Latest Ratios: P/E Ratio 15.3x · EV/EBITDA 13.9x · ROE 30.8%. (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 | $2.0B | $1.5B | $763M | $749M | $229M | — | — | — |
| Enterprise Value | $2.1B | $1.6B | $988M | $969M | $234M | — | — | — |
| P/E Ratio → | 15.25 | 10.94 | 6.07 | 7.96 | 9.48 | — | — | — |
| P/S Ratio | 1.58 | 1.16 | 0.66 | 1.06 | 0.47 | — | — | — |
| P/B Ratio | 4.31 | 3.09 | 1.88 | 2.58 | 1.17 | — | — | — |
| P/FCF | 11.18 | 8.22 | 5.35 | 5.80 | 4.68 | — | — | — |
| P/OCF | 10.72 | 7.88 | 4.83 | 5.61 | 4.61 | — | — | — |
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 | — | 1.23 | 0.85 | 1.38 | 0.48 | — | — | — |
| EV / EBITDA | 13.91 | 10.38 | 7.08 | 8.58 | 6.42 | — | — | — |
| EV / EBIT | 14.71 | 9.86 | 7.01 | 8.34 | 7.36 | — | — | — |
| EV / FCF | — | 8.71 | 6.93 | 7.51 | 4.77 | — | — | — |
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 | 23.3% | 23.3% | 24.6% | 26.8% | 17.0% | 21.6% | 27.3% | 18.1% |
| Operating Margin | 11.2% | 11.2% | 11.3% | 15.6% | 7.1% | 9.5% | 16.0% | 3.9% |
| Net Profit Margin | 10.6% | 10.6% | 10.8% | 13.4% | 4.9% | 7.1% | 13.6% | 2.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 30.8% | 30.8% | 36.2% | 38.8% | 14.9% | 27.5% | 65.8% | 10.5% |
| ROA | 12.1% | 12.1% | 13.1% | 14.9% | 7.9% | 18.0% | 39.9% | 5.8% |
| ROIC | 18.1% | 18.1% | 17.2% | 23.2% | 19.6% | 60.8% | 129.5% | 16.4% |
| ROCE | 17.4% | 17.4% | 18.1% | 23.0% | 15.7% | 35.9% | 75.8% | 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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.97 | 0.97 | 1.20 | 1.39 | 0.76 | 0.04 | 0.05 | 0.00 |
| Debt / EBITDA | 3.06 | 3.06 | 3.47 | 3.57 | 4.07 | 0.13 | 0.09 | 0.02 |
| Net Debt / Equity | — | 0.19 | 0.55 | 0.76 | 0.02 | -0.46 | -0.66 | -0.19 |
| Net Debt / EBITDA | 0.59 | 0.59 | 1.61 | 1.95 | 0.13 | -1.44 | -1.29 | -1.06 |
| Debt / FCF | — | 0.49 | 1.58 | 1.70 | 0.10 | -8.61 | -1.76 | -24.46 |
| Interest Coverage | 806.95 | 806.95 | 550.27 | 93.74 | 55.87 | 123.09 | 985.24 | — |
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 | 2.02 | 2.02 | 2.07 | 1.91 | 2.51 | 3.02 | 2.71 | 2.08 |
| Quick Ratio | 1.47 | 1.47 | 1.42 | 1.27 | 1.75 | 1.59 | 1.98 | 1.11 |
| Cash Ratio | 1.22 | 1.22 | 1.14 | 0.89 | 1.40 | 1.11 | 1.26 | 0.30 |
| Asset Turnover | — | 1.07 | 1.08 | 0.83 | 1.17 | 2.22 | 1.99 | 2.47 |
| Inventory Turnover | 5.25 | 5.25 | 5.08 | 3.90 | 5.19 | 3.99 | 5.63 | 4.60 |
| Days Sales Outstanding | — | 18.67 | 20.55 | 36.74 | 24.00 | 20.42 | 31.83 | 41.52 |
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 | 6.6% | 9.1% | 16.5% | 12.6% | 10.5% | — | — | — |
| FCF Yield | 8.9% | 12.2% | 18.7% | 17.2% | 21.4% | — | — | — |
| Buyback Yield | 3.3% | 4.5% | 3.0% | 0.2% | 0.0% | — | — | — |
| Total Shareholder Yield | 3.3% | 4.5% | 3.0% | 0.2% | 0.0% | — | — | — |
| Shares Outstanding | — | $38M | $41M | $41M | $40M | $40M | $9M | $9M |
Includes 30+ ratios · 7 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying GCT stock.
