Latest Ratios: P/E Ratio -26.0x · EV/EBITDA N/A · ROE -32.7%. (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 | $2.3B | $1.5B | $1.3B | $1.5B | $1.3B | $5.8B | — | — |
| Enterprise Value | $2.2B | $1.5B | $1.1B | $1.2B | $1.1B | $5.5B | — | — |
| P/E Ratio → | -26.00 | — | — | — | — | — | — | — |
| P/S Ratio | 6.74 | 4.45 | 4.37 | 5.38 | 5.65 | 34.78 | — | — |
| P/B Ratio | 9.37 | 6.23 | 4.41 | 5.05 | 4.56 | 18.98 | — | — |
| P/FCF | 82.07 | 54.19 | 111.46 | 66.27 | — | — | — | — |
| P/OCF | 77.61 | 51.24 | 70.63 | 58.04 | — | — | — | — |
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 | — | 4.24 | 3.81 | 4.51 | 4.78 | 32.94 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | 51.65 | 97.29 | 55.56 | — | — | — | — |
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 | 74.0% | 74.0% | 74.3% | 74.0% | 70.4% | 69.1% | 70.3% | 67.7% |
| Operating Margin | -28.0% | -28.0% | -35.9% | -34.2% | -40.6% | -44.3% | — | -50.2% |
| Net Profit Margin | -25.8% | -25.8% | -31.5% | -32.7% | -39.2% | -44.8% | -24.0% | -49.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -32.7% | -32.7% | -31.9% | -30.6% | -31.0% | -62.6% | — | — |
| ROA | -20.4% | -20.4% | -21.4% | -21.3% | -22.9% | -26.1% | -17.0% | -29.6% |
| ROIC | -47.3% | -47.3% | -87.1% | -99.7% | -167.1% | — | — | — |
| ROCE | -34.5% | -34.5% | -35.6% | -31.1% | -31.4% | -34.4% | — | -45.3% |
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 | 0.04 | 0.04 | 0.02 | 0.03 | 0.04 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.29 | -0.56 | -0.82 | -0.70 | -1.00 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -2.54 | -14.16 | -10.71 | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — |
Net cash position: cash ($81M) exceeds total debt ($10M)
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 | 1.56 | 1.56 | 2.10 | 2.87 | 2.61 | 3.92 | 2.79 | 2.68 |
| Quick Ratio | 1.56 | 1.56 | 2.10 | 2.87 | 2.61 | 3.92 | 2.79 | 2.68 |
| Cash Ratio | 1.17 | 1.17 | 1.67 | 2.44 | 2.11 | 3.39 | 2.21 | 2.13 |
| Asset Turnover | — | 0.82 | 0.67 | 0.64 | 0.58 | 0.42 | 0.59 | 0.60 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 24.91 | 32.13 | 38.97 | 34.83 | 44.61 | 61.97 | 64.45 |
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 | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | 1.2% | 1.8% | 0.9% | 1.5% | — | — | — | — |
| Buyback Yield | 1.3% | 2.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 1.3% | 2.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $132M | $124M | $117M | $111M | $110M | $102M | $25M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AMPL stock.
Amplitude, Inc.'s current P/E ratio is -26.0x. This places it at the 50th percentile of its historical range.
Amplitude, Inc.'s return on equity (ROE) is -32.7%. The historical average is -37.8%.
Based on historical data, Amplitude, Inc. is trading at a P/E of -26.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Amplitude, Inc. has 74.0% gross margin and -28.0% operating margin.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Margin Compression Masks Underlying Economics
Gross margin fell to 68.5% in 2026Q2 from 73.0% in 2026Q1, while operating margin widened to -34.9%, according to recent SEC filings, indicating cost pressures are intensifying.
The 4.5 percentage point sequential decline in gross margin suggests rising cloud infrastructure costs or a shift in revenue mix toward lower-margin offerings. Operating margin deterioration to -34.9% from -25.8% indicates that operating expenses are scaling faster than revenue, despite the 21.2% revenue growth. This implies that the company's path to profitability is being delayed, and investors should monitor whether gross margin stabilization can occur as the company scales.
Return on Capital Deepens Losses
ROIC worsened to -25.3% in 2026Q2 from -11.5% in 2026Q1, based on reported figures, reflecting a significant decline in capital efficiency as losses outpace invested capital.
The sharp deterioration in ROIC, from -11.5% to -25.3% in a single quarter, suggests that the company is not generating sufficient returns on its investments, likely due to heavy spending on R&D and S&M. This trend is consistent with the widening operating losses and indicates that the company is still in a heavy investment phase. The negative ROIC, coupled with a low asset turnover of 0.27, implies that the business model requires significant capital to generate revenue, and investors should watch for any improvement in capital efficiency as the company scales.
Working Capital Efficiency Shows Mixed Signals
DSO improved to 35 days in 2026Q2 from 31 days in 2026Q1, while DPO fell to 5 days from 16 days, according to financial statements, indicating a shift in cash collection and payment timing.
The slight increase in DSO suggests that customers are taking longer to pay, which could strain liquidity, but the more dramatic drop in DPO indicates that Amplitude is paying suppliers faster, reducing its cash conversion cycle. However, the CCC is not calculable due to missing DIO data, but the trend suggests that working capital is becoming less favorable. This may reflect a change in vendor terms or a deliberate strategy to strengthen supplier relationships, but it also reduces the company's cash buffer, which is already thin given the current ratio of 1.05.
Minimal Debt but Liquidity Cushion Thins
Debt-to-equity remains negligible at 0.04, but the current ratio fell to 1.05 in 2026Q2 from 1.52 in 2026Q1, based on reported figures, signaling a shrinking liquidity buffer.
While the company has almost no debt, the rapid decline in the current ratio suggests that current liabilities are growing faster than current assets, likely due to increased deferred revenue and other accruals. This could indicate that the company is relying on operational liabilities to fund its growth, which is typical for SaaS companies but may become risky if revenue growth slows. The low debt levels provide a cushion, but the deteriorating liquidity position warrants monitoring, especially given the persistent operating losses.
Liquidity Position Under Pressure
The current ratio dropped to 1.05 in 2026Q2 from 1.52 in 2026Q1, while cash fell to $73.8M, according to recent SEC filings, indicating a shrinking buffer against operating losses.
The quick ratio, which equals the current ratio at 1.05, suggests that the company has just enough liquid assets to cover its short-term liabilities, but with minimal inventory, this is a tight position. The $73.8M cash cushion, combined with the $25.6M operating cash flow in 2026Q2, provides some runway, but the volatility in FCF and the large buyback of $68.7M in the same quarter raise concerns about capital allocation. If operating losses persist, the company may need to raise additional capital or reduce spending, which could impact growth.
Misapplied Metric: P/E on Negative Earnings
The P/E ratio is meaningless for Amplitude due to negative earnings; instead, investors should focus on EV/Sales or P/FCF, which are more relevant for high-growth SaaS companies.
The trailing P/E of -18.48 and forward P/E of 184.50 are not useful because the company is unprofitable. The P/FCF of 58.32 is more telling, but it is distorted by stock-based compensation, which is a non-cash expense. A better metric is EV/Sales, which at 4.79 reflects the market's valuation of the company's revenue growth potential. However, this multiple is high relative to the company's growth rate, suggesting that the market is pricing in significant future profitability. Investors should also consider the Rule of 40, which combines revenue growth and FCF margin, to assess the company's efficiency.