Hinge Health, Inc. (HNGE) 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

-254.5%

-$181.01

vs $117.16 price

Levered DCF

$22.78

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

11.56

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023
P/E	-8.67×	-250.4×	-27.02×
P/B	9.72×	7.03×	6.86×
P/S	6.26×	7.51×	10.01×
EV / EBITDA	-6.49×	-142.9×	-21.71×
Gross margin	79.8%	77.0%	66.3%
Operating margin	-92.9%	-8.2%	-44.6%
Net margin	-89.9%	-3.1%	-36.9%
Current ratio	1.47×	2.34×	2.88×
Debt / equity	0.02×	0.03×	0.04×
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	FY2024	FY2023
Return on equity	-139.6%	-2.9%	-25.3%
Return on invested capital	-141.3%	-7.5%	-29.4%
Return on assets	-70.9%	-1.8%	-17.4%
Free cash flow yield	4.6%	1.5%	-2.3%
Earnings yield	-14.4%	-0.4%	-3.7%
Enterprise value	$3.5B	$2.6B	$2.7B
Net debt / EBITDA	0.37×	15.68×	1.76×
Cash conversion cycle (days)	89	84	107