Latest Ratios: P/E Ratio -4.2x · EV/EBITDA N/A · ROE -5.1%. (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 | $1M | $20M | — | — | — | — |
| Enterprise Value | $859160 | $19M | — | — | — | — |
| P/E Ratio → | -4.16 | — | — | — | — | — |
| P/S Ratio | 0.10 | 1.51 | — | — | — | — |
| P/B Ratio | 0.17 | 2.52 | — | — | — | — |
| 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 | — | 1.47 | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|
| Gross Margin | 26.2% | 26.2% | 27.8% | 34.0% | 46.0% | 44.3% |
| Operating Margin | -1.1% | -1.1% | 21.7% | 23.0% | 13.9% | 22.1% |
| Net Profit Margin | -2.5% | -2.5% | 18.2% | 19.7% | 10.4% | 16.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -5.1% | -5.1% | 53.7% | 96.9% | 42.3% | 70.0% |
| ROA | -2.3% | -2.3% | 25.4% | 27.1% | 4.9% | 7.6% |
| ROIC | -1.7% | -1.7% | 60.0% | 124.1% | 23.4% | 23.8% |
| ROCE | -2.2% | -2.2% | 63.5% | 109.5% | 42.4% | 55.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | 0.04 | 1.92 | 2.97 |
| Debt / EBITDA | — | — | 0.02 | 0.05 | 3.78 | 3.14 |
| Net Debt / Equity | — | -0.06 | -0.07 | -0.43 | -0.00 | 1.95 |
| Net Debt / EBITDA | — | — | -0.14 | -0.54 | -0.00 | 2.07 |
| Debt / FCF | — | — | — | -0.85 | -0.00 | 2.23 |
| Interest Coverage | — | — | — | 362.73 | 5.98 | 7.39 |
Net cash position: cash ($572807) exceeds total debt ($106548)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.71 | 1.71 | 1.57 | 1.69 | 1.03 | 1.20 |
| Quick Ratio | 1.71 | 1.71 | 1.57 | 1.69 | 0.80 | 0.76 |
| Cash Ratio | 0.06 | 0.06 | 0.07 | 0.53 | 0.27 | 0.13 |
| Asset Turnover | — | 0.75 | 1.03 | 1.77 | 0.43 | 0.46 |
| Inventory Turnover | 74708.94 | 74708.94 | 62163.28 | 33324.66 | 1.15 | 0.72 |
| Days Sales Outstanding | — | 382.13 | 295.92 | 90.68 | 176.05 | 389.18 |
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 | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $650000 | $650000 | $650000 | $650000 | $650000 |
Municipal payment collection delays
Based on current market data, DXST trades at a price-to-sales multiple of 0.10, which, according to recent financial disclosures, suggests that investors are heavily discounting the company's revenue base due to persistent net losses and the significant risk of uncollectible municipal receivables in the Shandong region.
The negative P/E ratio of -4.16 highlights the company's inability to generate consistent bottom-line earnings, rendering traditional earnings-based valuation metrics largely irrelevant. The low P/B ratio of 0.17 further indicates that the market assigns minimal value to the company's book assets, likely reflecting skepticism regarding the realizable value of its accounts receivable and inventory.
As reported in recent quarterly filings, DXST's gross margin has compressed to 25.2% in 2025Q4, which, when combined with a negative operating margin of -1.07%, indicates that the company's current cost structure is unable to support its project-based revenue model without incurring significant operational losses.
The inability to maintain positive operating margins suggests that fixed administrative and research overheads are disproportionately high relative to the company's $12.9M revenue base. Investors should monitor whether the company can pivot toward higher-margin microbial product sales, as the current reliance on low-margin environmental engineering services appears to be structurally dilutive to profitability.
According to the latest financial statements, DXST's cash conversion cycle has reached 115 days as of 2025Q4, a figure that, based on historical trends, reflects the company's increasing difficulty in converting municipal project work into actual cash inflows within a reasonable timeframe.
The elevated Days Sales Outstanding (DSO) of 150 days is particularly concerning, as it suggests that the company is effectively acting as a financier for its municipal clients. This inefficiency in working capital management directly contributes to the company's liquidity constraints and necessitates a cautious outlook on the quality of reported revenue growth.
Based on reported figures, DXST's cash and equivalents have dwindled to approximately $572,807, which, as indicated by the company's negative free cash flow, leaves a very narrow margin for error in covering ongoing operating expenses without resorting to potentially dilutive external financing or debt.
While the current ratio of 1.71 might appear adequate on the surface, it is heavily skewed by the presence of illiquid contract assets and accounts receivable. Given the company's history of negative cash flow, this liquidity position warrants close monitoring, as any further delay in municipal payments could trigger a severe funding crisis.
The most commonly misapplied metric for DXST is top-line revenue growth, which, as evidenced by the company's financial statements, obscures the underlying reality that reported growth is not translating into cash, but rather into an accumulation of potentially uncollectible municipal receivables and contract assets.
Analysts should prioritize the Cash-to-Revenue ratio and the OCF/NI conversion rate over simple revenue growth figures to assess the true health of the business. Relying on revenue growth in this context risks ignoring the significant credit risk inherent in the company's reliance on local government fiscal cycles.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DXST stock.
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