Latest Ratios: P/E Ratio 24.1x · EV/EBITDA 22.6x · ROE 73.1%. (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 | $4.4B | $3.2B | $1.2B | $100M | $109M | $3.8B | — | — |
| Enterprise Value | $4.4B | $3.2B | $1.2B | $240M | $265M | $3.9B | — | — |
| P/E Ratio → | 24.11 | 16.36 | 20.74 | — | — | — | — | — |
| P/S Ratio | 7.91 | 5.79 | 3.46 | 0.39 | 0.53 | 24.92 | — | — |
| P/B Ratio | 13.39 | 9.09 | 6.56 | 1.15 | 1.03 | 98.43 | — | — |
| P/FCF | 15.14 | 11.07 | 9.62 | 3.98 | — | — | — | — |
| P/OCF | 15.12 | 11.05 | 9.60 | 2.97 | — | — | — | — |
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 | — | 5.78 | 3.54 | 0.93 | 1.29 | 25.19 | — | — |
| EV / EBITDA | 22.60 | 16.52 | 29.02 | — | — | — | — | — |
| EV / EBIT | 23.47 | 18.28 | 17.96 | — | — | — | — | — |
| EV / FCF | — | 11.05 | 9.83 | 9.52 | — | — | — | — |
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 | 86.7% | 86.7% | 81.2% | 76.3% | 84.4% | 84.7% | 82.2% | 80.0% |
| Operating Margin | 33.7% | 33.7% | 10.0% | -16.3% | -65.6% | -4.2% | — | 2.3% |
| Net Profit Margin | 35.3% | 35.3% | 16.7% | -18.7% | -62.9% | -13.1% | -5.7% | 1.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 73.1% | 73.1% | 42.8% | -50.1% | -177.4% | -45.1% | -13.2% | 1.4% |
| ROA | 49.8% | 49.8% | 19.5% | -15.8% | -55.0% | -17.9% | -9.7% | 1.2% |
| ROIC | 50.3% | 50.3% | 11.9% | -13.0% | -58.9% | -7.3% | — | 2.6% |
| ROCE | 58.5% | 58.5% | 13.0% | -15.2% | -73.9% | -9.8% | — | 3.1% |
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 | 0.21 | 0.21 | 0.41 | 2.08 | 1.67 | 1.90 | 0.12 | 0.05 |
| Debt / EBITDA | 0.39 | 0.39 | 1.79 | — | — | — | — | 0.99 |
| Net Debt / Equity | — | -0.02 | 0.14 | 1.60 | 1.46 | 1.07 | 0.03 | -0.07 |
| Net Debt / EBITDA | -0.03 | -0.03 | 0.61 | — | — | — | — | -1.49 |
| Debt / FCF | — | -0.02 | 0.21 | 5.54 | — | — | — | — |
| Interest Coverage | 24.86 | 24.86 | 8.55 | -3.11 | -13.02 | -6.82 | -399.71 | 2.56 |
Net cash position: cash ($81M) exceeds total debt ($75M)
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 | 3.83 | 3.83 | 8.05 | 10.81 | 8.47 | 1.46 | 2.87 | 6.50 |
| Quick Ratio | 3.83 | 3.83 | 8.05 | 10.81 | 8.47 | 1.46 | 2.87 | 6.50 |
| Cash Ratio | 1.06 | 1.06 | 2.58 | 6.09 | 5.27 | 0.59 | 0.93 | 3.31 |
| Asset Turnover | — | 1.14 | 1.16 | 0.88 | 0.64 | 1.04 | 1.59 | 1.14 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 195.81 | 184.94 | 158.97 | 185.64 | 116.92 | 116.11 | 139.06 |
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 | 4.1% | 6.1% | 4.8% | — | — | — | — | — |
| FCF Yield | 6.6% | 9.0% | 10.4% | 25.1% | — | — | — | — |
| Buyback Yield | 1.0% | 1.4% | 0.0% | 0.0% | 0.5% | 0.0% | — | — |
| Total Shareholder Yield | 1.0% | 1.4% | 0.0% | 0.0% | 0.5% | 0.0% | — | — |
| Shares Outstanding | — | $14M | $14M | $12M | $12M | $12M | $12M | $12M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DAVE stock.
Dave Inc.'s current P/E ratio is 24.1x. The historical average is 18.6x. This places it at the 100th percentile of its historical range.
Dave Inc.'s current EV/EBITDA is 22.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.8x.
Dave Inc.'s return on equity (ROE) is 73.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -24.1%.
Based on historical data, Dave Inc. is trading at a P/E of 24.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Dave Inc. has 86.7% gross margin and 33.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Dave Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Regulatory risk on tipping model
Metrics are mathematically derived from official filings.
