Kodiak Sciences Inc. (KOD) 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

-99.2%

$0.74

vs $95.75 price

Levered DCF

$0.95

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

7.23

Safe 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	FY2018
P/E	-6.47×	-2.97×	-0.61×	-1.12×	-3.29×	-10.1×	-11.7×	-1.22×
P/B	9.45×	3.48×	0.6×	0.86×	1.32×	1.56×	1.58×	0.59×
P/S	0×	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-7.06×	-2.85×	-0.24×	-1.15×	-1.27×	-3.7×	-7.21×	1.05×
Gross margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	4.72×	6.72×	6.93×	9.26×	11.36×	30.93×	28.97×	18.74×
Debt / equity	1.01×	0.47×	0.68×	0.43×	0.27×	0.09×	0.01×	0×
Interest coverage	0×	0×	-21,332.38×	-18,965.5×	-12,138.68×	-5,440.28×	-6,148.75×	-4.78×
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	-146.1%	-117.2%	-98.0%	-76.5%	-40.3%	-15.5%	-13.7%	-47.7%
Return on invested capital	-73.7%	-58.3%	-62.0%	-54.7%	-31.7%	-13.1%	-14.2%	-30.2%
Return on assets	-65.4%	-52.5%	-54.3%	-50.1%	-29.5%	-12.5%	-13.2%	-45.0%
Free cash flow yield	-9.2%	-22.5%	-122.8%	-67.8%	-28.0%	-6.7%	-7.3%	-58.1%
Earnings yield	-15.5%	-33.7%	-163.5%	-89.2%	-30.4%	-9.9%	-8.7%	-81.4%
Enterprise value	$1.4B	$425.5M	$55.5M	$371.4M	$326.8M	$476.9M	$334.9M	-$37.3M
Net debt / EBITDA	0.25×	0.65×	0.44×	0.01×	2.14×	6.73×	4.52×	2.49×
Cash conversion cycle (days)	0	-54	-191	-303	-521	-750	-1,049	-782