Latest Ratios: P/E Ratio -1004.6x · EV/EBITDA 40.0x · ROE -0.3%. (1995–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $644M | $658M | $668M | $496M | $257M | $722M | — | — | — | — | — |
| Enterprise Value | $564M | $578M | $591M | $455M | $240M | $694M | — | — | — | — | — |
| P/E Ratio → | -1004.60 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.61 | 1.65 | 1.91 | 1.58 | 0.82 | 1.52 | — | — | — | — | — |
| P/B Ratio | 2.78 | 2.88 | 3.08 | 2.31 | 1.23 | 2.41 | — | — | — | — | — |
| P/FCF | 21.70 | 22.17 | 19.90 | 19.46 | — | — | — | — | — | — | — |
| P/OCF | 15.97 | 16.32 | 14.29 | 14.36 | — | 274.63 | — | — | — | — | — |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.44 | 1.69 | 1.45 | 0.77 | 1.46 | — | — | — | — | — |
| EV / EBITDA | 40.01 | 41.01 | 69.35 | — | — | 21.54 | — | — | — | — | — |
| EV / EBIT | 266.35 | 273.05 | — | — | — | 82.10 | — | — | — | — | — |
| EV / FCF | — | 19.47 | 17.60 | 17.85 | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.3% | 72.3% | 70.4% | 68.7% | 61.6% | 72.1% | 70.1% | 64.1% | 59.2% | 66.5% | 88.2% |
| Operating Margin | 0.5% | 0.5% | -1.5% | -5.8% | -33.1% | 2.3% | 4.1% | 6.0% | 4.3% | 2664.0% | -28.8% |
| Net Profit Margin | -0.2% | -0.2% | -3.4% | -5.0% | -36.6% | -3.1% | 3.2% | 4.4% | 2.0% | -1.6% | -29.1% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.3% | -0.3% | -5.6% | -7.3% | -44.9% | -5.2% | 3.9% | 4.3% | 3.2% | -0.0% | -0.1% |
| ROA | -0.1% | -0.1% | -2.5% | -3.4% | -20.6% | -2.3% | 2.0% | 2.5% | 2.0% | -1.2% | — |
| ROIC | 1.1% | 1.1% | -2.5% | -7.4% | -33.5% | 3.1% | 4.9% | 7.6% | 9.6% | 9.9% | -0.1% |
| ROCE | 0.7% | 0.7% | -1.8% | -6.8% | -34.8% | 3.2% | 4.3% | 5.1% | 6.2% | 2295.2% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.16 | 0.16 | 0.16 | 0.16 | 0.08 | 0.42 | 0.26 | 0.09 | 0.03 | 0.00 | 0.00 |
| Debt / EBITDA | 2.59 | 2.59 | 4.17 | — | — | 3.86 | 1.72 | 0.90 | 0.33 | 0.00 | — |
| Net Debt / Equity | — | -0.35 | -0.36 | -0.19 | -0.08 | -0.09 | -0.03 | -0.35 | -0.48 | -0.32 | 0.00 |
| Net Debt / EBITDA | -5.70 | -5.70 | -9.05 | — | — | -0.87 | -0.21 | -3.61 | -5.72 | -0.01 | — |
| Debt / FCF | — | -2.71 | -2.30 | -1.61 | — | — | -0.17 | -3.51 | -5.52 | -14.27 | — |
| Interest Coverage | 10.91 | 10.91 | -42.70 | -827.69 | -59.74 | 43.15 | 134.64 | 63.24 | 40.96 | 51683.23 | -15629.86 |
Net cash position: cash ($117M) exceeds total debt ($37M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.33 | 1.33 | 1.30 | 1.39 | 1.30 | 1.31 | 1.17 | 1.83 | 2.12 | 4.66 | — |
| Quick Ratio | 1.26 | 1.26 | 1.22 | 1.26 | 1.17 | 1.27 | 1.12 | 1.78 | 2.06 | 3.89 | — |
| Cash Ratio | 0.52 | 0.52 | 0.51 | 0.39 | 0.27 | 0.51 | 0.28 | 0.74 | 1.01 | 2.90 | — |
| Asset Turnover | — | 0.77 | 0.70 | 0.66 | 0.70 | 0.71 | 0.71 | 0.57 | 0.54 | 0.75 | — |
| Inventory Turnover | 6.75 | 6.75 | 5.46 | 3.99 | 4.75 | 9.22 | 9.12 | 11.01 | 10.55 | 2.63 | — |
| Days Sales Outstanding | — | 119.97 | 127.83 | 142.22 | 161.07 | 159.47 | 161.90 | 168.76 | 171.62 | 53.64 | — |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | 1.1% | 4.8% | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | 29.4% | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 4.6% | 4.5% | 5.0% | 5.1% | — | — | — | — | — | — | — |
| Buyback Yield | 3.3% | 3.3% | 0.8% | 0.0% | 0.0% | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 3.3% | 3.3% | 0.8% | 0.0% | 1.1% | 4.8% | — | — | — | — | — |
| Shares Outstanding | — | $73M | $72M | $70M | $68M | $67M | $66M | $65M | $66M | $60M | $53M |
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 CGNT stock.
