Dare Bioscience, Inc. (DARE) 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

-72.9%

$0.18

vs $0.66 price

Levered DCF

$0.17

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-13.47

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	-1.61×	-6.5×	-0.95×	-2.27×	-3.19×	-1.47×	-0.9×	-0.28×
P/B	75.9×	-4.41×	-5.69×	6.32×	3.16×	-35.02×	28.97×	1.13×
P/S	209.43×	2,709.59×	10.23×	7.02×	0×	0×	0×	0×
EV / EBITDA	-18.58×	-3.02×	-0.64×	-1.16×	-1.83×	-1.33×	-0.62×	-0.07×
Gross margin	-137.5%	-146110.2%	-670.6%	-201.4%	0.0%	0.0%	0.0%	0.0%
Operating margin	-1315.5%	-239692.2%	-1101.9%	-313.9%	0.0%	0.0%	0.0%	0.0%
Net margin	-1300.7%	-41430.9%	-1074.2%	-309.5%	0.0%	0.0%	0.0%	0.0%
Current ratio	1.14×	0.85×	0.86×	1.36×	3.44×	0.91×	1.15×	6.64×
Debt / equity	0.93×	-0.22×	-0.28×	0.04×	0.01×	-0.66×	1.82×	0×
Interest coverage	-16.47×	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	-471.4%	67.4%	597.5%	-278.5%	-99.8%	2379.1%	-3235.7%	-248.8%
Return on invested capital	-124.5%	-2253.3%	-2435.2%	-249.1%	-97.6%	-4528.5%	-640.0%	-250.6%
Return on assets	-41.3%	-18.3%	-141.7%	-70.6%	-69.3%	-362.9%	-191.6%	-213.9%
Free cash flow yield	-4.8%	18.2%	-137.4%	-25.9%	-23.5%	-62.6%	-104.3%	-134.8%
Earnings yield	-6.2%	-15.3%	-105.0%	-44.1%	-31.6%	-67.9%	-111.7%	-219.4%
Enterprise value	$193.7M	$12.1M	$19.7M	$36M	$70.9M	$36.4M	$8.8M	$823.1K
Net debt / EBITDA	2.12×	3.59×	0.3×	1.11×	1.33×	0.14×	0.28×	0.58×
Cash conversion cycle (days)	24	8,543	66	38	-7,676	-4,473	-35,500	-235,442