AN2 Therapeutics, Inc. (ANTX) 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

-86.4%

$0.59

vs $4.35 price

Levered DCF

$0.66

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

12.25

Safe 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	-0.98×	-0.8×	-7.48×	-3.42×	-10.27×	-19.74×	-51.33×
P/B	0.65×	0.5×	3.88×	1.53×	4.66×	104.91×	59.96×
P/S	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-0.41×	6.13×	95.43×	-2.91×	-12.83×	-45.03×	0×
Gross margin	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%
Net margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	6.87×	8.43×	7.87×	13.72×	17.7×	2.9×	35.85×
Debt / equity	0×	0×	0×	0×	0×	0×	0.15×
Interest coverage	0×	0×	0×	-82.22×	0×	0×	0×
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	-66.3%	-62.7%	-51.9%	-42.9%	-34.8%	-494.5%	-702.5%
Return on invested capital	-71.6%	-66.7%	-55.8%	-44.3%	-34.8%	-262.5%	-560.7%
Return on assets	-56.8%	-55.7%	-46.7%	-39.9%	-33.0%	-321.3%	-593.2%
Free cash flow yield	-86.6%	-119.7%	-11.0%	-22.9%	-7.1%	-1.9%	-0.9%
Earnings yield	-102.1%	-124.7%	-13.4%	-28.0%	-7.5%	-4.7%	-11.7%
Enterprise value	$14.5M	$19.8M	$467.9M	$119M	$276.5M	$284.5M	$283.7M
Net debt / EBITDA	0.57×	-6.6×	-3.19×	0.66×	0.56×	0.64×	0×
Cash conversion cycle (days)	0	0	0	-10,059	0	0	0