Is Nano-X Imaging Ltd. overvalued or undervalued?

As of 31 March 2022, the valuation grade for Nano-X Imaging Ltd. has moved from does not qualify to risky. The company appears to be overvalued given its significant negative performance metrics, including a P/E ratio that is not applicable due to losses, an EV to EBITDA ratio of -6.41, and a ROCE of -48.61%.
When compared to peers, Nano-X Imaging's EV to EBITDA ratio of -5.75 significantly underperforms against IRadimed Corp., which has a fair valuation with an EV to EBITDA of 29.31. Other risky peers like Castle Biosciences, Inc. and Mesa Laboratories, Inc. also show concerning metrics, with EV to EBITDA ratios of 9.49 and 16.15, respectively. The company's stock has underperformed relative to the S&P 500, with a year-to-date return of -31.25% compared to the index's 2.44%, reinforcing the notion that Nano-X Imaging Ltd. is currently overvalued.