Cryoport, Inc. (NASDAQ: CYRX)

Sector: Industrials Industry: Integrated Freight & Logistics CIK: 0001124524
Market Cap 431.31 Mn
P/B 0.84
P/E 7.24
P/S 2.27
ROIC (Qtr) -5.92
Div Yield % 0.00
Rev 1y % (Qtr) 15.44
Total Debt (Qtr) 230.86 Mn
Debt/Equity (Qtr) 0.45
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About

Investment thesis

Bull case

  • Healthy cash reserves of 257.91M provide 56.63x coverage of short-term debt 4.55M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 610.66M provides 2.65x coverage of total debt 230.86M, indicating robust asset backing and low credit risk.
  • Tangible assets of 610.66M provide exceptional 422.02x coverage of deferred revenue 1.45M, showing strong service capability backing.
  • Short-term investments of 165.50M provide solid 13.44x coverage of other current liabilities 12.31M, indicating strong liquidity.
  • Tangible assets of 610.66M provide robust 49.60x coverage of other current liabilities 12.31M, indicating strong asset backing.

Bear case

  • Operating cash flow of (14.98M) barely covers its investment activities of 253.75M, with a coverage ratio of -0.06, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Cash reserves of 257.91M provide limited coverage of acquisition spending of 210.22M, which is 1.23x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • Operating cash flow of (14.98M) provides insufficient coverage of deferred revenue obligations of 1.45M, which is -10.35x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (14.98M) shows concerning coverage of stock compensation expenses of 13.01M, with a -1.15 ratio indicating potential earnings quality issues.
  • Free cash flow of (33.94M) provides weak coverage of capital expenditures of 18.96M, with a -1.79 ratio suggesting additional external financing needs for growth initiatives.

Product and Service Breakdown of Revenue (2024)

Geographical Breakdown of Revenue (2024)

Peer comparison

Companies in the Integrated Freight & Logistics
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 FDX Fedex Corp 99.67 Bn 20.28 1.11 37.77 Bn
2 UPS United Parcel Service Inc 98.11 Bn 17.61 1.11 28.59 Bn
3 JBHT Hunt J B Transport Services Inc 28.29 Bn 145.14 7.91 1.60 Bn
4 EXPD Expeditors International Of Washington Inc 22.29 Bn 27.40 2.13 0.56 Bn
5 CHRW C. H. Robinson Worldwide, Inc. 21.34 Bn 36.35 1.31 1.43 Bn
6 ZTO ZTO Express (Cayman) Inc. 20.15 Bn 16.23 3.02 1.74 Bn
7 GXO GXO Logistics, Inc. 7.46 Bn 83.79 0.58 5.50 Bn
8 LSTR Landstar System Inc 5.11 Bn 28.60 1.06 0.13 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.54 1.04
EV to Cash from Ops. EV/CFO -27.66 -0.78
EV to Debt EV to Debt 1.79 -1.98
EV to EBIT EV/EBIT 5.86 10.54
EV to EBITDA EV/EBITDA -58.67 9.04
EV to Free Cash Flow [EV/FCF] EV/FCF -12.21 -2.76
EV to Market Cap EV to Market Cap 0.96 0.62
EV to Revenue EV/Rev 2.18 -0.31
Price to Book Value [P/B] P/B 0.84 4.96
Price to Earnings [P/E] P/E 7.24 15.82
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 7.45 0.95
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 14.92
Dividend per Basic Share Div per Share (Qtr) 0.00 0.73
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 11.81
Interest Coverage Int. cover (Qtr) 29.90 -430.42
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 29.19 -2,938.62
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 458.75 139.78
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.23
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 145.46 -442.31
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 95.04 -224.47
EBIT Growth (1y) % EBIT 1y % (Qtr) 145.69 -367.92
EBT Growth (1y) % EBT 1y % (Qtr) 142.85 -191.62
EPS Growth (1y) % EPS 1y % (Qtr) 134.51 -974.30
FCF Growth (1y) % FCF 1y % (Qtr) 3.41 -67.17
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 20.70 1.66
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.25 1.29
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.07
Cash Ratio Cash Ratio (Qtr) 8.39 0.97
Current Ratio Curr Ratio (Qtr) 15.77 3.22
Debt to Equity Ratio Debt/Equity (Qtr) 0.45 1.06
Interest Cover Ratio Int Coverage (Qtr) 29.90 -430.42
Times Interest Earned Times Interest Earned (Qtr) 29.90 -430.42
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 56.00 17.62
EBIT Margin % EBIT Margin % (Qtr) 37.13 24.68
EBT Margin % EBT Margin % (Qtr) 35.89 18.38
Gross Margin % Gross Margin % (Qtr) 46.60 20.25
Net Profit Margin % Net Margin % (Qtr) 31.30 31.04