Magnite, Inc. (MGNI) 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

-36.3%

$13.78

vs $21.64 price

Levered DCF

$12.60

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.05

Distress zone

Rating

B+

Overall 3 / 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	16.07×	99.5×	-7.98×	-10.81×	35,000×	-55.84×	-17×	-3.03×
P/B	2.51×	2.91×	1.82×	1.78×	2.51×	7.78×	3.84×	1.59×
P/S	3.24×	3.35×	2.06×	2.44×	4.72×	13.4×	2.74×	1.5×
EV / EBITDA	16.66×	21.1×	13.46×	17.27×	38.87×	230.31×	55.13×	-4.1×
Gross margin	62.7%	61.3%	33.9%	46.8%	56.9%	64.9%	63.3%	51.9%
Operating margin	13.7%	7.6%	-25.0%	-19.5%	-17.3%	-24.5%	-17.6%	-51.0%
Net margin	20.3%	3.4%	-25.7%	-22.6%	0.0%	-24.1%	-16.3%	-49.6%
Current ratio	1.02×	1.14×	1.09×	1.18×	1.14×	1.16×	1.17×	1.25×
Debt / equity	0.68×	0.79×	0.86×	1.03×	0.92×	0.11×	0.2×	0×
Interest coverage	5.17×	1.89×	-4.79×	-3.85×	-4.08×	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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.7%	3.0%	-22.7%	-16.5%	0.0%	-14.0%	-22.8%	-52.4%
Return on invested capital	6.3%	3.2%	-11.8%	-6.7%	0.0%	-12.7%	-19.3%	-53.4%
Return on assets	4.6%	0.8%	-5.9%	-4.8%	0.0%	-5.7%	-6.4%	-17.2%
Free cash flow yield	7.2%	9.0%	13.9%	10.5%	4.4%	-0.9%	2.8%	-22.7%
Earnings yield	6.3%	1.0%	-12.5%	-9.3%	0.0%	-1.8%	-5.9%	-33.0%
Enterprise value	$2.4B	$2.4B	$1.6B	$1.9B	$2.8B	$2.9B	$363M	$107M
Net debt / EBITDA	0.51×	1.12×	2.43×	4.44×	8.07×	-6.02×	-10.08×	3.08×
Cash conversion cycle (days)	-1,507	-1,387	-516	-662	-1,056	-1,556	-1,100	-819