Tenaya Therapeutics, Inc. (TNYA) 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

+56.9%

$0.57

vs $0.36 price

Levered DCF

$0.59

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-10.71

Distress zone

Rating

B-

Overall 3 / 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	-1.21×	-1.09×	-1.93×	-0.73×	-11.21×	-16.51×	-16.16×
P/B	0.88×	1.31×	1.71×	0.37×	2.81×	4.53×	-9.55×
P/S	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-0.23×	-1.27×	-1.78×	-0.08×	-10.9×	-14×	-15.3×
Gross margin	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%
Net margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	6.84×	4.22×	4.91×	7.99×	11.73×	25.78×	6.73×
Debt / equity	0.09×	0.15×	0.09×	0.06×	0.06×	0×	0×
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	-73.5%	-119.7%	-89.0%	-50.8%	-26.1%	-27.5%	58.9%
Return on invested capital	-69.4%	-108.6%	-86.3%	-48.6%	-24.5%	-27.2%	-81.8%
Return on assets	-61.7%	-92.7%	-72.8%	-44.3%	-23.0%	-25.9%	-67.8%
Free cash flow yield	-63.3%	-75.5%	-43.2%	-138.8%	-11.0%	-7.2%	-6.5%
Earnings yield	-83.2%	-91.6%	-51.9%	-137.3%	-9.3%	-6.1%	-6.2%
Enterprise value	$19.1M	$130.6M	$205.8M	$9.9M	$760M	$502.7M	$393.6M
Net debt / EBITDA	1.09×	-0.09×	0.29×	0.68×	0.32×	3.58×	0.93×
Cash conversion cycle (days)	-155	-223	-237	-401	-972	-149	-110