Latest Ratios: P/E Ratio -5.8x · EV/EBITDA N/A · ROE -258.4%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $743M | $757M | $253M | $172M | $296M | $1.5B | $3.1B | — | — |
| Enterprise Value | $773M | $787M | $228M | $141M | $236M | $1.5B | $3.0B | — | — |
| P/E Ratio → | -5.83 | — | — | — | — | — | — | — | — |
| P/S Ratio | 30.09 | 41.89 | 27.96 | 39.91 | 70.50 | 163.89 | 634.71 | — | — |
| P/B Ratio | 47.47 | 57.30 | 2.55 | 0.75 | 0.90 | 3.33 | 114.22 | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 43.55 | 25.19 | 32.68 | 56.20 | 157.79 | 629.62 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -3.7% | -3.7% | -41.8% | -136.5% | -101.5% | 37.0% | 43.4% | 41.1% | 57.8% |
| Operating Margin | -705.8% | -705.8% | -1747.1% | -3427.4% | -3624.9% | -1124.5% | -531.5% | -1451.8% | -8445.9% |
| Net Profit Margin | -804.4% | -804.4% | -1679.7% | -3463.2% | -3514.0% | -1095.6% | -528.0% | -1415.8% | -8272.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -258.4% | -258.4% | -92.9% | -53.5% | -37.5% | -42.0% | -189.8% | -130.3% | -37.2% |
| ROA | -88.9% | -88.9% | -75.2% | -48.6% | -35.2% | -39.7% | -156.2% | -125.1% | -35.8% |
| ROIC | -162.8% | -162.8% | -87.5% | -47.4% | -34.0% | -38.9% | — | — | — |
| ROCE | -101.2% | -101.2% | -91.2% | -51.5% | -38.0% | -42.4% | -190.8% | -133.1% | -37.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 7.75 | 7.75 | 0.04 | 0.03 | 0.02 | 0.02 | — | 3.22 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 2.28 | -0.25 | -0.14 | -0.18 | -0.12 | -0.91 | -1855.79 | -0.91 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.28 | 4.28 | 3.15 | 12.46 | 15.35 | 32.07 | 5.46 | 0.00 | 27.86 |
| Quick Ratio | 4.12 | 4.12 | 3.09 | 12.33 | 15.22 | 31.92 | 5.24 | -4.33 | 26.95 |
| Cash Ratio | 3.40 | 3.40 | 2.86 | 12.01 | 14.84 | 31.13 | 4.34 | 570.08 | 26.10 |
| Asset Turnover | — | 0.10 | 0.06 | 0.02 | 0.01 | 0.02 | 0.15 | 12.95 | 0.00 |
| Inventory Turnover | 3.24 | 3.24 | 5.48 | 4.30 | 2.86 | 2.83 | 2.25 | 2.30 | 0.06 |
| Days Sales Outstanding | — | 255.19 | 51.22 | 65.01 | 272.88 | 252.53 | 57.81 | 145.31 | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $57M | $53M | $45M | $43M | $40M | $42M | $42M | $42M |
Includes 30+ ratios · 8 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AEVA stock.
Aeva Technologies, Inc.'s current P/E ratio is -5.8x. This places it at the 50th percentile of its historical range.
Aeva Technologies, Inc.'s return on equity (ROE) is -258.4%. The historical average is -105.2%.
Based on historical data, Aeva Technologies, Inc. is trading at a P/E of -5.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Aeva Technologies, Inc. has -3.7% gross margin and -705.8% operating margin.
Key Metrics
Top Statement Risk
Persistent cash burn and thin liquidity
Metrics are mathematically derived from official filings.
Premium Multiples Priced on Technology Optionality
Based on the supplied figures, AEVA trades at a 41.09 price-to-sales multiple and 47.47 price-to-book against negative trailing earnings, a pricing structure that rests on future commercialization rather than current economics.
With no positive earnings or free cash flow to anchor the multiple, the P/S of 41.09 and P/B of 47.47 are not comparable to the sub-1x book multiples seen across much of the small-cap LiDAR peer group, where OUST trades at 7.49 and LAZR's earnings-based multiples are distorted by losses. The valuation appears to reflect investor belief in the FMCW architecture and eventual volume production, which the reported 6.7 million dollar quarterly revenue has not yet validated. Investors should treat these multiples as a bet on margin inflection rather than a measure of present earning power.
Margin Recovery Outpaced by Operating Losses
As reported in the income statement, AEVA's gross margin climbed to 33.6% in 3Q26 from negative levels in 2024, yet the operating margin remained at -5.9%, indicating that gross profit gains are being absorbed by R&D and overhead.
The improvement in gross margin from roughly -32% in 2Q24 to 33.6% suggests better yields or a favorable revenue mix, but the persistent negative operating margin shows that the cost base has not scaled alongside revenue. Net margin of 66.7% in 3Q26 is distorted by non-operating items and should not be read as an earnings signal. The more reliable gauge of earning power is the operating margin, which remains structurally negative.
Negative ROIC Reflects Capital Consumption
Based on the reported ratios, AEVA's ROIC has remained deeply negative, reaching -118.0% in 4Q25 and -27.7% in 3Q26, indicating that invested capital is being consumed rather than compounded.
The swing in ROE from -109.0% in 4Q25 to 12.6% in 3Q26 reflects a shrinking equity base and non-operating gains rather than improved operating returns, so the headline positive ROE should be discounted. ROIC remaining below zero across the period implies the company has not yet earned its cost of capital on the capital employed. Returns would need to turn sustainably positive before the balance sheet can be considered self-funding.
Debt Burden Magnified by Shrinking Equity
According to the reported quarterly figures, AEVA's debt-to-equity ratio reached 7.75 in 4Q25 and 2.35 in 3Q26, with interest coverage of 4.78 in the latest quarter, suggesting debt service is manageable only while non-operating gains persist.
The leverage ratio is driven more by the equity base contracting than by new borrowing, given total debt has held near 102 million dollars since 4Q25. Interest coverage of 4.78 in 3Q26 looks adequate on paper, but it is not supported by operating earnings, which remain negative. Investors should monitor refinancing exposure and whether the company can sustain coverage without relying on non-cash gains.
Headline Liquidity Masks Thin Cash Position
As reported in the financial statements, AEVA's current ratio of 6.26 and quick ratio of 6.02 in 3Q26 appear robust, yet cash fell from 72.3 million dollars in 4Q25 to 20.1 million in 3Q26 against roughly 30 million of quarterly operating burn.
The high current and quick ratios are closely aligned, suggesting that the current asset base is dominated by receivables or other near-liquid items rather than inventory, but cash itself is the binding constraint against continuing burn. At the reported run-rate, the cash balance would cover only a limited number of quarters before additional financing is needed. The headline ratios therefore likely overstate resilience under a severe stress scenario.
Headline Ratios Misread Pre-Scale Economics
Based on the supplied data, AEVA's positive 3Q26 ROE of 12.6% and net margin of 66.7% may appear to signal improving returns, yet both are driven by non-operating items while operating margin remains at -5.9%.
The ratio most commonly misapplied to a pre-scale LiDAR business is return on equity, because a shrinking or recently reset equity base can produce positive ROE from one-off gains while the operating model is still consuming cash. Operating margin, free cash flow margin, and cash runway measured against the roughly 30 million quarterly burn give a more reliable picture of economic performance. Investors should weight these adjusted measures over headline ROE and net margin when assessing whether the business is approaching self-sufficiency.