Tarsus Pharmaceuticals, Inc. (TARS) 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

-639.1%

-$395.25

vs $73.32 price

Levered DCF

-$332.19

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

8.3

Safe zone

Rating

D+

Overall 1 / 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	-51.5×	-18.04×	-4.38×	-5.82×	-33.58×	-31.31×	-85.75×	-66.39×
P/B	9.96×	9.27×	3.02×	1.87×	2.77×	5.06×	-66.86×	-65.13×
P/S	7.58×	11.38×	34.1×	13.98×	8.11×	0×	0×	0×
EV / EBITDA	-62.14×	-19.34×	-3.04×	-5.18×	-21.77×	-25.18×	-75.46×	-65.18×
Gross margin	93.2%	93.0%	90.9%	96.3%	96.4%	0.0%	0.0%	0.0%
Operating margin	-15.7%	-65.9%	-820.5%	-242.9%	-21.3%	0.0%	0.0%	0.0%
Net margin	-14.7%	-63.2%	-778.9%	-240.5%	-24.2%	0.0%	0.0%	0.0%
Current ratio	3.85×	4.42×	6.93×	14.61×	15.33×	31.68×	70.85×	13.31×
Debt / equity	0.27×	0.32×	0.15×	0.1×	0.01×	0.01×	-0.03×	0×
Interest coverage	-7.94×	-16.19×	-44.39×	-30.38×	0×	-143.53×	-107.45×	0×
Dividend yield	0.0%	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%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-19.3%	-51.5%	-69.0%	-32.2%	-8.3%	-16.2%	77.8%	97.4%
Return on invested capital	-16.6%	-40.6%	-62.5%	-29.4%	-7.2%	-16.2%	-7.5%	-61.1%
Return on assets	-11.8%	-30.7%	-51.2%	-27.2%	-7.7%	-15.6%	-8.0%	-55.2%
Free cash flow yield	-0.7%	-4.1%	-20.7%	-13.7%	0.7%	-2.6%	-1.0%	-1.3%
Earnings yield	-1.9%	-5.5%	-22.8%	-17.2%	-3.0%	-3.2%	-1.2%	-1.5%
Enterprise value	$3.3B	$2.1B	$400.3M	$309.5M	$293M	$672.7M	$343.7M	$85.8M
Net debt / EBITDA	1.68×	0.21×	1.48×	0.86×	12.59×	6.26×	12.69×	1.79×
Cash conversion cycle (days)	-72	-619	-2,990	-2,051	-502	-3,319	-2,249	-63,875