Tenax Therapeutics, Inc. (TENX) 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

+30.4%

$2.35

vs $1.80 price

Levered DCF

$2.49

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

-1.73

Distress 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	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-9.1×	-5.38×	-0.71×	-0.3×	-0.66×	-1.4×	-84.81×	-0.26×
P/B	4.92×	1.03×	0.67×	2.19×	5.04×	2.98×	2.32×	0.15×
P/S	0×	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-7.23×	0.02×	0.5×	-0.18×	-0.5×	-0.81×	-0.47×	1.54×
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	14.56×	20.6×	3.26×	1.74×	3.64×	3.21×	2.44×	8.51×
Debt / equity	0×	0×	0.06×	0.54×	0.07×	0.07×	0.05×	0×
Interest coverage	0×	-847.57×	-343.56×	-2,487.65×	-34,487.08×	-6,065.11×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	413.8%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-107.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-54.2%	-19.1%	-95.2%	-740.1%	-765.1%	-213.0%	-222.5%	-57.9%
Return on invested capital	-58.1%	-21.2%	-95.8%	-480.4%	-721.6%	-200.1%	-216.9%	-58.6%
Return on assets	-50.5%	-18.2%	-66.0%	-324.5%	-541.9%	-143.4%	-131.9%	-51.1%
Free cash flow yield	-7.5%	-15.7%	-108.2%	-367.9%	-50.8%	-67.3%	-86.5%	-310.9%
Earnings yield	-11.0%	-18.6%	-141.3%	-338.2%	-151.8%	-71.4%	-96.1%	-384.6%
Enterprise value	$380.5M	-$319.1K	-$3.8M	$2M	$16.1M	$7.8M	$4M	-$10.6M
Net debt / EBITDA	1.85×	5.4×	1.21×	0.12×	0.16×	0.61×	0.56×	1.8×
Cash conversion cycle (days)	0	0	0	0	0	-2,411	0	-30,359