Latest Ratios: P/E Ratio -3.8x · EV/EBITDA 19.2x · 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 | $114M | $91M | $123M | $199M | $137M | $377M | $52M | $17M | $12M | $11M | $27M |
| Enterprise Value | $491M | $468M | $461M | $494M | $381M | $561M | $284M | $219M | $28M | $26M | $37M |
| P/E Ratio → | -3.76 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.44 | 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 | 34.94 | 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 | 19.19 | — | — | — | — | — | — | — | — | — | 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 | — | — | — | — | — | — | — | — | — | — | 2.84 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | 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 -3.8x. The historical average is 17.1x.
Aemetis, Inc.'s current EV/EBITDA is 19.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.1x.
Based on historical data, Aemetis, Inc. is trading at a P/E of -3.8x. 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
Negative equity and persistent cash burn
Metrics are mathematically derived from official filings.
Sales Multiple Reflects Distressed Earnings Power
Based on reported figures, AMTX trades at 0.55 times sales with a negative trailing P/E of -1.27, a pricing pattern that reflects losses rather than any cheap multiple on normalized earnings.
The negative P/E and absent forward multiples mean earnings-based valuation cannot be applied meaningfully, so the 0.55 price-to-sales ratio is the only usable anchor. Relative to peers such as REX American at 15.75 P/E and Alto Ingredients at 23.38, AMTX's sales multiple looks low, but this likely reflects equity that is negative on the balance sheet and free cash flow that has been negative across all ten quarters. Investors should monitor whether revenue growth can translate into positive operating cash flow before the sales discount is interpreted as undervaluation.
Operating Gains Fail to Reach Net Earnings
As reported in the financial statements, operating margin reached 9.2% in 2026Q2, yet net margin was -14.9%, a gap that signals heavy non-operating charges absorbing the operating improvement.
Gross margin recovered to 21.6% in 2026Q2 from negative territory a year earlier, which is encouraging on its face but has been volatile, with 2025Q3 near breakeven. The roughly 24-point spread between operating and net margin suggests interest and other financing costs are consuming the gains, which is consistent with total debt of roughly $420M. Until net margin turns durably positive, the operating recovery should be viewed as incomplete.
Debt Service Strained Despite Recent Coverage
According to recent SEC filings, interest coverage was 26.74 times in 2026Q2 but was negative in several earlier quarters, while debt-to-equity is not meaningful given shareholders' deficit.
The single-quarter coverage spike to 26.74 times coincides with a small positive operating result and is not evidence of a stable debt-service position, given negative coverage in 2026Q1 and 2025Q3. With equity deeply negative at -$322.1M, leverage ratios based on book equity lose their usual interpretive value and point toward a capital structure that depends on continued external financing. Investors should monitor refinancing terms and whether coverage holds across multiple quarters.
Minimal Cash Against Current Obligations
Based on reported figures, the current ratio stood at 0.08 and quick ratio at 0.05 in 2026Q2, indicating very limited short-term liquidity relative to current obligations.
A current ratio near 0.08 implies current liabilities are roughly twelve times current assets, a configuration that would leave little room to absorb operating shortfalls without new funding. Cash of under $1M against roughly $420M of debt reinforces that liquidity depends on access to capital markets or lenders rather than internal resources. Under a severe stress scenario, the working capital position would likely require immediate restructuring or external support, though the data alone does not establish specific covenant terms.
Sales Multiple Misleads on Capital Structure
The price-to-sales ratio is most commonly misapplied to this business, as it ignores the negative equity and debt load that dominate AMTX's enterprise value.
Price-to-sales treats revenue as equivalent across capital structures, but for a company with a $322M shareholders' deficit and heavy debt, the equity value per dollar of sales is highly sensitive to leverage and dilution. An enterprise-value-to-sales or EV-based measure that includes the roughly $420M of debt would give a more accurate picture of what a buyer effectively pays for the operating asset base. Investors should also treat reported operating margin with caution given the persistent gap to net margin and the working capital swings noted in cash flow results.