Latest Ratios: P/E Ratio -27.8x · EV/EBITDA N/A · ROE -50.8%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $983M | $285M | $456M | $671M | — | — |
| Enterprise Value | $1.3B | $933M | $268M | $446M | $604M | — | — |
| P/E Ratio → | -27.80 | — | — | — | — | — | — |
| P/S Ratio | 18.87 | 13.47 | 11.80 | 51.87 | 152.18 | — | — |
| P/B Ratio | 11.68 | 9.47 | 4.11 | 7.63 | 9.19 | — | — |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.78 | 11.08 | 50.71 | 137.06 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 11.3% | 11.3% | -75.8% | -169.9% | -123.4% | -156.2% | -43.1% |
| Operating Margin | -63.9% | -63.9% | -183.7% | -440.3% | -409.2% | -383.2% | -159.2% |
| Net Profit Margin | -60.3% | -60.3% | -184.8% | -418.3% | -393.1% | -357.0% | -158.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -50.8% | -50.8% | -69.1% | -55.4% | -39.9% | -131.7% | -634.6% |
| ROA | -31.7% | -31.7% | -39.0% | -38.5% | -34.1% | -78.6% | -111.4% |
| ROIC | -66.4% | -66.4% | -65.5% | -103.7% | -310.1% | -372.4% | — |
| ROCE | -38.4% | -38.4% | -44.8% | -45.4% | -39.8% | -124.4% | -274.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.38 | 0.38 | 0.54 | 0.59 | 0.04 | — | 0.64 |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.49 | -0.25 | -0.17 | -0.91 | -0.83 | 0.63 |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | -618.50 | -1482.60 |
Net cash position: cash ($90M) exceeds total debt ($40M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 7.08 | 7.08 | 4.00 | 3.75 | 10.87 | 3.40 | 0.30 |
| Quick Ratio | 6.70 | 6.70 | 3.61 | 3.70 | 10.80 | 3.28 | 0.17 |
| Cash Ratio | 5.06 | 5.06 | 3.20 | 3.40 | 10.08 | 2.76 | 0.00 |
| Asset Turnover | — | 0.47 | 0.20 | 0.08 | 0.05 | 0.15 | 0.70 |
| Inventory Turnover | 9.61 | 9.61 | 6.46 | 32.51 | 19.70 | 14.20 | 12.95 |
| Days Sales Outstanding | — | 118.67 | 84.28 | 52.52 | 56.79 | 34.50 | 27.15 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $125M | $102M | $86M | $85M | $101M | $101M |
Includes 30+ ratios · 6 years · Updated daily
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DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AMPX stock.
Amprius Technologies, Inc.'s current P/E ratio is -27.8x. This places it at the 50th percentile of its historical range.
Amprius Technologies, Inc.'s return on equity (ROE) is -50.8%. The historical average is -69.4%.
Based on historical data, Amprius Technologies, Inc. is trading at a P/E of -27.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Amprius Technologies, Inc. has 11.3% gross margin and -63.9% operating margin.
Key Metrics
Top Statement Risk
Lumpy aerospace order concentration
Metrics are mathematically derived from official filings.
Margin Inflection from Niche Mix
Gross margin swung from -195% in 2024Q2 to 27.3% in 2026Q2, per financial statements, signaling a step-change in product mix and manufacturing efficiency, though operating margin remains deeply negative at -12.6%.
The dramatic gross margin recovery suggests the company has moved past the early-stage yield issues that plagued its CVD process, likely benefiting from higher-priced aerospace volumes. However, the operating margin of -12.6% indicates that fixed costs, particularly R&D and SG&A, still consume a significant portion of revenue, implying that true earning power is not yet visible. Investors should monitor whether the 27% gross margin is sustainable as revenue mix evolves, given the historical volatility from -195% to 27% within eight quarters.
Capital Efficiency Still in Red
ROIC improved from -17.3% in 2024Q2 to -5.8% in 2026Q2, based on reported figures, but remains deeply negative, indicating the company is still destroying value as it scales, though the trend is encouraging.
The improvement in ROIC is driven primarily by revenue growth outpacing the capital base, as asset turnover rose from 0.03 to 0.24 over the same period. However, the negative returns suggest that the invested capital, largely funded by equity raises, has yet to generate positive returns. The narrowing losses are a positive sign, but the company must achieve positive ROIC to justify its current valuation, which implies a long runway of value creation.
Working Capital Stretched by Orders
Cash conversion cycle lengthened to 104 days in 2026Q2 from 24 days in 2024Q2, as per financial statements, driven by DSO rising to 101 days, reflecting the lumpy nature of aerospace receivables.
The sharp increase in DSO from 43 days to 101 days suggests that customers, likely defense contractors, are taking longer to pay, possibly due to contract terms or project milestones. Inventory days also rose from 11 to 36, indicating a build-up ahead of anticipated orders, which ties up cash. The negative FCF margin of -13.7% in 2026Q2, despite revenue growth, underscores the working capital drag, though the company's strong liquidity position mitigates near-term risk.
Deleveraging Provides Cushion
Debt-to-equity fell from 0.60 in 2024Q1 to 0.05 in 2026Q2, per balance sheet data, reflecting a significant reduction in debt, which lowers financial risk but also signals reliance on equity funding.
The dramatic deleveraging, with total debt down to $6.4M from $36.1M, suggests a refinancing or conversion event that has strengthened the balance sheet. With interest coverage not reported, the low debt level implies minimal interest burden, but the company's negative operating income means it cannot service debt from operations. The clean balance sheet provides flexibility, but the persistent cash burn means future capital needs will likely be met through equity issuance, which could dilute shareholders.
Liquidity Buffer Ample but Burn Persists
Current ratio improved to 7.17 in 2026Q2 from 4.67 in 2024Q1, as reported, with cash of $74.5M, providing a strong buffer against near-term obligations despite ongoing negative free cash flow.
The high current ratio, driven by a large cash position and relatively low current liabilities, suggests the company can fund operations for several quarters without additional financing. However, the negative FCF margin of -13.7% and the working capital swings indicate that cash burn could accelerate if inventory and receivables continue to grow. The liquidity position appears adequate for the next 12-18 months, but investors should monitor the burn rate relative to the cash balance.
Misapplied EV/EBITDA Lens
EV/EBITDA is not reported for Amprius, but applying it would be misleading given negative EBITDA; instead, investors should focus on gross margin trajectory and revenue growth, as per financial analysis.
The most commonly misapplied ratio for Amprius is EV/EBITDA, which is meaningless for a company with negative EBITDA and heavy capital intensity. Analysts often use it to compare across battery peers, but it obscures the company's progress in gross margin expansion and the potential for operating leverage. A more appropriate metric is gross margin per kWh or revenue per employee, which better captures the value of its proprietary CVD process and the scalability of its manufacturing. Investors should also consider the cash burn rate relative to revenue growth to assess the sustainability of the business model.