Is Janover, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Janover, Inc. has moved from very expensive to expensive, indicating a slight improvement in its perceived value, but it remains costly relative to its fundamentals. The company is currently overvalued, as evidenced by its Price to Book Value of 96.32 and negative EV to EBIT and EV to EBITDA ratios of -95.50 and -102.74, respectively. Additionally, the company's ROCE stands at a staggering -284.94%, highlighting severe inefficiencies in generating returns on capital.
In comparison to its peers, Janover's valuation metrics are significantly worse; for instance, Mill City Ventures III Ltd. has a P/E ratio of 324.84, while USIO, Inc. boasts a fair valuation with a P/E of 14.11. Despite its recent stock performance showing an impressive YTD return of 1876.64%, this is juxtaposed against a -12.73% return over the past week, suggesting volatility and potential overextension in its valuation. Overall, Janover, Inc. appears to be overvalued in the current market context.