Latest Ratios: P/E Ratio -6.3x · EV/EBITDA N/A · ROE N/A. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $402M | $582M | $710M | $1.1B | $1.9B | $366M | — |
| Enterprise Value | $751M | $931M | $2.4B | $2.3B | $2.5B | $394M | — |
| P/E Ratio → | -6.32 | — | — | — | — | 4.95 | — |
| P/S Ratio | 0.47 | 0.69 | 0.13 | 0.23 | 0.54 | 0.13 | — |
| 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 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.10 | 0.42 | 0.49 | 0.69 | 0.14 | — |
| 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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 17.3% | 17.3% | 20.5% | 27.1% | 26.3% | 29.4% | 24.6% |
| Operating Margin | -6.2% | -6.2% | -2.1% | -2.8% | -6.6% | -5.6% | -19.2% |
| Net Profit Margin | -7.8% | -7.8% | -2.3% | -2.8% | -6.4% | -6.6% | -19.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — |
| ROA | -3.0% | -3.0% | -3.2% | -2.9% | -8.5% | -11.5% | -17.1% |
| ROIC | -60.0% | -60.0% | -53.8% | -20.9% | -34.4% | — | — |
| ROCE | — | — | — | -30.3% | -49.6% | -105.9% | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | -2.21 | -2.21 | -0.88 | -1.67 | -4.99 | -1.24 | -6.44 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.59 | 0.59 | 0.55 | 0.78 | 0.98 | 0.81 | 0.74 |
| Quick Ratio | 0.51 | 0.51 | 0.51 | 0.74 | 0.93 | 0.74 | 0.67 |
| Cash Ratio | 0.14 | 0.14 | 0.09 | 0.17 | 0.22 | 0.29 | 0.22 |
| Asset Turnover | — | 1.28 | 1.49 | 1.10 | 0.75 | 4.47 | 0.87 |
| Inventory Turnover | 11.26 | 11.26 | 18.84 | 21.31 | 2.04 | 8.79 | 7.23 |
| Days Sales Outstanding | — | 88.79 | 104.47 | 148.59 | 146.81 | 21.05 | 161.76 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 20.2% | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 3.1% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 3.1% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $339M | $337M | $337M | $239M | $38M | $38M |
Liquidity and solvency concerns
According to current market data, ECX trades at a P/S multiple of 0.47, which, when contrasted with the forward P/E of 61.86, suggests that investors are pricing in extreme uncertainty regarding the company's ability to transition from a hardware-heavy cost center to a profitable software entity.
The disconnect between the low P/S and high forward P/E indicates that the market is heavily discounting the company's current revenue base while simultaneously harboring skepticism about future earnings realization. This valuation profile appears consistent with a firm struggling to prove its standalone viability outside of its captive relationship with the Geely ecosystem.
Based on reported figures, ECX's ROIC has exhibited extreme volatility, swinging from -53.4% in 2024Q1 to a positive 10.8% in 2025Q4, a trend that suggests the company's ability to generate returns on invested capital is highly sensitive to lumpy milestone-based revenue recognition.
The erratic nature of these returns implies that the company is not yet compounding value, but rather reacting to the timing of specific project deliveries. Investors should monitor whether these returns can stabilize above the cost of capital, as current levels appear insufficient to justify the heavy R&D investment required to maintain their technological edge.
As reported in financial statements, the company's CCC has fluctuated wildly, reaching -25 days in 2025Q4, which suggests that ECX is effectively utilizing its supplier relationships to manage liquidity, as evidenced by the massive DPO figures observed in recent quarterly filings.
The reliance on extended payment terms to suppliers appears to be a primary mechanism for managing the firm's constrained cash position. This strategy may indicate that ECX possesses significant leverage over its supply chain, though it also risks damaging critical vendor relationships if liquidity conditions continue to deteriorate.
Based on the most recent quarterly data, ECX maintains a current ratio of 0.59, a level that, when combined with the reported cash balance of $87 million, suggests the company is operating with a razor-thin margin of safety against potential operational shocks.
The persistent inability to maintain a current ratio above 1.0 indicates that the firm is perpetually reliant on external financing or parent-company support to meet its short-term obligations. This liquidity profile warrants further investigation into the maturity schedule of existing debt and the availability of credit lines to avoid a potential funding crunch.
Analysts frequently misapply traditional Tier-1 automotive supplier metrics, such as standard P/E or EV/EBITDA, to ECX, which obscures the reality that the firm functions more as a shared R&D utility for the Geely Group than as an independent market-driven technology provider.
Using standard valuation multiples fails to account for the structural 'captive discount' and the non-market pricing inherent in related-party transactions. A more appropriate analytical framework would focus on R&D efficiency ratios and the attach rate of software services, rather than traditional earnings-based multiples which are currently distorted by the company's developmental stage.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying ECX stock.
ECARX Holdings, Inc.'s current P/E ratio is -6.3x. The historical average is 5.0x.
Based on historical data, ECARX Holdings, Inc. is trading at a P/E of -6.3x. Compare with industry peers and growth rates for a complete picture.
ECARX Holdings, Inc. has 17.3% gross margin and -6.2% operating margin.