Lipocine Inc. (LPCN) 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

-53.7%

$0.67

vs $1.45 price

Levered DCF

$0.83

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-9.68

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	FY2020	FY2019	FY2018
P/E	-4.54×	3,050×	-0.89×	-3.15×	-88.68×	-3.58×	-0.77×	-2.36×
P/B	3.02×	1.24×	0.72×	0.95×	1.22×	4.89×	1.59×	2.92×
P/S	22.14×	2.33×	-5.16×	67.61×	3.45×	0×	60.44×	64.39×
EV / EBITDA	-4.08×	395.86×	-0.61×	-2.86×	-127.75×	-3.41×	-0.6×	-2.63×
Gross margin	-334.3%	100.0%	456.9%	-1611.4%	52.5%	0.0%	-4426.5%	100.0%
Operating margin	-524.7%	-10.3%	629.0%	-2423.9%	19.5%	0.0%	-7818.8%	-2646.0%
Net margin	-487.1%	0.1%	573.6%	-2151.7%	-3.9%	0.0%	-7883.7%	-2724.1%
Current ratio	6.68×	14.75×	8.69×	20.34×	8.26×	3.85×	3.95×	4.63×
Debt / equity	0.03×	0×	0×	0×	0.05×	0.36×	1.14×	1.09×
Interest coverage	0×	0×	0×	-447.24×	15.47×	-46.55×	-37.58×	0×
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	-66.5%	0.0%	-80.3%	-30.2%	-1.4%	-136.7%	-206.9%	-123.6%
Return on invested capital	-69.5%	-5.1%	-88.0%	-33.8%	6.4%	-81.4%	-71.6%	-57.5%
Return on assets	-56.6%	0.0%	-71.1%	-28.7%	-1.2%	-82.7%	-66.2%	-55.9%
Free cash flow yield	-22.3%	-5.0%	-80.8%	-35.8%	-7.9%	-20.4%	-117.0%	-43.8%
Earnings yield	-22.0%	0.0%	-111.2%	-31.8%	-1.1%	-27.9%	-130.4%	-42.3%
Enterprise value	$39M	$19.8M	$9.9M	$30.7M	$55M	$61.4M	$7.4M	$29.7M
Net debt / EBITDA	0.5×	-123.77×	0.29×	0.29×	1.49×	0.76×	0.21×	-0.19×
Cash conversion cycle (days)	-39	4	-57	456	-56	0	-21	33