Latest Ratios: P/E Ratio -11.5x · EV/EBITDA N/A · ROE -21.7%. (2012–2025 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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $76M | $48M | $78M | $37M | $66M | $107M | $173M | $108M | $94M | $93M | $67M |
| Enterprise Value | $77M | $49M | $73M | $31M | $57M | $95M | $135M | $95M | $81M | $80M | $25M |
| P/E Ratio → | -11.54 | — | — | — | — | — | — | 116.58 | — | 81.73 | 36.00 |
| P/S Ratio | 1.47 | 0.93 | 1.29 | 0.66 | 0.87 | 1.66 | 3.56 | 1.94 | 1.56 | 1.88 | 1.55 |
| P/B Ratio | 2.61 | 1.70 | 2.52 | 1.18 | 1.67 | 2.41 | 3.62 | 2.25 | 2.09 | 2.02 | 1.49 |
| P/FCF | — | — | — | — | 18.01 | — | 58.02 | 93.53 | 244.03 | — | 15.30 |
| P/OCF | — | — | — | — | 14.92 | — | 46.63 | 45.93 | 68.54 | — | 14.39 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.95 | 1.21 | 0.55 | 0.75 | 1.48 | 2.78 | 1.70 | 1.34 | 1.61 | 0.58 |
| EV / EBITDA | — | — | — | — | — | — | — | 62.07 | — | 40.20 | 5.86 |
| EV / EBIT | — | — | — | — | — | — | — | 249.57 | — | 63.10 | 7.33 |
| EV / FCF | — | — | — | — | 15.42 | — | 45.30 | 82.18 | 209.56 | — | 5.76 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.5% | 43.5% | 40.9% | 37.1% | 36.9% | 38.3% | 46.6% | 45.4% | 43.7% | 47.1% | 44.4% |
| Operating Margin | -16.4% | -16.4% | -14.7% | -22.1% | -11.3% | -18.9% | -6.6% | 0.7% | -5.6% | 2.0% | 7.9% |
| Net Profit Margin | -12.4% | -12.4% | -14.3% | -22.2% | -11.4% | -15.7% | -6.8% | 1.7% | -4.3% | 2.3% | 8.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -21.7% | -21.7% | -27.9% | -34.9% | -20.6% | -21.9% | -6.9% | 2.0% | -5.7% | 2.5% | 15.3% |
| ROA | -13.7% | -13.7% | -18.7% | -24.3% | -13.6% | -16.1% | -6.0% | 1.7% | -4.7% | 2.0% | 10.5% |
| ROIC | -22.8% | -22.8% | -26.1% | -33.6% | -20.4% | -42.7% | -10.7% | 0.9% | -7.8% | 4.0% | 80.0% |
| ROCE | -25.2% | -25.2% | -25.7% | -31.3% | -18.1% | -24.7% | -6.6% | 0.8% | -7.4% | 2.1% | 12.7% |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.30 | 0.30 | 0.13 | 0.05 | 0.06 | 0.07 | 0.01 | 0.00 | 0.01 | 0.04 | 0.07 |
| Debt / EBITDA | — | — | — | — | — | — | — | 0.06 | — | 0.88 | 0.75 |
| Net Debt / Equity | — | 0.04 | -0.15 | -0.20 | -0.24 | -0.26 | -0.79 | -0.27 | -0.30 | -0.29 | -0.93 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | -8.57 | — | -6.68 | -9.70 |
| Debt / FCF | — | — | — | — | -2.59 | — | -12.72 | -11.35 | -34.47 | — | -9.54 |
| Interest Coverage | — | — | — | — | — | — | — | 76.00 | -79.13 | 12.82 | 19.35 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.98 | 1.98 | 1.91 | 1.91 | 2.10 | 1.78 | 6.63 | 6.67 | 5.74 | 4.74 | 5.50 |
| Quick Ratio | 1.71 | 1.71 | 1.62 | 1.67 | 1.78 | 1.33 | 6.48 | 6.50 | 5.56 | 4.66 | 5.48 |
| Cash Ratio | 0.57 | 0.57 | 0.63 | 0.79 | 0.93 | 0.73 | 5.57 | 5.16 | 4.50 | 3.73 | 4.89 |
| Asset Turnover | — | 1.14 | 1.25 | 1.26 | 1.32 | 0.92 | 0.88 | 1.02 | 1.15 | 0.88 | 0.77 |
| Inventory Turnover | 8.17 | 8.17 | 9.06 | 14.68 | 11.34 | 4.43 | 25.51 | 25.49 | 25.25 | 35.36 | 164.54 |
| Days Sales Outstanding | — | 90.05 | 70.30 | 48.03 | 42.04 | 61.09 | 35.99 | 50.13 | 42.22 | 62.05 | 43.32 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | 0.9% | — | 1.2% | 2.8% |
| FCF Yield | — | — | — | — | 5.6% | — | 1.7% | 1.1% | 0.4% | — | 6.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.4% | 1.1% | 2.3% | 1.3% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.4% | 1.1% | 2.3% | 1.3% | 0.0% |
| Shares Outstanding | — | $12M | $11M | $10M | $10M | $10M | $10M | $10M | $10M | $10M | $5M |
Persistent negative operating margins
