Janux Therapeutics, Inc. (JANX) 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

-118.0%

-$3.15

vs $17.46 price

Levered DCF

-$3.79

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

8.27

Safe zone

Rating

C+

Overall 2 / 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	-7.54×	-41.83×	-8.13×	-8.66×	-24.97×	-157.19×	-251.5×
P/B	0.89×	2.81×	1.37×	1.7×	2.22×	-71.49×	-131.74×
P/S	85.51×	271.8×	58.43×	63.42×	223.74×	0×	0×
EV / EBITDA	-7.39×	-36.91×	-8.48×	-8.36×	-23.91×	-158.22×	-278.85×
Gross margin	79.7%	80.5%	75.8%	90.2%	-621.4%	0.0%	0.0%
Operating margin	-1576.7%	-933.6%	-902.9%	-779.0%	-905.4%	0.0%	0.0%
Net margin	-1136.3%	-651.6%	-721.2%	-732.2%	-898.3%	0.0%	0.0%
Current ratio	39.04×	59.21×	26.8×	20.14×	29.46×	5.05×	0.14×
Debt / equity	0.02×	0.02×	0.07×	0.08×	0×	0×	-0.5×
Interest coverage	0×	0×	0×	0×	0×	-23.51×	-16.18×
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	-11.9%	-6.7%	-16.9%	-19.7%	-8.9%	46.3%	53.3%
Return on invested capital	-16.0%	-9.5%	-19.8%	-19.3%	-9.0%	-37.2%	-7251.9%
Return on assets	-11.3%	-6.5%	-15.3%	-17.3%	-8.6%	-41.8%	-624.0%
Free cash flow yield	-9.7%	-1.5%	-11.1%	-9.0%	-2.3%	-0.4%	-0.4%
Earnings yield	-13.3%	-2.4%	-12.3%	-11.5%	-4.0%	-0.6%	-0.4%
Enterprise value	$824.9M	$2.5B	$477.6M	$520M	$778.3M	$1B	$1B
Net debt / EBITDA	0.27×	6.09×	-0.09×	0.42×	1.09×	1.19×	-0.89×
Cash conversion cycle (days)	-660	-528	-355	-1,211	-14	-12,017	-16,242