!Weak Growth (revenue 5y −6.7 %/yr)
!Loss-making · -61.4% net margin (TTM)
!Negative equity (buybacks among others) · negative free cash flow
!Trails peers (1/7)
!Narrow moat 9/100
!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

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$5.32 $0.1270 Fair Value $0.0800 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jun 23, 2026.

How to read this chart

60‑month range $0.1270 – $5.32 · fair‑value band $0.0600 – $0.1000 · the $0.1829 price screens above the $0.0800 fair value. Dashed = 300-day average. As of Jun 23, 2026.

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Company profile

PyroGenesis Inc. designs, develops, manufactures, and commercializes plasma processes and solutions worldwide.

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PyroGenesis Inc. designs, develops, manufactures, and commercializes plasma processes and solutions worldwide. The company offers DROSRITE, a process for enhancing metal recovery from dross without any hazardous by-products; plasma atomization process that allows produce and sell spherical metal powders; PUREVAP, a process to produce high purity metallurgical and solar grade silicon from quartz; and PUREVAP NSiR, which is designed to transform silicon into spherical silicon nano powders and nanowires for use in lithium-ion batteries. It provides plasma torches and plasma torch systems used to replace fossil fuel burners; plasma arc waste destruction systems for waste destruction onboard ships; steam plasma arc refrigerant cracking systems for the destruction of certain refrigerants, including chlorofluorocarbons, hydrofluorocarbons, and hydrochlorofluorocarbons; plasma arc chemical warfare agent destruction systems, which are mobile platforms for the onsite destruction of chemical warfare agents; plasma resource recovery systems for land-based waste destruction and waste-to-energy applications; plasma torches for waste gasification and combustion; and plasma arc gasification and vitrification. It servers defense, metallurgical, mining, additive manufacturing, oil and gas, and environmental industries. Further, the company provides installation, commissioning, and start-up services. The company is headquartered in Montreal, Canada.

Stock analysis

PyroGenesis Inc. (PYRGF) currently trades at $0.1829, while our model-based Fair Value estimate is $0.0800, 56.3% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 3 models at a data quality of 95/100, which puts the evidence level at low.

Scenario range: $0.0600 (bear) to $0.1000 (bull), the price of $0.1829 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 24/100 (below-average quality), in the Industrials sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

PyroGenesis Inc. reported revenue of C$12.6M in FY2025 versus C$31.1M in FY2021, a compound −20.2%/yr. Reported net income was −C$14.8M in FY2025.

Key figures

Market cap $42.6M · P/S ratio 2.68 · EPS (TTM) $−0.0300 · Net margin −117% · Return on equity −3,401% · Return on assets (EBIT) −53.0% · Operating margin −41.6% · Revenue (TTM) C$15.9M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).

What moves the price

The share trades about 63% below its 52-week high and 44% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −49% fair-value upside, at −56%, PYRGF screens richer than that median.

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Quality Score breakdown

Overall quality 24/100

Of which business quality 23 · Market factors (momentum, volatility) 31

Profitability 23
Margins and returns on capital today
Quality Growth 23
Are margins and returns improving?
Cashflow 4
Earnings quality: real cash, not paper profit
Fin. Strength 7
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 21
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 32
Distance to the 52-week high (market factor)
Net Issuance 14
Share count: buybacks or dilution?

Open the full quality analysis →

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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−19.7%
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.
−12.9%
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.
−6.7%
Start year 2020 (pandemic)
Revenue growth 6 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.
+17.4%
Profit margin (trend) ⓘ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.
−7.3% (2020) → −101.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

PYRGF screens overvalued: fair value 56% below the price. Compare with GE Vernova Inc →

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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.Specialty Industrial Machinery · 789 stocks

Beats the industry median on 1/6 measures
Overall it trails its industry peers.
Valuation
Quality Score 24 · Bottom 25%
Profitability
Return on equity (TTM) Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets −32.2% · Bottom 25%
Net margin (TTM) −61.4% · Bottom 25%
Operating margin (TTM) −41.6% · Bottom 25%
Growth and dividend
Revenue growth 47.1% · Top 25%
Balance sheet
Debt / equity Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.

Valuation Multiplesvs Specialty Industrial Machinery median · lower = cheaper

P/B Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (TTM) 2.68× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 30
PAST (return on equity)0 · sector 28
HEALTH (low debt)0 · sector 96
DIVIDEND (yield)0 · sector 26

VALUE 0: the price sits above our fair-value range.

PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.

