CG Oncology Inc. (CGON) 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

-105.2%

-$3.25

vs $61.96 price

Levered DCF

-$3.89

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

58.05

Safe 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
P/E	-19.96×	-20.34×	-36.44×	-56.32×	-132.75×
P/B	4.26×	2.44×	13.4×	19.79×	61.53×
P/S	794.47×	1,573.67×	12,141.52×	12,967.9×	239.13×
EV / EBITDA	-19.96×	-17.45×	-50.83×	-67.88×	-196.99×
Gross margin	-15.0%	-7108.3%	-22327.5%	92.1%	99.9%
Operating margin	-4722.1%	-10067.3%	-27180.9%	-18453.4%	-121.7%
Net margin	-3985.0%	-7729.5%	-23827.0%	-18556.5%	-124.0%
Current ratio	24.63×	35.3×	13.62×	9.54×	9.78×
Debt / equity	0.01×	0×	0.01×	0.13×	0.38×
Interest coverage	0×	0×	0×	-35,246×	-27.95×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	-21.4%	-12.0%	-26.3%	-28.3%	-31.9%
Return on invested capital	-25.0%	-15.6%	-29.8%	-24.9%	-22.6%
Return on assets	-20.3%	-11.7%	-24.4%	-24.0%	-21.9%
Free cash flow yield	-4.1%	-4.4%	-1.8%	-1.2%	-0.6%
Earnings yield	-5.0%	-4.9%	-2.0%	-1.4%	-0.5%
Enterprise value	$3.2B	$1.5B	$2.5B	$2.4B	$2.4B
Net debt / EBITDA	0.16×	2.92×	0.15×	2.04×	3.11×
Cash conversion cycle (days)	-264	221	139	-23,389	-36,609