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Data-driven stock valuation

Selvita S.A. (SLV) fair value: what the stock is really worth

As of Oct 29, 2026: fair value (intrinsic value) of Selvita S.A. stock PLN 9.82, price PLN 16.66, upside -41.1%, quality 63 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

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Healthcare PL · ISIN PLSLVCR00029

SS Selvita S.A. logo Some data Oct 28, 2026

Selvita S.A.

SLV · WAR
Very expensive, in a downtrend

Our calculation puts a fair price 41% below what the stock costs today.

Quality 63/100
Low debt
Generates free cash flow
Mixed Growth (revenue 5y +21.5 %/yr in PLN)
Loss over the last twelve months · -0.6% net margin (TTM) · fiscal year 2025 0.2%
Mixed vs. peers (5/12)
Some data
Revenue last quarter 11% below a year ago.
Fair value 9.82 PLN · Strongly overvalued (−41.1%)
Narrow moat 23/100 · thin data
Quality growth

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

91.00 PLN 16.66 PLN Fair Value 9.82 PLN Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year. As of Oct 28, 2026.

How to read this chart

60‑month range 16.66 PLN – 91.00 PLN · fair‑value band 4.50 PLN – 15.16 PLN · the 16.66 PLN price screens above the 9.82 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 28, 2026.

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Company profile

Selvita S.A. provides drug discovery, drug development, and contract testing services in Poland.

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The company offers computer-aided drug design and artificial intelligence solutions, including structure-based drug design, virtual screening, and bioinformatics; medicinal and synthetic, analytical, and solid state chemistry, as well as process chemistry and scale up, and compound management and libraries; structural biology, fragment-based drug discovery, protein production, modification, and characterization; vitro assays and model, mechanistic and target-focused profiling, vitro safety platform, translational research and biomarkers, and specialized discovery platform; vivo models, non-GLP toxicology, histopathology, and tissue biobank; ADME and pharmacokinetic study, bioanalysis, DMPK strategy, and modeling; and proteomic, transcriptomic, spatial mass spectrometry imaging, and data analysis services.

It also provides antibody discovery, developability, antibody characterization, antibody engineering, and other modalities.

In addition, the company offers active substance, raw materials and drug products comprising scale-up and process chemistry, solid state characterization, CMC analytical support, analytical methods development and validation, nitrozoamines and other impurities, impurities identification, quality control and QP release, stability studies, formulation development, and clinical supply GMP manufacturing; extractables and leachables, and packaging and functionality; bioanalysis of small molecules; and regulatory affairs.

Further, it provides method development and validation, physicochemical properties determination, five batch analysis, one batch analysis, impurities identification, certification, stability studies, process chemistry, and solid state characterization services.

The company was formerly known as Selvita CRO S.A. and changed its name to Selvita S.A. in October 2019. Selvita S.A. was founded in 2007 and is headquartered in Kraków, Poland.

Stock analysis

Selvita S.A. (SLV) currently trades at 16.66 PLN, while our model-based Fair Value estimate is 9.82 PLN, 41.1% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of 47.52 PLN per share, and 12 of the 24 models we run sit above the 16.66 PLN price.

Bear case: the Earnings-Based group reads lowest at 1.12 PLN, and 12 of the 24 models stay below the price. Data coverage for this calculation is medium.

Scenario range: 4.50 PLN (bear) to 15.16 PLN (bull), the price of 16.66 PLN sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 63/100 (solid quality), in the Healthcare sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Selvita S.A. reported revenue of 364M PLN in FY2025 versus 311M PLN in FY2021, a compound +4.0%/yr. Reported net income was 813K PLN in FY2025, compounding −51.7%/yr from FY2021.

Key figures

Market cap 306M PLN (≈ $77.6M) Micro · P/S ratio 0.90 · EPS (TTM) −0.1100 PLN · Net margin −0.6% · Return on equity −0.7% · Return on assets (EBIT) 5.1% · Operating margin −0.8% · Revenue (TTM) 349M PLN.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 23 out of 100 (low confidence).

What moves the price

The share trades about 65% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −10% fair-value upside, at −41%, SLV screens richer than that median.

