Is Cytek Biosciences, Inc. overvalued or undervalued?

As of 9 May 2023, the valuation grade for Cytek Biosciences, Inc. moved from attractive to risky, indicating a shift towards a more negative outlook. The company appears to be overvalued given its financial metrics, particularly with a Price to Book Value of 1.15, an EV to Sales ratio of 0.96, and a troubling ROCE of -20.58%. In comparison to peers, Cytek's EV to EBITDA ratio of -11.49 is significantly worse than Paragon 28, Inc. at -52.8268 and SI-BONE, Inc. at -25.8938, both of which also carry a risky valuation grade.
The stock has underperformed relative to the S&P 500, with a year-to-date return of -36.98% compared to the index's positive return of 12.22%. This underperformance reinforces the view that Cytek Biosciences, Inc. is currently overvalued in the market.