Xanadu Quantum Technologies Limited (XNDU.TO) 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

-113.2%

-CA$0.48

vs CA$3.64 price

Levered DCF

-CA$0.89

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.32

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023
P/E	-6.79×	-106.87×	-133.58×
P/B	1.62×	54.6×	36.22×
P/S	104.07×	3,006.19×	1,926.92×
EV / EBITDA	-7.51×	-117.27×	-150.49×
Gross margin	92.2%	70.7%	75.6%
Operating margin	-1501.5%	-3184.1%	-1682.0%
Net margin	-1530.6%	-2892.9%	-1435.7%
Current ratio	0.27×	16.78×	39.93×
Debt / equity	0×	0.28×	0.13×
Interest coverage	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023
Return on equity	-23.8%	-52.5%	-27.0%
Return on invested capital	-22.5%	-45.0%	-28.0%
Return on assets	-22.7%	-39.4%	-23.6%
Free cash flow yield	-0.6%	-1.0%	-0.8%
Earnings yield	-14.7%	-1.0%	-0.7%
Enterprise value	CA$480.1M	CA$4.7B	CA$4.7B
Net debt / EBITDA	0.01×	1.31×	3.23×
Cash conversion cycle (days)	0	1,500	-33