Upstream Bio, Inc. (UPB) 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

-107.7%

-$0.26

vs $3.35 price

Levered DCF

-$0.69

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

7.6

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
P/E	-10.21×	-11.03×	-20.95×	-33.33×
P/B	4.3×	1.8×	-6.49×	-7.53×
P/S	512.3×	356.14×	335.76×	659.33×
EV / EBITDA	-9.51×	-8.29×	-37.77×	-32.78×
Gross margin	100.0%	100.0%	100.0%	100.0%
Operating margin	-5618.8%	-3281.2%	-1685.5%	-1972.7%
Net margin	-5026.0%	-2650.0%	-862.9%	-1969.3%
Current ratio	26.15×	44.63×	17.96×	3.77×
Debt / equity	0×	0×	-0×	-0×
Interest coverage	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022
Return on equity	-42.2%	-13.4%	16.7%	22.5%
Return on invested capital	-47.0%	-16.5%	-36.2%	-174.4%
Return on assets	-40.5%	-13.0%	-17.5%	-129.2%
Free cash flow yield	-9.1%	-7.1%	-4.8%	-2.4%
Earnings yield	-9.8%	-7.4%	-2.6%	-3.0%
Enterprise value	$1.4B	$520M	$773.3M	$782.2M
Net debt / EBITDA	0.7×	5.17×	1.26×	0.71×
Cash conversion cycle (days)	85	182	36	124