NET Power Inc. (NPWR) 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

+185.7%

$2.48

vs $0.87 price

Levered DCF

$2.48

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-16.2

Distress zone

Rating

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
P/E	-0.31×	-15.81×	-5.4×	-0.69×	-0.93×	-0.94×
P/B	0.88×	1.19×	0.53×	0.58×	0.12×	0.35×
P/S	0×	3,109.1×	2,377.31×	64.93×	16.91×	759.76×
EV / EBITDA	0.01×	-4.82×	1.46×	-0.9×	-1.6×	-0.92×
Gross margin	0.0%	-685.2%	-532.6%	52.6%	60.6%	17.8%
Operating margin	0.0%	-72528.4%	-130091.4%	-8625.0%	-1793.1%	-80882.2%
Net margin	0.0%	-19676.4%	-44132.6%	-9444.5%	-1820.5%	-80897.8%
Current ratio	7.24×	28.65×	53.31×	0.89×	6.4×	1.6×
Debt / equity	0.02×	0×	0×	0.01×	0.02×	0×
Interest coverage	0×	0×	0×	-10.44×	-65.02×	0×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	-283.7%	-7.5%	-9.8%	-85.1%	-12.5%	-36.9%
Return on invested capital	-50.4%	-7.5%	-9.0%	-71.7%	-10.6%	-36.9%
Return on assets	-96.5%	-2.1%	-3.1%	-70.1%	-11.0%	-34.0%
Free cash flow yield	-85.7%	-13.1%	-14.6%	-44.5%	-3.7%	-73.7%
Earnings yield	-321.9%	-6.3%	-18.6%	-145.5%	-107.7%	-106.5%
Enterprise value	-$15.9M	$451.1M	-$118.7M	$33.3M	$40M	$21.4M
Net debt / EBITDA	0.12×	3.48×	6.59×	0.12×	-0.18×	0.55×
Cash conversion cycle (days)	-8	4,801	3,968	-544	-62	-5,860