Azitra, Inc. (AZTR) 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

+226.8%

$2.87

vs $0.88 price

Levered DCF

$3.38

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-11.39

Distress zone

Rating

B-

Overall 3 / 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	-0.12×	-0.18×	-0.88×	-4.44×	-5.1×
P/B	0.34×	0.28×	3.82×	-1.65×	-2.32×
P/S	0×	214.42×	16.21×	210.21×	542.73×
EV / EBITDA	0.03×	0.28×	-0.96×	-6.38×	-5.99×
Gross margin	0.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	0.0%	-146468.5%	-1086.1%	-3328.7%	-8383.1%
Net margin	0.0%	-119566.6%	-1644.9%	-3760.7%	-8127.0%
Current ratio	2.83×	3.8×	1.58×	1.86×	7.02×
Debt / equity	0.11×	0.1×	0.3×	-0.21×	-0.04×
Interest coverage	-1,445.45×	-903.38×	-44.42×	-37.53×	-137.7×
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	-288.2%	-157.4%	-387.3%	29.5%	34.7%
Return on invested capital	-259.7%	-175.6%	-194.3%	-180.7%	-102.6%
Return on assets	-218.0%	-121.9%	-220.6%	-149.0%	-87.6%
Free cash flow yield	-883.5%	-656.9%	-69.1%	-14.6%	-14.6%
Earnings yield	-848.3%	-557.6%	-101.5%	-17.9%	-15.0%
Enterprise value	-$354.5K	-$2.4M	$10.2M	$63.9M	$52.6M
Net debt / EBITDA	0.16×	0.47×	0.09×	-0.42×	0.8×
Cash conversion cycle (days)	0	4,959	119	342	1,109