Draganfly Inc. (DPRO) intrinsic value & 10-year financials

Draganfly Inc. (DPRO) has a Graham intrinsic value of CAD 18.60 per share. Over the last 7 fiscal years revenue grew 36.6% a year to CAD 6.6M, with an average return on invested capital of -48.4%.

Graham intrinsic value
CAD 18.60
Revenue (FY2024)
CAD 6.6M
Revenue growth (7-yr CAGR)
36.6%
ROIC (10-yr avg)
-48.4%
Free cash flow (FY2024)
-CAD 12.0M

DPRO 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2024 CAD 6.6M -CAD 13.9M -CAD 4.40 -CAD 12.0M — -551.8%
FY2023 CAD 6.6M -CAD 23.6M CAD 0.56 -CAD 15.5M — -412.5%
FY2022 CAD 7.6M -CAD 27.7M CAD 0.82 -CAD 16.4M — -120.3%
FY2021 CAD 7.1M -CAD 16.2M CAD 0.59 -CAD 22.2M — -83.6%
FY2020 CAD 4.4M -CAD 8.0M — — — -265.4%
FY2019 CAD 1.4M -CAD 11.1M — — — 1143.1%
FY2018 — — — — — —

Source: annual 10-K filings on SEC EDGAR. Figures in CAD.

Executive summary

Draganfly Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

Draganfly Inc. 10-year average ROIC is N/A; capital efficiency cannot be assessed from the available history.

Draganfly Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, Draganfly Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $18.60 per share.

DPRO stock: frequently asked questions

What is the intrinsic value of Draganfly Inc. (DPRO) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 15.0% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, DPRO's intrinsic value is about CAD 18.60 per share.

Does Draganfly Inc. generate free cash flow?

Draganfly Inc. generated -CAD 12.0M of free cash flow (operating cash flow minus capital expenditures) in fiscal 2024. Free cash flow was positive in 0 of the last 4 reported years.

What is DPRO's return on invested capital?

Average ROIC over the last 7 fiscal years was -48.4%, and average return on equity was -48.4%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this DPRO data come from?

From Draganfly Inc.'s annual 10-K filings on SEC EDGAR, most recently filed Mar 27, 2025. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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