Latest Ratios: P/E Ratio -0.6x · EV/EBITDA N/A · ROE N/A. (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 | $14M | $13M | $27M | $23M | $102M | $99M |
| Enterprise Value | $11M | $10M | $41M | $19M | $136M | $121M |
| P/E Ratio → | -0.55 | — | — | — | — | — |
| P/S Ratio | 58.56 | 53.76 | 119.42 | 71.93 | 429.30 | 319.03 |
| P/B Ratio | — | — | — | — | — | — |
| 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 | — | 42.06 | 182.43 | 60.36 | 574.24 | 391.15 |
| 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 | -262.7% | -262.7% | -229.8% | -149.7% | -110.1% | -148.1% |
| Operating Margin | -9240.7% | -9240.7% | -8558.2% | -5809.8% | -3673.4% | -2216.5% |
| Net Profit Margin | -9857.3% | -9857.3% | -9242.2% | -9469.0% | -6718.6% | -2798.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — |
| ROA | -236.4% | -236.4% | -210.0% | -552.7% | -614.8% | -330.6% |
| ROIC | — | — | — | — | — | — |
| ROCE | -4471.9% | -4471.9% | -772.4% | -3589.2% | -1363.5% | -554.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — |
| Interest Coverage | -14.01 | -14.01 | -24.48 | — | — | — |
Net cash position: cash ($4M) exceeds total debt ($919000)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 0.54 | 0.54 | 1.24 | 1.02 | 0.65 | 1.76 |
| Quick Ratio | 0.41 | 0.41 | 1.02 | 0.83 | 0.14 | 0.99 |
| Cash Ratio | 0.32 | 0.32 | 0.73 | 0.58 | 0.07 | 0.81 |
| Asset Turnover | — | 0.03 | 0.02 | 0.04 | 0.09 | 0.12 |
| Inventory Turnover | 0.57 | 0.57 | 0.43 | 0.56 | 0.38 | 0.73 |
| Days Sales Outstanding | — | 51.49 | 1326.98 | 80.85 | 63.14 | 103.61 |
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 | 13.7% | 14.0% | 9.1% | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 13.7% | 14.0% | 9.1% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $20M | $19M | $13M | $10M | $10M |
Imminent liquidity and dilution
Based on reported figures, Envoy Medical trades at a price-to-sales multiple of 58.56, a valuation that appears to reflect binary option value on future regulatory approvals rather than any underlying fundamental performance or historical earnings consistency typically observed in established medical device sector peers.
The current valuation multiple is disconnected from the company's negative gross margins and lack of commercial scale. Investors should monitor whether this premium is sustainable given the company's history of minimal revenue generation and the high probability of further equity dilution required to fund ongoing operations.
As reported in recent financial statements, Envoy Medical's gross margin of -262.66% highlights a fundamental inability to cover the direct costs of manufacturing, suggesting that the company's current business model is not yet optimized for commercial production or economies of scale in the medical device market.
The deeply negative operating margins reflect a massive disconnect between corporate overhead and current commercial output. A permanent shift in profitability appears unlikely without successful FDA approval and high-volume adoption of the Acclaim system to amortize fixed clinical and regulatory costs.
According to quarterly data, the company's cash conversion cycle has been highly erratic, including a negative 133-day cycle in 2026Q1, which indicates significant volatility in inventory management and payables that complicates the assessment of operational efficiency for this early-stage medical device manufacturer.
The extremely high days-in-inventory figures suggest that the company is struggling to move its legacy Esteem units, potentially leading to future obsolescence charges. This inefficiency in working capital management warrants further investigation into the company's ability to transition toward a more streamlined commercial model.
Based on the 2026Q1 balance sheet, the company's current ratio of 2.27 provides a temporary liquidity cushion, yet this figure is misleading given the rapid cash burn rate and the company's reliance on external financing to sustain its ongoing clinical and regulatory development activities.
The company's liquidity position appears highly vulnerable to any delays in the FDA approval process or unexpected increases in clinical trial costs. Investors should monitor the cash-burn-to-runway ratio closely, as the current cash balance of $3.7 million suggests an imminent need for additional capital.
The price-to-sales ratio is frequently misapplied to Envoy Medical, as it obscures the company's pre-commercial status and the binary nature of its regulatory milestones, which are far more material to the firm's survival than current transactional revenue figures derived from legacy product sales.
Analysts should instead focus on cash-burn-to-runway metrics and the progression of clinical trial enrollment as primary indicators of value. Relying on revenue multiples for a company with negative gross margins may lead to an overestimation of the firm's current commercial viability and long-term growth potential.
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Quick answers to the most common questions about buying COCH stock.
Envoy Medical, Inc.'s current P/E ratio is -0.6x. This places it at the 50th percentile of its historical range.
Based on historical data, Envoy Medical, Inc. is trading at a P/E of -0.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Envoy Medical, Inc.'s current dividend yield is 13.68%.
Envoy Medical, Inc. has -262.7% gross margin and -9240.7% operating margin.