Coincheck Group N.V. (CNCK) 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

+74.4%

$2.21

vs $1.27 price

Levered DCF

$1.83

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

4.87

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-17.37×	-6.88×	8.01×	-72.61×	3.71×	13.33×	950.83×	0×
P/B	1.46×	9.17×	1.27×	3.87×	2.26×	10.52×	49.35×	0×
P/S	0.07×	0.26×	0.07×	0.23×	0.05×	0.26×	34.76×	0×
EV / EBITDA	-443.45×	-10.79×	14.35×	-144.42×	3.69×	10.5×	154.02×	0×
Gross margin	2.7%	2.8%	3.1%	3.0%	3.6%	3.6%	70.3%	0.0%
Operating margin	-0.3%	0.7%	-0.4%	-0.4%	2.0%	2.6%	6.3%	0.0%
Net margin	-0.4%	-3.7%	0.9%	-0.3%	1.4%	2.0%	3.7%	0.0%
Current ratio	0×	1.07×	1.09×	1.13×	1.03×	1.02×	1.02×	1.02×
Debt / equity	0.06×	4.25×	3.67×	1.82×	2.15×	2.2×	1.26×	1.47×
Interest coverage	-8.83×	71.6×	-163.33×	-239.67×	6,921.5×	1,368.6×	80.33×	0×
Dividend yield	0.0%	0.0%	0.0%	12.3%	19.3%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	-894.5%	71.5%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-8.4%	-133.3%	15.8%	-5.3%	61.1%	78.9%	5.2%	0.0%
Return on invested capital	-1.2%	4.4%	-1.2%	-1.6%	19.3%	24.6%	2.6%	0.0%
Return on assets	-1.6%	-12.8%	1.7%	-0.8%	1.8%	2.1%	0.2%	0.0%
Free cash flow yield	-4.1%	-2.6%	22.8%	-10.3%	19.8%	0.6%	2.5%	0.0%
Earnings yield	-5.7%	-14.5%	12.5%	-1.4%	27.0%	7.5%	0.1%	0.0%
Enterprise value	-$26.6B	$136B	$50.6B	$52B	$53.1B	$147.9B	$119.4B	-$9.7B
Net debt / EBITDA	-975.51×	-2.95×	9.88×	-31.69×	1.17×	0.81×	-17.09×	0×
Cash conversion cycle (days)	1	1	1	1	0	0	4	0