Yelp Inc. (YELP) 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

+771.4%

$171.84

vs $19.72 price

Levered DCF

$206.03

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.05

Grey zone

Rating

Overall 4 / 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	13.21×	19.64×	33.1×	53.61×	68.38×	-121×	63.33×	56.44×
P/B	2.71×	3.51×	4.37×	2.73×	3.58×	2.79×	3.44×	2.89×
P/S	1.31×	1.85×	2.45×	1.62×	2.61×	2.73×	2.56×	3.29×
EV / EBITDA	6.55×	10.21×	17.4×	10.76×	18.79×	126.9×	31.36×	40.33×
Gross margin	90.3%	91.2%	91.5%	91.1%	92.4%	93.4%	93.8%	93.9%
Operating margin	12.6%	10.7%	5.9%	4.9%	3.1%	-4.4%	3.5%	2.7%
Net margin	9.9%	9.4%	7.4%	3.0%	3.8%	-2.2%	4.0%	5.9%
Current ratio	2.99×	3.34×	3.55×	3.26×	3.93×	4.98×	3.98×	13.25×
Debt / equity	0.03×	0.06×	0.12×	0.18×	0.22×	0.23×	0.31×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
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	20.5%	17.9%	13.2%	5.1%	5.3%	-2.3%	5.4%	5.1%
Return on invested capital	16.6%	12.9%	8.5%	3.6%	3.4%	-2.0%	2.9%	2.3%
Return on assets	15.2%	13.5%	9.8%	3.6%	3.8%	-1.7%	3.8%	4.7%
Free cash flow yield	16.8%	9.5%	8.5%	8.3%	6.9%	5.8%	6.4%	3.7%
Earnings yield	7.6%	5.1%	3.0%	1.9%	1.5%	-0.8%	1.6%	1.8%
Enterprise value	$1.7B	$2.4B	$3.1B	$1.8B	$2.4B	$2B	$2.7B	$2.8B
Net debt / EBITDA	-0.72×	-0.73×	-1.29×	-1.1×	-2.46×	-25.25×	0.73×	-4.84×
Cash conversion cycle (days)	13	5	2	-0	-27	-20	3	-7