Chicago Atlantic BDC, Inc. (LIEN) 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

+1313.5%

$128.77

vs $9.11 price

Levered DCF

-$577.70

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.43

Safe zone

Rating

A+

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	7.08×	13.11×	7.15×	31.61×	-20.78×	-12.84×
P/B	0.78×	0.42×	0.61×	0.63×	0.14×	-76.91×
P/S	4.34×	7.02×	5.23×	13.44×	1,158.5×	0×
EV / EBITDA	7.47×	10.62×	2.7×	9.72×	129.75×	0×
Gross margin	77.3%	100.0%	100.0%	100.0%	100.0%	0.0%
Operating margin	63.6%	53.5%	73.2%	51.0%	-5592.8%	0.0%
Net margin	61.3%	53.5%	73.2%	42.2%	-5592.8%	0.0%
Current ratio	0.22×	633.94×	11.45×	79.49×	177.26×	0×
Debt / equity	0.08×	0×	0×	0×	0×	0×
Interest coverage	27.63×	0×	0×	0×	0×	0×
Dividend yield	9.9%	9.8%	15.8%	0.0%	0.0%	0.0%
Payout ratio	69.9%	129.1%	112.6%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	11.0%	3.2%	8.6%	2.0%	-0.7%	600.0%
Return on invested capital	10.5%	3.2%	8.6%	2.4%	-0.7%	0.0%
Return on assets	9.7%	3.1%	8.3%	2.0%	-0.7%	-346.9%
Free cash flow yield	-8.7%	-4.0%	11.0%	-92.2%	-4.4%	0.0%
Earnings yield	14.1%	7.6%	14.0%	3.1%	-4.8%	-7.8%
Enterprise value	$257.8M	$102.2M	$19.8M	$19.3M	-$73.1M	$12.3M
Net debt / EBITDA	0.64×	-2.49×	-4.44×	-17.73×	150.46×	0×
Cash conversion cycle (days)	-230	204	64	141	334	0