Cullinan Therapeutics, Inc. (CGEM) 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

-90.4%

$1.44

vs $14.93 price

Levered DCF

$1.45

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

9.54

Safe zone

Rating

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	-2.78×	-3.92×	-2.76×	4.29×	-10.43×	-25.13×	-1.52×	-1.69×
P/B	1.5×	1.11×	0.93×	0.89×	1.61×	6.54×	-0.75×	-1.16×
P/S	0×	0×	0×	0×	36.08×	0×	0×	0×
EV / EBITDA	-2.39×	-3.43×	-1.72×	-2.47×	-9.25×	-18.8×	1.48×	0.68×
Gross margin	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%
Operating margin	0.0%	0.0%	0.0%	0.0%	-358.7%	0.0%	0.0%	0.0%
Net margin	0.0%	0.0%	0.0%	0.0%	-346.1%	0.0%	0.0%	0.0%
Current ratio	10.25×	13.53×	17.07×	21.09×	25.25×	14.82×	39.67×	25.85×
Debt / equity	0.01×	0×	0.01×	0.01×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	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%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-53.8%	-28.4%	-33.8%	20.8%	-15.4%	-26.0%	49.1%	68.7%
Return on invested capital	-58.7%	-33.2%	-38.3%	19.3%	-16.0%	-30.1%	-22.7%	-43.8%
Return on assets	-49.0%	-26.9%	-31.6%	19.8%	-15.0%	-24.1%	-19.9%	-41.0%
Free cash flow yield	-28.8%	-22.2%	-31.8%	-26.8%	-6.4%	-2.3%	-68.8%	-57.7%
Earnings yield	-36.0%	-25.6%	-36.2%	23.3%	-9.6%	-4.0%	-65.9%	-59.3%
Enterprise value	$525.5M	$574.1M	$328.1M	$325.5M	$623.7M	$1.1B	-$32.8M	-$9.9M
Net debt / EBITDA	0.39×	0.48×	0.5×	1.14×	0.89×	2.79×	2.85×	2.33×
Cash conversion cycle (days)	0	-2,006	0	0	0	-56,981	-4,870	-2,513