Puma Biotechnology, Inc. (PBYI) 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

+61.0%

$16.39

vs $10.18 price

Levered DCF

$16.61

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-1.09

Distress zone

Rating

Overall 4 / 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	9.6×	4.92×	9.41×	207.35×	-4.22×	-6.75×	-4.11×	-6.81×
P/B	2.28×	1.61×	3.82×	8.75×	-50.51×	-68.23×	19.43×	22.51×
P/S	1.3×	0.64×	0.87×	0.83×	0.49×	1.8×	1.25×	3.08×
EV / EBITDA	5.56×	3.19×	4.86×	10.37×	-37.75×	-12.37×	-7.62×	-8.57×
Gross margin	74.5%	72.1%	73.4%	75.8%	74.8%	82.5%	86.5%	86.2%
Operating margin	16.3%	13.4%	13.9%	10.4%	0.5%	-13.5%	-27.8%	-37.7%
Net margin	13.6%	13.1%	9.2%	0.0%	-11.5%	-26.7%	-27.8%	-45.3%
Current ratio	2×	1.54×	1.57×	1.73×	1.28×	1.28×	1.83×	3.02×
Debt / equity	0.22×	0.8×	2.09×	5.29×	-47.69×	-20.32×	6.88×	4.43×
Interest coverage	5.63×	2.49×	2.45×	2.05×	0.1×	-2.16×	-5.04×	-8.61×
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	23.9%	32.9%	40.4%	0.0%	1190.8%	1008.1%	-432.9%	-331.1%
Return on invested capital	20.4%	18.4%	18.3%	0.1%	1.1%	-20.6%	-51.5%	-45.9%
Return on assets	14.4%	14.2%	9.4%	0.0%	-12.9%	-24.6%	-32.2%	-43.8%
Free cash flow yield	14.0%	26.2%	7.0%	-12.1%	16.7%	-4.7%	6.5%	-3.2%
Earnings yield	10.5%	20.4%	10.6%	0.0%	-23.6%	-14.8%	-22.3%	-14.7%
Enterprise value	$296.5M	$153.2M	$231M	$227.1M	$177.1M	$441.7M	$399.4M	$815.6M
Net debt / EBITDA	-0.02×	0.1×	0.57×	1.74×	-11.41×	-1×	-1.15×	-0.46×
Cash conversion cycle (days)	89	69	76	55	24	-39	-120	-159