Latest Ratios: P/E Ratio -1.5x · EV/EBITDA N/A · ROE N/A. (2004–2025 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 | $134M | $91M | $123M | $199M | $137M | $377M | $52M | $17M | $12M | $11M | $27M |
| Enterprise Value | $511M | $468M | $461M | $494M | $381M | $561M | $284M | $219M | $28M | $26M | $37M |
| P/E Ratio → | -1.48 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.64 | 0.44 | 0.46 | 1.07 | 0.53 | 1.78 | 0.32 | 0.08 | 0.07 | 0.07 | 0.19 |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 40.97 | 28.02 | — | 14.43 | — | — | 21.10 | — | — | — | 74.07 |
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 | — | 2.25 | 1.72 | 2.64 | 1.49 | 2.65 | 1.72 | 1.09 | 0.17 | 0.17 | 0.26 |
| EV / EBITDA | — | — | — | — | — | — | — | 1589.37 | — | — | 9.32 |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | 23.58 |
| 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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -0.4% | -0.4% | -0.2% | 1.1% | -2.2% | 3.7% | 6.7% | 6.3% | 3.2% | 2.2% | 8.1% |
| Operating Margin | -17.9% | -17.9% | -15.1% | -20.0% | -13.4% | -7.5% | -3.7% | -2.4% | -6.4% | -8.1% | -0.5% |
| Net Profit Margin | -37.0% | -37.0% | -32.7% | -24.9% | -42.0% | -22.2% | -22.1% | -17.7% | -19.2% | -20.2% | -10.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — | — | — |
| ROA | -29.7% | -29.7% | -34.8% | -20.6% | -58.6% | -33.0% | -32.6% | -37.3% | -35.5% | -35.2% | -19.4% |
| ROIC | -39.0% | -39.0% | -40.3% | -46.8% | -48.7% | -21.5% | -9.6% | -7.7% | — | — | — |
| ROCE | -1900.3% | -1900.3% | -29.5% | -26.9% | -32.1% | -26.7% | -18.7% | -10.8% | -20.3% | -22.4% | -1.5% |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | 1471.03 | — | — | 2.84 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | 1466.28 | — | — | 2.47 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -0.57 | -0.57 | -1.45 | -1.27 | -3.98 | -1.35 | -0.32 | -0.37 | -0.99 | -0.93 | 0.09 |
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 | 0.07 | 0.07 | 0.31 | 0.43 | 0.21 | 0.32 | 0.08 | 0.22 | 0.24 | 0.32 | 0.26 |
| Quick Ratio | 0.04 | 0.04 | 0.13 | 0.21 | 0.15 | 0.24 | 0.05 | 0.10 | 0.10 | 0.16 | 0.14 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.03 | 0.05 | 0.12 | 0.01 | 0.01 | 0.03 | 0.01 | 0.05 |
| Asset Turnover | — | 0.80 | 1.03 | 0.77 | 1.24 | 1.32 | 1.32 | 2.02 | 1.87 | 1.59 | 1.84 |
| Inventory Turnover | 17.95 | 17.95 | 10.54 | 10.10 | 56.26 | 39.80 | 38.93 | 29.04 | 27.10 | 25.59 | 40.59 |
| Days Sales Outstanding | — | 0.85 | 19.24 | 16.88 | 1.80 | 2.71 | 4.01 | 3.68 | 2.33 | 5.39 | 3.97 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 4.1% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 4.1% | 0.0% |
| Shares Outstanding | — | $66M | $46M | $38M | $35M | $31M | $21M | $20M | $20M | $20M | $20M |
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying AMTX stock.
Aemetis, Inc.'s current P/E ratio is -1.5x. The historical average is 17.1x.
Based on historical data, Aemetis, Inc. is trading at a P/E of -1.5x. Compare with industry peers and growth rates for a complete picture.
Aemetis, Inc. has -0.4% gross margin and -17.9% operating margin.
Key Metrics
Top Statement Risk
Liquidity and regulatory dependency
Metrics are mathematically derived from official filings.
Margin Instability Hinders Operational Viability
As reported in recent financial statements, Aemetis has struggled to maintain positive gross margins, with figures frequently dipping into negative territory, such as the -11.8% margin recorded in 2025Q1, highlighting the company's inability to effectively pass through feedstock cost volatility to its end-market customers.
The persistent inability to achieve positive gross margins suggests that the company's core refining operations are structurally challenged by high input costs relative to output pricing. Investors should monitor whether the transition to waste-based feedstocks can eventually provide the margin buffer necessary to cover overhead, as current operating margins remain deeply negative.
Capital Decay Reflects Unproductive Investment
Based on historical data, the company's ROIC has remained consistently negative, reaching -41.6% in 2026Q1, which indicates that capital deployed into infrastructure projects is currently failing to generate returns that exceed the cost of capital, as evidenced by the company's ongoing reliance on external financing.
The trend of decaying returns on invested capital suggests that the aggressive expansion into RNG and SAF infrastructure has yet to reach an inflection point of productivity. This persistent destruction of capital warrants investigation into whether the company's long-term projects can ever achieve the scale required to justify their significant upfront costs.
Working Capital Management Remains Erratic
According to recent SEC filings, the company's cash conversion cycle has shown extreme volatility, oscillating between positive and negative values, which suggests that management is heavily reliant on aggressive payables management to bridge the gap between operational cash outflows and the realization of environmental credit revenue.
The erratic nature of the cash conversion cycle implies that Aemetis lacks a stable working capital rhythm, likely due to the timing mismatches inherent in monetizing LCFS and RIN credits. This inefficiency forces the company to prioritize short-term liquidity management over the optimization of its core operational supply chain.
Liquidity Buffer Near Critical Threshold
As reported in recent financial filings, Aemetis maintains a current ratio of just 0.09 as of 2026Q1, signaling an extremely thin liquidity buffer that leaves the company highly vulnerable to even minor operational disruptions or delays in the monetization of its environmental credit assets.
The current ratio, which has trended downward from 0.43 in 2023Q4, indicates that the company's ability to meet short-term obligations is severely constrained. This liquidity profile suggests that the company may be forced to pursue dilutive financing or asset sales to maintain operations, as internal cash generation remains insufficient.
Misapplication of P/S Valuation Multiples
Based on the company's current financial profile, the Price-to-Sales (P/S) ratio of 0.56 is frequently misapplied by market participants who treat Aemetis as a standard commodity refiner, ignoring the fact that a significant portion of revenue is derived from volatile, policy-dependent environmental credits rather than stable fuel sales.
Using a P/S multiple obscures the reality that the company's revenue quality is low and highly sensitive to regulatory shifts in California. Analysts should instead focus on the weighted average Carbon Intensity score and the cash-on-hand relative to burn rate, as these metrics provide a more accurate assessment of the company's survival risk than top-line revenue multiples.