Stingray Group Inc. (RAY) fair value: what the stock is really worth
As of Oct 30, 2026: fair value (intrinsic value) of Stingray Group Inc. stock C$24.27, price C$16.29, upside +49.0%, quality 52 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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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.
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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
Stingray Group Inc. (RAY) currently trades at C$16.29, while our model-based Fair Value estimate is C$24.27, implying the stock looks roughly 32.9% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of C$20.23 per share, and 7 of the 13 models we run sit above the C$16.29 price.
Bear case: the Earnings-Based group reads lowest at C$4.42, and 6 of the 13 models stay below the price. Data coverage for this calculation is medium.
Scenario range: C$10.24 (bear) to C$44.82 (bull), the price of C$16.29 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 52/100 (solid quality), in the Communication Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Stingray Group Inc. 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 (≈ $793M) Small · P/E ratio 23.3 · P/S ratio 2.08 · EPS (TTM) C$−0.5700 · Dividend yield 0.6% · Net margin −7.5% · Return on equity −16.0% · 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 6% below its 52-week high and 49% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 10% fair-value upside, at 49%, RAY screens cheaper than that median.
Fair Value models
BearC$10.24Fair Value C$24.27BullC$44.82
Price C$16.29 · Upside +49.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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.Coverage ⓘCoverage = 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.67/100
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%
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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 about as much growth as 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).
+10.9%
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.
+11.6%
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 +8.6% a year for the price and +9.3% for the forecasts.
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.Broadcasting · 62 stocks
Beats the industry median on 3/12 measures
Overall it trails its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside+49.0% · Above median
Profitability
Return on assets−2.8% · Bottom 25%
Net margin (12 months)−7.5% · Bottom 25%
Operating margin (12 months)19.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)65.2% · Top 25%
Dividend yield (12 months)0.6% · Bottom 25%
Balance sheet
Debt / equity2.38× · Highest 25%
Valuation Multiplesvs Broadcasting median · lower = cheaper
P/E (12 months)23.3× · Pricier than median
P/B5.24× · 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.
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). "Stingray Group Inc. Fair Value". https://www.fairvalue-calculator.com/stock/RAY.TO
Frequently asked questions
Is Stingray Group Inc. (RAY) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of C$24.27 versus a price of C$16.29, about +49% upside (undervalued).
What is the fair value of RAY?
Our model-based fair value for Stingray Group Inc. is C$24.27 (as of Nov 1, 2026), built from audited fundamentals. The current price: C$16.29.
What is the quality score of RAY?
Stingray Group Inc. has a Quality Score of 52/100. 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 Stingray Group Inc. (RAY)?
Our model-based price target is the fair value of C$24.27 (as of Nov 1, 2026) from 13 valuation models. Cautious scenario C$10.24, optimistic scenario C$44.82. It is a calculation from audited fundamentals, not an analyst target.
What is the Stingray Group Inc. stock forecast for 2026?
Our models put fair value at C$24.27, about +49% upside versus a price of C$16.29 (undervalued). Cautious scenario C$10.24, optimistic scenario C$44.82. The calculation is refreshed regularly with new filings.
What is the revenue of Stingray Group Inc. (RAY)?
Stingray Group Inc. reported trailing-twelve-month revenue of about C$520M (latest available figure, as of Nov 1, 2026).
Does Stingray Group Inc. pay a dividend?
Stingray Group Inc. currently shows a dividend yield of 0.58% relative to its recent price (as of Nov 1, 2026).
What growth is priced into Stingray Group Inc. (RAY)?
For today's price to be fair in a discounted-cash-flow model, Stingray Group Inc. would have to grow free cash flow by +10.9 % per year for five years (discount rate 10.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.7 % per year. As of Nov 1, 2026.
What discount rate (WACC) does the fair value of RAY use?
Our models discount Stingray Group Inc. at 10.7 %: a base by market capitalisation (small), damped by beta 0.91, 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 Stingray Group Inc. that is +10.9 % per year a year over ten years, using the same discount rate (10.7 %) and the same formula as our fair value.
How much growth has Stingray Group Inc. (RAY) delivered so far?
