First Tracks Biotherapeutics Inc (TRAX) 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

-85.9%

$6.37

vs $45.05 price

Levered DCF

$6.45

After debt service

Piotroski score

—

Altman Z-score

—

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023
P/E	-3.98×	-4.03×	-6.23×
P/B	2.3×	1.69×	1.61×
P/S	0×	0×	0×
EV / EBITDA	-2.47×	-3.1×	-5.53×
Gross margin	0.0%	0.0%	0.0%
Operating margin	0.0%	0.0%	0.0%
Net margin	0.0%	0.0%	0.0%
Current ratio	10.2×	10.78×	21.87×
Debt / equity	0.05×	0.04×	0.04×
Interest coverage	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023
Return on equity	-57.8%	-41.8%	-25.9%
Return on invested capital	-59.4%	-44.4%	-27.7%
Return on assets	-50.2%	-37.0%	-23.9%
Free cash flow yield	-21.7%	-19.1%	-14.2%
Earnings yield	-25.2%	-24.8%	-16.1%
Enterprise value	$436.1M	$553.2M	$642.1M
Net debt / EBITDA	1.27×	0.6×	0.16×
Cash conversion cycle (days)	-8	-9	0