Vivani Medical, Inc. (VANI) 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

-104.3%

-$0.05

vs $1.09 price

Levered DCF

-$0.04

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-4.57

Distress zone

Rating

D+

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	-2.86×	-2.7×	-2.04×	-5×	-14.82×	-17×	-8.28×	-5.21×
P/B	4.88×	3.62×	2.5×	0.73×	71.91×	80.86×	38.21×	59.23×
P/S	0×	0×	0×	0×	0×	0×	82.28×	26.49×
EV / EBITDA	-3.03×	-2.8×	-2.05×	0.61×	-14.23×	-17.78×	-8.12×	-5.14×
Gross margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	36.3%	29.1%
Operating margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-905.5%	-505.0%
Net margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-994.1%	-508.9%
Current ratio	2.71×	3.41×	4.03×	6.97×	1.18×	1.11×	1.88×	1.27×
Debt / equity	1.2×	1.1×	1×	0.02×	0.74×	1.27×	0.36×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
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	-169.2%	-133.4%	-123.6%	-31.3%	-518.2%	-475.8%	-461.7%	-1137.9%
Return on invested capital	-79.7%	-66.8%	-65.0%	-46.9%	-311.5%	-209.1%	-309.8%	-1129.2%
Return on assets	-67.5%	-56.5%	-56.0%	-27.2%	-234.2%	-177.9%	-202.4%	-328.5%
Free cash flow yield	-33.2%	-33.5%	-47.4%	-58.9%	-5.2%	-4.9%	-10.1%	-16.4%
Earnings yield	-34.7%	-36.8%	-49.5%	-42.7%	-7.2%	-5.9%	-12.1%	-19.2%
Enterprise value	$79.4M	$64.7M	$51.9M	-$11.6M	$176.9M	$158.1M	$269.3M	$178.2M
Net debt / EBITDA	-0.1×	-0.04×	-0×	2.3×	0.03×	-0.04×	0.26×	0.13×
Cash conversion cycle (days)	-888	0	-554	0	0	0	38	172