Iovance Biotherapeutics, Inc. (IOVA) 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

-53.5%

$4.01

vs $8.62 price

Levered DCF

-$23.04

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

9.15

Safe zone

Rating

C-

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	FY2018
P/E	-2.5×	-5.78×	-4.3×	-2.57×	-8.56×	-24.68×	-18.45×	-6.97×
P/B	1.4×	3.02×	3.27×	2.04×	4.71×	9.77×	11.51×	1.85×
P/S	3.7×	13.07×	1,607.75×	0×	0×	0×	0×	0×
EV / EBITDA	-2.45×	-6.3×	-4.52×	-2.34×	-8.9×	-24.55×	-18.15×	-6.35×
Gross margin	34.3%	24.4%	-804.5%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	-151.1%	-240.9%	-38735.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	-148.4%	-226.8%	-37345.4%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	3.2×	3.74×	2.79×	5.24×	5.69×	11.59×	8.1×	33.02×
Debt / equity	0.07×	0.08×	0.13×	0.17×	0.12×	0.08×	0.04×	0×
Interest coverage	0×	0×	0×	-133.63×	0×	0×	0×	0×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-56.0%	-52.4%	-76.0%	-79.2%	-55.1%	-39.5%	-66.1%	-26.5%
Return on invested capital	-50.9%	-49.0%	-67.4%	-68.2%	-49.4%	-36.4%	-66.1%	-27.5%
Return on assets	-42.8%	-40.9%	-56.9%	-59.6%	-44.0%	-33.8%	-57.3%	-25.7%
Free cash flow yield	-34.5%	-17.0%	-20.1%	-30.8%	-9.1%	-3.9%	-4.8%	-11.9%
Earnings yield	-40.1%	-17.4%	-23.2%	-38.9%	-11.7%	-4.0%	-5.7%	-14.4%
Enterprise value	$860.9M	$2.1B	$1.9B	$871.4M	$2.9B	$6.4B	$3.4B	$778.7M
Net debt / EBITDA	0.33×	0.17×	0.09×	0.39×	0.02×	0.06×	0.01×	0.67×
Cash conversion cycle (days)	176	225	-726	0	0	0	-699	-1,046