Dragonfly Energy Holdings Corp. (DFLI) 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

-3966.6%

-$70.37

vs $1.82 price

Levered DCF

-$81.68

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-4.67

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
P/E	-0.21×	-0.47×	-2.07×	-11.48×	83.86×	8,838×
P/B	1.27×	-20.3×	10.25×	427.19×	258.78×	4,633.23×
P/S	0.25×	3.77×	4.44×	53.21×	46.65×	840×
EV / EBITDA	-0.65×	-15.56×	87×	-139.98×	516.28×	4,431.13×
Gross margin	26.7%	23.0%	24.0%	27.4%	38.0%	43.7%
Operating margin	-35.0%	-50.9%	-42.6%	-39.9%	8.3%	18.5%
Net margin	-119.3%	-80.2%	-21.5%	-46.4%	5.6%	14.6%
Current ratio	2.54×	1.51×	1.38×	1.78×	3.67×	2.2×
Debt / equity	2.84×	-5.88×	0.84×	2.24×	3.18×	0.11×
Interest coverage	-1.01×	-1.2×	-1.71×	-4.95×	12.46×	0×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	-606.6%	431.9%	-49.5%	-372.3%	30.9%	80.4%
Return on invested capital	-29.3%	-45.7%	-49.0%	-49.6%	7.7%	57.8%
Return on assets	-80.8%	-54.0%	-18.4%	-44.9%	5.7%	36.6%
Free cash flow yield	-190.1%	-5.2%	-8.6%	-1.1%	-0.5%	0.0%
Earnings yield	-476.3%	-21.3%	-4.8%	-0.9%	0.1%	0.0%
Enterprise value	$29.1M	$241.3M	$296.6M	$4.6B	$3.7B	$39.6B
Net debt / EBITDA	-0.32×	-3.25×	3.11×	-0.19×	2.7×	-0.58×
Cash conversion cycle (days)	144	120	222	220	123	53