Latest Ratios: P/E Ratio -11.1x · 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 | $988M | $1.5B | $1.3B | $1.5B | $1.3B | $5.8B | — | — |
| Enterprise Value | $913M | $1.5B | $1.1B | $1.2B | $1.1B | $5.5B | — | — |
| P/E Ratio → | -11.06 | — | — | — | — | — | — | — |
| P/S Ratio | 2.88 | 4.45 | 4.37 | 5.38 | 5.65 | 34.78 | — | — |
| P/B Ratio | 3.99 | 6.23 | 4.41 | 5.05 | 4.56 | 18.98 | — | — |
| P/FCF | 35.02 | 54.19 | 111.46 | 66.27 | — | — | — | — |
| P/OCF | 33.11 | 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 | — | 51.56 | 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 | -47.8% | -47.8% | -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 | 0.03 | 0.03 | 0.02 | 0.03 | 0.04 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.30 | -0.56 | -0.82 | -0.70 | -1.00 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -2.63 | -14.16 | -10.71 | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — |
Net cash position: cash ($81M) exceeds total debt ($7M)
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 | 2.9% | 1.8% | 0.9% | 1.5% | — | — | — | — |
| Buyback Yield | 3.1% | 2.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 3.1% | 2.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $132M | $124M | $117M | $111M | $110M | $102M | $25M |
Persistent cash burn trajectory
According to current market data, Amplitude trades at a P/S multiple of 2.88, which, when compared to the company's historical valuation peaks, suggests investors are increasingly skeptical of the firm's ability to achieve GAAP profitability in the near term despite its 14.68% revenue growth rate.
The forward P/E of 147.02 implies that the market is pricing in significant future earnings expansion that has yet to materialize in the company's operating results. This valuation level warrants caution, as it assumes a rapid pivot to profitability that may be challenged by the company's persistent operating losses and high R&D requirements.
Based on reported financial statements, Amplitude's ROIC has remained consistently negative, reaching -11.7% in 2026Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its heavy investments in product development and market expansion.
The persistent negative ROIC suggests that the returns generated on invested capital are insufficient to cover the cost of the company's operational footprint. Investors should monitor whether management can improve capital allocation efficiency, as the current trend shows little evidence of a path toward positive returns on invested capital.
As reported in recent quarterly filings, Amplitude's asset turnover ratio has remained stagnant at approximately 0.23, suggesting that the company's ability to generate revenue from its asset base is not improving despite the ongoing expansion of its product suite and customer acquisition efforts.
The DSO trend, which has fluctuated between 29 and 44 days over the last ten quarters, indicates potential variability in collection cycles that could impact short-term liquidity. This lack of efficiency in asset utilization highlights the difficulty of scaling a high-fixed-cost SaaS model without significant improvements in operational leverage.
According to the latest balance sheet data, Amplitude's current ratio has compressed to 1.52 in 2026Q1 from a high of 2.87 in 2023Q4, reflecting a narrowing margin of safety as the company continues to burn through its cash reserves to fund ongoing operations.
While the current ratio remains above 1.0, the rapid decline in liquidity suggests that the company's cash position is becoming increasingly sensitive to operational volatility. This trend warrants close monitoring, as any further deterioration in cash flow could limit the company's strategic flexibility and increase reliance on external financing.
Based on an analysis of the company's business model, the most commonly misapplied metric is headline revenue growth, which often obscures the underlying quality of earnings by failing to account for the significant impact of stock-based compensation and usage-based overage fees.
Investors frequently over-rely on top-line growth to justify valuation multiples, ignoring the fact that a large portion of this growth may be driven by non-recurring usage spikes or subsidized by heavy stock-based compensation. A more accurate assessment would focus on free cash flow conversion and the sustainability of net retention rates, which provide a clearer picture of the company's true economic health.
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Quick answers to the most common questions about buying AMPL stock.
Amplitude, Inc.'s current P/E ratio is -11.1x. 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 -11.1x. 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.