Is The Joint Corp. (United States) overvalued or undervalued?

As of 7 March 2024, The Joint Corp. has moved from an attractive to a risky valuation grade. This indicates that the company is currently overvalued. Key ratios include a Price to Book Value of 9.25, an EV to EBITDA of 56.15, and a negative ROE of -28.80%. In comparison, Nutex Health, Inc. is rated very attractive with a P/E of 3.08 and an EV to EBITDA of 1.88, while LifeMD, Inc. is also risky with an EV to EBITDA of 31.81.
The company's stock has underperformed against the S&P 500, with a 1-year return of -10.55% compared to the index's 17.14%, and a 5-year return of -42.20% versus 96.61% for the S&P 500. This further reinforces the notion that The Joint Corp. is overvalued in its current market position.