Latest Ratios: P/E Ratio -11.8x · EV/EBITDA 3.7x · ROE -4.6%. (1998–2025 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 | $53M | $91M | $105M | $58M | $49M | $170M | $191M | $145M | $179M | $188M | $172M |
| Enterprise Value | $49M | $87M | $110M | $63M | $60M | $175M | $193M | $152M | $161M | $168M | $118M |
| P/E Ratio → | -11.83 | — | — | — | — | 45.11 | 367.29 | — | — | — | 1.97 |
| P/S Ratio | 0.54 | 0.92 | 1.16 | 0.72 | 0.60 | 2.14 | 2.85 | 2.69 | 4.08 | 6.64 | 9.96 |
| P/B Ratio | 0.52 | 0.89 | 1.11 | 0.67 | 0.57 | 1.88 | 2.57 | 2.11 | 2.19 | 2.47 | 1.76 |
| P/FCF | — | — | 53.98 | 97.40 | — | 48.19 | — | — | — | — | — |
| P/OCF | 9.39 | 15.99 | 15.13 | 9.89 | 4.28 | 8.15 | 16.37 | — | — | — | — |
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 | — | 0.87 | 1.22 | 0.78 | 0.73 | 2.19 | 2.89 | 2.82 | 3.68 | 5.93 | 6.82 |
| EV / EBITDA | 3.67 | 6.47 | 8.70 | 5.03 | 3.83 | 11.54 | 26.05 | — | — | — | — |
| EV / EBIT | — | — | — | — | — | 87.97 | — | — | — | — | — |
| EV / FCF | — | — | 56.89 | 105.25 | — | 49.51 | — | — | — | — | — |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.1% | 87.1% | 86.1% | 85.5% | 86.7% | 86.8% | 87.1% | 86.8% | 87.0% | 86.1% | 83.5% |
| Operating Margin | -5.2% | -5.2% | -6.6% | -5.7% | -0.3% | 2.5% | -6.9% | -31.9% | -82.3% | -88.9% | -96.1% |
| Net Profit Margin | -4.5% | -4.5% | -5.8% | -7.2% | -4.7% | 4.7% | 0.8% | -33.6% | -77.1% | -82.3% | 504.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -4.6% | -4.6% | -5.8% | -6.7% | -4.4% | 4.5% | 0.7% | -24.1% | -42.9% | -26.8% | 91.1% |
| ROA | -3.0% | -3.0% | -3.9% | -4.4% | -2.9% | 3.1% | 0.5% | -17.0% | -33.1% | -22.8% | 73.9% |
| ROIC | -3.9% | -3.9% | -4.7% | -3.6% | -0.2% | 1.7% | -4.6% | -18.5% | -45.2% | -37.9% | -20.2% |
| ROCE | -4.7% | -4.7% | -6.0% | -4.4% | -0.3% | 2.1% | -5.3% | -18.9% | -42.2% | -28.7% | -17.7% |
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 | 0.09 | 0.09 | 0.12 | 0.14 | 0.26 | 0.17 | 0.20 | 0.27 | 0.15 | 0.16 | — |
| Debt / EBITDA | 0.70 | 0.70 | 0.91 | 1.00 | 1.43 | 0.99 | 2.03 | — | — | — | — |
| Net Debt / Equity | — | -0.04 | 0.06 | 0.05 | 0.13 | 0.05 | 0.03 | 0.10 | -0.21 | -0.27 | -0.55 |
| Net Debt / EBITDA | -0.31 | -0.31 | 0.45 | 0.38 | 0.69 | 0.31 | 0.33 | — | — | — | — |
| Debt / FCF | — | — | 2.91 | 7.85 | — | 1.32 | — | — | — | — | — |
| Interest Coverage | — | — | — | -10.85 | -10.80 | 7.49 | -5.99 | -26.76 | — | -48.82 | -47.22 |
Net cash position: cash ($14M) exceeds total debt ($9M)
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 | 0.59 | 0.59 | 0.38 | 0.51 | 0.63 | 0.50 | 0.77 | 0.87 | 2.65 | 1.83 | 6.14 |
| Quick Ratio | 0.59 | 0.59 | 0.38 | 0.51 | 0.63 | 0.50 | 0.77 | 0.87 | 2.65 | 1.83 | 6.14 |
| Cash Ratio | 0.36 | 0.36 | 0.14 | 0.25 | 0.42 | 0.34 | 0.59 | 0.62 | 2.30 | 1.63 | 5.93 |
| Asset Turnover | — | 0.64 | 0.64 | 0.62 | 0.61 | 0.60 | 0.61 | 0.51 | 0.41 | 0.29 | 0.16 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 20.05 | 29.77 | 28.60 | 13.81 | 12.51 | 11.05 | 15.62 | 11.11 | 13.61 | 11.72 |
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 | — | — | — | — | — | — | — | — | — | — | 1.1% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | 2.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 2.2% | 0.3% | — | — | — | 50.8% |
| FCF Yield | — | — | 1.9% | 1.0% | — | 2.1% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 44.4% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 45.5% |
| Shares Outstanding | — | $25M | $23M | $22M | $21M | $20M | $19M | $18M | $17M | $15M | $20M |
Limited Liquidity Runway
According to current market data, Gaia trades at a P/S multiple of 0.55, which, when compared to its historical averages and niche streaming peers, suggests that investors are heavily discounting the company's future growth potential due to persistent operating losses and the lack of a clear path to profitability.
