MDA Space Ltd. (MDA) Key Metrics
MDA key metrics, 2020–2025
Fiscal year ended December 31, 2025 · Canadian dollarsMDA returns How much profit the business earns on the capital it uses.
MDA financial health Debt, liquidity and how easily interest is covered.
MDA efficiency & capital use Working capital cycle and where the cash goes.
MDA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MDA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MDA key metrics in Canadian dollars
2020–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Returns & profitability | ||||||
| Return on equity (ROE) | 8.8% | 6.8% | 4.8% | 2.6% | 0.4% | −3.8% |
| Return on invested capital (ROIC) | 8.4% | 4.5% | 3.3% | 1.4% | −0.6% | −3.3% |
| Return on assets (ROA) | 3.7% | 3.2% | 2.5% | 1.5% | 0.2% | −1.2% |
| Return on tangible assets | 6.5% | 5.0% | 4.3% | 3.4% | 0.5% | −3.9% |
| Free cash flow margin | 14.2% | 62.2% | −16.7% | −12.6% | 4.1% | 18.1% |
| Income quality (OCF / net income) | 3.76 | 10.24 | 0.28 | 2.17 | 24.86 | — |
| Financial health | ||||||
| Total debt | C$299.4M | C$95.1M | C$396.1M | C$185.8M | C$126.8M | C$455.4M |
| Cash & short-term investments | C$110.7M | C$115.8M | C$17.0M | C$29.0M | C$66.1M | C$61.7M |
| Net debt | C$188.7M | −C$20.8M | C$379.1M | C$156.8M | C$60.7M | C$393.7M |
| Debt / equity | 0.30 | 0.12 | 0.49 | 0.25 | 0.17 | 1.27 |
| Debt / assets | 0.12 | 0.05 | 0.24 | 0.14 | 0.10 | 0.40 |
| Net debt / EBITDA | 0.98 | −0.16 | 4.13 | 2.50 | 0.79 | 28.02 |
| Current ratio | 0.47 | 0.57 | 1.22 | 1.19 | 1.30 | 1.35 |
| Quick ratio | 0.45 | 0.57 | 1.20 | 1.16 | 1.27 | 1.33 |
| Interest coverage | 6.7 | 2.3 | 5.3 | 0.7 | -0.2 | -1.4 |
| Working capital | −C$512.1M | −C$322.8M | C$62.9M | C$44.0M | C$53.7M | C$67.0M |
| Invested capital | C$1.18B | C$796.4M | C$1.18B | C$895.0M | C$821.0M | C$752.7M |
| Tangible asset value | −C$234.6M | C$107.7M | C$32.0M | C$20.9M | −C$23.2M | −C$432.9M |
| Net current asset value | −C$1.01B | −C$552.4M | −C$483.2M | −C$274.4M | −C$220.7M | −C$526.0M |
| Capital allocation | ||||||
| Capex / revenue | 10.7% | 13.1% | 18.3% | 21.5% | 11.0% | 0.9% |
| Capex / operating cash flow | 43.0% | 17.4% | 1,096.3% | 241.8% | 72.8% | 5.0% |
| Capex / depreciation | 1.25 | 1.55 | 1.90 | 1.81 | 0.66 | 0.05 |
| Stock-based compensation / revenue | 1.1% | 1.4% | 1.6% | 1.8% | — | — |
| R&D / revenue | 5.1% | 7.3% | 8.9% | 13.6% | 9.8% | 6.4% |
| SG&A / revenue | 10.9% | 12.1% | 13.2% | 14.5% | — | — |
| Efficiency | ||||||
| Days sales outstanding | 83.6 | 137.6 | 159.2 | 146.5 | 160.0 | 284.5 |
| Days of inventory on hand | 4.4 | 4.1 | 5.2 | 6.3 | 7.2 | 9.1 |
| Days payables outstanding | 87.7 | 105.0 | 101.9 | 78.7 | 68.2 | 91.6 |
| Cash conversion cycle (days) | 0.3 | 36.6 | 62.5 | 74.0 | 99.0 | 202.0 |
| Receivables turnover | 4.36 | 2.65 | 2.29 | 2.49 | 2.28 | 1.28 |
| Payables turnover | 4.16 | 3.47 | 3.58 | 4.64 | 5.35 | 3.98 |
| Inventory turnover | 83.77 | 89.70 | 70.81 | 57.90 | 50.56 | 40.28 |
| Asset turnover | 0.56 | 0.44 | 0.42 | 0.38 | 0.32 | 0.20 |
| Average receivables | C$272.5M | C$282.9M | C$265.8M | C$189.8M | C$165.3M | C$180.8M |
| Average payables | C$228.9M | C$169.1M | C$128.5M | C$74.0M | C$54.0M | C$51.6M |
| Average inventory | C$11.4M | C$6.5M | C$6.5M | C$5.9M | C$5.7M | C$5.1M |
| Intangibles / total assets | 50.0% | 39.3% | 47.3% | 55.5% | 64.6% | 69.3% |
Computed from MDA's annual financial statements (latest annual report filed December 31, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Canadian dollars; data from EODHD. Averages use the opening and closing balance of each year.
MDA valuation and financial ratios
MDA Space earned a return on equity of 8.8% and a return on invested capital of 8.4% in fiscal 2025. It ended the year with C$299.4 million of debt and C$110.7 million in cash and short-term investments, net debt of C$188.7 million.
See the MDA income statement, the MDA chart for price history, or the MDA stock overview for the latest quote and news.
MDA key metrics FAQ
What is MDA Space's return on equity?
MDA Space's return on equity (ROE) was 8.8% in fiscal 2025: net income of C$79.0 million on average shareholders' equity of C$902.0 million.
What is MDA Space's ROIC?
MDA Space's return on invested capital was 8.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does MDA Space have?
MDA Space had total debt of C$299.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.30 and C$188.7 million of net debt (0.98 times EBITDA).
What is MDA Space's current ratio?
MDA Space's current ratio was 0.47 at the end of fiscal 2025: current assets were 0.47 times current liabilities.