Over the past 5 years revenue at Stingray Group Inc. grew +13.7 % a year. The price currently implies +10.9 % 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 Stingray Group Inc. (RAY) growing?
The median revenue growth in the sector is +3.7 % a year. That is the yardstick for the growth priced into Stingray Group Inc. (+10.9 % 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 Stingray Group Inc. (RAY)?
The free-cash-flow yield on the price is 7.74 %: that much free cash flow Stingray Group Inc. produces per unit of market value. When it exceeds the discount rate of our models (10.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Stingray Group Inc. (RAY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Stingray Group Inc. it is C$24.27 per share (as of Nov 1, 2026), against a price of C$16.29. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Stingray Group Inc. stock overvalued or undervalued in 2026?
As of Nov 1, 2026, RAY trades below its calculated fair value: price C$16.29, fair value C$24.27, a gap of about +49% (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$16.29); the fair value is what the company's own numbers justify (C$24.27). For Stingray Group Inc. the two are C$7.98 per share apart. That gap is exactly why we show both numbers side by side.
How much is Stingray Group Inc. worth?
The market values Stingray Group Inc. at about C$1.1B (market capitalisation, as of Nov 1, 2026). Per share that is C$16.29; our models calculate a fair value of C$24.27 per share.
What do the bullish and bearish scenarios say about RAY?
Our models span a range for Stingray Group Inc.: cautious scenario C$10.24, base C$24.27, optimistic C$44.82 per share (as of Nov 1, 2026, price C$16.29). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of RAY?
Stingray Group Inc. trades at a price-to-earnings ratio of 23.3 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$24.27 is built from several models across several years. Other multiples: P/B 5.2, P/S 2.1, EV/EBITDA 11.8.
How solid is the balance sheet of Stingray Group Inc. (RAY)?
Balance-sheet figures for Stingray Group Inc. (as of Nov 1, 2026): return on equity −16.0%, debt of 2.38 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is RAY from its 52-week high?
Stingray Group Inc. trades at C$16.29, about 6% below its 52-week high of C$17.37 and 49% above the low of C$10.94 (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of C$24.27 is for.
Which stocks are comparable to Stingray Group Inc.?
From the same area (Communication Services) we also value Nexstar Media Group, Sun TV Network Limited, Jiangsu Broadcasting Cable Information Network Corporation, SES S.A, 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 Stingray Group Inc. stock attractive at the current price?
The data as of Nov 1, 2026: price C$16.29, calculated fair value C$24.27 (+49%), Quality Score 52/100, from 13 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 Stingray Group Inc. through 13 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$24.27, 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 14.9 % above its aggregate fair value. Stingray Group Inc. currently trades 33 % 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 Stingray Group Inc. (RAY)?
The closing price on Oct 30, 2026 was C$16.29. Our model-based fair value is C$24.27, about +49% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Stingray Group Inc. right now?
The model range is unusually wide (C$10.24 to C$44.82). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (52/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Stingray Group Inc.
How large is the market capitalisation of Stingray Group Inc. (RAY)?
The market capitalisation of Stingray Group Inc. is C$1.1B (≈ $793M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Stingray Group Inc. (RAY)?
The price-to-sales ratio of Stingray Group Inc. is 2.08 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Stingray Group Inc. (RAY)?
Earnings per share at Stingray Group Inc. are C$−0.5700 (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 Stingray Group Inc. (RAY)?
The dividend yield of Stingray Group Inc. is 0.6%. 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 Stingray Group Inc. (RAY)?
The net margin of Stingray Group Inc. is −7.5% (last twelve months). 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 Stingray Group Inc. (RAY)?
The return on equity (ROE) of Stingray Group Inc. is −16.0% (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 Stingray Group Inc. (RAY)?
On an EBIT basis the return on assets of Stingray Group Inc. 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 Stingray Group Inc. (RAY)?
The operating margin of Stingray Group Inc. is 19.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Stingray Group Inc. (RAY)?
Revenue at Stingray Group Inc. is growing +65.2% 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 Stingray Group Inc. (RAY)?
Earnings per share at Stingray Group Inc. are growing −59.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Stingray Group Inc. (RAY) carry?
The net debt of Stingray Group Inc. 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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Nov 1, 2026