According to current market data, Airgain trades at a price-to-sales multiple of 1.47, a valuation that appears to discount the company's recent revenue contraction and persistent inability to achieve positive earnings compared to more diversified wireless component peers like Gilat Satellite Networks.
The negative TTM P/E of -11.54 highlights the lack of current earnings support for the stock price, forcing investors to rely on speculative growth recovery scenarios. This valuation suggests the market is currently pricing the firm as a distressed asset rather than a growth-oriented technology provider, given the absence of a clear path to profitability.
Based on reported financial statements, Airgain's ROIC has remained consistently negative, reaching -5.8% in 2026Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its investment in antenna technology and system integration platforms.
The persistent negative ROIC trend over the last ten quarters suggests that the company's R&D investments are not yielding sufficient returns to cover the cost of capital. This decay in capital efficiency warrants further investigation into whether the current design-win pipeline can realistically pivot toward higher-margin, value-added systems.
As reported in recent filings, Airgain's cash conversion cycle has fluctuated significantly, reaching 35 days in 2026Q1, which reflects the inherent volatility in managing inventory and customer receivables within a transactional, OEM-dependent business model that lacks recurring revenue stability.
The increase in DSO to 94 days suggests potential collection delays or a shift in customer payment terms that may be straining liquidity. Investors should monitor whether these efficiency metrics stabilize as the company attempts to transition toward more integrated, higher-value automotive and enterprise hardware solutions.
According to the 2026Q1 balance sheet, the company maintains a current ratio of 2.07, yet this figure masks the underlying vulnerability of a business that continues to burn cash while facing a 14.55% year-over-year revenue contraction in its core consumer segment.
While the quick ratio of 1.72 suggests a reasonable ability to cover short-term obligations, the reliance on inventory turnover in a cyclical industry poses a risk if demand for Wi-Fi 7 gateways fails to materialize as expected. The company's liquidity position appears adequate for the near term but remains sensitive to any further deterioration in operating cash flow.
The most commonly misapplied metric for Airgain is the price-to-sales ratio, which obscures the company's structural inability to convert top-line revenue into operating profit due to its high fixed-cost base and the transactional nature of its antenna component sales.
Investors often use P/S to justify a valuation floor, but this ignores the reality that revenue growth at Airgain currently comes at the expense of margin dilution. A more appropriate metric would be EV/Gross Profit, which better accounts for the company's actual ability to generate the contribution margin necessary to cover its substantial R&D and SG&A overhead.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying AIRG stock.
Airgain, Inc.'s current P/E ratio is -11.5x. The historical average is 78.1x.
Airgain, Inc.'s return on equity (ROE) is -21.7%. The historical average is 17.5%.
Based on historical data, Airgain, Inc. is trading at a P/E of -11.5x. Compare with industry peers and growth rates for a complete picture.
Airgain, Inc. has 43.5% gross margin and -16.4% operating margin.