PhenixFIN Corporation (PFX) 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

+263.6%

$158.14

vs $43.50 price

Levered DCF

-$258.60

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-1.9

Distress zone

Rating

B-

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	23.12×	5.21×	2.94×	-13.26×	89.38×	-0.74×	-1.46×	-1.9×
P/B	0.6×	0.61×	0.54×	0.67×	0.8×	0.32×	0.65×	0.66×
P/S	3.99×	2.76×	3.94×	12.86×	8.18×	-1.07×	-3.66×	-3.04×
EV / EBITDA	59.99×	9.32×	4.76×	0.95×	96.16×	-2.17×	0.12×	-4.89×
Gross margin	57.3%	81.2%	100.0%	18.9%	58.7%	132.9%	162.4%	140.3%
Operating margin	16.4%	50.4%	59.8%	-96.9%	9.1%	144.8%	250.4%	160.7%
Net margin	17.3%	52.9%	133.7%	-96.9%	9.1%	144.8%	250.4%	160.0%
Current ratio	1.3×	11.38×	3.11×	9.7×	50.86×	19.68×	4.73×	13.25×
Debt / equity	0.92×	0.85×	0.57×	0.65×	0.54×	1×	1.16×	1.28×
Interest coverage	0.38×	2.68×	2.18×	-1.19×	0.22×	-4.41×	-4.02×	-3.99×
Dividend yield	3.0%	2.7%	0.0%	0.3%	0.0%	3.9%	5.8%	13.4%
Payout ratio	69.5%	14.2%	0.0%	-4.4%	0.0%	-2.9%	-8.5%	-25.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.6%	11.6%	18.3%	-5.1%	0.9%	-43.7%	-44.6%	-34.5%
Return on invested capital	1.3%	6.0%	5.1%	-2.8%	0.6%	-21.7%	-20.5%	-15.1%
Return on assets	1.3%	6.1%	11.2%	-2.8%	0.6%	-21.5%	-19.9%	-15.0%
Free cash flow yield	-174.7%	16.6%	-26.1%	-36.1%	82.8%	161.4%	127.3%	37.3%
Earnings yield	4.3%	19.2%	33.9%	-7.5%	1.1%	-135.5%	-68.5%	-52.6%
Enterprise value	$236.7M	$165.3M	$157.6M	$136.2M	$122.9M	$143M	$324.6M	$545M
Net debt / EBITDA	35.67×	3.84×	2.36×	0.39×	6.26×	-1.43×	0.07×	-3×
Cash conversion cycle (days)	-192	-304	100	-99	-29	-77	-246	-117