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RAY.TO (RAY) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of RAY.TO C$26.54, price C$15.60, upside +70.1%, quality 53 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
  3. Add to watchlist

Communication Services · CA

RT Some data Sep 23, 2026

RAY.TO

RAY · TO

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value C$26.54 · Strongly undervalued (+70%)
!Quality 53/100
!Mixed Growth (revenue 5y +13.7 %/yr)
!Loss-making · -6.1% net margin (TTM)
!High debt · generates free cash flow
!Mixed vs. peers (6/14)
!Narrow moat 35/100
!Insider activity 45/100
!Evidence only medium, so the estimate is less certain
!The models disagree: range C$12.59 to C$47.09
!Weak on balance sheet: 19 out of 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

C$17.37 C$3.54 Fair Value C$26.54 Jun 2021 Sep 2026

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$3.54 – C$17.37 · fair‑value band C$12.59 – C$47.09 · the C$15.60 price screens below the C$26.54 fair value. Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Stingray Group Inc. operates as a music, media, and technology company in Canada, the United States, and internationally. It operates through Broadcasting and Commercial Music and Radio segments.

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Stingray Group Inc. operates as a music, media, and technology company in Canada, the United States, and internationally. It operates through Broadcasting and Commercial Music and Radio segments. The company offers music, digital, and advertising services to enterprise brands, including audio and video channels, radio stations, subscription video-on-demand content, free and ad-supported TV (FAST) channels, karaoke products and music apps, and in-car and on-board infotainment content. It also provides commercial solutions in music, in-store advertising solutions, digital signage, and AI-driven consumer insights and feedback, as well as delivers digital audio messaging and audio advertising. In addition, the company offers subscription video on demand, such as Qello Concerts by Stingray, Stingray Classica, Stingray DJAZZ, Stingray Karaoke, Stingray Naturescape, ZenLIFE by Stingray, and The Coda Collection. It also offers FAST channels, including Stingray Music, Qello Concerts by Stingray, Stingray Classica, Stingray DJAZZ, Stingray CMusic, Stingray Karaoke, Stingray Naturescape, Stingray Holidayscapes, ZenLIFE by Stingray, Ultimate Trivia by Stingray, Stingray Cozy Café, Stingray Stargaze, Stingray Cityscapes, Movie Music by Stingray, Loupe Art, and EarthDay 365. The company distributes its products and services through various platforms, including digital cable TV, satellite TV, IPTV, OTT, the internet, mobile devices, game consoles, and connected cars. It serves cable and telecom companies, retailers, and small and medium businesses, as well as direct consumers. The company was formerly known as Stingray Digital Group Inc. and changed its name to Stingray Group Inc. in December 2018. Stingray Group Inc. was founded in 2007 and is headquartered in Montreal, Canada.

Stock analysis

RAY.TO (RAY) currently trades at C$15.60, while our model-based Fair Value estimate is C$26.54, implying the stock looks roughly 41.2% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of C$18.64 per share, and 6 of the 14 models we run sit above the C$15.60 price.

Bear case: the Earnings-Based group reads lowest at C$6.52, and 8 of the 14 models stay below the price. Evidence for this calculation is medium.

Scenario range: C$12.59 (bear) to C$47.09 (bull), the price of C$15.60 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 53/100 (solid quality), in the Communication Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

RAY.TO reported revenue of C$472M in FY2026 versus C$283M in FY2022, a compound +13.7%/yr. Reported net income was −C$28.6M in FY2026.

Key figures

Market cap C$1.1B (≈ $752M) · P/E ratio 23.3 · P/S ratio 2.22 · EPS (TTM) C$−0.4200 · Dividend yield 2.1% · Net margin −6.1% · Return on equity −12.0% · Return on assets (EBIT) 9.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 10% below its 52-week high and 60% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Communication Services peers we cover trades at 43% fair-value upside, at 70%, RAY screens cheaper than that median.

Fair Value models

Bear C$12.59 Fair Value C$26.54 Bull C$47.09
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. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (C$0.1503 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. 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 C$13.86 C$26.70 C$56.26 74
Growth DCF C$13.20 C$27.85 C$48.32 74
Owner Earnings n/a C$3.27 C$9.68 72
All 14 models by family
DCF Models
FCF DCF C$13.86 C$26.70 C$56.26 74
Owner Earnings n/a C$3.27 C$9.68 72
5Y Revenue Exit C$5.55 C$11.82 C$20.19 69
5Y EBITDA Exit C$12.45 C$27.21 C$46.63 71
10Y Revenue Exit C$8.20 C$15.29 C$26.21 63
10Y EBITDA Exit C$12.71 C$26.08 C$48.07 64
Earnings-Based
EPV C$5.18 C$6.52 C$7.65 72
Multiples
EV/EBIT C$13.83 C$20.01 C$26.19 64
EV/EBITDA C$12.80 C$18.64 C$24.47 65
EV/Revenue C$1.11 C$3.60 C$6.10 48
Asset-Based
NCAV (Graham) C$1.55 C$2.08 C$3.11 52
Growth DCF
Growth DCF C$13.20 C$27.85 C$48.32 74
Rev-Margin DCF C$5.55 C$11.80 C$20.55 68
Economic Profit
ROIC Compounder C$6.22 C$9.91 C$13.93 69

