Latest Ratios: P/E Ratio -13.9x · EV/EBITDA N/A · ROE -4.5%. (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 | $162M | $429M | $984M | $72M | $52M | $492M | — | — |
| Enterprise Value | $157M | $424M | $946M | $60M | $31M | $442M | — | — |
| P/E Ratio → | -13.87 | — | 8.72 | 5.61 | — | — | — | — |
| P/S Ratio | 1.34 | 3.53 | 8.37 | 1.27 | 1.03 | 5.14 | — | — |
| P/B Ratio | 0.63 | 1.73 | 3.82 | 0.69 | 0.61 | 4.73 | — | — |
| P/FCF | — | — | — | 114.67 | 1.18 | 59.65 | — | — |
| P/OCF | — | — | — | 103.57 | 1.17 | 56.50 | — | — |
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 | — | 3.49 | 8.05 | 1.07 | 0.62 | 4.61 | — | — |
| EV / EBITDA | — | — | 25.35 | 5.11 | — | 9.84 | — | — |
| EV / EBIT | — | — | 29.58 | 8.33 | — | 8.64 | — | — |
| EV / FCF | — | — | — | 96.44 | 0.71 | 53.51 | — | — |
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 | 48.2% | 48.2% | 100.0% | 45.8% | 43.3% | 76.3% | 58.6% | 16.4% |
| Operating Margin | -6.3% | -6.3% | 27.2% | 12.9% | -49.3% | 46.4% | 20.7% | -42.2% |
| Net Profit Margin | -9.3% | -9.3% | 96.1% | 22.7% | -45.7% | -22.9% | 38.5% | -2.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -4.5% | -4.5% | 62.5% | 13.5% | -24.4% | -36.0% | 63.1% | -2.8% |
| ROA | -4.1% | -4.1% | 56.5% | 12.7% | -23.4% | -33.8% | 53.8% | -2.4% |
| ROIC | -2.5% | -2.5% | 15.4% | 6.9% | -31.6% | 96.7% | 30.4% | -42.1% |
| ROCE | -2.8% | -2.8% | 16.7% | 7.6% | -26.2% | 72.1% | 31.4% | -38.0% |
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 | — | — | — | — | — | — | 0.03 | 0.09 |
| Debt / EBITDA | — | — | — | — | — | — | 0.12 | — |
| Net Debt / Equity | — | -0.02 | -0.15 | -0.11 | -0.24 | -0.49 | -0.12 | -0.26 |
| Net Debt / EBITDA | — | — | -1.02 | -0.97 | — | -1.13 | -0.46 | — |
| Debt / FCF | — | — | — | -18.23 | -0.47 | -6.14 | -0.82 | — |
| Interest Coverage | -13.44 | -13.44 | — | — | — | — | 1137.67 | -535.67 |
Net cash position: cash ($5M) exceeds total debt ($0)
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 | 13.49 | 13.49 | 9.92 | 7.92 | 18.94 | 13.94 | 6.03 | 5.71 |
| Quick Ratio | 13.49 | 13.49 | 9.92 | 7.85 | 18.94 | 13.94 | 6.03 | 5.71 |
| Cash Ratio | 0.70 | 0.70 | 8.19 | 7.23 | 17.50 | 11.08 | 1.70 | 3.46 |
| Asset Turnover | — | 0.46 | 0.41 | 0.50 | 0.57 | 0.88 | 1.02 | 0.82 |
| Inventory Turnover | — | — | — | 61.03 | — | — | — | — |
| Days Sales Outstanding | — | 267.63 | 23.77 | 21.02 | 10.73 | 10.22 | 47.28 | 19.03 |
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 | — | — | 11.5% | 17.8% | — | — | — | — |
| FCF Yield | — | — | — | 0.9% | 84.7% | 1.7% | — | — |
| Buyback Yield | 9.3% | 3.5% | 0.5% | 1.0% | 0.5% | 0.0% | — | — |
| Total Shareholder Yield | 9.3% | 3.5% | 0.5% | 1.0% | 0.5% | 0.0% | — | — |
| Shares Outstanding | — | $29M | $32M | $31M | $25M | $25M | $25M | $25M |
Liquidity and capital exhaustion
Based on reported figures, EXOD trades at a P/S multiple of 1.34, which appears to discount the company's inability to achieve consistent profitability compared to broader infrastructure software peers that command significantly higher premiums due to their recurring revenue models and more stable operating margins.
The negative P/E of -13.87 suggests that the market is currently pricing the equity as a speculative option on crypto-market recovery rather than a fundamental business. Investors should monitor whether the forward EV/EBITDA of 4.10 is achievable, as it implies a rapid pivot to operational efficiency that has not been evidenced in recent quarterly performance.
As reported in financial statements, the company's ROIC has trended into negative territory, reaching -3.5% in 2026Q1, which indicates that the firm is currently destroying shareholder value rather than compounding it through its core software development and infrastructure maintenance activities.
The volatility in ROE, which swung from 36.2% in 2024Q1 to -13.8% in 2026Q1, highlights the extreme sensitivity of the company's returns to non-operating items and digital asset valuations. This erratic performance suggests that management's capital allocation strategy is currently failing to generate sustainable returns on the capital invested in the platform.
According to recent SEC filings, the company's asset turnover ratio has remained stagnant at approximately 0.09 to 0.10, suggesting that the firm is struggling to generate meaningful revenue from its existing asset base compared to more efficient software-as-a-service providers in the infrastructure sector.
The increase in DSO to 184 days in 2026Q1 warrants further investigation, as it may indicate a lengthening of the settlement cycle with third-party exchange API partners. Such a trend suggests that the company lacks the leverage to enforce faster payment terms, further straining its already limited cash position.
Based on EXOD's reported figures, the current ratio has fluctuated wildly, yet the absolute cash balance has dwindled to approximately $4.9 million, leaving the company with a precarious liquidity profile that may be insufficient to support ongoing R&D and operational overhead in a downturn.
While the current ratio of 14.20 appears high, it is likely distorted by the inclusion of volatile digital assets rather than liquid cash equivalents. Investors should monitor the company's ability to maintain operations without resorting to dilutive financing, as the current cash burn rate appears unsustainable.
The most commonly misapplied metric for Exodus is the P/S ratio, which obscures the fact that the company's revenue is transactional and highly cyclical rather than recurring, making it a poor proxy for the valuation of traditional, subscription-based infrastructure software firms.
Analysts should instead focus on the Swap Conversion Rate and MAU growth to assess the underlying health of the business model. Using standard SaaS valuation multiples for EXOD risks ignoring the structural volatility inherent in its reliance on third-party exchange API fees.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying EXOD stock.
Exodus Movement, Inc.'s current P/E ratio is -13.9x. The historical average is 7.2x.
Exodus Movement, Inc.'s return on equity (ROE) is -4.5%. The historical average is 10.2%.
Based on historical data, Exodus Movement, Inc. is trading at a P/E of -13.9x. Compare with industry peers and growth rates for a complete picture.
Exodus Movement, Inc. has 48.2% gross margin and -6.3% operating margin.