Arteris, Inc. (AIP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-177.2%

-$13.79

vs $17.85 price

Levered DCF

-$1.85

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.19

Grey zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-18.9×	-11.85×	-5.72×	-5.12×	-19.92×	-180.6×	86×
P/B	-44.8×	-333.78×	13.91×	3.73×	8.77×	-90.45×	-107.1×
P/S	9.29×	6.87×	3.92×	2.78×	12.25×	17.9×	12.64×
EV / EBITDA	-21.23×	-15.66×	-7.16×	-4.2×	-18.84×	-450.34×	48.34×
Gross margin	90.2%	89.7%	90.5%	91.5%	90.1%	95.3%	94.1%
Operating margin	-47.0%	-54.7%	-65.5%	-57.3%	-57.5%	-11.9%	23.1%
Net margin	-49.2%	-58.3%	-68.7%	-54.4%	-61.8%	-10.2%	18.5%
Current ratio	1.13×	1.17×	1.26×	1.86×	2.51×	1.03×	1.19×
Debt / equity	-0.62×	-5.04×	0.51×	0.1×	0.07×	-0.76×	-1.03×
Interest coverage	-171.69×	-129.49×	-166.55×	-324.22×	-37.59×	-75.54×	25.08×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	237.5%	2831.5%	-244.1%	-73.0%	-44.2%	51.8%	-157.0%
Return on invested capital	-74.9%	-64.2%	-59.3%	-38.4%	-27.3%	-22.9%	66.9%
Return on assets	-30.2%	-31.7%	-35.9%	-23.7%	-19.4%	-7.6%	21.8%
Free cash flow yield	0.8%	-0.3%	-8.2%	-5.6%	-0.3%	0.3%	3.0%
Earnings yield	-5.3%	-8.5%	-17.5%	-19.5%	-5.0%	-0.6%	1.5%
Enterprise value	$630.7M	$388.8M	$204.2M	$106.3M	$381.9M	$562.5M	$388.1M
Net debt / EBITDA	0.84×	0.31×	0.21×	1.33×	4.04×	5.58×	-1.26×
Cash conversion cycle (days)	81	98	73	9	-1	-102	-56