Mustang Bio, Inc. (MBIO) 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

+606.6%

$2.93

vs $0.42 price

Levered DCF

$3.52

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

-35.77

Distress zone

Rating

C+

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	-2.52×	-3.44×	-11.25×	-26.33×	-109.21×	-166.01×	-152.77×	-129.17×
P/B	0.51×	-14×	4,721.76×	44.14×	64.9×	101.11×	142.43×	108.85×
P/S	0×	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	6.62×	-3.23×	-12.01×	-28.09×	-112.21×	-181.48×	-169.02×	-131.4×
Gross margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	2.22×	0.68×	0.74×	5.22×	10.33×	10.46×	8.12×	6.25×
Debt / equity	0×	-0.23×	20.31×	0.68×	0.02×	0.02×	0.3×	0×
Interest coverage	0×	3,249×	-38.6×	-22.67×	-4,448.2×	-14.5×	-25.97×	-3,902.88×
Dividend yield	0.0%	1.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	-3.9%	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	-20.2%	406.7%	-41952.8%	-167.5%	-59.0%	-61.0%	-93.2%	-84.2%
Return on invested capital	-25.1%	571.0%	-1754.6%	-97.7%	-58.2%	-56.4%	-68.3%	-84.1%
Return on assets	-10.9%	-169.2%	-290.8%	-83.9%	-53.0%	-54.6%	-65.6%	-71.7%
Free cash flow yield	-109.3%	-21.0%	-8.5%	-3.3%	-0.8%	-0.4%	-0.5%	-0.7%
Earnings yield	-39.9%	-29.0%	-8.9%	-3.8%	-0.9%	-0.6%	-0.7%	-0.8%
Enterprise value	-$12.5M	$48.3M	$577M	$2B	$7.2B	$9.9B	$7.3B	$3.9B
Net debt / EBITDA	9.18×	0.4×	0.08×	0.62×	1.68×	1.76×	1.06×	0.55×
Cash conversion cycle (days)	-31,248	0	-1,037	-823	-556	-719	-501	-803