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Quality Score breakdown

Overall quality 53/100

Of which business quality 50 · Market factors (momentum, volatility) 68

Profitability 11
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 81
Earnings quality: real cash, not paper profit
Fin. Strength 16
Balance sheet, leverage, solvency risk
Investment 92
Disciplined investing over empire-building
Low Volatility 55
Calm price path (market factor)
Momentum 65
Price trend over the last 3–12 months (market factor)
52W Momentum 88
Distance to the 52-week high (market factor)
Net Issuance 92
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. 91/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+21.9%
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.
+13.3%
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.
+13.7%
Start year 2021 (pandemic). Over 10 years: +18.0% a year
Revenue growth 13 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.
+19.0%
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.
27.9% (2021) → 19.8% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

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).
+8.2%
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.
+11.1%
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 +6.0% a year for the price and +8.8% for the forecasts.
Forecast 2027 (sales)+37.5%
Forecast 2028 (sales)+6.1%
Projected 2029 (sales)+5.6%
Projected 2030 (sales)+5.1%
Projected 2031 (sales)+4.6%

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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.Broadcasting · 66 stocks

Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 53 · Above median
Fair Value upside +70% · Above median
Profitability
Return on assets 6% · Top 25%
Net margin (TTM) −6% · Below median
Operating margin (TTM) 15% · Top 25%
Growth and dividend
Revenue growth 44% · Top 25%
Dividend yield (TTM) 2.1% · Bottom 25%
Balance sheet
Debt / equity 1.61× · Highest 25%

Valuation Multiplesvs Broadcasting median · lower = cheaper

P/E (TTM) 23.3× · Pricier than median
P/B 3.56× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM) 1.60× · Priciest 25%
P/FCF 8.8× · Pricier than median
EV/EBITDA 8.1× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 61
FUTURE (revenue growth)100 · sector 0
PAST (return on equity)0 · sector 4
HEALTH (low debt)19 · sector 92
DIVIDEND (yield)0 · sector 100

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 Broadcasting stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Nexstar Media Group NXST $167.53 $184.28 +10%
SES S.A SESG €4.78 €10.23 +114%
PT Elang Mahkota Teknologi Tbk, through its subsidiaries, EMTK 448.00 IDR 893.69 IDR +99%
MFE-Mediaforeurope N.V MFEA €2.32 €5.62 +142%
Jiangsu Broadcasting Cable Information Network Corporation 600959 ¥3.15 ¥1.74 −45%
Sun TV Network Limited SUNTV ₹490.10 ₹586.58 +20%
MBC Group 4072 18.66 SAR 9.72 SAR −48%
Métropole Télévision S.A MMT €11.20 €16.02 +43%
TF1 SA TFI €6.48 €12.07 +86%
Beijing Gehua Catv Network Co 600037 ¥7.18 ¥3.62 −50%

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RAY.TO · Fair Value
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Cite: Fair Value Calculator (2026). "RAY.TO Fair Value". https://www.fairvalue-calculator.com/stock/RAY

