Latest Ratios: P/E Ratio -10.0x · EV/EBITDA N/A · ROE N/A. (2015–2025 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 | $527M | $429M | $685M | $599M | $421M | $324M | $113M | $344M | $290M | — | — |
| Enterprise Value | $628M | $530M | $728M | $663M | $442M | $253M | $149M | $330M | $214M | — | — |
| P/E Ratio → | -10.00 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.77 | 1.44 | 2.57 | 2.97 | 2.83 | 3.25 | 2.00 | 9.84 | — | — | — |
| P/B Ratio | — | — | 123.99 | — | 22.76 | 3.96 | — | 4.33 | — | — | — |
| 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 | — | 1.78 | 2.73 | 3.28 | 2.97 | 2.53 | 2.64 | 9.46 | — | — | — |
| 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 | 64.9% | 64.9% | 68.5% | 69.5% | 60.4% | 56.3% | 67.6% | 77.1% | — | — | — |
| Operating Margin | -12.7% | -12.7% | -12.9% | -24.4% | -44.0% | -44.6% | -270.7% | -283.3% | — | — | — |
| Net Profit Margin | -17.4% | -17.4% | -18.9% | -30.5% | -50.1% | -47.0% | -288.3% | -257.8% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -913.1% | — | -148.3% | -1049.8% | -5016.6% | -113.3% | — | — | -819.6% |
| ROA | -22.5% | -22.5% | -23.9% | -33.6% | -34.2% | -20.1% | -72.5% | -43.7% | -28.9% | -3.9% | -25.3% |
| ROIC | -44.5% | -44.5% | -56.4% | -90.0% | -198.5% | -321.4% | -794.3% | -112.3% | — | -9.3% | -28.0% |
| ROCE | -23.5% | -23.5% | -22.2% | -36.2% | -39.4% | -38.8% | -125.0% | -51.7% | -87.0% | — | -84.3% |
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 | — | — | 23.54 | — | 4.02 | 0.91 | — | 1.22 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | 7.79 | — | 1.11 | -0.87 | — | -0.17 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1.59 | -1.59 | -1.66 | -3.45 | -6.33 | -32.50 | -14.51 | -12.21 | -53.23 | — | — |
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 | 1.90 | 1.90 | 2.40 | 2.33 | 2.17 | 3.10 | 0.71 | 6.23 | 17.88 | 0.34 | 0.00 |
| Quick Ratio | 1.54 | 1.54 | 2.21 | 2.10 | 1.76 | 3.07 | 0.69 | 5.97 | 17.88 | 0.34 | 0.00 |
| Cash Ratio | 0.71 | 0.71 | 1.38 | 1.30 | 1.16 | 2.54 | 0.60 | 5.31 | 17.66 | — | — |
| Asset Turnover | — | 1.32 | 1.14 | 1.07 | 0.84 | 0.39 | 0.27 | 0.15 | — | — | — |
| Inventory Turnover | 3.87 | 3.87 | 6.91 | 5.60 | 3.12 | 24.71 | 5.46 | 1.25 | — | — | — |
| Days Sales Outstanding | — | 67.18 | 65.36 | 55.14 | 55.13 | 53.67 | 62.49 | 111.42 | — | — | — |
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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — |
| Shares Outstanding | — | $64M | $62M | $57M | $56M | $50M | $34M | $28M | $24M | $24M | $19M |
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying EOLS stock.
Evolus, Inc.'s current P/E ratio is -10.0x. This places it at the 50th percentile of its historical range.
Based on historical data, Evolus, Inc. is trading at a P/E of -10.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Evolus, Inc. has 64.9% gross margin and -12.7% operating margin.
Key Metrics
Top Statement Risk
Negative equity and persistent cash burn
Metrics are mathematically derived from official filings.
Gross Margin Strength Masked by SG&A Burden
Evolus's gross margin of 68.0% in 2026Q2 is robust for a specialty drug manufacturer, yet the company's operating margin remains deeply negative at -5.4%, indicating that selling, general, and administrative expenses are overwhelming its core product profitability.
The company's gross margin has stabilized in the mid-to-high 60% range, a level that should support profitability in a mature business. However, the persistent negative operating margin, which improved only slightly from -9.4% in the prior quarter despite revenue growth, suggests that the commercial infrastructure required to support its product is consuming a disproportionate share of revenue. This dynamic implies that achieving operating breakeven will require not just revenue growth, but a fundamental shift in the cost structure or significant operating leverage that has not yet materialized.
Negative Returns Reflect Value Destruction
Return on invested capital (ROIC) has been negative for nine of the last ten quarters, with the most recent reading of -3.9% in 2026Q2, indicating that the company is not generating returns on the capital deployed into its business.
The consistently negative ROIC, which briefly touched -0.3% in 2025Q4 before reverting, underscores that Evolus is still in a phase of investing capital without generating positive economic returns. The slight improvement in the most recent quarter is encouraging but remains far from the positive territory needed to justify the capital base. This trend, combined with negative equity, suggests the company is eroding, not compounding, shareholder value on a capital efficiency basis.
Working Capital Cycle Lengthens with Growth
The cash conversion cycle (CCC) expanded to 65 days in 2026Q2, driven by a sharp increase in days inventory outstanding (DIO) to 111 days, suggesting that inventory build-up is consuming working capital as the company scales.
The lengthening CCC, up from 57 days in 2025Q2, is primarily a function of inventory management, with DIO nearly doubling over the period. This may indicate anticipation of future sales or potential challenges in inventory turnover. While days sales outstanding (DSO) remains stable around 62 days, the significant increase in DIO is a key driver of the working capital cash outflows noted in the cash flow analysis, highlighting an area where efficiency gains could materially improve cash generation.
Leverage Undefined Amidst Negative Equity
Traditional leverage ratios like debt-to-equity are meaningless with negative equity, but the rising absolute debt level of $164.8M against a declining cash balance of $45.2M in 2026Q2 points to increasing financial risk.
The company's leverage profile has become opaque due to the negative equity position. While the current ratio of 1.70 suggests near-term liquidity, the negative interest coverage ratio of -0.97 in 2026Q2 indicates that operating losses are not covering interest expenses. This combination of rising debt, falling cash, and negative operating income suggests that the company's ability to service its debt is dependent on external financing or a rapid transition to profitability, warranting close monitoring of refinancing risk.
Liquidity Adequate but Cash Runway Narrowing
Evolus's current ratio of 1.70 in 2026Q2 indicates adequate short-term liquidity, but the rapid decline in cash reserves from over $80M to $45.2M over the past year suggests the buffer against continued losses is shrinking.
The quick ratio of 1.28 confirms that liquidity is not overly dependent on inventory, which is a positive sign. However, the trajectory of the cash balance is the more critical metric. With free cash flow margins negative at -16.7% and working capital consuming cash, the company's liquidity position is deteriorating. The current ratio provides a snapshot of solvency, but the trend in cash burn is the more relevant indicator of the company's financial runway.
The Misleading Signal of a High Current Ratio
The current ratio of 1.70 is the most commonly misapplied metric for Evolus, as it obscures the critical risk of negative equity and a rapidly declining cash balance that could lead to a liquidity crisis.
Investors often use the current ratio as a simple proxy for financial health, but for a pre-profitability company like Evolus, it is misleading. The ratio is supported by a large inventory balance (DIO of 111 days) and receivables, but it does not reflect the company's negative equity, rising debt, or the fact that it is burning cash. A more appropriate metric to assess true solvency risk would be the cash runway, calculated by dividing the remaining cash by the quarterly free cash flow burn rate, which provides a more dynamic view of the company's financial endurance.