Latest Ratios: P/E Ratio -48.2x · EV/EBITDA N/A · ROE -16.0%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $142M | — | — | — | — | — |
| Enterprise Value | $139M | — | — | — | — | — |
| P/E Ratio → | -48.16 | — | — | — | — | — |
| P/S Ratio | 393.24 | — | — | — | — | — |
| P/B Ratio | 11.15 | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|
| Gross Margin | 76.2% | 76.2% | 98.3% | 99.0% | 56.8% | 68.2% |
| Operating Margin | -288.5% | -288.5% | -103.2% | 28.9% | -29.1% | -32.7% |
| Net Profit Margin | -302.9% | -302.9% | -106.2% | 30.3% | -30.1% | -54.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -16.0% | -16.0% | -9.5% | 6.4% | -7.3% | -5.7% |
| ROA | -7.9% | -7.9% | -4.5% | 1.7% | -1.1% | -0.6% |
| ROIC | -9.9% | -9.9% | -6.3% | 4.3% | -4.8% | — |
| ROCE | -14.7% | -14.7% | -8.8% | 6.0% | -6.8% | -3.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.23 | 0.23 | 0.12 | 0.08 | 0.05 | 0.18 |
| Debt / EBITDA | — | — | — | 1.51 | — | — |
| Net Debt / Equity | — | -0.58 | -0.12 | -0.50 | -0.44 | -0.19 |
| Net Debt / EBITDA | — | — | — | -10.05 | — | — |
| Debt / FCF | — | — | — | — | — | -0.20 |
| Interest Coverage | -1702.80 | -1702.80 | — | — | -3.28 | -1.04 |
Net cash position: cash ($4M) exceeds total debt ($1M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.29 | 1.29 | 2.12 | 1.43 | 1.22 | 1.09 |
| Quick Ratio | 1.29 | 1.29 | 2.12 | 1.43 | 1.22 | 1.09 |
| Cash Ratio | 0.51 | 0.51 | 0.35 | 0.28 | 0.13 | 0.04 |
| Asset Turnover | — | 0.03 | 0.04 | 0.06 | 0.04 | 0.01 |
| Inventory Turnover | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $16M | $28M | $28M | $28M | $28M |
Liquidity exhaustion from operations
According to recent market data, AXG trades at a price-to-sales ratio of 399.25, which appears fundamentally detached from its current revenue trajectory and suggests that investors are pricing the firm as a speculative regulatory option rather than a viable, earnings-generating financial services entity.
The extreme P/S multiple indicates that the market is assigning value to the firm's SFC licenses and Nasdaq listing status rather than its underlying brokerage operations. Given the lack of positive earnings and the -48.90 P/E ratio, this valuation implies an expectation of a transformative event or acquisition that is not supported by current operational performance.
As reported in financial statements, AXG's gross margin has collapsed from near-perfect levels to 2.7% in 2026Q2, highlighting a severe inability to maintain pricing power or cost efficiency while the firm continues to post deeply negative operating margins that underscore its structural lack of scale.
The sharp decline in gross margin suggests that the firm's core service offerings are facing intense competitive pressure or that the cost of revenue has become disproportionately high. The persistent negative operating margin indicates that the firm's administrative and regulatory overhead remains far too heavy for its current transaction volume.
Based on historical data, AXG's ROIC has trended into negative territory, reaching -0.2% in 2026Q2, which indicates that the firm is currently destroying shareholder capital rather than compounding it through its investment in brokerage and virtual asset infrastructure.
The inability to generate a positive return on invested capital suggests that the firm's capital allocation strategy has failed to produce a sustainable competitive advantage. Investors should monitor whether the firm can pivot its capital toward higher-yielding activities, as current trends suggest a continued erosion of the equity base.
According to recent filings, AXG's days sales outstanding has fluctuated significantly, reaching 339 days in 2026Q2, which reveals a concerning lack of efficiency in collecting fees and managing the cash conversion cycle necessary to support its ongoing operational requirements.
The extended collection period suggests that the firm may be struggling to convert its brokerage and advisory services into actual cash inflows. This inefficiency exacerbates the firm's liquidity constraints, as it forces the company to rely on its dwindling cash reserves to fund day-to-day operations.
The price-to-book ratio of 11.32 is frequently misapplied to AXG, as it obscures the fact that the firm's book value is heavily distorted by goodwill and intangible assets rather than tangible capital that could be deployed to support the business during periods of financial stress.
Investors should focus on tangible book value or cash-to-burn ratios instead, as the current P/B metric provides a false sense of asset backing. The reliance on goodwill in the valuation of a micro-cap financial services firm warrants extreme caution, as it likely does not represent liquid value.
Includes 30+ ratios · 5 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AXG stock.
Solowin Holdings Ordinary Share's current P/E ratio is -48.2x. This places it at the 50th percentile of its historical range.
Solowin Holdings Ordinary Share's return on equity (ROE) is -16.0%. The historical average is -6.4%.
Based on historical data, Solowin Holdings Ordinary Share is trading at a P/E of -48.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Solowin Holdings Ordinary Share has 76.2% gross margin and -288.5% operating margin.