Humacyte, Inc. (HUMA) 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

-105.8%

-$0.02

vs $0.40 price

Levered DCF

-$0.11

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-8.67

Distress zone

Rating

D+

Overall 1 / 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
P/E	-3.69×	-4.01×	-2.65×	-17.58×	-10.98×	-1.84×	-2.28×
P/B	48.86×	-11.36×	21.68×	1.86×	2.37×	1.79×	7.53×
P/S	74.54×	0×	0×	138.94×	229.44×	84.91×	160.99×
EV / EBITDA	-7.48×	-4.31×	-2.81×	48.15×	-8.89×	-2.05×	-11.79×
Gross margin	-736.5%	0.0%	0.0%	-427.5%	-4756.8%	-3527.0%	-1122.0%
Operating margin	-5271.7%	0.0%	0.0%	-5404.3%	-6429.8%	-4332.7%	-1385.0%
Net margin	-2003.6%	0.0%	0.0%	-764.5%	-2096.4%	-4461.7%	-1380.7%
Current ratio	3.69×	2.4×	4.52×	7.88×	20.75×	3.69×	8.76×
Debt / equity	20.86×	-0.31×	4.24×	0.43×	0.42×	0.41×	0.22×
Interest coverage	-9.55×	-12.33×	-15.16×	-13.64×	-18.68×	-29.34×	-37.29×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-1313.4%	282.3%	-817.8%	-10.2%	-21.7%	-94.1%	-64.6%
Return on invested capital	-107.0%	-94.7%	-89.1%	-43.2%	-29.3%	-64.8%	-53.3%
Return on assets	-35.1%	-107.9%	-86.4%	-5.9%	-9.2%	-62.4%	-50.6%
Free cash flow yield	-69.7%	-16.7%	-25.7%	-33.2%	-28.1%	-44.1%	-8.0%
Earnings yield	-26.9%	-24.9%	-37.7%	-5.5%	-9.1%	-52.5%	-8.6%
Enterprise value	$166.3M	$569.9M	$270.7M	$117.7M	$123.5M	$115.5M	$931M
Net debt / EBITDA	-0.65×	0.21×	0.24×	-40.78×	11.98×	0.2×	0.82×
Cash conversion cycle (days)	254	-228	-31	-63	38	12	20