Vox Royalty Corp. (VOXR) 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

-327.2%

-$10.61

vs $4.67 price

Levered DCF

-$6.39

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

20.3

Safe 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	47.4×	-71.34×	-980.95×	233×	-25.09×	-6.71×	-2.94×	-2.79×
P/B	2.45×	2.73×	2.16×	2.16×	5.05×	4.96×	1.16×	0.31×
P/S	15.79×	10.66×	7.89×	8.99×	28.62×	546.58×	0×	0×
EV / EBITDA	18.23×	24.71×	15.72×	29.19×	-46.15×	-10.47×	49.2×	3.81×
Gross margin	60.7%	98.5%	81.1%	78.3%	68.3%	83.5%	0.0%	0.0%
Operating margin	14.1%	9.9%	14.0%	5.3%	-90.7%	-5855.0%	0.0%	0.0%
Net margin	35.4%	-14.9%	-0.8%	3.9%	-113.2%	-8105.6%	0.0%	0.0%
Current ratio	2.73×	4.19×	4.57×	2.28×	4.22×	15.73×	0.67×	19.6×
Debt / equity	0.06×	0×	0×	0×	0×	0×	0.41×	3.41×
Interest coverage	4.52×	3.47×	0×	0×	0×	-89.95×	-11.4×	0×
Dividend yield	1.0%	1.9%	2.1%	0.6%	0.0%	0.0%	0.0%	0.0%
Payout ratio	46.0%	-137.8%	-1988.3%	135.9%	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	5.5%	-3.8%	-0.2%	0.9%	-20.0%	-73.5%	-38.5%	-11.8%
Return on invested capital	1.6%	-3.8%	-0.1%	0.2%	-13.0%	-49.4%	-26.1%	-2.1%
Return on assets	4.8%	-3.2%	-0.2%	0.8%	-15.1%	-67.4%	-25.6%	-20.6%
Free cash flow yield	-2.7%	1.5%	-0.2%	-3.5%	-8.2%	-8.6%	-32.6%	-8.8%
Earnings yield	2.2%	-1.4%	-0.1%	0.4%	-4.0%	-14.8%	-33.2%	-37.9%
Enterprise value	$261.2M	$109M	$87.7M	$72.3M	$99.5M	$65.8M	$5M	$3.6M
Net debt / EBITDA	-0.1×	-1.98×	-1.67×	-1.69×	2.35×	0.5×	12.6×	3.47×
Cash conversion cycle (days)	9	-169	47	-3	-7	-2,888	0	0