TEN Holdings, Inc. Common Stock (XHLD) 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

-1217.0%

-$9.10

vs $0.81 price

Levered DCF

-$13.92

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-7.17

Distress 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	-0.14×	-57.3×	-100.99×	-24.29×
P/B	0.63×	-106.31×	161.75×	67.92×
P/S	0.86×	48.55×	45.71×	38.7×
EV / EBITDA	-0.33×	-68.63×	-110.95×	-2,745.7×
Gross margin	78.6%	81.4%	85.1%	84.7%
Operating margin	-432.5%	-77.9%	-43.8%	-2.1%
Net margin	-628.5%	-84.7%	-45.4%	-159.4%
Current ratio	1.43×	0.24×	0.29×	1.56×
Debt / equity	1.19×	-3.87×	2.21×	0.25×
Interest coverage	-47.27×	-12.99×	-31.33×	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	-455.9%	185.5%	-160.6%	-279.8%
Return on invested capital	-143.6%	-59.4%	-48.2%	-3.0%
Return on assets	-163.0%	-46.2%	-35.4%	-181.7%
Free cash flow yield	-407.0%	-2.1%	-0.8%	-0.5%
Earnings yield	-727.4%	-1.7%	-1.0%	-4.1%
Enterprise value	$6.1M	$176.2M	$172M	$186.7M
Net debt / EBITDA	-0.18×	-2.39×	-1.27×	-10.09×
Cash conversion cycle (days)	-82	-301	-379	-113