Candel Therapeutics, Inc. (CADL) 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

-72.8%

$2.20

vs $8.12 price

Levered DCF

$2.22

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

2.45

Grey 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	-7.85×	-4.99×	-1.12×	-18.01×	-4.09×	-5.93×	-16.28×
P/B	5.76×	4.15×	3.34×	1.08×	2.3×	-5.56×	-16.3×
P/S	0×	0×	0×	412.75×	1,180.7×	1,048×	1,048×
EV / EBITDA	-5.15×	-3.57×	-0.87×	-0.27×	-1.83×	-7.4×	-14.99×
Gross margin	0.0%	0.0%	0.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	0.0%	0.0%	0.0%	-27739.2%	-20580.8%	-11048.0%	-7229.6%
Net margin	0.0%	0.0%	0.0%	-15035.2%	-28899.2%	-14144.0%	-6592.0%
Current ratio	13.31×	2.77×	2.59×	12.81×	15.84×	7.46×	32.06×
Debt / equity	0.04×	0.2×	1.79×	0.48×	0.01×	-0.04×	-0.05×
Interest coverage	-22.78×	-15.97×	-14.79×	-20.3×	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	-73.5%	-83.2%	-297.7%	-39.4%	-56.3%	75.0%	102.5%
Return on invested capital	-41.4%	-41.8%	-105.4%	-47.3%	-30.7%	-40.6%	-20.3%
Return on assets	-30.5%	-51.6%	-92.1%	-23.9%	-40.5%	-46.2%	-18.0%
Free cash flow yield	-13.0%	-9.8%	-81.6%	-63.4%	-16.3%	-8.1%	-4.1%
Earnings yield	-12.8%	-20.1%	-89.2%	-36.4%	-24.5%	-13.5%	-6.3%
Enterprise value	$181.4M	$185.8M	$29.9M	$4.3M	$65.5M	$96.9M	$126.2M
Net debt / EBITDA	3.35×	1.71×	0.37×	2.9×	2.29×	2.6×	0.57×
Cash conversion cycle (days)	0	0	0	0	0	0	0