Is Perfect Corp. overvalued or undervalued?

As of 26 September 2025, the valuation grade for Perfect Corp. has moved from very expensive to expensive, indicating a slight improvement in perceived value but still suggesting it is not a bargain. The company appears to be overvalued based on its current metrics, with a P/E ratio of 28, which is significantly higher than the peer average of approximately 32.53 for companies like Domo, Inc. and American Software, Inc. Additionally, the EV to EBITDA ratio of -16.40 and a PEG ratio of 0.57 further highlight concerns regarding its valuation relative to its earnings growth prospects.
In comparison to its peers, Perfect Corp. is positioned unfavorably, particularly against NerdWallet, Inc., which has a much lower P/E ratio of 14.42 and a more favorable EV to EBITDA of 8.39. The company's recent stock performance has been poor, with a year-to-date return of -33.57%, starkly contrasting with the S&P 500's gain of 12.96% over the same period, reinforcing the notion that Perfect Corp. is currently overvalued.