Latest Ratios: P/E Ratio -4.6x · EV/EBITDA N/A · ROE -20.6%. (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 | $28M | $39M | $41M | $35M | $37M | $68M | $75M | $72M | $78M | $98M | $140M |
| Enterprise Value | $25M | $36M | $32M | $29M | $30M | $38M | $37M | $25M | $26M | $47M | $88M |
| P/E Ratio → | -4.64 | — | — | — | — | — | — | — | 63.22 | 75.00 | 33.89 |
| P/S Ratio | 1.62 | 2.27 | 2.37 | 1.91 | 2.31 | 4.02 | 6.65 | 5.93 | 4.84 | 6.05 | 6.48 |
| P/B Ratio | 1.05 | 1.50 | 1.33 | 1.02 | 0.92 | 1.63 | 1.65 | 1.35 | 1.26 | 1.65 | 2.41 |
| P/FCF | — | — | — | 19.30 | — | — | — | — | 171.79 | 27.45 | 37.48 |
| P/OCF | — | — | — | 19.13 | — | — | — | — | 118.17 | 26.83 | 36.62 |
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 | — | 2.08 | 1.87 | 1.61 | 1.86 | 2.25 | 3.24 | 2.01 | 1.64 | 2.88 | 4.07 |
| EV / EBITDA | — | — | — | — | — | — | — | — | 32.02 | 20.11 | 13.44 |
| EV / EBIT | — | — | — | — | — | — | — | — | 84.56 | 42.31 | 17.21 |
| EV / FCF | — | — | — | 16.24 | — | — | — | — | 58.11 | 13.06 | 23.55 |
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 | 92.3% | 92.3% | 93.5% | 93.0% | 92.1% | 92.8% | 92.8% | 89.7% | 92.3% | 94.6% | 90.3% |
| Operating Margin | -37.9% | -37.9% | -31.9% | -46.8% | -13.8% | -36.2% | -83.3% | -34.2% | 2.4% | 11.1% | 27.4% |
| Net Profit Margin | -34.0% | -34.0% | -25.5% | -40.1% | -10.8% | -34.6% | -67.3% | -68.3% | 7.6% | 7.9% | 19.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -20.6% | -20.6% | -13.6% | -19.6% | -4.2% | -13.4% | -15.4% | -14.5% | 2.0% | 2.2% | 7.2% |
| ROA | -14.7% | -14.7% | -10.0% | -15.0% | -3.5% | -11.6% | -13.9% | -13.5% | 1.9% | 2.0% | 6.5% |
| ROIC | -21.9% | -21.9% | -16.3% | -20.7% | -7.5% | -49.0% | -110.5% | -39.2% | 3.1% | 19.4% | 81.5% |
| ROCE | -18.7% | -18.7% | -15.1% | -20.3% | -5.0% | -13.8% | -19.0% | -7.2% | 0.6% | 3.1% | 10.4% |
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 | 0.15 | 0.15 | 0.14 | 0.13 | 0.11 | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.13 | -0.28 | -0.16 | -0.18 | -0.72 | -0.84 | -0.89 | -0.83 | -0.87 | -0.90 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | -62.64 | -22.16 | -7.95 |
| Debt / FCF | — | — | — | -3.06 | — | — | — | — | -113.68 | -14.39 | -13.93 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($7M) exceeds total debt ($4M)
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 | 13.50 | 13.50 | 4.19 | 4.75 | 6.43 | 6.76 | 7.33 | 13.06 | 12.58 | 12.66 | 13.58 |
| Quick Ratio | 13.50 | 13.50 | 4.19 | 4.75 | 6.43 | 6.76 | 7.33 | 13.06 | 12.58 | 12.66 | 13.58 |
| Cash Ratio | 11.29 | 11.29 | 3.54 | 4.10 | 4.99 | 5.22 | 6.47 | 11.59 | 11.36 | 12.05 | 12.76 |
| Asset Turnover | — | 0.46 | 0.41 | 0.39 | 0.31 | 0.35 | 0.22 | 0.21 | 0.24 | 0.25 | 0.35 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 91.98 | 84.00 | 77.13 | 173.47 | 148.35 | 145.69 | 173.53 | 119.68 | 85.59 | 51.05 |
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 | — | — | — | — | — | — | — | — | 1.6% | 1.3% | 3.0% |
| FCF Yield | — | — | — | 5.2% | — | — | — | — | 0.6% | 3.6% | 2.7% |
| Buyback Yield | 0.4% | 0.3% | 0.5% | 1.5% | 3.6% | 0.0% | 1.3% | 1.1% | 0.5% | 4.9% | 2.6% |
| Total Shareholder Yield | 0.4% | 0.3% | 0.5% | 1.5% | 3.6% | 0.0% | 1.3% | 1.1% | 0.5% | 4.9% | 2.6% |
| Shares Outstanding | — | $21M | $21M | $21M | $22M | $22M | $21M | $22M | $22M | $22M | $23M |
Persistent Operating Cash Burn
According to recent market data, Aware trades at a price-to-sales multiple of 1.62, which, when coupled with a negative TTM P/E ratio of -4.64, suggests that investors are currently pricing the firm as a distressed asset rather than a high-growth software-as-a-service provider.
The current valuation appears to discount the company's intellectual property portfolio in favor of its immediate lack of profitability. This multiple suggests that the market remains skeptical of the company's ability to successfully execute its pivot toward recurring revenue streams without further dilutive financing.
Based on reported financial figures, Aware's ROIC has consistently languished in negative territory, reaching -12.2% in 2026Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its ongoing investments in biometric software development and integration.
The persistent negative return on capital highlights a fundamental disconnect between the company's high gross margins and its inability to scale operating income. Investors should monitor whether the transition to AwareID can eventually drive returns above the cost of capital, though current trends suggest a long path to parity.
As reported in recent quarterly filings, Aware's asset turnover ratio remains exceptionally low at 0.10, indicating that the company's current revenue base is insufficient to efficiently utilize its existing asset base compared to broader software industry benchmarks.
The high DSO figures, which peaked at 113 days in 2025Q4, suggest that the company faces significant collection delays typical of government-heavy contract structures. This inefficiency in converting receivables to cash places additional strain on the company's liquidity during its transition to a recurring revenue model.
Based on the latest balance sheet data, Aware maintains a current ratio of 5.02, which appears superficially strong but masks a rapid depletion of cash reserves from $14.3M in 2024Q1 to $4.6M in 2026Q1, signaling a tightening runway for the firm's ongoing operations.
While the lack of significant debt provides a clean balance sheet, the rapid cash burn rate suggests that the company's liquidity position may become vulnerable if the SaaS pivot does not accelerate. The current ratio is heavily influenced by the timing of contract payments, which warrants caution regarding future solvency.
Investors frequently misapply the price-to-sales ratio to Aware, which obscures the company's true value as a collection of high-barrier biometric patents rather than a standard software-as-a-service entity, potentially leading to an undervaluation of its strategic importance in government-level identity verification workflows.
Focusing on revenue multiples ignores the high switching costs and proprietary nature of the company's biometric matching engines. A more appropriate analytical framework would involve assessing the replacement cost of its IP portfolio or its potential value to a larger cybersecurity aggregator seeking to own the physical identity layer.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AWRE stock.
Aware, Inc.'s current P/E ratio is -4.6x. The historical average is 54.9x.
Aware, Inc.'s return on equity (ROE) is -20.6%. The historical average is 0.3%.
Based on historical data, Aware, Inc. is trading at a P/E of -4.6x. Compare with industry peers and growth rates for a complete picture.
Aware, Inc. has 92.3% gross margin and -37.9% operating margin.