Latest Ratios: P/E Ratio -4.1x · EV/EBITDA 19.7x · ROE -14.0%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $38M | $120M | $299M | $425M | $206M | $956M | — | — |
| Enterprise Value | $113M | $195M | $396M | $515M | $304M | $1.0B | — | — |
| P/E Ratio → | -4.12 | — | — | — | — | — | — | — |
| P/S Ratio | 0.26 | 0.79 | 1.66 | 2.17 | 1.22 | 7.17 | — | — |
| P/B Ratio | 0.37 | 1.36 | 3.78 | 5.06 | 2.91 | 11.45 | — | — |
| P/FCF | — | 172.97 | — | 30.30 | 17.88 | 49.01 | — | — |
| P/OCF | 12.17 | 38.66 | 26.38 | 17.75 | 8.43 | 35.91 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.28 | 2.20 | 2.63 | 1.80 | 7.74 | — | — |
| EV / EBITDA | 19.71 | 24.51 | 39.34 | 26.08 | 86.48 | 46.13 | — | — |
| EV / EBIT | — | — | — | 54.27 | — | 65.43 | — | — |
| EV / FCF | — | 281.52 | — | 36.67 | 26.38 | 52.86 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.4% | 59.4% | 60.4% | 62.2% | 65.5% | 66.6% | 62.6% | 62.4% |
| Operating Margin | -3.2% | -3.2% | -1.0% | 4.8% | -2.7% | 11.8% | 16.0% | 1.6% |
| Net Profit Margin | -7.7% | -7.7% | -4.6% | -2.3% | -8.7% | 7.9% | 12.1% | -5.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -14.0% | -14.0% | -10.1% | -5.8% | -19.0% | 10.2% | 6.2% | -1.8% |
| ROA | -5.9% | -5.9% | -4.0% | -2.2% | -7.3% | 5.6% | 4.3% | -1.3% |
| ROIC | -2.1% | -2.1% | -0.8% | 4.2% | -2.1% | 7.3% | 4.7% | — |
| ROCE | -2.8% | -2.8% | -1.0% | 5.2% | -2.5% | 8.9% | 6.0% | 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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.95 | 0.95 | 1.32 | 1.19 | 1.52 | 1.20 | 0.40 | 0.37 |
| Debt / EBITDA | 10.51 | 10.51 | 10.43 | 5.05 | 30.62 | 4.50 | 3.18 | 8.02 |
| Net Debt / Equity | — | 0.86 | 1.22 | 1.06 | 1.39 | 0.90 | 0.32 | 0.33 |
| Net Debt / EBITDA | 9.45 | 9.45 | 9.61 | 4.53 | 27.88 | 3.36 | 2.51 | 7.11 |
| Debt / FCF | — | 108.56 | — | 6.37 | 8.51 | 3.85 | 3.84 | 80.11 |
| Interest Coverage | -1.90 | -1.90 | -0.29 | 1.46 | -0.51 | 3.23 | 4.09 | 0.23 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.55 | 0.55 | 0.60 | 0.79 | 0.75 | 1.79 | 1.22 | 0.79 |
| Quick Ratio | 0.55 | 0.55 | 0.60 | 0.79 | 0.75 | 1.79 | 1.22 | 0.79 |
| Cash Ratio | 0.30 | 0.30 | 0.29 | 0.51 | 0.43 | 1.54 | 1.10 | 0.61 |
| Asset Turnover | — | 0.81 | 0.86 | 0.96 | 0.84 | 0.66 | 0.35 | 0.24 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 3.60 | 6.18 | 3.62 | 6.12 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 0.1% | 0.1% | 11.8% | 7.0% | — | — |
| Payout Ratio | — | — | — | — | — | 633.6% | 60.9% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | 0.6% | — | 3.3% | 5.6% | 2.0% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.3% | 0.1% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.4% | 0.2% | 11.8% | 7.0% | — | — |
| Shares Outstanding | — | $60M | $58M | $57M | $56M | $56M | $56M | $56M |
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying AIRS stock.
AirSculpt Technologies, Inc.'s current P/E ratio is -4.1x. This places it at the 50th percentile of its historical range.
AirSculpt Technologies, Inc.'s current EV/EBITDA is 19.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 44.5x.
AirSculpt Technologies, Inc.'s return on equity (ROE) is -14.0%. The historical average is -4.9%.
Based on historical data, AirSculpt Technologies, Inc. is trading at a P/E of -4.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
AirSculpt Technologies, Inc. has 59.4% gross margin and -3.2% operating margin.
AirSculpt Technologies, Inc.'s Debt/EBITDA ratio is 10.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Liquidity and Solvency Constraints
Metrics are mathematically derived from official filings.
Distressed Pricing Amid Revenue Contraction
According to current market data, AIRS trades at an EV/EBITDA multiple of 50.01, a valuation that appears disconnected from its negative operating margins and the 15.82% year-over-year revenue decline observed in recent financial filings, suggesting the market may be mispricing the firm's underlying operational distress.
The elevated EV/EBITDA multiple relative to peers like InMode suggests that investors may be assigning a premium for the brand's unique clinical model, despite the lack of current profitability. This valuation appears to imply a recovery in growth that is not currently supported by the company's recent performance, warranting caution regarding the sustainability of these multiples.
Capital Efficiency Decay and Erosion
Based on reported financial statements, AIRS has seen its ROIC fluctuate from a peak of 4.8% in 2024Q1 to a negative 0.4% in 2026Q1, indicating that the company is currently failing to generate returns on invested capital that exceed its cost of capital.
The trend of decaying returns suggests that the capital deployed into new clinical centers is not yielding the expected throughput or margin expansion. This decline in efficiency appears to be driven by the inability to scale revenue effectively against the high fixed-cost base of its physical locations.
Working Capital and Asset Utilization
As indicated by recent quarterly data, the company's asset turnover ratio has remained stagnant at approximately 0.21, reflecting a persistent inability to drive higher revenue volume through its existing clinical footprint compared to historical performance levels observed in 2024.
The low asset turnover suggests that the company's physical centers are underutilized, which directly impacts the ability to achieve operating leverage. Investors should monitor whether management can improve procedure volume per center, as the current efficiency metrics indicate a structural bottleneck in the service delivery model.
Precarious Liquidity and Solvency Risks
Based on the latest balance sheet, the current ratio has consistently hovered near 0.55, which, according to recent SEC filings, leaves the company with a limited liquidity buffer to manage its ongoing operational cash burn and debt service obligations in a challenging macro environment.
The persistent liquidity constraint suggests that the company may face significant challenges if revenue trends do not improve, potentially necessitating external financing. The reliance on debt to fund operations, combined with a thin cash position, indicates a vulnerable balance sheet that warrants close monitoring by stakeholders.
Misapplication of P/E Multiples
The P/E ratio is frequently misapplied to AIRS, as the company's negative earnings and high stock-based compensation expenses render traditional price-to-earnings metrics largely meaningless for assessing the true underlying earning power of this elective medical service provider.
Investors should instead focus on metrics like EV/Revenue or unit-level contribution margins, which better capture the operational reality of the business model. Relying on P/E ratios in this context obscures the impact of high fixed costs and the cyclical nature of elective procedure demand.