Space Exploration Technologies Corp. (SPCX) 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

-71.8%

$39.35

vs $139.57 price

Levered DCF

-$174.02

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

15.16

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	-95.24×	25,547.62×	-95.8×
P/B	11.4×	17.76×	0×
P/S	25.22×	32.71×	42.75×
EV / EBITDA	109.37×	139.42×	0×
Gross margin	49.4%	42.9%	41.2%
Operating margin	-13.9%	3.3%	-33.7%
Net margin	-26.4%	5.6%	-44.6%
Current ratio	1.45×	1.37×	0×
Debt / equity	0.55×	0.53×	0×
Interest coverage	-1.33×	0.29×	-2.07×
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	-11.9%	3.1%	0.0%
Return on invested capital	-3.6%	1.0%	0.0%
Return on assets	-5.4%	1.4%	0.0%
Free cash flow yield	-3.0%	-1.2%	0.0%
Earnings yield	-1.0%	0.2%	-1.0%
Enterprise value	$469.1B	$460.8B	$0
Net debt / EBITDA	-0.43×	0.73×	0×
Cash conversion cycle (days)	-331	-83	0