Neptune Digital Assets Corp. (NDA.V) 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

-135.9%

-CA$0.17

vs CA$0.47 price

Levered DCF

-CA$0.22

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.39

Distress zone

Rating

C-

Overall 1 / 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	362.07×	13.09×	-6.1×	-1.35×	-27.64×	37.5×	-1.29×	-0.42×
P/B	1.86×	0.64×	0.97×	0.82×	1.05×	1.74×	2.18×	1.41×
P/S	74.9×	13.18×	10.77×	6.85×	157.15×	41.69×	27.86×	22.15×
EV / EBITDA	100.94×	-17.62×	-18.25×	-6.86×	-8.23×	-13.08×	-6.33×	-1.43×
Gross margin	43.9%	33.1%	20.5%	-45.5%	50.4%	95.9%	95.0%	120.0%
Operating margin	-161.7%	-78.2%	-71.4%	-106.6%	-1954.5%	1501.3%	-411.0%	-1159.4%
Net margin	20.6%	100.9%	-176.6%	-502.4%	-165.3%	109.3%	-2155.7%	-5214.0%
Current ratio	0.98×	15.54×	23.21×	29.9×	47.99×	6.31×	3.18×	9.74×
Debt / equity	0.13×	0×	0×	0×	0×	0×	0.04×	0.02×
Interest coverage	-7.93×	0×	0×	0×	0×	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	0.5%	4.9%	-15.9%	-59.9%	-1.1%	4.6%	-168.7%	-332.6%
Return on invested capital	-1.4%	-3.8%	-6.4%	-12.7%	-13.0%	-916.5%	-31.0%	-72.9%
Return on assets	0.4%	4.8%	-15.6%	-58.5%	-1.1%	4.3%	-154.9%	-326.2%
Free cash flow yield	-2.0%	-11.1%	-11.9%	-19.9%	-4.4%	-5.9%	-9.9%	-17.8%
Earnings yield	0.3%	7.7%	-16.4%	-73.3%	-1.1%	2.6%	-77.4%	-235.4%
Enterprise value	CA$142.6M	CA$28.1M	CA$28.4M	CA$24M	CA$56.2M	CA$6.1M	CA$5.2M	CA$8.4M
Net debt / EBITDA	6.45×	2.25×	1.88×	1.36×	0.02×	0.25×	0.5×	0.16×
Cash conversion cycle (days)	-65	131	22	1,410	45,023	6,975	5,458	840