Cognyte Software Ltd.'s current P/E ratio is -1004.6x. This places it at the 50th percentile of its historical range.
Cognyte Software Ltd.'s current EV/EBITDA is 40.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 44.0x.
Cognyte Software Ltd.'s return on equity (ROE) is -0.3%. The historical average is -51.7%.
Based on historical data, Cognyte Software Ltd. is trading at a P/E of -1004.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cognyte Software Ltd. has 72.3% gross margin and 0.5% operating margin.
Cognyte Software Ltd.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Profitability and cash flow inconsistency
Gross Margin Strength vs. Net Margin Volatility
Cognyte's gross margin has expanded to 72.9% in 2027Q2, a notable improvement from 66.6% in 2025Q1, yet net margin remains volatile, swinging between 3.8% and -6.2% across the last ten quarters, indicating non-operating factors heavily influence final profitability.
The steady climb in gross margin suggests improving product mix or pricing power, which aligns with the reported revenue growth acceleration. However, the volatile net margin, especially the -2.9% result in 2027Q1 despite positive operating income, implies that significant non-operating items like foreign exchange, taxes, or one-time charges are obscuring the underlying earnings power of the core business. This discrepancy means investors should focus on operating margin, which has shown a more consistent, if modest, upward trend.
Emerging but Weak Capital Returns
Based on reported figures, Cognyte's ROIC has recovered from negative territory to 2.3% in 2027Q2, but this remains far below peers like NICE (13.2%) and indicates the company is generating minimal returns on the capital invested in its business.
The turnaround in ROIC from -1.1% in early 2025 to a positive low-single-digit figure is a positive trajectory, driven by the shift from operating losses to profitability. However, the absolute level of return is critically low, suggesting the asset base, which includes significant intangible assets, is not yet generating sufficient earnings. This weak return profile is a key reason the stock trades at a discount to peers on a P/B basis, as the market prices in the poor capital efficiency.
Lengthy Cash Cycle Limits Cash Generation
As reported in the financial statements, Cognyte's cash conversion cycle has remained stubbornly high, averaging around 95 days over the last four quarters, primarily due to a very long Days Sales Outstanding (DSO) of 113 days, which ties up working capital.
The persistent 110+ day DSO suggests customers take over three months to pay, which is unusual for software and may indicate government or large enterprise sales cycles, or possible customer leverage. While the company maintains a moderate Days Payable Outstanding (DPO) of ~80 days, the overall cycle is long and a key driver of the inconsistent free cash flow generation, as significant cash is tied up in receivables.
Modest Debt Burden Masked by Coverage Volatility
Cognyte's debt-to-equity ratio of 0.16 in 2027Q2 signals a conservative capital structure, but the interest coverage ratio has been highly erratic, ranging from -151.6x to 185.96x, reflecting the volatility in its operating earnings rather than a stable debt service profile.
The low D/E ratio confirms the balance sheet is not overleveraged in terms of nominal debt. However, the wild swings in interest coverage are a direct consequence of the company's thin and volatile operating income. The metric's unreliability as a stability indicator suggests that while the debt load is low, the ability to comfortably service it is closely tied to achieving sustained profitability, which remains unproven over a full fiscal year.
Adequate Liquidity Underpinned by Receivables
With a current ratio of 1.34 and a quick ratio of 1.22 in 2027Q2, Cognyte appears to have sufficient liquidity, but the minimal difference between the two ratios indicates that inventory and other non-cash current assets are not a significant part of its working capital.
The proximity of the quick and current ratios is consistent with a software business model with low physical inventory. The primary component of current assets that could pose a liquidity risk is the large receivable balance implied by the high DSO. In a stress scenario where collections slow further, the apparent liquidity cushion could be tested, though the company does hold a substantial cash balance of over $100 million.
P/E Multiple Is Irrelevant for Cognyte
The reported trailing P/E of -921.84 is a misleading metric for Cognyte, as it is distorted by minimal and volatile net income, rendering it meaningless for valuation; the forward P/E of 34.22 or EV/Sales multiple should be used instead.
For a company like Cognyte that has recently emerged from losses and has a history of negative net margins, the trailing P/E is mathematically unstable and provides no useful signal of relative value. Analysts and investors should instead anchor valuation discussions on the forward P/E, which relies on projected earnings, or the EV/Sales multiple of 1.48, which compares it to peers on a top-line basis more suitable for a growth-stage software firm.