Zeo Energy Corp. (ZEO) 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

+1228.9%

$3.21

vs $0.24 price

Levered DCF

$4.14

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

-0.51

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	-1.95×	-13.72×	25.02×	24.62×	36.74×
P/B	5.1×	-0.42×	3.95×	11.41×	11.11×
P/S	0.39×	0.51×	1.1×	4.01×	13.92×
EV / EBITDA	-2.11×	-6.47×	17.02×	34.21×	45.85×
Gross margin	55.2%	48.1%	45.8%	20.0%	42.7%
Operating margin	-29.6%	-14.8%	4.7%	9.7%	28.7%
Net margin	-20.2%	-3.6%	4.4%	9.7%	28.8%
Current ratio	2.69×	1.26×	1.05×	1.32×	0.94×
Debt / equity	0.27×	-0.06×	0.1×	0.07×	0.02×
Interest coverage	-132.05×	-32.47×	0×	168.55×	0×
Dividend yield	2.3%	0.6%	0.0%	2.3%	2.2%
Payout ratio	-4.4%	-8.6%	0.0%	94.7%	104.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	-262.8%	3.0%	15.8%	27.7%	23.0%
Return on invested capital	-41.6%	-19.7%	15.3%	25.9%	22.4%
Return on assets	-24.6%	-4.3%	10.1%	24.6%	21.9%
Free cash flow yield	-36.5%	-24.3%	9.1%	2.7%	1.8%
Earnings yield	-51.5%	-7.1%	4.0%	2.4%	2.1%
Enterprise value	$22.5M	$36.8M	$115.7M	$356.6M	$342.5M
Net debt / EBITDA	0.44×	0.1×	-0.74×	-0.02×	0.04×
Cash conversion cycle (days)	33	33	-17	2	-12