Is PAVmed, Inc. overvalued or undervalued?

As of 24 October 2025, PAVmed, Inc. has moved from an attractive to a fair valuation grade. The company appears to be overvalued based on its current metrics. Key ratios include a Price to Book Value of 0.23, an EV to EBIT of -0.43, and an EV to EBITDA of -0.44, which suggest significant challenges in profitability and valuation relative to its assets.
In comparison to peers, PAVmed's P/E ratio stands at 0, while Delcath Systems, Inc. is considered expensive with a P/E of 68.06, and Neuronetics, Inc. is risky with a P/E of -5.11. The stark contrast in valuations highlights PAVmed's relative overvaluation in the current market context. Additionally, PAVmed's stock has underperformed significantly against the S&P 500, with a year-to-date return of -34.92% compared to the index's 15.47%, reinforcing concerns about its valuation.