Latest Ratios: P/E Ratio -0.4x · EV/EBITDA N/A · ROE N/A. (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 | $64M | $96M | $205M | $2.2B | $2.6B | $3.4B | $2.9B | $2.8B | — |
| Enterprise Value | $86M | $118M | $226M | $2.2B | $2.4B | $3.4B | $2.9B | $2.8B | — |
| P/E Ratio → | -0.41 | — | — | — | — | — | — | 5189.47 | — |
| P/S Ratio | 67.21 | 101.42 | 17.10 | 59.77 | — | — | — | — | — |
| P/B Ratio | — | — | — | 36.62 | 9.48 | — | — | 20.26 | — |
| P/FCF | — | — | 6.14 | — | — | — | — | — | — |
| P/OCF | — | — | 6.11 | — | — | — | — | — | — |
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 | — | 124.38 | 18.81 | 59.73 | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | 5110.25 | — |
| EV / FCF | — | — | 6.76 | — | — | — | — | — | — |
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 | -106.1% | -106.1% | 22.2% | -39.8% | — | — | — | — | — |
| Operating Margin | -16566.4% | -16566.4% | -795.1% | -567.8% | — | — | — | — | — |
| Net Profit Margin | -17614.9% | -17614.9% | -1438.4% | -710.6% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | -156.4% | -36.6% | — | — | 0.8% | -145.8% |
| ROA | -670.6% | -670.6% | -166.1% | -102.7% | -22.4% | -89.3% | -15.5% | 0.8% | -10.2% |
| ROIC | — | — | -1053.5% | -213.7% | -102.8% | — | — | -0.3% | — |
| ROCE | — | — | -3054.0% | -119.4% | -34.9% | — | — | -0.4% | — |
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 | — | — | — | 0.36 | 0.08 | — | — | — | 9.83 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | 0.62 |
| Net Debt / Equity | — | — | — | -0.02 | -0.68 | — | — | -0.00 | 5.14 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | 0.32 |
| Debt / FCF | — | — | 0.61 | — | — | — | — | — | — |
| Interest Coverage | -16.02 | -16.02 | -4.38 | -7.02 | -1116.41 | -5.60 | -8.17 | — | — |
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 | 0.06 | 0.06 | 0.32 | 0.84 | 3.81 | 0.20 | 0.06 | 15.43 | 0.35 |
| Quick Ratio | 0.06 | 0.06 | 0.29 | 0.76 | 3.77 | 0.20 | 0.06 | 15.43 | 0.35 |
| Cash Ratio | 0.04 | 0.04 | 0.00 | 0.24 | 3.36 | 0.00 | 0.00 | 10.15 | 0.35 |
| Asset Turnover | — | 0.11 | 0.29 | 0.22 | — | — | — | — | — |
| Inventory Turnover | 7.33 | 7.33 | 3.85 | 6.33 | — | — | — | — | — |
| Days Sales Outstanding | — | 10802.46 | 579.31 | 524.94 | — | — | — | — | — |
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 | — | — | — | — | — | — | — | 0.0% | — |
| FCF Yield | — | — | 16.3% | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 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% | 0.0% | — |
| Shares Outstanding | — | $16M | $15M | $14M | $12M | $14M | $14M | $14M | $14M |
Imminent liquidity and solvency risk
According to current market data, AIIO trades at a P/S multiple of 67.21, a valuation that appears disconnected from its 92.08% revenue decline and suggests investors are pricing the equity as a speculative call option on regional industrial policy rather than a viable commercial automotive enterprise.
The elevated P/S ratio relative to the company's lack of meaningful revenue generation indicates that the market is not valuing the firm on fundamental earnings or sales multiples. This valuation suggests that any potential upside is entirely contingent on non-market factors, such as government procurement or strategic partnerships, rather than the company's ability to execute its stated business model.
As reported in recent financial statements, AIIO's gross margin of -16.1% highlights a fundamental inability to cover direct production costs, which, when combined with an operating margin of -2.4%, suggests that the company's current scale is insufficient to absorb its fixed manufacturing overheads.
The persistent negative margins imply that every unit produced or service rendered currently erodes shareholder value rather than contributing to overhead coverage. Investors should monitor whether the company can achieve a positive gross margin, as the current trajectory suggests that the cost of goods sold remains structurally higher than the revenue generated by its limited prototype sales.
Based on the provided financial data, AIIO's cash conversion cycle remains highly erratic, with a recent DSO of 223 days and a DPO of 453 days, indicating significant friction in collecting receivables and a reliance on extended supplier credit to manage its precarious liquidity position.
The extreme duration of the cash conversion cycle suggests that the company lacks the leverage to dictate terms to its suppliers or customers. This inefficiency in working capital management further exacerbates the company's cash burn, as it is forced to carry significant inventory and receivables without the benefit of a rapid cash turnover.
As evidenced by the 2024Q2 current ratio of 0.52, AIIO faces a severe liquidity shortfall, with current assets failing to cover short-term obligations, a situation that warrants further investigation into the company's ability to maintain operations without immediate and significant external capital injections.
The quick ratio of 0.49 confirms that the company's liquidity is heavily dependent on inventory that may not be readily convertible to cash. This vulnerability suggests that the company is at high risk of a liquidity crisis, particularly given the lack of positive operating cash flow to support its ongoing debt and operational requirements.
Investors frequently misapply the P/S ratio to AIIO, which obscures the company's lack of repeatable commercial revenue and ignores the fact that its current top-line figures are likely derived from non-recurring prototype sales rather than a sustainable, high-volume automotive manufacturing business model.
Using P/S as a primary valuation tool for this business is misleading because it fails to account for the massive negative gross margins that accompany every dollar of revenue. A more appropriate metric for this stage of development would be a cash-burn-to-runway analysis, which would better reflect the company's true financial risk and the urgency of its capital requirements.
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