Rand Capital Corp (RAND) 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

-48.6%

$4.89

vs $9.52 price

Levered DCF

$19.12

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

2.63

Grey 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	-4.16×	5.63×	5.13×	-39.18×	2.78×	53.33×	-8.8×	-40.18×
P/B	0.64×	0.76×	0.55×	0.6×	0.72×	0.87×	0.38×	0.5×
P/S	7.48×	4.43×	3.67×	50.38×	2.55×	11.55×	-34.37×	8.94×
EV / EBITDA	-3.72×	5.61×	6.79×	-65.15×	2.73×	14.4×	-1.65×	-74.89×
Gross margin	106.7%	90.3%	88.6%	89.7%	96.4%	87.9%	169.5%	82.4%
Operating margin	-176.2%	78.3%	74.7%	-81.8%	90.6%	59.9%	537.6%	-17.0%
Net margin	-179.7%	78.7%	71.4%	-129.2%	91.8%	21.5%	389.9%	-22.3%
Current ratio	7.26×	0.7×	3.35×	27.54×	27×	5.8×	92.29×	14.37×
Debt / equity	0×	0.01×	0.27×	0.04×	0×	0.23×	0.2×	0.27×
Interest coverage	-70.05×	8.06×	6.53×	-7.98×	25.27×	4.97×	-7.74×	-0.97×
Dividend yield	21.8%	4.3%	10.2%	6.2%	10.4%	11.9%	0.0%	0.0%
Payout ratio	-90.5%	24.3%	52.6%	-242.9%	28.9%	639.5%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-15.4%	13.5%	10.7%	-1.5%	26.0%	1.6%	-4.3%	-1.3%
Return on invested capital	-15.0%	12.5%	8.2%	-0.9%	23.8%	1.3%	-3.5%	-0.7%
Return on assets	-15.1%	12.2%	8.1%	-1.4%	24.1%	1.2%	-3.5%	-1.0%
Free cash flow yield	33.6%	30.9%	18.2%	0.7%	14.5%	15.3%	28.9%	-18.3%
Earnings yield	-24.0%	17.8%	19.5%	-2.6%	36.0%	1.9%	-11.3%	-2.5%
Enterprise value	$29.2M	$49.4M	$46.5M	$35.6M	$43M	$30.4M	$5.2M	$20.3M
Net debt / EBITDA	0.54×	-0.03×	1.89×	-2.16×	-0.05×	-4.52×	4.82×	-16.66×
Cash conversion cycle (days)	139	-744	-38	-145	-24	-3,124	-506	-403