Is Ryvyl, Inc. overvalued or undervalued?

As of 9 August 2019, the valuation grade for Ryvyl, Inc. moved from does not qualify to risky, indicating a deterioration in its financial standing. The company appears to be overvalued given its negative price-to-book value of -2.14 and a low EV to EBITDA ratio of 7.95, which suggests that the market is not valuing its earnings potential appropriately. Additionally, the return on capital employed (ROCE) stands at 13.45%, but this is overshadowed by the overall negative performance metrics.
In comparison to peers, Ryvyl's EV to EBITDA ratio of 0.7304 is significantly lower than MoneyLion, Inc.'s 11.1009, which is classified as fair. Other risky peers like Blacksky Technology, Inc. and Innovid Corp. show even more severe valuation issues with their respective EV to EBITDA ratios of -67.1056 and 169.8957. The company's stock has underperformed drastically against the S&P 500, with a year-to-date return of -78.48% compared to the index's 12.22%, reinforcing the notion that Ryvyl is overvalued in its current state.