Fortress Biotech, Inc. (FBIO) 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

-588.7%

-$9.43

vs $1.93 price

Levered DCF

-$36.76

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.11

Distress zone

Rating

Overall 4 / 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	-54.3×	-0.75×	-0.36×	-0.68×	-3.16×	-4.88×	-3.52×	-0.44×
P/B	2.05×	1.86×	1.08×	1.41×	1.88×	2.27×	5.36×	20.18×
P/S	1.61×	0.73×	0.29×	0.77×	2.97×	5.01×	3.84×	1.39×
EV / EBITDA	-4.81×	-0.58×	-0.21×	-0.04×	0.18×	-0.96×	-1.34×	-0.43×
Gross margin	66.9%	63.8%	72.9%	59.4%	53.4%	68.0%	71.2%	77.2%
Operating margin	-111.0%	-191.4%	-168.4%	-268.8%	-274.1%	-206.7%	-302.5%	-446.4%
Net margin	10.8%	-79.8%	-71.7%	-114.3%	-94.1%	-102.0%	-109.1%	-313.0%
Current ratio	2.49×	1.27×	1.38×	1.8×	3.43×	5.14×	3.43×	2×
Debt / equity	1.49×	3.34×	3.76×	3.05×	0.69×	0.89×	4.39×	42.93×
Interest coverage	-8.06×	-11.12×	-11.37×	-14.92×	-12.32×	-6.15×	-9.35×	-11.61×
Dividend yield	0.7%	11.2%	35.9%	15.0%	4.3%	3.0%	1.8%	6.3%
Payout ratio	9.7%	-10.2%	-14.5%	-10.1%	-13.6%	-14.5%	-6.4%	-2.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.7%	-202.3%	-269.0%	-207.5%	-59.5%	-46.4%	-152.4%	-4543.6%
Return on invested capital	-50.0%	-145.1%	-161.5%	-113.6%	-62.2%	-32.7%	-58.4%	-114.5%
Return on assets	3.7%	-31.9%	-36.2%	-29.4%	-16.3%	-14.0%	-17.6%	-59.7%
Free cash flow yield	-64.4%	-225.6%	-558.4%	-311.1%	-65.1%	-39.8%	-74.2%	-289.5%
Earnings yield	6.7%	-109.0%	-248.4%	-147.6%	-31.7%	-20.4%	-28.4%	-225.2%
Enterprise value	$97M	$60.9M	$28.1M	$7.7M	-$26.5M	$84M	$118.9M	$51.4M
Net debt / EBITDA	0.25×	-0.18×	-0.03×	0.26×	1.58×	1.64×	0.25×	-0.12×
Cash conversion cycle (days)	92	-235	-326	-374	-301	-53	-175	-949