Nakamoto Inc. (NAKA) 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

-440.3%

-$18.85

vs $5.54 price

Levered DCF

-$18.00

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

-4.78

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
P/E	-1.35×	-74.03×	-447.41×	-280.93×	4,832×
P/B	0.31×	104.12×	-6,563.62×	1,867.58×	2,641.43×
P/S	87.61×	98.32×	188.82×	187.9×	288.04×
EV / EBITDA	-200.13×	-4,911.47×	-28,903.25×	-16,233.48×	319,075.39×
Gross margin	-508.8%	-31.0%	94.0%	96.0%	36.5%
Operating margin	-10824.0%	-123.1%	-43.0%	-71.1%	2.4%
Net margin	-2867.6%	-133.0%	-42.9%	-67.1%	6.0%
Current ratio	1.04×	4.13×	0.76×	0.94×	2.28×
Debt / equity	0.41×	0.31×	-5.87×	1.03×	0.4×
Interest coverage	-27.92×	-8.51×	-29.01×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	-10.2%	-140.9%	1492.0%	-666.8%	54.7%
Return on invested capital	-27.2%	-99.8%	-306.9%	-348.8%	16.0%
Return on assets	-7.1%	-98.4%	-147.1%	-268.3%	33.4%
Free cash flow yield	-14.9%	-1.3%	-0.1%	-0.1%	0.0%
Earnings yield	-32.7%	-1.4%	-0.2%	-0.4%	0.0%
Enterprise value	$9B	$14.8B	$39.3B	$39.3B	$39.8B
Net debt / EBITDA	-4.17×	0.5×	-0.08×	-0.08×	0.12×
Cash conversion cycle (days)	-192	-28	-428	120	5