biote Corp. (BTMD) 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

+833.7%

$10.55

vs $1.13 price

Levered DCF

$8.84

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.08

Grey 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	FY2020	FY2019
P/E	3.02×	67.1×	38×	-31.08×	2.27×	2.61×	3.58×
P/B	-1.39×	-2×	-4.32×	-0.68×	17.99×	-4.46×	-2.31×
P/S	0.42×	1.07×	0.69×	0.18×	0.53×	0.65×	0.69×
EV / EBITDA	3.2×	18.17×	3.66×	8.95×	2.36×	3.08×	4.64×
Gross margin	71.5%	70.5%	68.8%	66.9%	65.0%	61.5%	60.4%
Operating margin	18.5%	16.0%	15.5%	-36.8%	24.8%	27.3%	21.4%
Net margin	14.1%	1.6%	1.8%	-0.6%	23.4%	25.0%	19.4%
Current ratio	1.22×	1.32×	5.51×	5.39×	2.72×	2.38×	1.43×
Debt / equity	-1.88×	-1.05×	-3.91×	-2.71×	9.05×	-2.48×	-1.43×
Interest coverage	3.24×	2.87×	4.5×	-15×	20.66×	13.11×	11.3×
Dividend yield	2.1%	2.2%	6.8%	42.9%	15.4%	17.5%	74.4%
Payout ratio	6.4%	150.3%	262.2%	-1329.8%	35.0%	45.7%	266.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-46.2%	-3.0%	-11.3%	2.2%	790.8%	-170.8%	-64.6%
Return on invested capital	43.0%	1.8%	20.5%	-47.3%	81.1%	120.9%	150.1%
Return on assets	25.1%	2.6%	2.1%	-0.9%	60.0%	89.5%	89.1%
Free cash flow yield	37.1%	18.3%	19.0%	-36.6%	40.3%	32.9%	31.1%
Earnings yield	33.3%	1.5%	2.6%	-3.2%	43.9%	38.3%	28.0%
Enterprise value	$167.1M	$283.3M	$152.9M	$71.3M	$84.8M	$101.3M	$112.8M
Net debt / EBITDA	1.64×	4.59×	0.62×	5.18×	0.29×	0.76×	1.51×
Cash conversion cycle (days)	96	71	99	63	53	30	19