PDF Solutions, Inc. (PDFS) 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

-99.5%

$0.19

vs $38.97 price

Levered DCF

$0.95

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

7.51

Safe zone

Rating

C+

Overall 2 / 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	-1,750.31×	246.18×	393.39×	-310.34×	-54.81×	-18.46×	-99.35×	-35.13×
P/B	4.14×	4.25×	5.34×	5.07×	5.38×	3.17×	2.79×	1.36×
P/S	5.12×	5.82×	7.37×	7.16×	10.63×	8.45×	6.4×	3.16×
EV / EBITDA	62.51×	123.16×	134.63×	137.58×	-185.15×	-83.81×	-1,383.62×	-50.29×
Gross margin	72.3%	69.8%	68.8%	67.8%	60.2%	58.2%	60.9%	50.1%
Operating margin	2.7%	-0.3%	-0.7%	-2.0%	-15.0%	-19.0%	-8.7%	-11.6%
Net margin	-0.3%	2.3%	1.9%	-2.3%	-19.3%	-45.8%	-6.3%	-9.0%
Current ratio	2.28×	3.4×	3.89×	3.32×	4.3×	4.58×	5.27×	8.05×
Debt / equity	0.28×	0.02×	0.03×	0.03×	0.03×	0.04×	0.05×	0×
Interest coverage	1.48×	0.09×	0×	0×	0×	-13.2×	0×	-20.19×
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	-0.2%	1.6%	1.4%	-1.6%	-9.8%	-17.2%	-2.8%	-3.9%
Return on invested capital	-0.3%	-0.1%	-0.3%	10.0%	-7.2%	-6.8%	-2.6%	-3.9%
Return on assets	-0.2%	1.3%	1.1%	-1.2%	-7.8%	-14.0%	-2.3%	-3.4%
Free cash flow yield	-0.8%	-0.7%	0.3%	2.2%	0.0%	2.0%	2.6%	0.1%
Earnings yield	-0.1%	0.4%	0.3%	-0.3%	-1.8%	-5.4%	-1.0%	-2.8%
Enterprise value	$1.2B	$959.9M	$1.1B	$951.8M	$1.2B	$722.4M	$459.4M	$175.1M
Net debt / EBITDA	1.86×	-10.96×	-11.07×	-16.23×	3.3×	2.54×	265.24×	27.6×
Cash conversion cycle (days)	35	94	81	55	87	98	90	198