Soluna Holdings, Inc. (SLNH) 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

-2567.4%

-$14.40

vs $0.58 price

Levered DCF

-$12.43

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-1.71

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	FY2020	FY2019	FY2018
P/E	-0.49×	-2.63×	-0.14×	-0.04×	-24.21×	23.18×	19.71×	3.92×
P/B	0.62×	-10.57×	0.2×	0.09×	1.4×	7.63×	1.67×	1.09×
P/S	1.14×	3.47×	0.25×	0.14×	8.88×	75.85×	0.97×	0.94×
EV / EBITDA	0.35×	-4.61×	-3.08×	-3.11×	-211.95×	-31.22×	12.66×	1.13×
Gross margin	21.7%	60.3%	73.4%	87.5%	43.7%	31.9%	66.4%	71.1%
Operating margin	-113.3%	-125.0%	-96.1%	-297.0%	-31.2%	-276.0%	3.9%	18.9%
Net margin	-179.7%	-166.6%	-138.6%	-345.8%	-36.7%	327.1%	4.9%	24.0%
Current ratio	1.87×	0.28×	0.51×	0.13×	1.59×	2.92×	3.71×	6.34×
Debt / equity	0.53×	-1.75×	0.75×	0.55×	0.09×	0.07×	0.25×	0×
Interest coverage	-6.96×	-18.81×	-7.37×	-10.12×	-2.38×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	98.9%	0.5%	0.0%	55.4%	0.0%
Payout ratio	0.0%	0.0%	0.0%	-3.9%	-12.0%	0.0%	1096.3%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-97.4%	507.5%	-110.1%	-235.8%	-5.8%	32.9%	8.4%	27.9%
Return on invested capital	-21.9%	-83.3%	-23.6%	-107.0%	-4.1%	-18.0%	5.4%	21.9%
Return on assets	-28.4%	-71.9%	-32.0%	-116.2%	-4.5%	22.5%	5.6%	23.8%
Free cash flow yield	-109.5%	-14.0%	-299.7%	-1784.4%	-40.6%	1.8%	3.2%	25.0%
Earnings yield	-157.2%	-48.0%	-555.7%	-2534.1%	-4.1%	4.3%	5.0%	25.5%
Enterprise value	-$13.2M	$145.9M	$18.7M	$25.6M	$125.7M	$42.9M	$4.8M	$1.8M
Net debt / EBITDA	1.24×	-0.44×	-2.22×	-2.63×	2.89×	1.6×	-4.09×	-3.56×
Cash conversion cycle (days)	-8	-43	-78	-356	-120	-137	160	143