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Vecima Networks Inc (VCM) Fair Value & Analysis

Technology · CA · Market cap C$310M

VN Vecima Networks Inc VCM · TO
PriceC$12.94
Fair ValueC$13.24
Upside+2.3%
Quality54/100
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Mixed Growth
Loss-making · -4.7% net margin
Low debt · generates free cash flow
1.77% dividend yield
Mixed vs. peers (6/13)
Narrow moat 17/100
Evidence: Medium Range C$9.33 – C$17.16 Share as image

Fair value as of: Jul 17, 2026

From 11 valuation models · updated 24 days ago

Share price +2.1% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (C$9.33 to C$17.16) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

C$22.05 C$8.31 Fair Value C$13.24 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range C$8.31 – C$22.05 · fair‑value band C$9.33 – C$17.16 · the C$12.94 price screens below the C$13.24 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

Vecima Networks Inc (VCM) currently trades at C$12.94, while our model-based Fair Value estimate is C$13.24, implying the stock looks roughly 2.3% fairly valued today. The Quality Score stands at 54/100 (solid quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Vecima Networks Inc generated revenue of C$278M at a net margin of -4.7%. Revenue grew 1.3% year over year. It earns a return on equity of -5.9%. Net debt stands at C$58.8M. Fundamentals as of Jul 17, 2026

Our scenario range runs from C$9.33 (bear case) to C$17.16 (bull case); at C$12.94, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 11% below its 52-week high and 48% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -61% fair-value upside, at 2%, VCM screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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
Highest evidence
Growth DCF C$21.10 C$32.83 C$49.17 80
Rev-Margin DCF C$19.43 C$32.33 C$48.47 74
EV/EBITDA C$11.22 C$15.14 C$19.05 54
All 11 models by family
DCF Models
FCF DCF C$21.30 C$34.32 C$53.47 38
Owner Earnings C$4.20 C$7.02 C$11.17 31
5Y Revenue Exit C$19.43 C$32.46 C$49.67 39
5Y EBITDA Exit C$14.34 C$22.28 C$31.68 41
10Y Revenue Exit C$19.34 C$31.11 C$48.16 36
10Y EBITDA Exit C$16.83 C$24.41 C$34.79 37
Multiples
EV/EBITDA C$11.22 C$15.14 C$19.05 54
EV/Revenue C$18.92 C$27.26 C$35.59 43
Asset-Based
NCAV (Graham) C$4.39 C$5.88 C$8.78 50
Growth DCF
Growth DCF C$21.10 C$32.83 C$49.17 80
Rev-Margin DCF C$19.43 C$32.33 C$48.47 74

Widest divergence: Growth DCF (C$32.33) versus Asset-Based (C$5.88). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) C$278M
Revenue growth (YoY) +1.3%
Net margin -4.7%
Return on equity -5.9%
Free cash flow C$51.9M FY2025
Operating margin 1.8%
More key figures
EPS (TTM) C$-0.5400
Dividend yield 1.8%
EPS growth (YoY) -90.5%
Net debt C$58.8M FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 54/100

Of which business quality 58 · Market factors (momentum, volatility) 69

Profitability 24
Margins and returns on capital today
Quality Growth 22
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 72
Balance sheet, leverage, solvency risk
Investment 77
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 60
Price trend over the last 3–12 months (market factor)
52W Momentum 66
Distance to the 52-week high (market factor)
Net Issuance 73
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Vecima Networks Inc. engages in the development of integrated hardware and software solutions for broadband access, content delivery, and telematics. It operates through three segments: Video and Broadband Solutions, Content Delivery and Storage, and Telematics.

