Latest Ratios: P/E Ratio -0.1x · EV/EBITDA N/A · ROE -22.1%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1M | $3M | $746801 | $12M | $27M | $334M | — | — |
| Enterprise Value | $3M | $14M | $-5593199 | $131M | $244M | $657M | — | — |
| P/E Ratio → | -0.12 | — | — | — | — | — | — | — |
| P/S Ratio | 0.02 | 0.01 | 0.00 | 0.01 | 0.02 | 0.33 | — | — |
| P/B Ratio | 0.03 | 0.01 | 0.00 | 0.05 | 0.11 | 2.62 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.03 | -0.01 | 0.12 | 0.21 | 0.65 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.5% | 21.5% | 19.8% | 21.4% | 20.5% | 18.5% | 20.6% | 25.4% |
| Operating Margin | -12.7% | -12.7% | -8.5% | -9.5% | -11.7% | -20.4% | -17.8% | -25.0% |
| Net Profit Margin | -11.5% | -11.5% | -9.0% | -9.4% | -10.8% | -19.2% | -23.2% | -29.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -22.1% | -22.1% | -26.2% | -43.4% | -68.3% | -152.3% | — | — |
| ROA | -15.5% | -15.5% | -13.8% | -15.6% | -15.5% | -29.1% | -51.7% | -99.5% |
| ROIC | -18.0% | -18.0% | -15.1% | -19.2% | -22.6% | -34.3% | — | — |
| ROCE | -20.4% | -20.4% | -18.3% | -25.7% | -24.5% | -50.9% | -318.3% | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.22 | 0.22 | 0.25 | 0.93 | 1.53 | 4.82 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.05 | -0.02 | 0.53 | 0.88 | 2.53 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -8.13 | -8.13 | -8.54 | -7.00 | -5.46 | -5.99 | -1.97 | -11.42 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.85 | 4.85 | 3.86 | 2.07 | 1.83 | 3.21 | 0.89 | 0.59 |
| Quick Ratio | 3.97 | 3.97 | 3.10 | 1.66 | 1.48 | 2.78 | 0.69 | 0.35 |
| Cash Ratio | 0.93 | 0.93 | 1.01 | 0.81 | 0.92 | 2.13 | 0.28 | 0.08 |
| Asset Turnover | — | 1.48 | 1.85 | 2.02 | 1.52 | 1.15 | 1.68 | 3.41 |
| Inventory Turnover | 9.19 | 9.19 | 10.30 | 10.59 | 8.59 | 9.00 | 9.70 | 8.64 |
| Days Sales Outstanding | — | 47.46 | 38.65 | 28.78 | 33.27 | 29.08 | 50.40 | 26.47 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — |
| Shares Outstanding | — | $1M | $306066 | $306066 | $305533 | $300200 | $306000 | $306000 |
Structural revenue base erosion
Based on current market data, Boqii trades at a P/S multiple of 0.02, a valuation level that suggests investors have largely abandoned expectations for a turnaround and are instead pricing the equity as a distressed asset with minimal residual value relative to its historical peak.
The absence of meaningful P/E or EV/EBITDA multiples underscores the market's focus on the company's inability to generate positive earnings or cash flow. This valuation level implies that the market views the current business model as fundamentally impaired, with little confidence in the company's ability to leverage its community platform for future growth.
As reported in recent financial statements, Boqii's gross margin of 21.47% remains insufficient to cover operating expenses, resulting in a negative operating margin of -12.65% that highlights the company's inability to achieve the economies of scale necessary for long-term profitability in the competitive Chinese pet market.
The stagnation of gross margins suggests that Boqii lacks the pricing power to offset the high variable costs associated with its 1P retail model. Investors should monitor whether the company can shift toward higher-margin service offerings, as the current cost structure appears to be a structural drag on earnings power.
According to quarterly filings, the cash conversion cycle has fluctuated significantly, reaching 91 days in 2025Q4, which indicates that the company is struggling to manage its inventory and supplier relationships effectively amidst a period of rapid revenue contraction and declining operational scale.
The increase in the cash conversion cycle suggests that Boqii is holding inventory for longer periods, which increases the risk of obsolescence for perishable pet products. This inefficiency in working capital management further exacerbates the company's liquidity pressures and limits its ability to reinvest in core growth initiatives.
Based on reported figures, Boqii has reduced its debt-to-equity ratio to 0.22, a move that appears to be a defensive reaction to operational distress rather than a strategic optimization of the capital structure, as the company faces limited access to traditional debt financing markets.
While the low debt load reduces immediate interest coverage risks, the company's reliance on its dwindling cash reserves to fund ongoing losses remains a critical concern. The lack of debt capacity suggests that Boqii may be forced to rely on dilutive equity financing or asset liquidation to sustain its operations.
The most commonly misapplied metric for Boqii is Gross Merchandise Value (GMV), which obscures the company's true economic health by failing to account for the shift between low-margin 1P sales and higher-margin 3P platform fees, thereby masking the underlying erosion of the company's core revenue base.
Analysts should prioritize net revenue and contribution margins over GMV to better understand the company's actual earning potential. Relying on GMV can lead to an overestimation of the platform's scale and relevance, as it does not reflect the profitability or sustainability of the transactions being processed.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying BQ stock.
Boqii Holding Limited's current P/E ratio is -0.1x. This places it at the 50th percentile of its historical range.
Boqii Holding Limited's return on equity (ROE) is -22.1%. The historical average is -62.5%.
Based on historical data, Boqii Holding Limited is trading at a P/E of -0.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Boqii Holding Limited has 21.5% gross margin and -12.7% operating margin.