The negative P/E of -12.11 underscores the market's focus on the company's inability to generate bottom-line earnings despite its high-margin subscription model. This valuation appears to price the company as a distressed asset rather than a growth-stage streaming platform, warranting caution regarding potential further multiple compression if subscriber growth continues to decelerate.
Based on reported figures, Gaia's ROIC has remained consistently negative over the last ten quarters, bottoming at -1.7% in 2025Q2, which indicates that the company is currently destroying shareholder value rather than compounding it through its investments in content and platform expansion.
The persistent negative returns on invested capital suggest that the capital allocated to content production is not generating sufficient incremental revenue to cover the associated costs. Investors should monitor whether management can pivot toward a more disciplined capital allocation strategy, as the current trend indicates a fundamental mismatch between investment intensity and operational returns.
As reported in recent SEC filings, Gaia's current ratio has hovered near 0.56 as of 2026Q1, a level that appears inadequate for a business model requiring significant ongoing marketing spend and content investment, thereby leaving the company vulnerable to even minor disruptions in cash flow.
The consistently low current ratio suggests that the company lacks a sufficient buffer to meet its short-term obligations without relying on external financing or aggressive cash management. This liquidity position warrants close investigation, as it may force management to curtail growth-oriented marketing spend, potentially creating a negative feedback loop for subscriber acquisition.
Based on a comparison with industry peers like CuriosityStream, Gaia's EV/EBITDA multiple of 3.77 appears significantly lower than the broader sector, which may indicate that the market views Gaia's specific niche content strategy as having a higher risk profile or lower scalability than its competitors.
While Gaia maintains a cleaner balance sheet than some of its more leveraged peers, the gap in valuation multiples suggests that the market is prioritizing the lack of profitability over the company's debt-light structure. This structural discount appears to reflect investor concerns regarding the sustainability of the company's niche-focused business model in a competitive streaming landscape.
The most commonly misapplied metric for Gaia is the gross margin, which, at 86.0%, often leads analysts to overestimate the company's underlying profitability while obscuring the reality that the business model is fundamentally burdened by high fixed costs and customer acquisition expenses.
Relying on gross margin as a proxy for earning power is misleading in this context because it ignores the massive operating expenses required to maintain the platform and acquire new subscribers. A more appropriate metric for evaluating Gaia's true economic health would be the LTV/CAC ratio or contribution margin, which better capture the unit economics of the subscription business.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying GAIA stock.
Gaia, Inc.'s current P/E ratio is -11.8x. The historical average is 65.2x.
Gaia, Inc.'s current EV/EBITDA is 3.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.3x.
Gaia, Inc.'s return on equity (ROE) is -4.6%. The historical average is -0.6%.
Based on historical data, Gaia, Inc. is trading at a P/E of -11.8x. Compare with industry peers and growth rates for a complete picture.
Gaia, Inc. has 87.1% gross margin and -5.2% operating margin.
Gaia, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.