Lyft, Inc. (LYFT) 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

+137.3%

$40.02

vs $16.86 price

Levered DCF

$62.23

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.04

Distress zone

Rating

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	FY2019	FY2018
P/E	2.8×	231.6×	-17.03×	-2.47×	-13.48×	-8.76×	-3.76×	-24.39×
P/B	2.43×	6.88×	10.67×	10.06×	10.66×	9.15×	3.43×	12.14×
P/S	1.26×	0.91×	1.31×	0.95×	4.46×	6.49×	2.71×	10.32×
EV / EBITDA	78.87×	28.01×	-33.12×	-3.34×	-17.23×	-9.96×	-3.98×	-24.36×
Gross margin	41.5%	42.3%	42.2%	40.5%	46.9%	38.8%	39.8%	42.3%
Operating margin	-3.0%	-2.1%	-10.8%	-35.6%	-35.4%	-76.5%	-74.7%	-45.3%
Net margin	45.0%	0.4%	-7.7%	-38.7%	-33.1%	-74.1%	-72.0%	-42.3%
Current ratio	0.65×	0.76×	0.87×	0.82×	1.1×	1.25×	1.32×	1.22×
Debt / equity	0.39×	1.53×	1.92×	2.73×	0.73×	0.59×	0.17×	0×
Interest coverage	-9.08×	-4.11×	-18.14×	-73.93×	-21.99×	-55.34×	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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	86.9%	3.0%	-62.8%	-407.7%	-79.2%	-104.6%	-91.2%	-49.7%
Return on invested capital	217.8%	-5.3%	-28.5%	-96.9%	-47.9%	-65.6%	-81.1%	-52.5%
Return on assets	31.5%	0.4%	-7.5%	-34.8%	-22.2%	-37.5%	-45.7%	-24.2%
Free cash flow yield	14.0%	14.5%	-4.3%	-9.0%	-1.3%	-9.6%	-2.9%	-1.6%
Earnings yield	35.7%	0.4%	-5.9%	-40.5%	-7.4%	-11.4%	-26.6%	-4.1%
Enterprise value	$8.1B	$5.7B	$6.3B	$4.7B	$14.8B	$16B	$9.9B	$21.7B
Net debt / EBITDA	1.41×	2.03×	-2.56×	-0.56×	-0.6×	-0.42×	-0.05×	0.58×
Cash conversion cycle (days)	-12	10	15	8	-7	-21	-7	-9