Alto Neuroscience, Inc. (ANRO) 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

-73.1%

$5.91

vs $21.93 price

Levered DCF

$5.96

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

13.38

Safe zone

Rating

C+

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
P/E	-8.13×	-1.69×	-15.33×	-19.17×	-57.5×
P/B	3.4×	0.69×	-7.76×	-13.78×	-42.43×
P/S	0×	0×	0×	0×	2,520.9×
EV / EBITDA	-5.68×	0.76×	-14×	-20.58×	-59.93×
Gross margin	0.0%	0.0%	0.0%	0.0%	31.0%
Operating margin	0.0%	0.0%	0.0%	0.0%	-5741.0%
Net margin	0.0%	0.0%	0.0%	0.0%	-4374.8%
Current ratio	15.69×	16.92×	15.22×	8.85×	15.3×
Debt / equity	0.03×	0.11×	-0.14×	-2.14×	-3.06×
Interest coverage	-26.88×	49.9×	-27.6×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	-41.8%	-40.6%	50.7%	72.2%	73.6%
Return on invested capital	-38.2%	-40.7%	-46.6%	-64.0%	-44.7%
Return on assets	-34.2%	-34.6%	-41.9%	-54.5%	-31.9%
Free cash flow yield	-10.1%	-47.6%	-6.1%	-4.0%	-1.9%
Earnings yield	-12.3%	-59.0%	-6.5%	-5.2%	-1.7%
Enterprise value	$341.5M	-$47.2M	$483.9M	$563.2M	$541.8M
Net debt / EBITDA	2.86×	2.43×	2.1×	-1.23×	-1.38×
Cash conversion cycle (days)	-1,037	-1,148	0	-1,714	1,519