Latest Ratios: P/E Ratio -15.4x · EV/EBITDA N/A · ROE -5.2%. (2008–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $707M | $1.4B | $755M | $1.1B | $969M | $940M | $829M | $270M | $231M | $354M | $414M |
| Enterprise Value | $554M | $1.3B | $652M | $947M | $852M | $723M | $828M | $318M | $255M | $314M | $300M |
| P/E Ratio → | -15.45 | — | — | — | 78.10 | 2.07 | 14.27 | — | — | 24.98 | 29.77 |
| P/S Ratio | 1.05 | 2.10 | 1.08 | 1.61 | 1.40 | 1.21 | 1.26 | 0.58 | 0.51 | 0.84 | 1.08 |
| P/B Ratio | 0.89 | 1.79 | 0.92 | 1.18 | 1.10 | 1.10 | 1.61 | 0.63 | 0.52 | 0.83 | 1.39 |
| P/FCF | — | — | — | — | — | 11.63 | 14.79 | — | — | — | — |
| P/OCF | — | — | 25.43 | 41.04 | 47.31 | 4.30 | 6.44 | 4.34 | 7.34 | 101.66 | 9.70 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.88 | 0.94 | 1.44 | 1.23 | 0.93 | 1.26 | 0.68 | 0.57 | 0.75 | 0.78 |
| EV / EBITDA | — | 90.62 | 19.21 | 18.94 | 12.96 | 4.99 | 7.09 | 10.21 | 10.19 | 8.30 | 7.43 |
| EV / EBIT | — | — | — | 707.44 | 34.68 | 1.46 | 12.44 | — | — | 37.31 | 22.81 |
| EV / FCF | — | — | — | — | — | 8.95 | 14.77 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.3% | 22.3% | 23.1% | 26.2% | 28.9% | 34.5% | 31.1% | 22.1% | 25.6% | 26.6% | 24.0% |
| Operating Margin | -6.4% | -6.4% | -4.1% | -0.6% | 3.3% | 13.1% | 9.8% | -3.0% | -1.6% | 2.0% | 3.4% |
| Net Profit Margin | -6.2% | -6.2% | -13.9% | -1.7% | 1.8% | 58.3% | 8.8% | -1.4% | -3.2% | 3.4% | 3.6% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.2% | -5.2% | -11.3% | -1.2% | 1.4% | 66.1% | 12.3% | -1.5% | -3.4% | 3.9% | 5.1% |
| ROA | -4.2% | -4.2% | -8.9% | -0.9% | 1.0% | 40.9% | 6.8% | -0.9% | -2.1% | 2.7% | 3.9% |
| ROIC | -4.7% | -4.7% | -2.8% | -0.4% | 2.4% | 13.3% | 9.7% | -2.2% | -1.2% | 2.2% | 5.8% |
| ROCE | -5.0% | -5.0% | -3.0% | -0.4% | 2.2% | 11.9% | 10.0% | -2.4% | -1.3% | 2.1% | 4.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.06 | 0.08 | 0.09 | 0.11 | 0.39 | 0.48 | 0.33 | 0.22 | 0.01 |
| Debt / EBITDA | 1.99 | 1.99 | 1.50 | 1.34 | 1.20 | 0.67 | 1.73 | 6.63 | 5.84 | 2.43 | 0.04 |
| Net Debt / Equity | — | -0.19 | -0.12 | -0.12 | -0.13 | -0.25 | -0.00 | 0.11 | 0.05 | -0.09 | -0.38 |
| Net Debt / EBITDA | -10.87 | -10.87 | -3.01 | -2.16 | -1.77 | -1.50 | -0.01 | 1.54 | 0.97 | -1.05 | -2.83 |
| Debt / FCF | — | — | — | — | — | -2.68 | -0.02 | — | — | — | — |
| Interest Coverage | -45.17 | -45.17 | -9.53 | 0.34 | 22.61 | 126.62 | 10.55 | -5.53 | -1.10 | 3.05 | 144.44 |
Net cash position: cash ($181M) exceeds total debt ($28M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.44 | 3.44 | 2.56 | 2.58 | 2.46 | 2.05 | 1.75 | 1.66 | 1.66 | 1.84 | 2.38 |
| Quick Ratio | 1.86 | 1.86 | 1.34 | 1.31 | 1.39 | 1.46 | 1.08 | 0.95 | 1.03 | 1.26 | 1.57 |
| Cash Ratio | 1.42 | 1.42 | 0.99 | 1.14 | 1.13 | 1.17 | 0.87 | 0.83 | 0.68 | 0.85 | 1.22 |
| Asset Turnover | — | 0.70 | 0.67 | 0.57 | 0.58 | 0.60 | 0.72 | 0.59 | 0.61 | 0.63 | 0.96 |
| Inventory Turnover | 2.62 | 2.62 | 2.82 | 2.48 | 2.68 | 3.22 | 2.93 | 2.67 | 3.01 | 3.43 | 3.82 |
| Days Sales Outstanding | — | 24.42 | 19.40 | 8.85 | 12.65 | 31.54 | 22.00 | 11.76 | 19.97 | 45.05 | 27.64 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 1.3% | 48.2% | 7.0% | — | — | 4.0% | 3.4% |
| FCF Yield | — | — | — | — | — | 8.6% | 6.8% | — | — | — | — |
| Buyback Yield | 2.6% | 1.3% | 0.0% | 0.0% | 1.4% | 0.0% | 0.0% | 0.0% | 0.7% | 4.3% | 0.0% |
| Total Shareholder Yield | 2.6% | 1.3% | 0.0% | 0.0% | 1.4% | 0.0% | 0.0% | 0.0% | 0.7% | 4.3% | 0.0% |
| Shares Outstanding | — | $30M | $29M | $28M | $30M | $28M | $27M | $25M | $25M | $25M | $25M |
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying AOSL stock.