Frequently asked questions

Is RAY.TO (RAY) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of C$26.54 versus a price of C$15.60, about +70% upside (undervalued).
What is the fair value of RAY?
Our model-based fair value for RAY.TO is C$26.54 (as of Sep 23, 2026), built from audited fundamentals. The current price: C$15.60.
What is the quality score of RAY?
RAY.TO has a Quality Score of 53/100. 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 RAY.TO (RAY)?
Our model-based price target is the fair value of C$26.54 (as of Sep 23, 2026) from 14 valuation models. Cautious scenario C$12.59, optimistic scenario C$47.09. It is a calculation from audited fundamentals, not an analyst target.
What is the RAY.TO stock forecast for 2026?
Our models put fair value at C$26.54, about +70% upside versus a price of C$15.60 (undervalued). Cautious scenario C$12.59, optimistic scenario C$47.09. The calculation is refreshed regularly with new filings.
What is the revenue of RAY.TO (RAY)?
RAY.TO reported trailing-twelve-month revenue of about C$430M (latest available figure, as of Sep 23, 2026).
Does RAY.TO pay a dividend?
RAY.TO currently shows a dividend yield of about 2.05% relative to its recent price (as of Sep 23, 2026).
What growth is priced into RAY.TO (RAY)?
For today's price to be fair in a discounted-cash-flow model, RAY.TO would have to grow free cash flow by +8.2 % per year for five years (discount rate 10.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.7 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of RAY use?
Our models discount RAY.TO at 10.8 %: a base by market capitalisation (small), damped by beta 0.92, 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 RAY.TO that is +8.2 % per year a year over ten years, using the same discount rate (10.8 %) and the same formula as our fair value.
How much growth has RAY.TO (RAY) delivered so far?
Over the past 5 years revenue at RAY.TO grew +13.7 % a year. The price currently implies +8.2 % 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 RAY.TO (RAY) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into RAY.TO (+8.2 % 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 RAY.TO (RAY)?
The free-cash-flow yield on the price is 8.09 %: that much free cash flow RAY.TO produces per unit of market value. When it exceeds the discount rate of our models (10.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of RAY.TO (RAY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For RAY.TO it is C$26.54 per share (as of Sep 23, 2026), against a price of C$15.60. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is RAY.TO stock overvalued or undervalued in 2026?
As of Sep 23, 2026, RAY trades below its calculated fair value: price C$15.60, fair value C$26.54, a gap of about +70% (undervalued). 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 RAY?
No. The price is what the market pays today (C$15.60); the fair value is what the company's own numbers justify (C$26.54). For RAY.TO the two are C$10.94 per share apart. That gap is exactly why we show both numbers side by side.
How much is RAY.TO worth?
The market values RAY.TO at about C$1.1B (market capitalisation, as of Sep 23, 2026). Per share that is C$15.60; our models calculate a fair value of C$26.54 per share.
What do the bullish and bearish scenarios say about RAY?
Our models span a range for RAY.TO: cautious scenario C$12.59, base C$26.54, optimistic C$47.09 per share (as of Sep 23, 2026, price C$15.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of RAY?
RAY.TO trades at a price-to-earnings ratio of 23.3 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$26.54 is built from several models across several years. Other multiples: P/B 3.6, P/S 1.6, EV/EBITDA 8.1.
How solid is the balance sheet of RAY.TO (RAY)?
Balance-sheet figures for RAY.TO (as of Sep 23, 2026): return on equity −12.0%, debt of 1.61 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is RAY from its 52-week high?
RAY.TO trades at C$15.60, about 10% below its 52-week high of C$17.37 and 60% above the low of C$9.76 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of C$26.54 is for.
Which stocks are comparable to RAY.TO?
From the same area (Communication Services) we also value Nexstar Media Group, SES S.A, PT Elang Mahkota Teknologi Tbk, through its subsidiaries,, MFE-Mediaforeurope N.V, 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 RAY.TO stock attractive at the current price?
The data as of Sep 23, 2026: price C$15.60, calculated fair value C$26.54 (+70%), Quality Score 53/100, from 14 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 RAY calculated?
We run RAY.TO through 14 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$26.54, 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 14.1 % above its aggregate fair value. RAY.TO currently trades 70 % below its own fair value, and the market average says nothing about that. 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 RAY.TO (RAY)?
The closing price on Sep 23, 2026 was C$15.60. Our model-based fair value is C$26.54, about +70% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with RAY.TO right now?
The model range is unusually wide (C$12.59 to C$47.09). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of RAY.TO

How large is the market capitalisation of RAY.TO (RAY)?
The market capitalisation of RAY.TO is C$1.1B (≈ $752M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of RAY.TO (RAY)?
The price-to-sales ratio of RAY.TO is 2.22 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of RAY.TO (RAY)?
Earnings per share at RAY.TO are C$−0.4200 (price ÷ EPS = P/E 23.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of RAY.TO (RAY)?
The dividend yield of RAY.TO is 2.1%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of RAY.TO (RAY)?
The net margin of RAY.TO is −6.1% (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 RAY.TO (RAY)?
The return on equity (ROE) of RAY.TO is −12.0% (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 RAY.TO (RAY)?
On an EBIT basis the return on assets of RAY.TO is 9.4% (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 RAY.TO (RAY)?
The operating margin of RAY.TO is 15.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at RAY.TO (RAY)?
Revenue at RAY.TO is growing +43.6% versus a year earlier (3y avg +13.3%). 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 RAY.TO (RAY)?
Earnings per share at RAY.TO are growing −52.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does RAY.TO (RAY) carry?
The net debt of RAY.TO is C$527M (fiscal year 2026, ≈ 6.1 yrs of FCF). 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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