Dave Inc. (DAVE) 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

-134.0%

-$109.42

vs $321.88 price

Levered DCF

$82.32

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

10.67

Safe zone

Rating

B+

Overall 3 / 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
P/E	15.11×	18.81×	-2.06×	-0.85×	-190.7×	-522.67×	4,632.28×
P/B	8.39×	5.94×	1.15×	1.03×	98.43×	73.14×	65.93×
P/S	5.34×	3.14×	0.39×	0.53×	24.92×	29.93×	47.83×
EV / EBITDA	16.21×	14.66×	-7.71×	-2.35×	-269.63×	-718.32×	1,218.39×
Gross margin	86.7%	81.2%	76.3%	84.4%	84.7%	82.2%	80.0%
Operating margin	33.7%	10.0%	-16.3%	-65.6%	-4.2%	0.0%	2.3%
Net margin	35.3%	16.7%	-18.7%	-62.9%	-13.1%	-5.7%	1.0%
Current ratio	3.83×	8.05×	10.81×	8.47×	1.46×	2.87×	6.5×
Debt / equity	0.21×	0.41×	2.08×	1.67×	1.9×	0.12×	0.05×
Interest coverage	26.5×	4.33×	-3.58×	-14.61×	-2.51×	0×	2.09×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	55.5%	31.6%	-55.7%	-121.0%	-51.6%	-14.0%	1.4%
Return on invested capital	41.6%	12.5%	-15.7%	-47.1%	-5.5%	0.0%	1.8%
Return on assets	40.2%	19.3%	-16.5%	-40.1%	-13.6%	-9.1%	1.2%
Free cash flow yield	9.8%	11.5%	25.1%	-49.5%	-0.2%	-0.4%	-0.4%
Earnings yield	6.6%	5.3%	-48.5%	-117.7%	-0.5%	-0.2%	0.0%
Enterprise value	$3B	$1.1B	$239.7M	$264.8M	$3.9B	$3.6B	$3.6B
Net debt / EBITDA	-0.03×	0.34×	-4.49×	-1.38×	-2.91×	-0.26×	-1.29×
Cash conversion cycle (days)	154	147	126	55	-86	-27	-17