Neonode Inc. (NEON) 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

+93.8%

$1.24

vs $0.64 price

Levered DCF

$0.94

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-8.55

Distress zone

Rating

S-

Overall 5 / 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	3.41×	-20.07×	-3.47×	-14.1×	-14.51×	-10.71×	-2.94×	-3.19×
P/B	1.18×	7.95×	2.04×	3.86×	4.41×	4.46×	2.68×	0.83×
P/S	14.16×	42.03×	9.16×	13.22×	18.06×	11.27×	2.58×	1.14×
EV / EBITDA	0.5×	-20.05×	-3.91×	-13×	-14.88×	-11.68×	-3.64×	-2.11×
Gross margin	82.4%	96.3%	99.7%	85.8%	83.6%	82.0%	89.7%	89.2%
Operating margin	-391.5%	-210.6%	-149.8%	-93.2%	-121.8%	-103.5%	-86.2%	-45.4%
Net margin	411.9%	-208.0%	-264.4%	-86.1%	-110.5%	-93.7%	-79.7%	-35.8%
Current ratio	12.05×	10.92×	10.16×	12.24×	7.41×	3.48×	1.8×	4.54×
Debt / equity	0.02×	0.03×	0×	0.01×	0.04×	0.12×	0.23×	0.24×
Interest coverage	0×	0×	0×	0×	-473.8×	-229.3×	-168.53×	-79.12×
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%	-0.6%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	34.4%	-39.3%	-59.0%	-25.1%	-27.0%	-37.1%	-82.9%	-25.8%
Return on invested capital	-32.2%	-38.5%	-33.4%	-26.9%	-34.3%	-45.4%	-107.8%	-33.7%
Return on assets	31.6%	-35.2%	-53.2%	-23.0%	-28.1%	-33.8%	-71.2%	-23.1%
Free cash flow yield	-35.4%	-4.3%	-18.3%	-9.1%	-7.3%	-8.6%	-21.0%	-31.7%
Earnings yield	29.1%	-4.9%	-28.9%	-6.5%	-6.1%	-8.3%	-30.9%	-31.3%
Enterprise value	$4.2M	$114.8M	$18.9M	$60.4M	$88.9M	$58.7M	$16.3M	$6M
Net debt / EBITDA	-2.99×	2.77×	3.34×	3.13×	2.77×	1.74×	0.2×	1.29×
Cash conversion cycle (days)	-399	-608	6,489	1,698	769	197	338	363