Fair Value models

Bear 4.50 PLN Fair Value 9.82 PLN Bull 15.16 PLN
Price 16.66 PLN · Upside -41.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF 46.85 PLN 67.47 PLN 127.96 PLN 77
Growth DCF 43.70 PLN 71.04 PLN 120.03 PLN 76
EPV 1.76 PLN 2.32 PLN 2.78 PLN 74
All 24 models by family
DCF Models
FCF DCF 46.85 PLN 67.47 PLN 127.96 PLN 77
Owner Earnings 34.23 PLN 70.88 PLN 135.77 PLN 72
5Y Revenue Exit 18.79 PLN 26.23 PLN 41.13 PLN 72
5Y EBITDA Exit 39.63 PLN 68.30 PLN 124.34 PLN 72
5Y P/E Exit 14.89 PLN 21.78 PLN 28.69 PLN 71
10Y Revenue Exit 28.75 PLN 47.52 PLN 53.97 PLN 68
10Y EBITDA Exit 42.21 PLN 86.46 PLN 160.42 PLN 65
10Y P/E Exit 26.49 PLN 40.24 PLN 57.46 PLN 64
Earnings-Based
Graham-Dodd 0.3000 PLN 2.10 PLN 2.95 PLN 63
Lynch FV 0.7900 PLN 1.12 PLN 1.46 PLN 61
PEG = 1.0 0.7900 PLN 1.12 PLN 1.46 PLN 57
EPV 1.76 PLN 2.32 PLN 2.78 PLN 74
Multiples
P/E Multiple 0.7300 PLN 0.9700 PLN 1.22 PLN 63
P/S Multiple 0.5600 PLN 0.7500 PLN 0.9400 PLN 58
P/B Multiple 38.33 PLN 51.10 PLN 63.88 PLN 55
EV/EBIT 4.74 PLN 7.65 PLN 10.55 PLN 64
EV/EBITDA 34.39 PLN 47.17 PLN 59.96 PLN 67
EV/Revenue 2.25 PLN 4.91 PLN 7.58 PLN 51
Asset-Based
NCAV (Graham) 5.68 PLN 7.61 PLN 11.36 PLN 54
Growth DCF
Growth DCF 43.70 PLN 71.04 PLN 120.03 PLN 76
Rev-Margin DCF 18.86 PLN 30.49 PLN 51.95 PLN 70
Economic Profit
Residual Income 10.63 PLN 9.33 PLN 8.57 PLN 71
ROIC Compounder 1.76 PLN 2.32 PLN 2.78 PLN 72
Growth Earnings
Growth-Adj P/E 1.03 PLN 1.46 PLN 1.90 PLN 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 63/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 36
How much profit the company makes from its sales and capital
Quality Growth 64
Are margins and returns getting better?
Cashflow 85
Do the profits arrive as real cash?
Financial strength 43
Debt, balance sheet and risk of trouble
Investment 87
Does it invest with discipline instead of growing at any price?
Low Volatility 70
How calm the share price moves, does not count
Momentum 0
Price trend of the last 3 to 12 months, does not count
Near the 52-week high 0
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+6.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+21.5%
Start year 2020 (pandemic). Over 10 years: +24.4% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.4%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−44.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−44.1%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−44.1% vs −16.8%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 3%
Pace: the 5-year rate starts in 2020 (pandemic)

Growth Forecast

Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−8.9%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (Poland: IMF forecast 3.1% a year to 2030, 4.6% from 2016 to 2025) that is about −11.7% a year for the price and +0.8% for the forecasts.
Forecast 2026 (sales)+0.5%
Forecast 2027 (sales)+5.5%
Projected 2028 (sales)+5.1%
Projected 2029 (sales)+4.6%
Projected 2030 (sales)+4.2%

SLV screens overvalued: fair value 41% below the price. Compare with Thermo Fisher Scientific Inc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Diagnostics & Research · 123 stocks

Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 63 · Above median
Fair Value upside −41.1% · Below median
Profitability
Return on assets 0.1% · Below median
Net margin (12 months) −0.6% · Below median
Operating margin (12 months) −0.8% · Below median
Growth and dividend
Revenue growth (quarter YoY) −10.9% · Bottom 25%
Balance sheet
Debt / equity 0.23× · Above median

Valuation Multiplesvs Diagnostics & Research median · lower = cheaper

P/B 0.95× · Cheapest 25%
P/S (12 months) 0.88× · Cheapest 25%
Price / free cash flow 4.6× · Cheapest 25%
EV/EBITDA 9.3× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 40
PAST (return on equity)0 · sector 14
HEALTH (low debt)88 · sector 95
DIVIDEND (yield)0 · sector 32

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Diagnostics & Research stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
WuXi AppTec Co 603259 ¥142.89 ¥164.66 +15% vs SLV
IQVIA Holdings IQV $271.55 $298.71 +10% vs SLV
Illumina, Inc ILMN $271.04 $297.04 +10% vs SLV
Thermo Fisher Scientific Inc TMO $693.02 $686.04 −1% vs SLV
Danaher Corporation DHR $232.00 $209.18 −10% vs SLV
IDEXX Laboratories, Inc IDXX $570.21 $496.48 −13% vs SLV
Mettler-Toledo International Inc MTD $1,670 $648.30 −61% vs SLV
Agilent Technologies, Inc A $175.96 $64.53 −63% vs SLV
Lonza Group LONN CHF 635.80 CHF 153.50 −76% vs SLV
Waters Corporation WAT $455.98 $107.35 −76% vs SLV

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Cite: Fair Value Calculator (2026). "Selvita S.A. Fair Value". https://www.fairvalue-calculator.com/stock/SLV

