Is Janover, Inc. overvalued or undervalued?

As of 19 September 2025, the valuation grade for Janover, Inc. moved from fair to attractive, indicating a shift in perception towards the company's value. Despite its current overvaluation status, with a Price to Book Value of 96.32 and a staggering EV to Capital Employed ratio of 272.12, the company is considered undervalued relative to its peers. Notably, Janover's return on equity (ROE) stands at -95.55%, reflecting significant challenges in profitability.
In comparison to its peers, Mill City Ventures III Ltd. is deemed very expensive with a P/E ratio of 324.84, while USIO, Inc. is rated fair with a P/E of 14.11. This highlights Janover's relative position in the market, despite its negative metrics. Additionally, Janover's year-to-date stock return of 2340.89% significantly outperformed the S&P 500's return of 13.31%, reinforcing the notion that the stock may be undervalued in the current market context.