Extreme Networks, Inc. (EXTR) 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

-87.3%

$2.84

vs $22.29 price

Levered DCF

$13.26

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.7

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	101.16×	-318.26×	-19.89×	43.42×	26.24×	715.38×	-4.09×	-29.95×
P/B	47.09×	36.22×	67.14×	28.89×	12.78×	25.41×	96.33×	6.7×
P/S	3.25×	2.08×	1.52×	2.57×	1.04×	1.37×	0.55×	0.78×
EV / EBITDA	49.12×	60.05×	-57.65×	23.32×	12.6×	17.51×	-25.09×	19.86×
Gross margin	61.5%	62.2%	56.5%	57.5%	56.6%	58.0%	54.6%	55.4%
Operating margin	4.9%	1.6%	-2.6%	8.5%	6.6%	3.4%	-10.4%	-1.5%
Net margin	3.3%	-0.7%	-7.7%	5.9%	4.0%	0.2%	-13.4%	-2.6%
Current ratio	0.93×	0.91×	0.9×	1×	0.98×	1.07×	1.04×	1.24×
Debt / equity	2.2×	3.41×	9.89×	2.36×	4.04×	7.52×	92.58×	1.54×
Interest coverage	4.59×	1.16×	-1.7×	6.42×	5.7×	1.5×	-4.16×	-1.17×
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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	47.5%	-11.4%	-340.0%	66.9%	49.0%	3.6%	-2349.9%	-22.3%
Return on invested capital	8.4%	-5.5%	-5.2%	14.9%	9.8%	1.1%	-15.5%	-3.6%
Return on assets	3.6%	-0.6%	-8.2%	6.8%	4.1%	0.2%	-13.0%	-3.4%
Free cash flow yield	2.3%	5.4%	2.2%	7.0%	9.8%	9.2%	4.0%	10.6%
Earnings yield	1.0%	-0.3%	-5.1%	2.3%	3.8%	0.1%	-24.4%	-3.3%
Enterprise value	$4.2B	$2.4B	$1.8B	$3.4B	$1.3B	$1.5B	$825.9M	$786.5M
Net debt / EBITDA	-0.2×	-0.21×	-3.01×	0.28×	1.62×	1.84×	-9.29×	0.23×
Cash conversion cycle (days)	32	73	96	44	34	33	59	62