DeFi Development Corp. (DFDV) 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

-1134.4%

-$31.24

vs $3.02 price

Levered DCF

-$31.16

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-4.01

Distress zone

Rating

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
P/E	-1.26×	-2.48×	-2.52×	-30.3×	-23.63×	119.82×
P/B	0.94×	1.93×	1.46×	72.74×	91.14×	-284.94×
P/S	8.18×	3.23×	4.25×	17.77×	19.29×	24.48×
EV / EBITDA	-3.37×	-1.58×	-1.04×	81.41×	-22.57×	87.45×
Gross margin	97.8%	98.5%	100.0%	100.0%	100.0%	100.0%
Operating margin	-67.0%	-143.0%	-170.0%	-80.0%	-53.3%	25.2%
Net margin	-648.1%	-129.9%	-168.4%	-58.7%	-81.6%	20.4%
Current ratio	1.51×	5.52×	7.84×	5.01×	22.26×	24.62×
Debt / equity	1.28×	0×	0.01×	0.21×	0×	0×
Interest coverage	-0.85×	0×	0×	0×	-6,597.62×	4.19×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.2%	1.4%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-4.1%	165.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	-74.3%	-77.9%	-58.0%	-240.1%	-385.8%	-237.9%
Return on invested capital	-3.4%	-79.1%	-56.2%	-145.0%	-59.4%	55.3%
Return on assets	-24.0%	-62.3%	-50.5%	-94.4%	-87.0%	43.1%
Free cash flow yield	-19.3%	-36.0%	-18.8%	-2.7%	0.2%	0.9%
Earnings yield	-79.2%	-40.3%	-39.7%	-3.3%	-4.2%	0.8%
Enterprise value	$214.7M	$4.3M	$3.5M	$37.3M	$36.5M	$37.8M
Net debt / EBITDA	-1.91×	0.93×	1.49×	-1.89×	1.06×	-0.96×
Cash conversion cycle (days)	-9,997	-3,853	16	6	24	70