Kyverna Therapeutics, Inc. (KYTX) 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

-60.9%

$2.04

vs $5.22 price

Levered DCF

$2.15

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

-0.9

Distress zone

Rating

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
P/E	-2.58×	-1.12×	-300,000×	-26.79×	-29.41×
P/B	1.79×	0.54×	410.94×	-10.46×	-16.74×
P/S	0×	0×	0×	110.19×	136.87×
EV / EBITDA	-2.02×	-0.44×	-345.18×	-26.89×	-27.31×
Gross margin	0.0%	0.0%	0.0%	100.0%	100.0%
Operating margin	0.0%	0.0%	0.0%	-418.3%	-465.8%
Net margin	0.0%	0.0%	0.0%	-411.3%	-465.9%
Current ratio	7.75×	8.61×	3.05×	4.45×	4.84×
Debt / equity	0.12×	0.03×	0.18×	-0.14×	-0.12×
Interest coverage	-347.29×	-1,004.25×	-333.72×	-452.06×	-8,782×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	-69.4%	-47.8%	-122.8%	39.0%	57.0%
Return on invested capital	-65.0%	-51.5%	-107.1%	-51.3%	-37.4%
Return on assets	-54.9%	-41.8%	-80.3%	-43.2%	-30.8%
Free cash flow yield	-36.9%	-81.2%	-0.3%	-4.8%	-3.0%
Earnings yield	-38.8%	-88.9%	-0.3%	-3.7%	-3.4%
Enterprise value	$321M	$55M	$20.2B	$746.9M	$703.6M
Net debt / EBITDA	0.6×	0.71×	0.44×	0.98×	2.74×
Cash conversion cycle (days)	0	-791	-932	0	0