Palmer Square Capital BDC Inc. (PSBD) 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

-321.4%

-$22.19

vs $10.02 price

Levered DCF

-$22.18

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.03

Distress zone

Rating

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
P/E	-123.63×	10.41×	4.89×	-6.98×	27.44×	19.51×	-4,260.53×
P/B	0.84×	0.92×	1.14×	1.43×	1.15×	2.05×	-4,317.19×
P/S	3.52×	4.49×	3.43×	-10.53×	17.6×	21.27×	0×
EV / EBITDA	0.62×	27.21×	10.82×	-15.57×	61.32×	28.99×	-4,264.67×
Gross margin	85.1%	47.4%	71.1%	147.5%	70.8%	79.7%	0.0%
Operating margin	42.2%	43.2%	70.2%	150.8%	64.5%	128.7%	0.0%
Net margin	-2.9%	43.2%	70.2%	150.8%	64.5%	109.3%	0.0%
Current ratio	0.09×	0.29×	0.88×	0.81×	0.21×	0.74×	0×
Debt / equity	1.54×	1.5×	1.39×	1.76×	1.44×	1.55×	0×
Interest coverage	0×	0.82×	2.42×	-3.18×	2.21×	0×	0×
Dividend yield	14.1%	9.4%	6.4%	3.6%	1.2%	0.6%	0.0%
Payout ratio	-1744.0%	97.7%	31.5%	-25.3%	33.0%	12.6%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-0.7%	8.9%	23.3%	-20.5%	4.2%	10.6%	101.2%
Return on invested capital	4.0%	3.5%	9.7%	-7.4%	1.7%	4.9%	0.0%
Return on assets	-0.3%	3.3%	9.6%	-7.0%	1.6%	4.0%	-24.6%
Free cash flow yield	41.0%	21.5%	10.8%	-7.5%	-84.2%	3.1%	0.0%
Earnings yield	-0.8%	9.6%	20.5%	-14.3%	3.7%	5.1%	-0.0%
Enterprise value	$1.1B	$1.3B	$1.2B	$1.2B	$1.2B	$912.4M	$527M
Net debt / EBITDA	0.4×	16.81×	5.93×	-8.59×	34.04×	12.47×	0.01×
Cash conversion cycle (days)	-746	-453	-95	-1,054	-4,397	-1,227	0