Latest Ratios: P/E Ratio -15.5x · EV/EBITDA N/A · ROE -76.9%. (1996–2025 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 | $123M | $148M | $56M | $91M | $81M | $440M | $246M | $288M | — | — | — |
| Enterprise Value | $131M | $155M | $63M | $86M | $71M | $410M | $205M | $231M | — | — | — |
| P/E Ratio → | -15.50 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.07 | 2.79 | 1.17 | 1.73 | 1.81 | 9.07 | 8.89 | 10.21 | — | — | — |
| P/B Ratio | 8.33 | 9.95 | 3.92 | 3.37 | 2.14 | 8.15 | 3.86 | 4.04 | — | — | — |
| 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 | — | 2.94 | 1.31 | 1.63 | 1.60 | 8.44 | 7.40 | 8.17 | — | — | — |
| 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 | 36.0% | 36.0% | 61.0% | 64.5% | 65.4% | 69.3% | 63.2% | 67.6% | 64.7% | 50.8% | 48.9% |
| Operating Margin | -12.2% | -12.2% | -39.2% | -33.0% | -52.9% | -29.8% | -72.5% | -73.9% | -81.5% | -13.5% | -10.4% |
| Net Profit Margin | -21.2% | -21.2% | -48.8% | -35.7% | -52.1% | -31.3% | -42.9% | -69.8% | 383.6% | -13.0% | -10.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -76.9% | -76.9% | -113.7% | -57.8% | -50.5% | -25.7% | -17.6% | -24.8% | 116.6% | -21.0% | -15.9% |
| ROA | -17.0% | -17.0% | -32.6% | -28.6% | -38.5% | -21.2% | -15.0% | -21.9% | 101.1% | -15.3% | -11.9% |
| ROIC | -22.1% | -22.1% | -65.5% | -51.6% | -68.2% | -47.0% | -83.2% | -36.8% | -23.6% | -26.5% | -19.1% |
| ROCE | -11.8% | -11.8% | -31.2% | -32.4% | -49.4% | -24.0% | -29.2% | -26.0% | -24.1% | -19.2% | -13.3% |
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 | 2.65 | 2.65 | 2.70 | 1.43 | 0.02 | 0.01 | 0.01 | 0.02 | 0.00 | 0.13 | 0.12 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.51 | 0.49 | -0.19 | -0.25 | -0.57 | -0.65 | -0.81 | -0.19 | -0.32 | -0.43 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -0.94 | -0.94 | -2.95 | -7.59 | -1526.40 | -1481.00 | -420.93 | -2478.50 | -140.26 | -100.75 | -23.59 |
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 | 5.00 | 5.00 | 5.26 | 5.52 | 3.63 | 4.60 | 7.22 | 6.26 | 11.62 | 3.77 | 5.03 |
| Quick Ratio | 4.26 | 4.26 | 4.56 | 4.74 | 2.63 | 4.09 | 6.78 | 5.85 | 10.95 | 2.68 | 3.87 |
| Cash Ratio | 2.71 | 2.71 | 2.96 | 3.43 | 0.86 | 2.34 | 4.58 | 4.80 | 10.15 | 1.67 | 2.74 |
| Asset Turnover | — | 0.79 | 0.74 | 0.66 | 0.86 | 0.71 | 0.37 | 0.33 | 0.17 | 1.25 | 1.04 |
| Inventory Turnover | 3.93 | 3.93 | 2.48 | 1.87 | 1.30 | 2.20 | 2.52 | 1.81 | 1.13 | 2.93 | 3.04 |
| Days Sales Outstanding | — | 115.87 | 117.46 | 97.77 | 149.62 | 159.21 | 228.24 | 119.19 | 111.12 | 45.59 | 47.17 |
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% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $42M | $36M | $35M | $35M | $34M | $34M | $34M | $34M | $31M | $27M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying APYX stock.
Apyx Medical Corporation's current P/E ratio is -15.5x. This places it at the 50th percentile of its historical range.
Apyx Medical Corporation's return on equity (ROE) is -76.9%. The historical average is -13.1%.