Full company description

Vecima Networks Inc. engages in the development of integrated hardware and software solutions for broadband access, content delivery, and telematics. It operates through three segments: Video and Broadband Solutions, Content Delivery and Storage, and Telematics. The Video and Broadband Solutions segment offers platforms that process data from the cable network and deliver internet connectivity to homes over cable and fiber, as well as adapt video services. Its principal products include Terrace and Terrace QAM, which are designed to meet the needs of the business services verticals, such as multi- dwelling units, hotels, motels, and resorts; and Entra distributed access architecture platform comprising Entra Cloud, Entra Remote PHY, Entra Remote MACPHY, Entra vPON, Entra Video QAM, Entra cable access, EntraOptical, and EntraVideo that addresses the network migration from legacy architectures to distributed access architectures. The Content Delivery and Storage segment offers solutions and software for service providers and content owners that focuses on ingesting, producing, storing, delivering, and streaming video for live linear, video on demand, network digital video recorder, and time-shifted services over the internet under the MediaScale brand. The Telematics segment provides information and analytics for fleet managers to manage their mobile and fixed assets under the Contigo and Nero Global Tracking brand names. In also provides lifecycle program management; installation and commission; training and certification; workforce optimization; and operations and customer support services. The company was incorporated in 1988 and is headquartered in Victoria, Canada. Vecima Networks Inc. operates as a subsidiary of 684739 B.C. Ltd.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Vecima Networks Inc reported revenue of C$286M in FY2025 versus C$124M in FY2021, a compound +23.2%/yr. Reported net income was −C$17.8M in FY2025.

Growth Quality 61/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
C$286M
Latest YoY
−1.8%
Avg. growth/yr (3Y) 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.
+15.2%
Avg. growth/yr (5Y) 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.
+24.3%
Avg. growth/yr (22Y) 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.
+10.4%
Revenue +23.2%/yr
FY21 C$124M
FY22 C$187M
FY23 C$303M
FY24 C$291M
FY25 C$286M
Net income
FY21 −C$331K
FY22 C$8.7M
FY23 C$27.2M
FY24 C$19.4M
FY25 −C$17.8M
Character of growth · EPS growth decomposed (2014-2025) +0.6 % p.a.
Revenue per share +13.0 pp

of which total revenue +14.0 pp · buybacks/dilution −0.9 pp

EBIT margin −10.3 pp
Tax rate +1.5 pp
Residual (interest, one-offs) −3.6 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Vecima Networks Inc Fair Value". https://www.fairvalue-calculator.com/stock/VCM

Peer Group

Communication Equipment · 286 stocks

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.

Quality Score 54 · Above median
Fair Value upside +2% · Top 25%
Return on assets -2% · Bottom 25%
Net margin (TTM) -5% · Bottom 25%
Operating margin (TTM) 2% · Below median
Revenue growth 1% · Below median
Dividend yield (TTM) 1.8% · Above median
Debt / equity 0.08× · Higher than median

Valuation Multiples vs Communication Equipment median · lower = cheaper

P/B 1.04× · Cheaper than median
P/S (TTM) 0.80× · Cheaper than median
P/FCF 4.3× · Cheaper than median
EV/EBITDA 85.6× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 36 · sector 0
FUTURE 7 · sector 30
PAST 0 · sector 15
HEALTH 96 · sector 98
DIVIDEND 35 · sector 25

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Communication Equipment stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Cisco Systems, Inc CSCO $119.25 $43.05 -64%
Zhongji Innolight Co 300308 ¥1,094 ¥171.09 -84%
Foxconn Industrial Internet Co 601138 ¥56.50 ¥28.65 -49%
Eoptolink Technology Inc 300502 ¥482.88 ¥155.05 -68%
Nokia Oyj NOK $11.25 $2.67 -76%
Motorola Solutions, Inc MSI $413.31 $190.43 -54%
Suzhou TFC Optical Communication Co 300394 ¥244.13 ¥32.04 -87%
Telefonaktiebolaget LM Ericsson (publ), ERIC $11.72 $15.96 +36%
Accton Technology Corporation 2345 2,090 TWD 846.28 TWD -60%
ZTE Corporation 000063 ¥40.00 ¥15.75 -61%

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Frequently asked questions

Is Vecima Networks Inc (VCM) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of C$13.24 versus a price of C$12.94, about +2% (fairly valued).
What is the fair value of VCM?
Our model-based fair value for Vecima Networks Inc is C$13.24 (as of Jul 17, 2026), built from audited fundamentals. The current price is C$12.94.
What is the quality score of VCM?
Vecima Networks Inc has a Quality Score of 54/100. 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 revenue of Vecima Networks Inc (VCM)?
Vecima Networks Inc reported trailing-twelve-month revenue of about C$278M (latest available figure, as of Jul 17, 2026).
What is the net profit margin of VCM?
The net profit margin of Vecima Networks Inc is about -4.7%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Vecima Networks Inc pay a dividend?
Vecima Networks Inc currently shows a dividend yield of about 1.59% relative to its recent price (as of Jul 17, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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