Zenas BioPharma, Inc. (ZBIO) 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

-100.8%

-$0.22

vs $27.62 price

Levered DCF

-$1.89

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-0.68

Distress zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022
P/E	-4.3×	-2.18×	-18.53×	-5.78×
P/B	6.71×	1.1×	-3.05×	-3.58×
P/S	162.41×	68.44×	13.77×	0×
EV / EBITDA	-4.3×	-0.15×	-24.15×	-8.29×
Gross margin	100.0%	-2682.8%	100.0%	0.0%
Operating margin	-2113.8%	-3277.8%	-74.3%	0.0%
Net margin	-3777.4%	-3139.8%	-74.2%	0.0%
Current ratio	5.61×	6.21×	2.57×	2.64×
Debt / equity	0.33×	0×	-0.09×	-0.01×
Interest coverage	-28.85×	0×	0×	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	-156.0%	-50.2%	16.4%	62.0%
Return on invested capital	-65.6%	-52.3%	-81.7%	-154.5%
Return on assets	-98.5%	-42.4%	-54.4%	-159.9%
Free cash flow yield	-10.6%	-35.0%	-4.4%	-9.9%
Earnings yield	-23.3%	-45.9%	-5.4%	-17.3%
Enterprise value	$1.6B	$23.5M	$652.8M	$622.9M
Net debt / EBITDA	0.08×	2.04×	1.32×	0.87×
Cash conversion cycle (days)	0	-45	0	-34