Connect Biopharma Holdings Limited (CNTB) 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

-15.8%

$0.65

vs $0.78 price

Levered DCF

$0.68

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-15.61

Distress 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	-2.82×	-4.93×	-1.09×	-0.06×	-0.21×	-1.28×	-6.12×	0×
P/B	3.74×	0.83×	0.64×	0.3×	0.99×	-41.5×	-166.87×	0×
P/S	2,452.52×	2.93×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-2.19×	0.13×	0.66×	0.26×	-0.01×	-8.24×	-41.38×	0×
Gross margin	100.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	-90740.6%	-86.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	-86687.5%	-60.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	3.74×	11.46×	4.85×	9.97×	15.3×	27.81×	13.24×	70.44×
Debt / equity	0.02×	0×	0×	0×	0×	-0×	-0×	-4.52×
Interest coverage	0×	0×	0×	-5,673.07×	-14,199.6×	-4,708.64×	-2,080.02×	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	-132.2%	-17.0%	-61.2%	-75.0%	-74.3%	496.7%	395.5%	0.0%
Return on invested capital	-135.7%	-24.1%	-67.5%	-75.2%	-35.9%	-123.3%	-223.2%	0.0%
Return on assets	-98.9%	-15.4%	-48.8%	-67.9%	-69.5%	-469.3%	-316.7%	0.0%
Free cash flow yield	-32.9%	-32.0%	-74.2%	-216.7%	-34.6%	-2.8%	-1.3%	0.0%
Earnings yield	-35.3%	-20.5%	-95.6%	-247.2%	-75.1%	-12.0%	-2.4%	0.0%
Enterprise value	$119.3M	-$1.9M	-$40.2M	-$30.8M	$1.6M	$973.7M	$1B	$26.4M
Net debt / EBITDA	0.69×	5.29×	1.72×	0.67×	1.33×	0.2×	0.26×	0×
Cash conversion cycle (days)	918	15	0	0	0	0	0	0