Annexon, Inc. (ANNX) 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

-80.0%

$0.79

vs $3.94 price

Levered DCF

$0.88

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

-1.2

Distress zone

Rating

Overall 2 / 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	FY2018
P/E	-3.75×	-5.08×	-2.56×	-1.99×	-3.44×	-6.76×	-18.31×	-11.1×
P/B	3.68×	2.4×	1.37×	1.22×	1.9×	1.23×	15.59×	5.37×
P/S	0×	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-3.14×	-5.03×	-1.13×	-1.25×	-3.12×	-2.48×	-19.82×	-14.28×
Gross margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	5.68×	10.37×	14.72×	11.1×	11.39×	33.33×	9.21×	13.74×
Debt / equity	0.12×	0.1×	0.13×	0.14×	0.15×	0×	0×	2.83×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	1.5%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	-9.8%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-97.7%	-47.2%	-53.6%	-61.4%	-56.2%	-18.4%	-85.4%	-48.3%
Return on invested capital	-91.0%	-47.8%	-51.0%	-55.1%	-49.0%	-18.4%	-72.3%	-42.7%
Return on assets	-74.5%	-39.5%	-45.1%	-49.8%	-45.4%	-17.8%	-74.5%	-38.0%
Free cash flow yield	-24.0%	-16.7%	-35.3%	-43.5%	-24.5%	-12.6%	-4.2%	-8.5%
Earnings yield	-26.5%	-19.6%	-39.1%	-50.2%	-29.6%	-14.9%	-5.5%	-9.0%
Enterprise value	$642.8M	$684.4M	$149.8M	$175.5M	$400M	$156M	$634.9M	$266.4M
Net debt / EBITDA	0.66×	0.15×	1.47×	0.77×	0.31×	4.28×	1.37×	-3.38×
Cash conversion cycle (days)	-1,479	-1,102	0	0	0	0	0	-951