Decoy Therapeutics Inc. (DCOY) 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

+1873.0%

$20.42

vs $1.04 price

Levered DCF

$22.24

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-20.11

Distress zone

Rating

B-

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	-0.3×	-3.81×	-2.03×	-1.23×	-19.27×	-23.14×	-21.38×	-3.4×
P/B	0.64×	14.05×	4.82×	3.76×	6.35×	7.68×	14.01×	0.67×
P/S	0×	0×	0×	0×	0×	32.5×	42.77×	7.44×
EV / EBITDA	0.56×	-3.42×	-1.58×	-1.17×	-17×	-21×	-17.82×	0.16×
Gross margin	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	100.0%	48.6%
Operating margin	0.0%	0.0%	0.0%	0.0%	0.0%	-148.8%	-238.5%	-2633.7%
Net margin	0.0%	0.0%	0.0%	0.0%	0.0%	-140.5%	-200.2%	-2615.6%
Current ratio	2.13×	1.98×	5.02×	3.4×	14.29×	5.7×	1.42×	2.06×
Debt / equity	0×	0.15×	0.05×	0×	0×	0.02×	0.05×	0×
Interest coverage	0×	0×	0×	0×	0×	-2,555.41×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-1.9%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-212.6%	-368.8%	-237.2%	-304.4%	-33.0%	-33.2%	-65.6%	-236.2%
Return on invested capital	-214.2%	-330.8%	-231.2%	-306.6%	-33.1%	-34.4%	-74.6%	-410.8%
Return on assets	-113.2%	-184.4%	-190.4%	-215.7%	-31.3%	-29.5%	-49.9%	-211.0%
Free cash flow yield	-128.7%	-21.3%	-50.4%	-49.0%	-4.1%	-6.1%	-7.8%	-378.4%
Earnings yield	-333.7%	-26.2%	-49.3%	-81.0%	-5.2%	-4.3%	-4.7%	-351.5%
Enterprise value	-$7M	$19M	$19.9M	$26.9M	$216.8M	$159.4M	$145M	-$3.6M
Net debt / EBITDA	0.86×	0.4×	0.45×	0.53×	2.29×	1.4×	0.4×	0.45×
Cash conversion cycle (days)	-40	0	0	0	0	269	0	-128