QT Imaging Holdings, Inc. (QTI) 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

-270.1%

-$3.66

vs $2.15 price

Levered DCF

-$20.24

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-2.35

Distress zone

Rating

D+

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
P/E	-3.03×	-3.44×	-85.86×	-221.74×	-247.25×
P/B	9.92×	-3.24×	48.96×	48.92×	459.05×
P/S	3.38×	6.33×	12,990.56×	0×	3,693.89×
EV / EBITDA	-3.2×	-9.28×	-103.97×	-326.51×	-316.29×
Gross margin	45.4%	54.1%	-234.5%	0.0%	28.6%
Operating margin	-23.4%	-249.6%	-12409.8%	0.0%	-1929.0%
Net margin	-111.4%	-184.2%	-15113.2%	0.0%	-1483.0%
Current ratio	2.81×	0.5×	0.01×	0.06×	6.46×
Debt / equity	0.81×	-1.04×	0.29×	0.06×	1.44×
Interest coverage	-1.68×	-2.71×	-9.19×	-185.26×	-36.5×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	-327.1%	94.2%	-57.0%	-9.7%	-184.3%
Return on invested capital	-28.4%	-721.4%	-36.3%	-10.9%	-93.9%
Return on assets	-91.6%	-147.6%	-26.1%	-6.6%	-64.0%
Free cash flow yield	-14.2%	-32.7%	-0.5%	-0.1%	-0.2%
Earnings yield	-33.0%	-29.1%	-1.2%	-0.2%	-0.4%
Enterprise value	$58.7M	$39.6M	$527.3M	$1.4B	$1.4B
Net debt / EBITDA	0.28×	-2.04×	-0.61×	-0.37×	-0.63×
Cash conversion cycle (days)	163	386	-2,076	0	7,382