Medicenna Therapeutics Corp. (MDNA.TO) 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

-91.3%

CA$0.04

vs CA$0.43 price

Levered DCF

CA$0.07

After debt service

Piotroski score

0 / 9

Weak

Altman Z-score

-30.04

Distress zone

Rating

Overall 2 / 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	-2.91×	-6.53×	-4.89×	36.82×	-3.93×	-14.6×	-13.85×	-4.22×
P/B	21.45×	3.93×	24.28×	1.93×	4.3×	6.65×	3.18×	7.46×
P/S	0×	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-1.99×	-3.89×	-5.84×	-1.43×	-3.06×	-12.95×	-11.15×	-3.65×
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	1.52×	6.35×	6.66×	9.58×	8.92×	10.26×	20.85×	2.13×
Debt / equity	0.05×	0.01×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	-323.19×	0×	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	-741.7%	-61.8%	-490.6%	5.2%	-108.7%	-45.0%	-23.0%	-179.9%
Return on invested capital	-725.4%	-81.7%	-120.8%	10.2%	-107.0%	-44.7%	-22.7%	-169.4%
Return on assets	-217.8%	-41.6%	-133.1%	4.2%	-96.5%	-40.7%	-21.9%	-90.8%
Free cash flow yield	0.0%	-22.0%	-12.9%	-22.2%	-26.3%	-6.0%	-7.8%	-41.2%
Earnings yield	-34.6%	-15.7%	-20.2%	2.7%	-25.3%	-6.8%	-7.2%	-24.1%
Enterprise value	CA$47.1M	CA$50.5M	CA$109.1M	CA$23.4M	CA$69M	CA$223.4M	CA$92.2M	CA$17.1M
Net debt / EBITDA	0.26×	1.9×	0.91×	2.06×	0.91×	1.76×	2.74×	0.5×
Cash conversion cycle (days)	-22,981	-17,925	-151,110	-118,041	-16,060	-20,486	-21,087	-42,936