Latest Ratios: P/E Ratio -0.7x · EV/EBITDA N/A · ROE -80.2%. (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 | $3M | $4M | $4M | $2M | $5M | $17M | $27M | $7M | $9M | $12M | $15M |
| Enterprise Value | $412190 | $937441 | $5M | $2M | $5M | $10M | $11M | $10M | $8M | $11M | $14M |
| P/E Ratio → | -0.67 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.50 | 0.59 | 0.51 | 0.22 | 0.66 | 3.37 | 9.64 | 3.14 | 2.15 | 1.86 | 4.98 |
| P/B Ratio | 0.40 | 0.47 | 0.93 | 1.58 | 0.87 | 1.10 | 1.35 | — | 0.83 | 0.85 | 0.96 |
| 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 | — | 0.15 | 0.70 | 0.20 | 0.74 | 1.90 | 3.91 | 4.34 | 2.07 | 1.82 | 4.62 |
| 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 | 77.5% | 77.5% | 81.4% | 18.5% | 65.2% | 67.3% | 72.0% | -8.5% | -3.0% | -2.9% | 75.5% |
| Operating Margin | -69.9% | -69.9% | -57.9% | -113.8% | -141.4% | -96.6% | -183.4% | -596.2% | -169.8% | -67.8% | -141.2% |
| Net Profit Margin | -75.3% | -75.3% | -62.1% | -109.9% | -169.7% | -99.0% | -341.0% | -643.4% | -169.8% | -67.8% | -140.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -80.2% | -80.2% | -177.9% | -267.8% | -113.9% | -28.2% | -107.2% | -356.6% | -56.7% | -29.3% | -24.9% |
| ROA | -47.1% | -47.1% | -65.5% | -107.5% | -81.8% | -25.1% | -77.3% | -205.6% | -49.5% | -25.6% | -22.2% |
| ROIC | -63.1% | -63.1% | -99.8% | -194.0% | -106.1% | -60.8% | -172.5% | -191.4% | -43.6% | -23.0% | -22.3% |
| ROCE | -72.0% | -72.0% | -149.5% | -245.4% | -91.6% | -27.1% | -55.5% | -315.5% | -56.7% | -29.3% | -25.0% |
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 | 0.01 | 0.01 | 0.47 | 0.34 | 0.61 | 0.02 | 0.04 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.34 | 0.36 | -0.14 | 0.11 | -0.48 | -0.80 | — | -0.03 | -0.02 | -0.07 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -13.40 | -13.40 | -13.42 | -38.66 | -1139.35 | -280.43 | -1.23 | -12.65 | — | — | — |
Net cash position: cash ($3M) exceeds total debt ($48994)
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 | 1.49 | 1.49 | 0.41 | 0.82 | 1.65 | 7.01 | 10.10 | 0.31 | 3.45 | 3.02 | 2.67 |
| Quick Ratio | 1.37 | 1.37 | 0.33 | 0.68 | 0.83 | 4.54 | 9.92 | 0.21 | 2.63 | 2.61 | 2.42 |
| Cash Ratio | 0.87 | 0.87 | 0.10 | 0.16 | 0.48 | 3.88 | 9.33 | 0.13 | 0.26 | 0.12 | 0.58 |
| Asset Turnover | — | 0.56 | 0.80 | 1.72 | 0.62 | 0.29 | 0.13 | 0.91 | 0.35 | 0.39 | 0.17 |
| Inventory Turnover | 3.70 | 3.70 | 3.41 | 14.19 | 0.55 | 0.34 | 2.40 | 5.74 | 4.17 | 6.85 | 1.57 |
| Days Sales Outstanding | — | 74.48 | 41.74 | 61.23 | 81.75 | 78.65 | 116.25 | 38.14 | 147.16 | 172.91 | 198.32 |
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 | — | — | — | — | — | — | — | — | — | 5.4% | 3.6% |
| 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% | 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% | 0.0% | 5.4% | 3.6% |
| Shares Outstanding | — | $664770 | $205988 | $56028 | $43682 | $43288 | $43181 | $9878 | $8061 | $4610 | $3880 |
Liquidity and dilution risk
Based on reported figures, BKYI trades at a P/S multiple of 0.50, which, when viewed alongside a negative TTM P/E of -0.67, suggests that the market is pricing the company as a distressed asset rather than a growth-oriented software provider within the identity management sector.
The current valuation multiples appear to reflect deep skepticism regarding the company's ability to achieve a sustainable path to profitability. Investors should monitor whether this discount is a temporary market mispricing or a structural reflection of the company's inability to scale its PortalGuard platform effectively against larger, more established competitors.
According to recent financial statements, BKYI's ROIC has remained consistently negative, reaching -1.7% in 2026Q1, which indicates that the company is failing to generate adequate returns on its capital base and is instead eroding shareholder value through ongoing operational losses.
The inability to achieve positive returns on invested capital suggests that the company's core business model lacks the necessary efficiency to justify its current capital structure. This trend warrants further investigation into whether the company's R&D and marketing expenditures are yielding any tangible competitive advantage or if they are merely sustaining a non-viable cost base.
As reported in financial statements, BKYI's cash conversion cycle has shown extreme volatility, swinging from 225 days in 2023Q4 to -21 days in 2025Q2, which highlights significant challenges in managing receivables and inventory within its lumpy, project-based revenue model.
The erratic nature of the cash conversion cycle suggests that the company lacks control over its working capital, likely due to the unpredictable timing of large international civil identification contracts. This operational inconsistency complicates cash flow forecasting and increases the risk of liquidity shortfalls during periods of delayed customer payments.
Based on recent SEC filings, BKYI's current ratio of 1.41 in 2026Q1 provides only a narrow margin of safety, which appears insufficient given the company's history of burning cash and its reliance on external financing to fund ongoing operations.
The company's liquidity position appears vulnerable to even minor operational disruptions or delays in project-based revenue recognition. Investors should monitor the company's cash burn rate closely, as the current liquidity profile may necessitate further dilutive capital raises to maintain basic corporate functions.
As evidenced by the company's financial history, the P/S ratio is frequently misapplied to BKYI, as it obscures the underlying quality of revenue and the high cost of customer acquisition required to sustain the company's transition toward a recurring software-as-a-service model.
Relying on P/S multiples ignores the fact that a significant portion of BKYI's revenue may be tied to low-margin, one-time hardware sales or lumpy project-based contracts. A more appropriate metric for this business model would be an adjusted ARR-to-EV multiple, which would better capture the value of the recurring software component while stripping out the volatility of the legacy hardware business.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BKYI stock.
BIO-key International, Inc.'s current P/E ratio is -0.7x. The historical average is 2.0x.
BIO-key International, Inc.'s return on equity (ROE) is -80.2%. The historical average is -115.7%.
Based on historical data, BIO-key International, Inc. is trading at a P/E of -0.7x. Compare with industry peers and growth rates for a complete picture.
BIO-key International, Inc. has 77.5% gross margin and -69.9% operating margin.