Playboy, Inc. (PLBY) 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

-708.2%

-$7.54

vs $1.24 price

Levered DCF

-$5.90

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-2.65

Distress zone

Rating

C-

Overall 1 / 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	-14.46×	-1.4×	-0.4×	-0.47×	-13.06×	-43.79×	-98,800×	29.94×
P/B	10.26×	-14.36×	1.55×	0.84×	2.4×	2.81×	0.87×	0.41×
P/S	1.56×	0.96×	0.5×	0.7×	4.12×	1.58×	0.95×	0.37×
EV / EBITDA	129.59×	-7.33×	-1.62×	-12.42×	-35.38×	24.25×	103.35×	8×
Gross margin	71.0%	64.0%	61.7%	55.3%	55.9%	50.4%	56.9%	49.8%
Operating margin	-4.9%	-43.8%	-133.2%	-159.6%	-27.9%	9.2%	-7.7%	18.2%
Net margin	-10.5%	-68.4%	-126.2%	-149.7%	-31.5%	-3.6%	-30.2%	1.7%
Current ratio	1.03×	1.03×	1.18×	1.3×	1.18×	0.87×	0.88×	0.87×
Debt / equity	10.69×	-26.13×	4.84×	1.71×	0.65×	1.99×	2.05×	1.83×
Interest coverage	-0.72×	-2.15×	-8.17×	-16.71×	-5.17×	1.01×	0×	0×
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	-69.0%	1027.0%	-393.1%	-178.9%	-18.4%	-6.3%	-27.6%	1.8%
Return on invested capital	-2.3%	-19.1%	-62.7%	-48.2%	-8.0%	-10.8%	-1.6%	2.3%
Return on assets	-4.3%	-27.9%	-54.0%	-47.3%	-8.3%	-1.3%	-5.6%	0.4%
Free cash flow yield	-0.5%	-19.3%	-65.7%	-51.3%	-5.3%	-0.0%	1.2%	0.4%
Earnings yield	-6.7%	-71.5%	-253.0%	-213.0%	-7.7%	-2.3%	-31.6%	4.5%
Enterprise value	$347M	$282.2M	$265.2M	$363.8M	$1.2B	$384.8M	$221.3M	$179.3M
Net debt / EBITDA	59.2×	-4.44×	-1.18×	-7.97×	-5.94×	9.55×	68.54×	6.31×
Cash conversion cycle (days)	29	13	17	64	86	46	74	-17