DBV Technologies S.A. (DBVT) 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

-80.9%

$1.72

vs $9.05 price

Levered DCF

$2.00

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-2.7

Distress 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	FY2020	FY2019	FY2018
P/E	-11.28×	-2.58×	-12.73×	-12.24×	-8.89×	-8.88×	-18.45×	-10.52×
P/B	9.81×	10.85×	6.48×	6.09×	8.9×	6.9×	14.77×	10.63×
P/S	0×	0×	57.76×	244.42×	154.44×	125.69×	194.03×	137.47×
EV / EBITDA	-10.31×	-2.46×	-12.23×	-11.8×	-8.94×	-9.9×	-15.96×	-8.57×
Gross margin	0.0%	0.0%	100.0%	100.0%	-82.0%	100.0%	100.0%	100.0%
Operating margin	0.0%	0.0%	-486.0%	-1994.9%	-1727.6%	-1408.7%	-1162.8%	-1483.6%
Net margin	0.0%	0.0%	-462.4%	-1987.5%	-1713.5%	-1415.0%	-1169.5%	-1484.7%
Current ratio	3.67×	1.43×	4.26×	7.56×	3.65×	3.93×	3.79×	3.34×
Debt / equity	0.13×	0.28×	0.05×	0.05×	0.11×	0.08×	0.14×	0.03×
Interest coverage	0×	0×	0×	0×	-142.92×	-219.4×	-452.53×	-396.28×
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	-87.1%	-415.2%	-51.9%	-49.5%	-98.8%	-77.6%	-89.0%	-114.8%
Return on invested capital	-76.6%	-323.0%	-51.8%	-42.8%	-82.9%	-70.9%	-77.0%	-106.4%
Return on assets	-62.9%	-173.2%	-39.7%	-39.1%	-66.8%	-58.6%	-63.3%	-81.0%
Free cash flow yield	-7.3%	-35.9%	-8.8%	-4.8%	-12.4%	-11.9%	-5.4%	-11.0%
Earnings yield	-8.9%	-38.3%	-8.0%	-8.1%	-11.1%	-11.3%	-6.0%	-10.8%
Enterprise value	$1.5B	$272.5M	$773.6M	$984.8M	$814.9M	$1.2B	$2.7B	$1.6B
Net debt / EBITDA	1.2×	0.22×	2.13×	2.39×	0.73×	1.45×	0.99×	0.87×
Cash conversion cycle (days)	0	-1,180	358	844	1,713	254	134	-2,102