Frequently asked questions

Is Selvita S.A. (SLV) overvalued or undervalued?
As of Oct 28, 2026, our model estimates a fair value of 9.82 PLN versus a price of 16.66 PLN, about −41% upside (overvalued).
What is the fair value of SLV?
Our model-based fair value for Selvita S.A. is 9.82 PLN (as of Oct 28, 2026), built from audited fundamentals. The current price: 16.66 PLN.
What is the quality score of SLV?
Selvita S.A. has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Selvita S.A. (SLV)?
Our model-based price target is the fair value of 9.82 PLN (as of Oct 28, 2026) from 24 valuation models. Cautious scenario 4.50 PLN, optimistic scenario 15.16 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the Selvita S.A. stock forecast for 2026?
Our models put fair value at 9.82 PLN, about −41% upside versus a price of 16.66 PLN (overvalued). Cautious scenario 4.50 PLN, optimistic scenario 15.16 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of Selvita S.A. (SLV)?
Selvita S.A. reported trailing-twelve-month revenue of about 349M PLN (latest available figure, as of Oct 28, 2026).
What growth is priced into Selvita S.A. (SLV)?
For today's price to be fair in a discounted-cash-flow model, Selvita S.A. would have to grow free cash flow by -8.9 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +21.5 % per year. As of Oct 28, 2026.
What discount rate (WACC) does the fair value of SLV use?
Our models discount Selvita S.A. at 12.1 %: a base by market capitalisation (micro), damped by beta 0.10, country premium for Poland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Selvita S.A. that is -8.9 % per year a year over ten years, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has Selvita S.A. (SLV) delivered so far?
Over the past 5 years revenue at Selvita S.A. grew +21.5 % a year. The price currently implies -8.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Selvita S.A. (SLV) growing?
The median revenue growth in the sector is +6.0 % a year. That is the yardstick for the growth priced into Selvita S.A. (-8.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Selvita S.A. (SLV)?
The free-cash-flow yield on the price is 21.62 %: that much free cash flow Selvita S.A. produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Selvita S.A. (SLV)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Selvita S.A. it is 9.82 PLN per share (as of Oct 28, 2026), against a price of 16.66 PLN. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Selvita S.A. stock overvalued or undervalued in 2026?
As of Oct 28, 2026, SLV trades above its calculated fair value: price 16.66 PLN, fair value 9.82 PLN, a gap of about −41% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SLV?
No. The price is what the market pays today (16.66 PLN); the fair value is what the company's own numbers justify (9.82 PLN). For Selvita S.A. the two are 6.84 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is Selvita S.A. worth?
The market values Selvita S.A. at about 306M PLN (market capitalisation, as of Oct 28, 2026). Per share that is 16.66 PLN; our models calculate a fair value of 9.82 PLN per share.
What do the bullish and bearish scenarios say about SLV?
Our models span a range for Selvita S.A.: cautious scenario 4.50 PLN, base 9.82 PLN, optimistic 15.16 PLN per share (as of Oct 28, 2026, price 16.66 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Selvita S.A. (SLV)?
Balance-sheet figures for Selvita S.A. (as of Oct 28, 2026): return on equity −0.7%, debt of 0.23 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is SLV from its 52-week high?
Selvita S.A. trades at 16.66 PLN, about 65% below its 52-week high of 48.00 PLN and at the low of 16.66 PLN (as of Oct 29, 2026). Distance from the high says nothing about value: that is what the fair value of 9.82 PLN is for.
Which stocks are comparable to Selvita S.A.?
From the same area (Healthcare) we also value Thermo Fisher Scientific Inc, Danaher Corporation, WuXi AppTec Co, Lonza Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Selvita S.A. stock attractive at the current price?
The data as of Oct 28, 2026: price 16.66 PLN, calculated fair value 9.82 PLN (−41%), Quality Score 63/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SLV calculated?
We run Selvita S.A. through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 9.82 PLN, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.1 % above its aggregate fair value. Selvita S.A. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Selvita S.A. (SLV)?
The closing price on Oct 29, 2026 was 16.66 PLN. Our model-based fair value is 9.82 PLN, about −41% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Selvita S.A. right now?
The price sits above even our optimistic bull case (15.16 PLN). The favourable scenario is already priced in. The model range is unusually wide (4.50 PLN to 15.16 PLN). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of Selvita S.A.

How large is the market capitalisation of Selvita S.A. (SLV)?
The market capitalisation of Selvita S.A. is 306M PLN (≈ $77.6M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Selvita S.A. (SLV)?
The price-to-sales ratio of Selvita S.A. is 0.90 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Selvita S.A. (SLV)?
Earnings per share at Selvita S.A. are −0.1100 PLN. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Selvita S.A. (SLV)?
The net margin of Selvita S.A. is −0.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Selvita S.A. (SLV)?
The return on equity (ROE) of Selvita S.A. is −0.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Selvita S.A. (SLV)?
On an EBIT basis the return on assets of Selvita S.A. is 5.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Selvita S.A. (SLV)?
The operating margin of Selvita S.A. is −0.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Selvita S.A. (SLV)?
Revenue at Selvita S.A. is growing −10.9% versus a year earlier (3y avg +0.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Selvita S.A. (SLV)?
Earnings per share at Selvita S.A. are growing +92.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Selvita S.A. (SLV) carry?
The net debt of Selvita S.A. is 72.8M PLN (fiscal year 2025, ≈ 1.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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