Lightspeed Commerce Inc. (LSPD) 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

-424.3%

-$33.66

vs $10.38 price

Levered DCF

$26.79

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.16

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-8.62×	-2.02×	-13.25×	-2.14×	-14.94×	-53.23×	-21.77×	-14.63×
P/B	0.84×	0.81×	0.9×	0.91×	1.27×	3.42×	3.37×	13.64×
P/S	1.02×	1.25×	2.4×	3.13×	7.87×	29.81×	9.61×	34.64×
EV / EBITDA	101.53×	-1.44×	-29.97×	-1.58×	-16.45×	-64.5×	-29×	-143.6×
Gross margin	42.9%	41.8%	42.4%	45.4%	49.5%	57.6%	64.2%	69.6%
Operating margin	-12.0%	-64.6%	-22.3%	-150.4%	-58.1%	-58.5%	-48.4%	-30.0%
Net margin	-11.8%	-62.0%	-18.0%	-146.5%	-52.6%	-56.0%	-44.4%	-237.0%
Current ratio	4.16×	5.36×	6.34×	6.21×	6.6×	7.53×	3.24×	4.56×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0.02×	0.03×	0.14×	0×
Interest coverage	-116.3×	-469.96×	-164.37×	-535.07×	-111.04×	-44.78×	0×	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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-9.7%	-40.1%	-6.8%	-42.8%	-8.5%	-6.4%	-15.6%	-93.3%
Return on invested capital	-9.8%	-41.4%	-8.3%	-43.4%	-8.4%	-6.2%	-13.4%	-9.6%
Return on assets	-8.6%	-36.5%	-6.4%	-40.1%	-8.0%	-5.9%	-11.2%	-71.7%
Free cash flow yield	5.6%	-4.2%	-5.3%	-6.1%	-2.3%	-1.4%	-2.8%	-0.4%
Earnings yield	-11.6%	-49.6%	-7.5%	-46.9%	-6.7%	-1.9%	-4.6%	-6.8%
Enterprise value	$810.2M	$803.2M	$1.5B	$1.5B	$3.4B	$5.8B	$993.3M	$2.5B
Net debt / EBITDA	-54.72×	0.97×	14.14×	0.81×	4.3×	8.37×	4.85×	12.05×
Cash conversion cycle (days)	2	12	18	10	-12	-35	-62	-75