Nortech Systems Incorporated (NSYS) 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

+133.3%

$25.77

vs $11.05 price

Levered DCF

$36.07

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.81

Grey 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	FY2019	FY2018
P/E	-81.83×	-21.89×	3.72×	16.33×	3.86×	-12.36×	-10.59×	57.54×
P/B	0.6×	0.83×	0.73×	1.17×	1.06×	1.02×	0.65×	0.45×
P/S	0.17×	0.22×	0.18×	0.25×	0.24×	0.18×	0.11×	0.08×
EV / EBITDA	15.33×	29.49×	4.86×	8.33×	4.54×	25.68×	13.73×	6.71×
Gross margin	15.2%	13.1%	16.6%	15.3%	13.8%	8.1%	10.8%	11.7%
Operating margin	1.0%	-0.2%	4.3%	2.9%	2.0%	-2.0%	0.2%	1.1%
Net margin	-0.2%	-1.0%	4.9%	1.5%	6.2%	-1.5%	-1.1%	0.1%
Current ratio	1.88×	2.58×	2.21×	2.08×	2.32×	2.1×	1.95×	1.84×
Debt / equity	0.45×	0.53×	0.4×	0.59×	0.77×	1.16×	1.05×	0.66×
Interest coverage	1.29×	-0.26×	12.22×	9.46×	5.28×	-3.33×	0.21×	1.65×
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	-0.7%	-3.8%	19.4%	7.2%	27.4%	-8.3%	-6.1%	0.8%
Return on invested capital	-56.1%	-0.4%	11.9%	5.0%	4.4%	-5.1%	0.5%	1.2%
Return on assets	-0.4%	-1.8%	9.1%	2.9%	10.7%	-2.7%	-2.0%	0.3%
Free cash flow yield	10.1%	-12.4%	1.9%	9.0%	-21.1%	4.4%	1.8%	10.9%
Earnings yield	-1.2%	-4.6%	26.8%	6.1%	25.9%	-8.1%	-9.5%	1.7%
Enterprise value	$34.7M	$45.5M	$38.9M	$48.4M	$47.1M	$40.5M	$33.6M	$23.1M
Net debt / EBITDA	6.21×	11.1×	1.65×	2.67×	1.88×	13.59×	8.42×	3.93×
Cash conversion cycle (days)	128	115	106	102	115	86	83	81