Is Co-Diagnostics, Inc. overvalued or undervalued?

As of 27 March 2025, the valuation grade for Co-Diagnostics, Inc. has moved from risky to does not qualify, indicating a significant deterioration in its financial standing. The company is currently deemed overvalued, given its negative financial ratios and lack of profitability. Key ratios include a price-to-book value of 0.21, an EV to EBITDA of 0.26, and an ROE of -74.83%, all highlighting the company's struggles.
In comparison to its peers, Co-Diagnostics, Inc. shows a less favorable position, with peers like MAIA Biotechnology, Inc. and MiNK Therapeutics, Inc. also classified as does not qualify but with varying EV to EBITDA ratios of -2.1328 and -3.4718, respectively. The company's stock has significantly underperformed against the S&P 500, with a year-to-date return of -65.97% compared to the index's 2.44%. This further reinforces the conclusion that Co-Diagnostics, Inc. is overvalued in its current state.