TSS, Inc. (TSSI) 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

+108.4%

$14.04

vs $6.74 price

Levered DCF

$0.38

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.44

Grey 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	FY2018
P/E	10.88×	43.93×	79.41×	-154.94×	-6.37×	161.36×	223.29×	6.46×
P/B	2.16×	36.69×	1.66×	3.81×	3.75×	3.97×	9.86×	6.35×
P/S	0.67×	1.77×	0.11×	0.37×	0.3×	0.28×	0.86×	0.71×
EV / EBITDA	7.79×	28.63×	-0.67×	-3.42×	-29.58×	-3.09×	27.35×	5.4×
Gross margin	12.7%	15.1%	20.2%	29.3%	23.2%	15.1%	20.1%	38.0%
Operating margin	4.3%	5.7%	3.2%	3.0%	-3.0%	-0.9%	1.5%	12.8%
Net margin	6.2%	4.0%	0.1%	-0.2%	-4.7%	0.2%	0.4%	10.9%
Current ratio	1.63×	1.02×	1.05×	1.01×	0.97×	1.16×	1.22×	1.63×
Debt / equity	0.54×	4.58×	1.22×	1.63×	3.45×	1×	1.26×	0.74×
Interest coverage	2.47×	3.11×	0.89×	0.98×	-1.93×	-1.09×	1.53×	7.11×
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	19.7%	83.7%	2.1%	-2.5%	-58.9%	2.5%	4.4%	98.2%
Return on invested capital	9.0%	20.4%	12.3%	11.9%	-8.5%	-3.8%	5.5%	62.5%
Return on assets	8.2%	6.2%	0.3%	-0.2%	-6.7%	0.3%	0.7%	26.8%
Free cash flow yield	1.3%	2.6%	-145.0%	126.7%	-127.3%	75.9%	8.6%	10.5%
Earnings yield	9.1%	2.3%	1.3%	-0.7%	-15.7%	0.6%	0.4%	15.5%
Enterprise value	$121.5M	$271.4M	-$1.6M	-$4.4M	$7.9M	-$3.2M	$23.2M	$11.4M
Net debt / EBITDA	-2.81×	1×	-3.1×	-12.04×	1.48×	-15.44×	-5.94×	-2.06×
Cash conversion cycle (days)	-29	-10	-52	-286	-48	-104	-46	-8