Alpha and Omega Semiconductor Limited's current P/E ratio is -15.4x. The historical average is 23.0x.
Alpha and Omega Semiconductor Limited's return on equity (ROE) is -5.2%. The historical average is 4.1%.
Based on historical data, Alpha and Omega Semiconductor Limited is trading at a P/E of -15.4x. Compare with industry peers and growth rates for a complete picture.
Alpha and Omega Semiconductor Limited has 22.3% gross margin and -6.4% operating margin.
Alpha and Omega Semiconductor Limited's Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Persistent negative operating margins
Metrics are mathematically derived from official filings.
Valuation Anchored to Cyclical Trough
AOSL's valuation multiples are distorted by its current loss-making status, with a trailing P/E of -17.87 and an EV/EBITDA of 42.79, suggesting the market is pricing a recovery rather than current fundamentals, as reported in recent financial statements.
The negative P/E renders it meaningless for direct comparison, forcing reliance on EV/EBITDA and P/B. The forward EV/EBITDA of 16.74 implies a significant earnings recovery is expected, yet the current multiple is elevated relative to peers like DIOD (22.02) and VSH, indicating a premium for potential upside. The P/B of 0.95, trading below book value, signals deep cyclical pessimism and suggests the market is discounting the company's tangible assets, likely due to concerns over return on capital and margin sustainability.
Gross Margin Compression Exposes Fixed-Cost Burden
AOSL's gross margin has compressed to 23.1% in Q4 2026 from a peak of 25.7% in Q4 2024, a trend that, combined with a -6.4% operating margin, indicates severe underutilization of its high fixed-cost manufacturing base during the current cyclical downturn.
The gross margin trajectory is the most critical indicator of operational health, as it directly reflects fab utilization and pricing power. The sustained negative operating margin, now at -6.4%, confirms that revenue is insufficient to cover the company's substantial fixed overhead, including R&D and depreciation. This margin profile suggests the company is operating below its structural break-even point, and a return to profitability is contingent on a significant volume recovery or a successful mix shift to higher-margin products like its aMOS5 platform.
Negative Returns Signal Capital Erosion
AOSL's ROIC and ROE have been negative for ten consecutive quarters, with the latest figures at -0.0% and -0.0% respectively, indicating the company is currently destroying shareholder value and failing to generate a return on its invested capital base.
The persistent negative returns are a direct consequence of the operating losses and highlight a fundamental challenge: the company's capital-intensive model is not generating sufficient profits to cover its cost of capital. This trend is unsustainable long-term and warrants close monitoring for any inflection point. The driver is clearly margin compression rather than asset efficiency, as asset turnover remains low at 0.00, suggesting the issue is profitability, not asset deployment.
Minimal Leverage Provides Cyclical Buffer
AOSL maintains a fortress balance sheet with a debt-to-equity ratio of 0.00 and interest coverage of -78.72, indicating virtually no financial leverage and no immediate debt service risk, which provides a critical buffer during the current period of operational losses.
The near-zero leverage is a strategic strength, as it eliminates refinancing risk and covenant concerns that could otherwise force dilutive actions during a downturn. However, the negative interest coverage ratio is a mathematical artifact of negative EBITDA, not a reflection of debt burden. This financial flexibility allows management to fund operations and strategic investments from its cash reserves without external financing, but it also means the company is not using leverage to enhance returns during better times.
Robust Liquidity Amid Operational Cash Burn
AOSL's current ratio of 3.44 and quick ratio of 1.86, as of Q4 2026, indicate a strong liquidity position that can comfortably cover short-term obligations, though the high inventory level of 70,002 days suggests potential working capital inefficiency.
The strong liquidity ratios are a direct result of the conservative balance sheet and provide ample runway to navigate the cyclical trough. However, the extreme volatility in days inventory outstanding (DIO), which spiked to 70,002 in Q4 2026 from 139 in Q3, is a major red flag that likely indicates a significant inventory write-down or a data anomaly, as such a level is operationally implausible. This warrants immediate investigation, as it could mask underlying demand weakness or signal a major accounting adjustment.
The Misleading Safety of Price-to-Book
The P/B ratio of 0.95 is the most commonly misapplied metric for AOSL, as it obscures the company's inability to generate a return on its equity base, making the stock appear cheap when it is actually destroying value.
For a capital-intensive manufacturer in a cyclical trough, P/B can be a dangerous value trap indicator. A P/B below 1.0 suggests the market values the company's assets at less than their accounting value, which is appropriate when ROE is negative and expected to remain so. The correct alternative is to focus on EV/EBITDA and the trajectory of gross margins, as these better reflect the company's ability to generate cash flow from its operations and service any potential future leverage. The market is correctly pricing the risk of continued capital erosion, not offering a discount on tangible assets.