HCM III Acquisition Corp. (HCMA) 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

—

vs $11.05 price

Levered DCF

$29.59

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

5.42

Safe zone

Rating

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2022	FY2021
P/E	154.46×	0.02×	-24,775×
P/B	1.39×	0.98×	41,744.29×
P/S	0×	0×	0×
EV / EBITDA	-369.34×	-19.15×	22,347,146.91×
Gross margin	0.0%	0.0%	0.0%
Operating margin	0.0%	0.0%	0.0%
Net margin	0.0%	0.0%	0.0%
Current ratio	1.64×	0.76×	0×
Debt / equity	0×	0×	22.63×
Interest coverage	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2022	FY2021
Return on equity	0.9%	5.2%	-171.3%
Return on invested capital	-0.4%	-0.6%	-7.3%
Return on assets	0.8%	5.0%	-4.6%
Free cash flow yield	-0.1%	-0.3%	-0.0%
Earnings yield	0.6%	5.4%	-0.0%
Enterprise value	$337.7M	$274M	$384.8M
Net debt / EBITDA	1.11×	0.06×	12,098.14×
Cash conversion cycle (days)	0	0	0