Surrozen, Inc. (SRZN) 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

-60.9%

$11.35

vs $29.02 price

Levered DCF

$10.84

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

-15.27

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
P/E	-0.7×	-0.66×	-0.44×	-0.56×	-4.13×	-3.69×	-2.45×
P/B	-0.9×	-1.97×	0.5×	0.27×	2.06×	2.55×	2.03×
P/S	48.61×	3.95×	0×	1.62×	0×	0×	0×
EV / EBITDA	-0.36×	-0.26×	0.33×	-0.03×	-3.81×	-2.94×	-1.81×
Gross margin	84.6%	100.0%	0.0%	73.8%	0.0%	0.0%	0.0%
Operating margin	-1210.6%	-239.7%	0.0%	-354.7%	0.0%	0.0%	0.0%
Net margin	-6960.8%	-596.6%	0.0%	-288.0%	0.0%	0.0%	0.0%
Current ratio	9.22×	5.32×	5.75×	8.35×	7.75×	6.9×	7.54×
Debt / equity	-0.04×	-0.4×	0.09×	0.07×	0.07×	0.2×	0.36×
Interest coverage	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	128.9%	297.3%	-113.5%	-47.4%	-47.9%	-69.0%	-82.9%
Return on invested capital	-46.7%	-59.4%	-110.5%	-54.1%	-43.2%	-57.7%	-62.6%
Return on assets	-245.1%	-131.1%	-93.4%	-40.3%	-38.3%	-52.6%	-57.3%
Free cash flow yield	-18.0%	-41.9%	-214.9%	-222.1%	-22.2%	-24.8%	-37.9%
Earnings yield	-143.2%	-151.0%	-226.9%	-178.2%	-23.3%	-27.0%	-40.8%
Enterprise value	$86.4M	$16M	-$13.7M	$1.1M	$200.3M	$95.3M	$41.2M
Net debt / EBITDA	0.34×	0.42×	0.79×	0.56×	0.48×	0.78×	0.81×
Cash conversion cycle (days)	-473	87	-7	-16	-301	-221	0