Substrate Artificial Inteligence, S.A. (SAI.MC) 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

-19434.1%

-€7.60

vs €0.04 price

Levered DCF

-€8.38

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.31

Distress zone

Rating

C+

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
P/E	-1.07×	1.25×	-1.89×	572×	-46.8×
P/B	0.2×	0.22×	0.71×	0.38×	3.14×
P/S	0.44×	0.53×	1.89×	2.21×	51.99×
EV / EBITDA	-2.64×	1.06×	-2.46×	-0.62×	-128.12×
Gross margin	90.2%	76.9%	66.9%	19.4%	-52.7%
Operating margin	10.4%	19.6%	-86.8%	-75.6%	-134.8%
Net margin	-41.3%	42.1%	-101.4%	0.4%	-111.1%
Current ratio	0.78×	0.61×	0.74×	1.26×	0.26×
Debt / equity	0.14×	0.1×	0.16×	0.22×	0.2×
Interest coverage	1.36×	3.87×	-9.27×	-12.79×	-347.53×
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	-18.9%	17.9%	-38.1%	0.1%	-6.7%
Return on invested capital	3.6%	5.9%	-23.1%	-10.5%	-6.4%
Return on assets	-11.3%	12.0%	-19.3%	0.0%	-5.5%
Free cash flow yield	-58.9%	0.5%	-28.0%	-39.0%	-2.0%
Earnings yield	-93.6%	80.1%	-53.7%	0.2%	-2.1%
Enterprise value	€11.9M	€12.1M	€15.4M	€9.3M	€88.2M
Net debt / EBITDA	-0.88×	0.25×	0.13×	-0.16×	-7.29×
Cash conversion cycle (days)	-1,295	-252	-10	56	128