Xanadu Quantum Technologies Limited (XNDU) 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

-161.5%

-$1.60

vs $2.60 price

Levered DCF

-$3.13

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.58

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
P/E	-4.98×	-82.07×	-94.44×
P/B	1.19×	41.93×	25.6×
P/S	76.25×	2,308.57×	1,362.28×
EV / EBITDA	-5.5×	-89.75×	-105.45×
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	-0.8%	-1.3%	-1.2%
Earnings yield	-20.1%	-1.3%	-1.1%
Enterprise value	$351.7M	$3.6B	$3.3B
Net debt / EBITDA	0.01×	1.31×	3.23×
Cash conversion cycle (days)	0	1,500	-33