Tectonic Therapeutic, Inc. (TECX) 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

-27.7%

$13.73

vs $18.98 price

Levered DCF

$13.78

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

15.21

Safe 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	-5.15×	-11.75×	-1.41×	-0.29×	-1.38×	-4.22×	-7.57×	-8.53×
P/B	1.52×	4.84×	-0.71×	-0.68×	-11.03×	1.98×	2.97×	3.24×
P/S	0×	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-1.81×	-9.67×	-0.87×	-0.03×	-17×	-2.07×	-5.06×	-5.86×
Gross margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	26.63×	12.65×	0.76×	4.73×	6.95×	16.09×	13.96×	12.26×
Debt / equity	0.01×	0.02×	-0.05×	-0.13×	-0.07×	0×	0×	0×
Interest coverage	-1,333.9×	-542.2×	-293.74×	-227.99×	-69.69×	0×	0×	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	-29.5%	-41.2%	50.6%	70.5%	59.7%	-47.1%	-39.2%	-37.9%
Return on invested capital	-33.3%	-40.3%	-13367.7%	-80.4%	-53.6%	-47.2%	-40.6%	-37.6%
Return on assets	-28.4%	-37.9%	-108.7%	-68.2%	-27.2%	-44.1%	-36.4%	-34.7%
Free cash flow yield	-15.8%	-8.7%	-67.9%	-313.9%	-8.8%	-19.8%	-12.5%	-10.0%
Earnings yield	-19.4%	-8.5%	-71.0%	-103.6%	-5.4%	-23.7%	-13.2%	-11.7%
Enterprise value	$129.7M	$543.9M	$35.9M	$880.7K	$138M	$245M	$365.2M	$269.5M
Net debt / EBITDA	3.53×	2.45×	0.59×	0.97×	3.33×	2.19×	2.59×	2.75×
Cash conversion cycle (days)	0	0	0	0	0	-811	-1,696	-2,674