Shoulder Innovations, Inc. (SI) 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

-723.5%

-$119.58

vs $19.18 price

Levered DCF

-$95.61

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

8.22

Safe 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
P/E	-7.3×	-19.55×	-23.89×
P/B	2.1×	-5.48×	-7.55×
P/S	6.23×	9.48×	15.56×
EV / EBITDA	-7.64×	-25.48×	-30.05×
Gross margin	76.5%	77.0%	79.2%
Operating margin	-55.6%	-46.3%	-56.4%
Net margin	-85.3%	-49.4%	-65.7%
Current ratio	11.07×	4.59×	11.17×
Debt / equity	0.11×	-0.27×	-0.36×
Interest coverage	-375.67×	-11.13×	-14.28×
Dividend yield	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023
Return on equity	-28.7%	28.6%	31.8%
Return on invested capital	-16.9%	-41.3%	-21.7%
Return on assets	-23.8%	-36.3%	-23.3%
Free cash flow yield	-12.2%	-6.1%	-5.3%
Earnings yield	-13.7%	-5.2%	-4.2%
Enterprise value	$283.1M	$308.5M	$308.1M
Net debt / EBITDA	0.32×	-0.71×	-0.8×
Cash conversion cycle (days)	481	515	815