Crescent Biopharma, Inc. (CBIO) 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

+61.0%

$20.78

vs $12.91 price

Levered DCF

$19.85

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

11.24

Safe zone

Rating

C+

Overall 2 / 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	-0.8×	-0.39×	-4.05×	-3.41×	-1.17×	-3.37×	-3.95×	-8.05×
P/B	0.61×	-1.23×	3.89×	3.71×	0.91×	1.34×	1.48×	1.89×
P/S	11.39×	0×	14,948.81×	2,122.26×	63.89×	16.92×	0×	0×
EV / EBITDA	0.59×	-0.49×	-2.77×	-2.38×	0.23×	-0.74×	-1.3×	-3.49×
Gross margin	100.0%	0.0%	100.0%	100.0%	100.0%	100.0%	0.0%	0.0%
Operating margin	-1407.5%	0.0%	-392752.9%	-63204.4%	-5470.7%	-506.8%	0.0%	0.0%
Net margin	-1419.6%	0.0%	-368994.2%	-62251.7%	-5469.0%	-502.1%	0.0%	0.0%
Current ratio	6.56×	3.62×	6.41×	5.71×	7.68×	11.13×	14.84×	24.22×
Debt / equity	0.01×	-2.42×	0.02×	0.02×	0.02×	0.02×	0.02×	0×
Interest coverage	-69.85×	-58.57×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	10.2%	47.2%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	-41.2%	-160.9%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-75.8%	313.5%	-96.1%	-108.8%	-77.7%	-39.8%	-35.1%	-23.5%
Return on invested capital	-74.6%	-191.9%	-100.1%	-108.1%	-76.0%	-39.2%	-36.4%	-25.0%
Return on assets	-64.1%	-136.2%	-81.4%	-90.1%	-67.2%	-35.7%	-32.2%	-22.5%
Free cash flow yield	-117.0%	-162.8%	-23.3%	-29.2%	-77.6%	-22.9%	-22.8%	-11.2%
Earnings yield	-124.6%	-253.9%	-24.7%	-29.3%	-85.6%	-29.7%	-23.7%	-12.4%
Enterprise value	-$88M	$21.8M	$108.5M	$112.2M	-$14.2M	$37.7M	$74.2M	$178.8M
Net debt / EBITDA	1.41×	-0.06×	1.05×	0.99×	1.4×	2.62×	2.71×	4.1×
Cash conversion cycle (days)	606	0	6,417	701	0	0	-583	-3,534