Latest Ratios: P/E Ratio -576.0x · EV/EBITDA N/A · ROE 5.1%. (2012–2025 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 | $307M | $82M | $108M | $85M | $51M | $278M | $133M | $25M | $29M | $57M | — |
| Enterprise Value | $293M | $68M | $61M | $14M | $30M | $164M | $70M | $24M | $13M | $32M | — |
| P/E Ratio → | -576.00 | 17.01 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | — | — | — | — | — | 185.38 | 13.28 | 2.61 | — | — | — |
| P/B Ratio | 1.33 | 0.53 | 3.09 | 1.41 | 0.93 | 2.58 | 1.98 | 4.42 | 3.14 | 5.16 | — |
| 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 | — | — | — | — | — | 109.08 | 7.01 | 2.47 | — | — | — |
| 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 | — | — | — | — | — | 100.0% | 50.9% | 52.9% | — | — | — |
| Operating Margin | — | — | — | — | — | -2761.7% | -34.3% | -35.9% | — | — | — |
| Net Profit Margin | — | — | — | — | — | -2705.8% | -33.7% | -35.6% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.1% | 5.1% | -141.9% | -141.9% | -67.2% | -46.3% | -9.3% | -46.3% | -228.1% | -267.4% | — |
| ROA | 4.5% | 4.5% | -110.8% | -124.4% | -62.0% | -43.1% | -8.6% | -24.8% | -96.1% | -167.4% | -148.1% |
| ROIC | -43.0% | -43.0% | — | -545.5% | -308.3% | — | -59.5% | — | — | — | — |
| ROCE | -37.7% | -37.7% | -147.2% | -151.2% | -69.7% | -46.9% | -9.1% | -35.2% | -172.7% | -140.8% | — |
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 | 0.00 | 0.00 | 0.01 | 0.00 | 0.01 | 0.00 | 0.01 | 0.18 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.09 | -1.34 | -1.17 | -0.37 | -1.06 | -0.94 | -0.24 | -1.77 | -2.32 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1522.50 | -1522.50 | — | — | -1007.31 | -989.51 | -88.13 | -151.13 | -1215.74 | -245.98 | -19.79 |
Net cash position: cash ($14M) exceeds total debt ($38000)
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 | 35.56 | 35.56 | 3.41 | 5.64 | 17.07 | 11.70 | 37.37 | 3.50 | 2.69 | 4.55 | 0.11 |
| Quick Ratio | 35.56 | 35.56 | 3.41 | 5.64 | 16.62 | 11.70 | 36.83 | 3.09 | 2.69 | 4.55 | 0.11 |
| Cash Ratio | 3.08 | 3.08 | 3.36 | 5.57 | 14.03 | 11.51 | 35.44 | 1.52 | 2.52 | 4.23 | 0.02 |
| Asset Turnover | — | — | — | — | — | 0.01 | 0.14 | 1.11 | — | — | — |
| Inventory Turnover | — | — | — | — | — | — | 5.03 | 7.06 | — | — | 0.83 |
| Days Sales Outstanding | — | — | — | — | — | 289.32 | 73.09 | 77.07 | — | — | — |
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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | 5.9% | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | 0.0% | — |
| Shares Outstanding | — | $71M | $38M | $20M | $11M | $9M | $6M | $2M | $1M | $918858 | $939241 |
Includes 30+ ratios · 14 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CYPH stock.
Cypherpunk Technologies Inc.'s current P/E ratio is -576.0x. The historical average is 17.0x.
Cypherpunk Technologies Inc.'s return on equity (ROE) is 5.1%. The historical average is -96.4%.
Based on historical data, Cypherpunk Technologies Inc. is trading at a P/E of -576.0x. Compare with industry peers and growth rates for a complete picture.
Key Metrics
Top Statement Risk
Chronic negative returns and cash burn
Metrics are mathematically derived from official filings.
Persistent Destruction of Invested Capital
According to the quarterly ratio data, CYPH's return on invested capital has remained negative for at least the last ten quarters, with the most recent reading at -3.4% in 2026Q2 and a trough of -33.7% in 2024Q3, indicating persistent and severe destruction of shareholder value.
The sustained negative ROIC trend suggests the company's operational model is unable to generate adequate returns, which aligns with prior findings of negative operating cash flows and weak profitability. The extreme volatility in ROE, swinging from -125.3% to 35.2%, appears driven by massive fluctuations in equity rather than operational performance, warranting further investigation into the drivers of these equity changes.
Minimal Debt Masking Severe Operating Losses
As reported in the ratio data, CYPH maintains a negligible debt-to-equity ratio of 0.01 or lower, yet interest coverage has been deeply negative (e.g., -781.50 in 2026Q2), implying negative EBITDA despite extremely low leverage.
The near-zero D/E ratio indicates the company is almost entirely equity-financed, but the persistently negative interest coverage ratios suggest operating losses are severe enough to make even trivial interest burdens problematic. This divergence underscores that the primary financial risk is operational insolvency, not debt service, which may indicate fundamental viability issues with the core business model.
Deceptive Liquidity from Liability Contraction
According to the liquidity ratios, CYPH's current ratio surged to 79.19 in 2026Q2 from 1.34 in 2025Q2, yet the absolute cash position remains low at $7.6 million against total liabilities of $3.6 million, suggesting a fragile liquidity buffer built on a shrinking balance sheet.
The dramatic improvement in the current ratio appears primarily driven by a sharp reduction in liabilities rather than asset growth, as total assets fell from $385.9 million to $143.0 million over the same period. This liquidity paradox indicates the company may be contracting its operations, and the high ratio could be misleading if current assets are not highly liquid or are tied to non-operational activities.
Elevated Valuation Amid Peer Group Weakness
Compared to peers Strategy Inc (MSTR) and Bit Digital (BTBT), CYPH's ROIC is similarly negative but its P/E of 60.41 is significantly higher than MSTR's -10.41 and BTBT's -5.68, implying a market pricing in recovery expectations despite weaker operational fundamentals.
While all three companies exhibit negative returns on capital and equity, CYPH's valuation multiples appear elevated relative to its operational performance and peer group. The gap may be structural if the market perceives CYPH's asset-light model as having higher growth optionality, but based on reported figures and the history of losses, this pricing seems to rely on unproven turnaround assumptions.
The Pitfall of Current Ratio in Asset-Light Models
The current ratio, often used to gauge liquidity, is particularly misleading for CYPH given its asset-light model and erratic asset base, as the high ratio of 79.19 in 2026Q2 masks low absolute cash and potential off-balance-sheet risks not captured by this metric.
For companies with volatile working capital and minimal tangible assets, the current ratio can overstate financial health by ignoring the quality and liquidity of current assets. A more appropriate metric would be a focus on operating cash flow trends, which have been persistently negative, or adjusting the quick ratio for receivables quality and collectability.