X4 Pharmaceuticals, Inc. (XFOR) 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

+507.4%

$20.35

vs $3.35 price

Levered DCF

$2.71

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-1.5

Distress zone

Rating

Overall 2 / 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	-2.14×	-3.94×	-1.47×	-0.65×	-0.57×	-2.08×	-2.31×	-0.03×
P/B	0.91×	6.66×	2.92×	0.85×	0.92×	1.77×	0.95×	-0.09×
P/S	4.82×	57.69×	0×	0×	0×	43.03×	0×	0×
EV / EBITDA	-0.43×	-6.16×	-1.14×	0.23×	-0.2×	-1.51×	-0.44×	-0.1×
Gross margin	82.2%	68.8%	0.0%	0.0%	0.0%	59.0%	0.0%	0.0%
Operating margin	-247.4%	-1423.6%	0.0%	0.0%	0.0%	-1995.8%	0.0%	0.0%
Net margin	-225.6%	-1464.6%	0.0%	0.0%	0.0%	-2071.0%	0.0%	0.0%
Current ratio	10.16×	3.41×	5.34×	5.76×	6.27×	6.97×	13.68×	1.18×
Debt / equity	0.41×	3.53×	1.14×	0.52×	0.62×	0.53×	0.18×	-0.84×
Interest coverage	-9.79×	-4.15×	-18.61×	-21.93×	-20.69×	-22.27×	-21.8×	-40.4×
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	-42.5%	-169.1%	-198.0%	-126.8%	-137.7%	-85.3%	-40.9%	285.0%
Return on invested capital	-32.7%	-31.7%	-85.7%	-64.5%	-71.7%	-53.6%	-30.8%	-781.0%
Return on assets	-27.3%	-25.6%	-68.7%	-60.3%	-75.7%	-50.6%	-32.9%	-334.7%
Free cash flow yield	-52.4%	-93.7%	-64.8%	-122.4%	-121.3%	-46.6%	-39.1%	-2388.1%
Earnings yield	-46.8%	-25.4%	-67.8%	-148.8%	-150.4%	-48.1%	-42.8%	-3126.9%
Enterprise value	$29.4M	$169.9M	$108.2M	-$20.2M	$17M	$88.6M	$20.1M	$2.8M
Net debt / EBITDA	2.03×	-0.81×	0.43×	0.93×	0.51×	0.69×	2.24×	-0.06×
Cash conversion cycle (days)	-65	-2,414	0	0	-826	-821	-1,134	-10,521