Eastman Kodak Company (KODK) 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

-29.6%

$6.26

vs $8.89 price

Levered DCF

$4.17

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.24

Distress zone

Rating

B-

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	FY2018
P/E	-4.75×	6.77×	5.06×	19.06×	16.71×	-0.83×	-1.7×	-3.04×
P/B	1.07×	0.61×	0.27×	0.19×	0.38×	1.74×	0.71×	0.64×
P/S	0.71×	0.5×	0.28×	0.2×	0.32×	0.45×	0.16×	0.08×
EV / EBITDA	-32.03×	4.18×	2.82×	3.39×	3.64×	4.95×	1.48×	3.82×
Gross margin	21.7%	19.5%	19.1%	14.4%	14.3%	13.1%	14.7%	13.6%
Operating margin	-12.0%	-0.7%	0.4%	-2.2%	-4.0%	-7.2%	-8.2%	-7.7%
Net margin	-12.0%	9.8%	6.7%	2.2%	2.1%	-52.6%	9.3%	-1.2%
Current ratio	3.14×	2.28×	2.52×	2.32×	2.61×	2.12×	1.92×	1.13×
Debt / equity	0.35×	0.58×	0.43×	0.29×	0.32×	0.3×	0.61×	2.36×
Interest coverage	-2.06×	-0.12×	0.08×	-0.65×	-1.39×	-6.17×	-6.38×	-11.22×
Dividend yield	0.3%	0.8%	1.3%	1.7%	1.9%	4.7%	1.5%	7.3%
Payout ratio	-1.6%	3.9%	5.3%	15.4%	29.2%	-4.1%	2.6%	-50.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-18.0%	11.9%	6.6%	2.1%	2.5%	-201.9%	41.3%	-9.4%
Return on invested capital	-9.1%	-0.4%	0.2%	-1.1%	-2.1%	-7.7%	-9.6%	-6.2%
Return on assets	-7.7%	5.1%	3.2%	1.1%	1.1%	-43.3%	8.2%	-1.1%
Free cash flow yield	58.7%	-12.0%	1.9%	-61.1%	-18.5%	-11.1%	-1.5%	-87.2%
Earnings yield	-16.8%	19.4%	24.2%	10.8%	6.5%	-115.8%	58.0%	-14.7%
Enterprise value	$672.7M	$824.3M	$549.7M	$386.6M	$316.9M	$351.2M	$138M	$263.9M
Net debt / EBITDA	4.14×	1.51×	1.23×	1.28×	-0.57×	-1.63×	-0.67×	2.25×
Cash conversion cycle (days)	103	91	101	90	80	99	82	98