Phunware, Inc. (PHUN) 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

+146.4%

$4.36

vs $1.77 price

Levered DCF

$4.36

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.06

Distress zone

Rating

B+

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	-3.25×	-5.53×	-0.18×	-1.5×	-3.7×	-2.51×	-3.41×	-37.17×
P/B	0.39×	0.53×	-0.85×	3.08×	3.04×	-28.19×	10.9×	62.54×
P/S	14.62×	17.89×	2.02×	11.74×	18.63×	5.58×	2.29×	11.8×
EV / EBITDA	5.53×	5.43×	-0.31×	-2.04×	-3.69×	-3.23×	-3.83×	-40.53×
Gross margin	50.6%	45.6%	34.9%	53.8%	33.9%	66.4%	52.9%	61.8%
Operating margin	-803.7%	-435.5%	-945.6%	-368.5%	-158.3%	-175.0%	-64.3%	-22.2%
Net margin	-446.6%	-323.5%	-1092.4%	-780.5%	-502.9%	-222.0%	-67.2%	-31.7%
Current ratio	5.03×	17.63×	0.3×	0.66×	1.98×	0.19×	0.12×	0.24×
Debt / equity	0.01×	0.01×	-0.58×	0.53×	0.1×	-4.24×	0.54×	0.34×
Interest coverage	-641.22×	-102.88×	-26.37×	-9.99×	-3.76×	-5.13×	-21.19×	-9.48×
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	-11.8%	-9.6%	460.7%	-204.5%	-82.0%	1121.7%	-319.7%	-168.2%
Return on invested capital	-21.1%	-12.8%	1085.3%	-56.5%	-22.9%	-178.4%	-119.6%	-35.0%
Return on assets	-9.4%	-9.0%	-784.6%	-89.6%	-54.6%	-69.7%	-44.3%	-26.6%
Free cash flow yield	-33.4%	-23.3%	-188.9%	-36.6%	-32.2%	-19.7%	-14.1%	-1.8%
Earnings yield	-30.5%	-18.1%	-540.9%	-66.5%	-27.0%	-39.8%	-29.3%	-2.7%
Enterprise value	-$62.6M	-$55M	$12.4M	$87.8M	$181.6M	$60.2M	$45.8M	$365.6M
Net debt / EBITDA	8.82×	11.07×	-0.07×	-0.26×	0.34×	-0.24×	-0.16×	-0.13×
Cash conversion cycle (days)	-267	-758	-868	-491	-172	-896	-379	-263