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 Specialty Industrial Machinery stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
GE Vernova Inc GEV $950.49 $142.61 −85%
SIE SIE €271.90 €150.42 −45%
Eaton Corporation ETN $433.27 $173.12 −60%
Parker-Hannifin Corporation PH $970.37 $494.81 −49%
Emerson Electric Co EMR $155.10 $62.54 −60%
Illinois Tool Works Inc ITW $257.28 $153.33 −40%
Cummins Inc CMI $516.57 $359.11 −30%
AMETEK, Inc AME $250.74 $125.77 −50%
Rockwell Automation, Inc ROK $442.45 $139.31 −69%
Sandvik AB SAND kr 362.00 kr 193.59 −47%

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PyroGenesis Inc. · Fair Value
$0.0800 −56%Fair Value
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Cite: Fair Value Calculator (2026). "PyroGenesis Inc. Fair Value". https://www.fairvalue-calculator.com/stock/PYRGF

Frequently asked questions

Is PyroGenesis Inc. (PYRGF) overvalued or undervalued?
As of Jun 23, 2026, our model estimates a fair value of $0.0800 versus a price of $0.1829, about −56% upside (overvalued).
What is the fair value of PYRGF?
Our model-based fair value for PyroGenesis Inc. is $0.0800 (as of Jun 23, 2026), built from audited fundamentals. The current price: $0.1829.
What is the quality score of PYRGF?
PyroGenesis Inc. has a Quality Score of 24/100. 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 PyroGenesis Inc. (PYRGF)?
Our model-based price target is the fair value of $0.0800 (as of Jun 23, 2026) from 3 valuation models. Cautious scenario $0.0600, optimistic scenario $0.1000. It is a calculation from audited fundamentals, not an analyst target.
What is the PyroGenesis Inc. stock forecast for 2026?
Our models put fair value at $0.0800, about −56% upside versus a price of $0.1829 (overvalued). Cautious scenario $0.0600, optimistic scenario $0.1000. The calculation is refreshed regularly with new filings.
What is the revenue of PyroGenesis Inc. (PYRGF)?
PyroGenesis Inc. reported trailing-twelve-month revenue of about C$15.9M (latest available figure, as of Jun 23, 2026).
What is the intrinsic value of PyroGenesis Inc. (PYRGF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PyroGenesis Inc. it is $0.0800 per share (as of Jun 23, 2026), against a price of $0.1829. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is PyroGenesis Inc. stock overvalued or undervalued in 2026?
As of Jun 23, 2026, PYRGF trades above its calculated fair value: price $0.1829, fair value $0.0800, a gap of about −56% (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 PYRGF?
No. The price is what the market pays today ($0.1829); the fair value is what the company's own numbers justify ($0.0800). For PyroGenesis Inc. the two are $0.1029 per share apart. That gap is exactly why we show both numbers side by side.
How much is PyroGenesis Inc. worth?
The market values PyroGenesis Inc. at about $42.6M (market capitalisation, as of Jun 23, 2026). Per share that is $0.1829; our models calculate a fair value of $0.0800 per share.
What do the bullish and bearish scenarios say about PYRGF?
Our models span a range for PyroGenesis Inc.: cautious scenario $0.0600, base $0.0800, optimistic $0.1000 per share (as of Jun 23, 2026, price $0.1829). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of PyroGenesis Inc. (PYRGF)?
Balance-sheet figures for PyroGenesis Inc. (as of Jun 23, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 24/100, which measures business quality independently of the share price.
How far is PYRGF from its 52-week high?
PyroGenesis Inc. trades at $0.1829, about 63% below its 52-week high of $0.4930 and 44% above the low of $0.1270 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $0.0800 is for.
Which stocks are comparable to PyroGenesis Inc.?
From the same area (Industrials) we also value GE Vernova Inc, SIE, Eaton Corporation, Parker-Hannifin Corporation, 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 PyroGenesis Inc. stock attractive at the current price?
The data as of Jun 23, 2026: price $0.1829, calculated fair value $0.0800 (−56%), Quality Score 24/100, from 3 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 PYRGF calculated?
We run PyroGenesis Inc. through 3 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 $0.0800, 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. PyroGenesis 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 PyroGenesis Inc. (PYRGF)?
The closing price on Oct 2, 2026 was $0.1829. Our model-based fair value is $0.0800, about −56% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PyroGenesis Inc. right now?
The price sits above even our optimistic bull case ($0.1000). The favourable scenario is already priced in. Weak quality (24/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of PyroGenesis Inc.

How large is the market capitalisation of PyroGenesis Inc. (PYRGF)?
The market capitalisation of PyroGenesis Inc. is $42.6M. 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 PyroGenesis Inc. (PYRGF)?
The price-to-sales ratio of PyroGenesis Inc. is 2.68 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of PyroGenesis Inc. (PYRGF)?
Earnings per share at PyroGenesis Inc. are $−0.0300. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of PyroGenesis Inc. (PYRGF)?
The net margin of PyroGenesis Inc. is −117% (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 PyroGenesis Inc. (PYRGF)?
The return on equity (ROE) of PyroGenesis Inc. is −3,401% (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 PyroGenesis Inc. (PYRGF)?
On an EBIT basis the return on assets of PyroGenesis Inc. is −53.0% (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 PyroGenesis Inc. (PYRGF)?
The operating margin of PyroGenesis Inc. is −41.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PyroGenesis Inc. (PYRGF)?
Revenue at PyroGenesis Inc. is growing +47.1% versus a year earlier (3y avg −12.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does PyroGenesis Inc. (PYRGF) generate?
The free cash flow of PyroGenesis Inc. is −C$10.4M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does PyroGenesis Inc. (PYRGF) carry?
The net debt of PyroGenesis Inc. is C$1.8M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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