Based on historical data, Apyx Medical Corporation is trading at a P/E of -15.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Apyx Medical Corporation has 36.0% gross margin and -12.2% operating margin.
Key Metrics
Top Statement Risk
Persistent cash burn with thin equity
Metrics are mathematically derived from official filings.
Negative Earnings Leave Valuation Anchored to Sales
Based on reported figures, APYX trades at a P/E of -10.85 and a P/S of 2.33 with no forward P/E or EV/EBITDA available, so price-to-sales and price-to-book become the only usable anchors against a peer group that is largely unprofitable on earnings.
With trailing earnings negative, the P/E multiple carries no information about earning power and should not be compared with profitable medical device peers. The 8.33 price-to-book multiple looks elevated relative to a shrinking equity base of roughly $10.7M, suggesting the market is pricing in a recovery that reported cash burn does not yet support. Investors should monitor whether revenue growth can translate into positive operating leverage before the valuation can be defended on fundamentals.
Gross Margin Volatility Obscures Earning Power
As reported in the income statements, APYX gross margin swung from 23.1% to 64.4% over ten quarters, while operating margin improved from -64.6% to -13.0%, indicating that no single profitability metric currently reflects a stable earnings base.
The 2025Q4 gross margin of -10.5% and the 2026Q2 reading of 63.9% differ so widely that the quarterly margin series appears driven by revenue timing or cost classification rather than durable pricing power. Operating losses are narrowing, which suggests cost reduction is working, but the net margin of -23.4% remains far below any level that would indicate sustainable earnings. Gross margin is the most stable reference point only when smoothed across several quarters, and even then the trend warrants further investigation.
Returns Remain Deeply Negative Across the Window
Based on APYX's reported ratios, ROE moved from -32.0% in 2024Q1 to -26.8% in 2026Q2 while ROIC improved from -22.8% to -6.1%, indicating capital is still being consumed despite a narrowing loss trajectory.
The improvement in ROIC suggests a smaller operating drag on invested capital, but returns have not crossed into positive territory at any point in the ten quarters examined. ROE remains weighed down by the thin equity base, which can magnify negative returns even when absolute losses shrink. The direction of travel is encouraging, but compounding has not begun, and the business is not yet earning above its cost of capital based on the reported figures.
Fixed Debt Against Shrinking Equity Cushion
According to reported balance sheet ratios, APYX's debt-to-equity rose to 3.57 in 2026Q2 from a range of 1.89 to 6.45, with interest coverage negative in most quarters, suggesting that debt service depends on the cash balance rather than operating earnings.
Total debt has remained near $39M while equity has contracted, which is why the leverage ratio has moved higher even without new borrowing. Negative interest coverage in most quarters implies that operating income does not cover financing costs, so debt service appears to be funded from the balance sheet. Refinancing risk and covenant headroom cannot be assessed from the supplied data alone, and investors should monitor these items in the filings.
Strong Current Ratio Masks Cash Erosion Risk
As reported in the balance sheet, APYX's current ratio of 5.68 and quick ratio of 4.53 in 2026Q2 appear comfortable, yet cash of $27.6M set against ongoing operating burn implies a finite runway that the ratios alone do not reveal.
The high current and quick ratios reflect a working-capital-heavy asset base with little inventory dependence, which is a favorable structural feature. However, liquidity ratios measure a snapshot and do not capture the rate of cash consumption, which has been negative in every quarter. Under a severe stress scenario, the quick ratio would still be supported by receivables and cash, but the trend in cash balances is the more important signal for near-term resilience.
Peer Comparison Limits and Misapplied Ratios
Based on reported peer figures, APYX's ROE of -26.8% sits between STRATA's -3.6% and Accuray's -36.6%, but the peer set is too small and too dissimilar in scale to support a reliable sector benchmark.
The most commonly misapplied metric here is the debt-to-equity ratio, which swings from 1.89 to 6.45 across the window largely because equity is small and volatile, so it overstates leverage relative to the asset base. Free cash flow margin or cash runway months offer a more reliable read on solvency for a company in this position. Investors should weigh these ratios against cash burn rate rather than treating any single peer comparison as conclusive.