Latest Ratios: P/E Ratio -0.0x · EV/EBITDA N/A · ROE -68.6%. (2008–2025 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 | $10M | $868551 | $19M | $40M | $18M | $96M | $8M | $2M | $5M | $12M | $15M |
| Enterprise Value | $6M | $-2838449 | $13M | $40M | $17M | $42M | $10M | $2M | $12M | $12M | $54M |
| P/E Ratio → | -0.04 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.85 | 0.08 | 1.13 | 1.84 | 3.01 | 25.88 | 1.74 | 0.38 | 0.56 | 0.15 | 0.20 |
| P/B Ratio | 0.03 | 0.04 | 0.48 | 1.00 | 0.41 | 0.36 | 1.68 | 1.69 | — | 1.17 | 0.73 |
| 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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.25 | 0.80 | 1.81 | 2.79 | 11.27 | 2.16 | 0.44 | 1.32 | 0.14 | 0.71 |
| 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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.5% | 23.5% | 19.4% | 27.2% | 43.8% | 53.8% | 46.4% | 33.2% | 18.6% | 30.3% | 29.2% |
| Operating Margin | -111.9% | -111.9% | -128.9% | -136.9% | -2594.3% | -530.1% | -123.0% | -108.0% | -139.8% | -29.3% | -83.5% |
| Net Profit Margin | -192.1% | -192.1% | -57.0% | -106.8% | -3172.6% | -464.8% | -119.2% | -76.7% | -290.2% | -32.1% | -89.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -68.6% | -68.6% | -23.8% | -55.2% | -122.7% | -12.6% | -185.0% | -345.2% | -1079.4% | -169.4% | -154.6% |
| ROA | -62.9% | -62.9% | -20.3% | -35.2% | -107.4% | -12.0% | -57.1% | -43.5% | -55.4% | -29.8% | -59.1% |
| ROIC | -35.1% | -35.1% | -43.6% | -54.2% | -91.5% | -13.3% | -103.6% | -322.1% | -170.8% | -51.8% | -61.5% |
| ROCE | -40.0% | -40.0% | -51.1% | -49.5% | -90.7% | -14.2% | -153.2% | -353.6% | -175.9% | -76.6% | -89.6% |
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 | — | — | — | — | — | — | 0.50 | 0.40 | — | — | 2.15 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.16 | -0.14 | -0.01 | -0.03 | -0.20 | 0.41 | 0.28 | — | -0.06 | 1.90 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | -18.71 | — | -32.53 | -6.93 | -11.13 | -165.92 | -2.75 | -12.30 |
Net cash position: cash ($4M) exceeds total debt ($0)
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 | 4.82 | 4.82 | 4.57 | 2.53 | 1.66 | 15.06 | 0.34 | 0.29 | 0.32 | 1.08 | 0.69 |
| Quick Ratio | 4.82 | 4.82 | 4.57 | 2.53 | 1.66 | 15.06 | 0.25 | 0.18 | 0.20 | 1.06 | 0.46 |
| Cash Ratio | 2.06 | 2.06 | 3.33 | 0.29 | 0.22 | 10.44 | 0.08 | 0.02 | 0.04 | 0.01 | 0.15 |
| Asset Turnover | — | 0.45 | 0.38 | 0.44 | 0.07 | 0.01 | 0.41 | 0.66 | 0.80 | 0.98 | 0.83 |
| Inventory Turnover | — | — | — | — | — | — | 4.66 | 4.95 | 5.98 | 39.23 | 5.40 |
| Days Sales Outstanding | — | — | — | — | 239.95 | 200.16 | 19.88 | 24.14 | 46.16 | 8.56 | 55.38 |
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 | — | — | — | — | — | 0.2% | — | — | — | — | — |
| 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% | 0.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.6% | 0.0% | 0.0% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Shares Outstanding | — | $291460 | $2M | $1M | $947063 | $440893 | $84065 | $38464 | $23698 | $8889 | $3553 |
Operational insolvency and dilution
According to current market data, Sphere 3D trades at a price-to-sales ratio of 0.85, which appears to reflect the market's skepticism regarding the company's ability to transition from a legacy software provider to a viable, profit-generating digital asset mining entity in a highly competitive landscape.
The absence of meaningful P/E or EV/EBITDA multiples suggests that investors are valuing the company primarily as a distressed option on Bitcoin rather than a traditional operating business. This valuation approach implies that the market is heavily discounting the company's future earnings potential due to the persistent revenue contraction and the lack of a clear path to profitability.
Based on reported financial figures, the company's ROIC has remained consistently negative, reaching -9.0% in 2026Q1, which indicates that capital deployed into mining hardware and legacy operations is failing to generate adequate returns compared to the company's cost of capital and historical performance.
The inability to achieve positive returns on invested capital suggests that the pivot to Bitcoin mining has not yet yielded the efficiency gains required to offset the high depreciation of ASIC hardware. Investors should monitor whether management can improve capital allocation, as the current trend indicates a continued erosion of shareholder value through inefficient asset utilization.
As reported in recent financial statements, the company's asset turnover ratio has remained suppressed at 0.08 in 2026Q1, signaling that the firm is struggling to generate sufficient revenue from its existing asset base as it navigates a difficult transition between legacy software and commodity mining.
This low turnover ratio highlights the inefficiency of the current business model, where significant capital is tied up in hardware that is not producing commensurate top-line growth. The lack of improvement in this metric suggests that the company's operational leverage is currently working against it, as fixed costs remain high while revenue generation remains stagnant.
According to the latest quarterly filings, the company maintains a current ratio of 3.90, yet this figure may mask underlying liquidity risks given the high cash burn rate and the company's reliance on external financing to sustain its capital-intensive mining operations in the current environment.
While the current ratio appears superficially healthy, the rapid depletion of cash reserves suggests that the company may face significant liquidity pressure in the near term. Investors should be wary of the potential for further equity dilution, as the current cash position of $3.7 million appears insufficient to fund long-term operations without additional capital raises.
The price-to-book ratio of 0.03 is frequently misapplied to Sphere 3D, as it obscures the reality that the company's book value is heavily comprised of rapidly depreciating mining hardware and legacy assets that may not hold their stated value in a liquidation scenario.
Relying on P/B for a company in this sector is misleading because it ignores the rapid obsolescence of ASIC mining equipment and the potential for further impairment of legacy software assets. A more appropriate metric would be a focus on cash-on-hand relative to the monthly burn rate, which provides a clearer picture of the company's immediate survival risk.
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying ANY stock.
Sphere 3D Corp.'s current P/E ratio is -0.0x. This places it at the 50th percentile of its historical range.
Sphere 3D Corp.'s return on equity (ROE) is -68.6%. The historical average is -89.1%.
Based on historical data, Sphere 3D Corp. is trading at a P/E of -0.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Sphere 3D Corp. has 23.5% gross margin and -111.9% operating margin.