Equillium, Inc. (EQ) 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

-77.1%

$0.32

vs $1.38 price

Levered DCF

$0.32

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

14.51

Safe 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	FY2019	FY2018
P/E	-3.97×	-3.25×	-1.9×	-0.33×	-2.79×	-3.66×	-2.3×	-7.49×
P/B	4.98×	1.39×	1.11×	1.12×	1.63×	1.56×	1.4×	1.53×
P/S	0×	0.64×	0.7×	2.27×	0×	0×	0×	0×
EV / EBITDA	-5.06×	-1.16×	-0.22×	0.22×	-1.85×	-3.31×	-2.18×	-6.66×
Gross margin	0.0%	100.0%	100.0%	100.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	0.0%	-20.1%	-40.2%	-393.9%	0.0%	0.0%	0.0%	0.0%
Net margin	0.0%	-19.6%	-37.0%	-396.1%	0.0%	0.0%	0.0%	0.0%
Current ratio	10.32×	3.93×	1.79×	2.4×	9.35×	11.76×	14.3×	33.12×
Debt / equity	0.03×	0.02×	0.04×	0.32×	0.18×	0.14×	0.23×	0×
Interest coverage	0×	0×	-29.58×	-58.95×	-35.22×	-26.89×	-95.8×	-3.37×
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	-78.3%	-42.3%	-59.1%	-195.4%	-58.6%	-42.7%	-61.1%	-20.4%
Return on invested capital	-83.3%	-42.5%	-62.1%	-118.2%	-48.3%	-37.0%	-51.6%	-13.2%
Return on assets	-70.2%	-31.5%	-26.4%	-79.6%	-45.6%	-34.9%	-46.1%	-19.7%
Free cash flow yield	-16.0%	-72.2%	-87.0%	-25.2%	-29.6%	-22.8%	-39.2%	-7.6%
Earnings yield	-15.7%	-30.5%	-53.1%	-174.6%	-35.9%	-27.4%	-43.5%	-13.3%
Enterprise value	$112.9M	$8.8M	$2.7M	-$13.2M	$70M	$94.9M	$55.2M	$71.2M
Net debt / EBITDA	1.33×	2.34×	1.84×	0.8×	1.02×	0.49×	0.14×	2.65×
Cash conversion cycle (days)	-2,376	10	64	95	0	-22,435	-29,724	-66,935