Digimarc Corp. (DMRC) 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

-155.3%

-$4.84

vs $8.75 price

Levered DCF

-$5.40

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-6.52

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	-4.4×	-20.46×	-15.98×	-5.93×	-18.71×	-13.85×	-12.03×	-5.07×
P/B	3.53×	12.98×	11.85×	3.63×	11.74×	7.27×	7.98×	2.91×
P/S	4.19×	20.73×	21.06×	11.72×	24.51×	25.41×	17.17×	7.77×
EV / EBITDA	-5.69×	-23.82×	-18.36×	-6.39×	-21.33×	-19.87×	-12.25×	-4.37×
Gross margin	53.7%	63.1%	57.9%	50.7%	66.9%	66.9%	65.0%	60.2%
Operating margin	-98.3%	-107.5%	-138.3%	-204.7%	-150.3%	-136.8%	-146.7%	-158.2%
Net margin	-95.3%	-101.5%	-131.9%	-198.0%	-131.1%	-135.6%	-142.9%	-153.4%
Current ratio	2.56×	4.3×	2.96×	6.33×	5.7×	8.58×	7.95×	11.5×
Debt / equity	0.13×	0.1×	0.1×	0.06×	0.02×	0.08×	0.05×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
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	-80.3%	-63.6%	-74.2%	-61.3%	-62.8%	-38.8%	-66.4%	-57.4%
Return on invested capital	-72.9%	-61.3%	-70.9%	-59.6%	-69.7%	-36.0%	-64.9%	-58.3%
Return on assets	-61.0%	-51.5%	-57.1%	-52.6%	-53.6%	-33.5%	-57.2%	-52.6%
Free cash flow yield	-8.7%	-3.4%	-3.1%	-13.0%	-4.3%	-3.5%	-6.1%	-14.1%
Earnings yield	-22.7%	-4.9%	-6.3%	-16.9%	-5.3%	-5.3%	-8.3%	-19.7%
Enterprise value	$137.5M	$789.9M	$718.6M	$326.3M	$637.2M	$596.8M	$386M	$137.4M
Net debt / EBITDA	0.19×	0.19×	0.39×	0.54×	0.43×	0.43×	0.28×	0.87×
Cash conversion cycle (days)	58	-51	-90	-58	-50	-40	-9	20