Margin Volatility Masks Core Strength
According to recent financial statements, Dave's gross margin swung from 86.9% in 2026Q1 to 72.4% in 2026Q2, while operating margin held at 30.6%, suggesting credit provisioning, not core cost inflation, drives volatility.
The 14.5 percentage point drop in gross margin between 2026Q1 and 2026Q2 appears tied to a spike in the provision for unrecoverable advances, as COGS surged to $47.1M from $20.7M. Despite this, operating margin expanded to 30.6% from 20.8% a year earlier, indicating that the underlying fee-based revenue model is scaling efficiently. The net margin collapse to 3.9% in 2026Q2 from 36.6% in the prior quarter, however, suggests non-operating items or tax effects are distorting bottom-line quality; investors should focus on operating income as the truer measure of earning power.
ROIC Stabilizes Above Cost of Capital
Based on reported figures, Dave's ROIC has hovered between 12.1% and 14.6% over the last five quarters, up from 1.0% in 2024Q3, indicating a transition from capital destruction to consistent value creation.
The improvement in ROIC from 2.2% in 2024Q1 to 12.9% in 2026Q2 reflects both margin expansion and more efficient use of the asset base, as asset turnover remained stable around 0.31-0.39. The recent leverage increase to a D/E of 1.29 in 2026Q2, however, may be inflating ROE (which spiked to 20.8% in 2026Q1) relative to ROIC, suggesting that the company is using debt to amplify shareholder returns. This warrants monitoring, as the sustainability of ROIC depends on maintaining gross margins above 80% and controlling credit losses.
Working Capital Cycle Stretched by Receivables
As reported in quarterly data, Dave's DSO rose to 139 days in 2026Q2 from 132 days a year earlier, while DPO fell to 13 days, indicating the company is funding its advance portfolio with its own cash rather than supplier credit.
The cash conversion cycle is not calculable due to missing DIO, but the combination of high DSO and low DPO suggests that Dave's working capital needs are growing in line with its ExtraCash advance volumes. The negative working capital change of $22.5M in 2026Q2, per cash flow data, reflects this timing mismatch, yet the company still generated $68.1M in FCF, underscoring the asset-light nature of the model. The efficiency of this cycle is critical, as any deterioration in collections could strain liquidity despite the strong current ratio of 4.22.
Debt-Funded Buybacks Elevate Leverage
According to the latest balance sheet, Dave's D/E jumped to 1.29 in 2026Q2 from 0.21 in 2025Q4, as total debt rose to $268.5M, largely to fund a $204.1M buyback, yet interest coverage remains comfortable at 44.12.
The deliberate increase in leverage appears to be financing shareholder returns rather than organic growth, as the buyback in 2026Q1 was funded by a $193M debt increase. Despite the higher debt load, interest coverage of 44.12 in 2026Q2 indicates that operating income comfortably services interest expense, though this metric has declined from 38.36 in 2025Q4. The D/EBITDA ratio of 4.94 is elevated relative to the 1.13 seen in 2025Q4, suggesting that if EBITDA growth stalls, the company could face tighter covenant headroom, though no covenants are explicitly disclosed.
Liquidity Buffer Remains Robust
Based on recent financials, Dave's current ratio stands at 4.22 in 2026Q2, down from 8.69 a year earlier, but cash and equivalents of $209.6M provide a substantial cushion against operational shocks.
The decline in the current ratio from 8.69 in 2025Q3 to 4.22 in 2026Q2 reflects the increased debt issuance and the growth in the advance portfolio, yet the ratio remains well above the 2.0 threshold typically considered healthy. The quick ratio equals the current ratio at 4.22, indicating that inventory is not a factor, which is consistent with a digital services model. Under a severe stress scenario, such as a spike in defaults or a regulatory cap on fees, the cash buffer would cover several quarters of operating losses, but the reliance on short-term funding for advances could amplify liquidity needs.
P/E Misleads on Fintech Earnings Quality
The most commonly misapplied ratio for Dave is the P/E, which at 24.67 TTM fails to capture the volatility in net income caused by non-operating items and the regulatory overhang on 'tips' and 'express fees'.
The P/E ratio is distorted by the wide swings in net margin, from 61.1% in 2025Q3 to 3.9% in 2026Q2, which are driven by one-time tax benefits and non-cash items rather than core operations. A more appropriate metric is EV/EBITDA, which at 23.13 better reflects the underlying cash-generating ability of the business, though it still embeds the risk of fee reclassification. Investors should also consider P/FCF of 15.49, as free cash flow is less susceptible to accounting adjustments and more directly tied to the sustainability of the advance model.