Bioventus Inc. (BVS) 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

-120.1%

-$2.65

vs $13.15 price

Levered DCF

$24.62

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.15

Grey zone

Rating

A-

Overall 4 / 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	21.88×	-20.19×	-2.12×	-1.01×	33.7×	43.66×	160.08×	-87.32×
P/B	2.69×	4.64×	1.9×	0.49×	1.44×	5.09×	0×	7.51×
P/S	0.87×	1.2×	0.64×	0.31×	1.53×	2.25×	3.21×	3.42×
EV / EBITDA	7.62×	24.99×	-29.82×	-4.51×	21.39×	15.2×	0×	22.81×
Gross margin	67.3%	67.7%	64.1%	64.6%	70.3%	72.7%	73.3%	73.6%
Operating margin	10.3%	-2.1%	-16.0%	-32.7%	2.8%	6.6%	9.2%	8.0%
Net margin	4.0%	-5.9%	-30.5%	-31.0%	4.5%	5.1%	2.0%	-3.8%
Current ratio	1.7×	1.31×	1.53×	0.9×	1.45×	1.73×	0×	2.27×
Debt / equity	1.69×	2.27×	2.27×	1.29×	0.78×	1.32×	0×	1.34×
Interest coverage	2.21×	-0.31×	-2.01×	-13.91×	10.85×	2.18×	1.45×	1.33×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.1%	2.7%	0.0%	0.7%
Payout ratio	0.0%	0.0%	0.0%	0.0%	1.9%	121.2%	0.0%	-64.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.3%	-22.7%	-90.0%	-48.8%	4.2%	11.5%	0.0%	-8.4%
Return on invested capital	10.8%	-2.0%	-12.3%	-11.6%	1.1%	5.1%	0.0%	4.9%
Return on assets	3.3%	-4.6%	-19.3%	-11.6%	1.6%	3.3%	0.0%	-2.8%
Free cash flow yield	14.4%	5.5%	2.4%	-9.4%	0.3%	7.1%	0.0%	3.6%
Earnings yield	4.6%	-4.9%	-47.3%	-99.1%	2.9%	2.3%	0.6%	-1.1%
Enterprise value	$755.8M	$980.3M	$688M	$548.1M	$972.6M	$825.7M	$0	$1.2B
Net debt / EBITDA	2.62×	7.5×	-15.51×	-3.19×	6.9×	1.87×	0×	2.79×
Cash conversion cycle (days)	223	217	223	194	233	203	0	167