Latest Ratios: P/E Ratio -53.0x · EV/EBITDA N/A · ROE -133.3%. (2016–2025 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 | $2.0B | $2.2B | $1.3B | $663M | $1.6B | $1.6B | $878M | $568M | $476M | — | — |
| Enterprise Value | $2.2B | $2.3B | $1.4B | $815M | $1.7B | $1.6B | $846M | $579M | $445M | — | — |
| P/E Ratio → | -53.03 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 7.47 | 10.23 | 7.81 | 4.01 | 9.93 | 12.79 | 10.36 | 6.34 | 7.77 | — | — |
| P/B Ratio | 84.31 | 91.68 | 24.44 | 36.03 | — | 31.93 | 11.71 | 14.34 | 6.85 | — | — |
| 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 | — | 11.12 | 8.63 | 4.93 | 10.63 | 12.80 | 9.99 | 6.46 | 7.28 | — | — |
| 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 | 69.3% | 69.3% | 66.0% | 64.8% | 65.9% | 67.4% | 62.0% | 61.3% | 59.0% | 51.0% | 51.0% |
| Operating Margin | -18.5% | -18.5% | -30.1% | -39.4% | -24.5% | -19.8% | -33.0% | -34.5% | -39.0% | -57.6% | -80.0% |
| Net Profit Margin | -24.2% | -24.2% | -51.0% | -47.5% | -46.5% | -32.5% | -45.0% | -42.6% | -34.5% | -100.6% | -111.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -133.3% | -133.3% | -236.7% | -1537.7% | -353.5% | -65.5% | -66.5% | -69.9% | -65.4% | — | — |
| ROA | -14.5% | -14.5% | -27.5% | -32.7% | -42.9% | -27.8% | -27.9% | -32.7% | -24.3% | -80.5% | -75.0% |
| ROIC | -14.6% | -14.6% | -20.9% | -35.4% | -38.0% | -39.9% | -44.9% | -51.8% | -75.6% | -154.1% | -105.7% |
| ROCE | -14.1% | -14.1% | -20.4% | -33.9% | -28.4% | -21.1% | -24.9% | -32.0% | -47.8% | — | — |
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 | 11.23 | 11.23 | 4.24 | 10.45 | — | 1.07 | 0.70 | 1.22 | 0.32 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 8.02 | 2.54 | 8.27 | — | 0.02 | -0.43 | 0.27 | -0.44 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -1.30 | -1.30 | -3.06 | -4.11 | -5.19 | -3.38 | -3.06 | -3.31 | -1.37 | -2.34 | -5.45 |
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 | 3.04 | 3.04 | 3.56 | 3.06 | 3.85 | 3.55 | 5.11 | 4.12 | 6.05 | 0.69 | 0.23 |
| Quick Ratio | 2.00 | 2.00 | 2.41 | 1.67 | 2.91 | 2.66 | 4.21 | 2.89 | 4.54 | 0.46 | 0.14 |
| Cash Ratio | 0.92 | 0.92 | 1.32 | 0.70 | 1.70 | 1.68 | 3.26 | 1.62 | 3.20 | 0.19 | 0.01 |
| Asset Turnover | — | 0.59 | 0.48 | 0.61 | 0.77 | 0.91 | 0.54 | 0.77 | 0.53 | 0.61 | 0.67 |
| Inventory Turnover | 0.76 | 0.76 | 0.72 | 0.73 | 1.51 | 1.45 | 1.39 | 1.21 | 1.01 | 1.29 | 2.02 |
| Days Sales Outstanding | — | 134.01 | 142.90 | 103.69 | 79.96 | 70.41 | 82.45 | 92.78 | 105.24 | 137.96 | 122.55 |
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 | — | $30M | $28M | $26M | $24M | $24M | $23M | $21M | $17M | $18M | $18M |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying ESTA stock.
Establishment Labs Holdings Inc.'s current P/E ratio is -53.0x. This places it at the 50th percentile of its historical range.
Establishment Labs Holdings Inc.'s return on equity (ROE) is -133.3%. The historical average is -141.5%.
Based on historical data, Establishment Labs Holdings Inc. is trading at a P/E of -53.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Establishment Labs Holdings Inc. has 69.3% gross margin and -18.5% operating margin.
Key Metrics
Top Statement Risk
Thin equity and US launch dependence
Metrics are mathematically derived from official filings.
Premium Multiples Priced on US Approval
According to the reported figures, ESTA trades at 9.34x trailing sales and 84.31x book value despite a negative trailing P/E of -38.97, a combination that signals the market is pricing future earnings rather than current results.
The 84.31x price-to-book multiple largely reflects the collapse of book equity to a thin base rather than an expensive asset value, so it should not be read as a conventional premium. The 9.34x price-to-sales ratio is high against the reported figures of a 69.1% gross margin and -3.6% operating margin, which implies investors are capitalizing a successful US launch rather than current profitability. Peer comparison is limited here, since ALGN trades near 29x earnings with positive returns while INMD trades at 9.32x, so ESTA's valuation depends on a growth premium the current data does not yet validate.
Gross Margin Strong, Operating Gap Persistent
As reported in the quarterly filings, ESTA's gross margin held between 63.9% and 70.7% over ten quarters while operating margin improved from -41.0% to -3.6%, suggesting operating costs are scaling more slowly than gross profit.
The stability of the gross margin band points to consistent pricing power and manufacturing efficiency relative to cost of goods. The narrowing operating loss is encouraging, but a net margin of -14.9% that sits far below the operating margin indicates non-operating charges or financing costs are materially widening the reported loss. Investors should monitor whether SG&A, which the filings suggest absorbs roughly two-thirds of revenue, begins to decline as a share of sales.
Leverage Ratio Driven by Equity Erosion
Based on ESTA's reported figures, debt-to-equity reached 17.28 in 2026Q3 while total debt held near $264M, a movement that appears driven more by the shrinking equity denominator than by any meaningful change in borrowings.
Because the debt balance has been relatively stable while equity fell from $53.1M to $15.6M, the leverage swings primarily reflect losses eroding the equity base. Interest coverage is negative across the reported periods, which suggests operating earnings do not currently cover financing costs, though the absence of disclosed interest expense detail limits precision. This warrants further investigation into refinancing terms and maturity profile, as the figures alone do not establish near-term distress.
Current Ratio Cushioned by Cash Reserves
As reported in the balance sheets, ESTA's current ratio stayed between 2.84 and 4.44 across ten quarters, with 3.57 in 2026Q3 supported by $75.8M in cash, indicating a near-term buffer against current obligations.
The quick ratio of 2.38 in the latest quarter suggests the liquidity position does not depend heavily on inventory conversion, which is favorable given the inventory days of 98 relative to a cash conversion cycle of 305 days. Under a severe stress scenario, the current cash balance would likely cover near-term obligations, but a sustained operating cash burn would erode this cushion over time. The position appears adequate for the near term while depending on continued access to capital for US pre-launch activities.
Low Debt-to-Equity Would Mislead Here
Headline leverage metrics may understate fragility, since ESTA's debt-to-equity ratio reflects a near-zero equity denominator rather than a conservatively sized debt load, which suggests the reported ratio should be read with caution.
Investors anchoring on a single leverage figure could misjudge the capital structure, because the same debt balance produces very different ratios depending on the equity base. The operating losses persisting across all ten quarters suggest the bull case rests on a US launch that the current figures do not yet validate. Monitoring cash burn against the cash balance and any future equity financing would provide a more reliable read on the company's runway than the leverage ratio alone.