GigaCloud Technology Inc.'s current P/E ratio is 15.3x. The historical average is 8.6x. This places it at the 100th percentile of its historical range.
GigaCloud Technology Inc.'s current EV/EBITDA is 13.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.1x.
GigaCloud Technology Inc.'s return on equity (ROE) is 30.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 32.1%.
Based on historical data, GigaCloud Technology Inc. is trading at a P/E of 15.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
GigaCloud Technology Inc. has 23.3% gross margin and 11.2% operating margin. Operating margin between 10-20% is typical for established companies.
GigaCloud Technology Inc.'s Debt/EBITDA ratio is 3.1x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Leverage and demand cyclicality
Metrics are mathematically derived from official filings.
Discounted as a Cyclical Wholesaler
GCT trades at 14.45x trailing earnings and 12.31x forward, a discount to software peers, implying the market prices it as a cyclical furniture wholesaler rather than a tech platform, per current multiples.
The P/E of 14.45x and EV/EBITDA of 13.21x are below the typical software infrastructure range, suggesting the market assigns limited credit for the marketplace's network effects. The forward P/E of 12.31x implies modest earnings growth expectations, which may be conservative given the 27.6% revenue acceleration in 2026Q2. Investors should monitor whether the valuation re-rates if 3P GMV growth sustains and margin expansion continues.
Margin Expansion Defies Logistics Costs
Gross margin improved to 25.6% in 2026Q2 from 23.9% a year earlier, while operating margin rose to 11.5%, indicating better mix and pricing power despite freight volatility, per reported financials.
The 170 basis point gross margin expansion suggests the 1P/3P mix shift toward higher-margin services is taking effect, though the absolute level remains structurally constrained by the heavy costs of oversized goods logistics. Operating margin of 11.5% reflects operating leverage as SG&A scales slower than gross profit, but the 46.7% SG&A increase in 2026Q2 warrants monitoring for cost discipline. Net margin of 10.3% is solid, yet the sustainability depends on freight rates and the ability to pass through costs.
ROIC Recovery Signals Efficiency Gains
ROIC climbed to 5.2% in 2026Q2 from 3.1% in 2024Q4, while ROE remained above 8%, indicating improved capital efficiency driven by margin expansion and asset turnover, per balance sheet data.
The steady rise in ROIC from 3.1% to 5.2% over six quarters suggests the company is generating more operating profit per dollar of invested capital, likely due to better warehouse utilization and inventory management. ROE of 8.1% in 2026Q2, though lower than the 30.8% annualized figure, reflects the quarterly nature and the conservative balance sheet with D/E near 1.0. The gap between ROIC and ROE highlights the leverage effect, but the improving trend indicates compounding is underway.
Working Capital Cycle Lengthens Slightly
Cash conversion cycle extended to 60 days in 2026Q2 from 46 days in 2025Q4, driven by higher inventory days, while DSO remained stable at 19 days, per reported figures.
The 14-day increase in CCC is primarily due to DIO rising from 60 to 68 days, reflecting deliberate inventory build-up ahead of demand or the Noble House integration. DSO of 19 days is efficient, indicating strong receivables collection, while DPO of 27 days suggests limited supplier leverage. The lengthening cycle ties up more cash, which may explain the FCF volatility, but the current ratio of 2.09 provides ample buffer.
Leverage Eases but Remains Elevated
Debt-to-equity fell to 0.95 in 2026Q2 from 1.48 in 2024Q1, yet total debt of $506.3M and D/EBITDA of 10.18x indicate significant leverage, per balance sheet data.
The improvement in D/E is driven by equity growth from retained earnings, but the absolute debt level remains high relative to EBITDA, which could strain cash flows if interest rates rise or demand softens. Interest coverage of 471.84x in 2026Q2 is exceptionally strong, suggesting debt service is comfortable, but the D/EBITDA multiple of 10.18x is elevated for a logistics-heavy model. Investors should monitor whether the company deleverages further or if the debt is used for expansion that generates adequate returns.
Liquidity Cushion Strengthens
Current ratio improved to 2.09 in 2026Q2 from 1.83 in 2024Q1, with cash rising to $335.2M, indicating a solid buffer against operational shocks, per balance sheet data.
The quick ratio of 1.47 suggests that even excluding inventory, the company can cover short-term obligations, which is reassuring given the inventory-heavy nature of the 1P business. The cash build of $150M over two years provides flexibility for debt repayment or strategic investments. However, the reliance on inventory (DIO of 68 days) means that a sudden demand drop could strain liquidity if inventory becomes obsolete, but the current cushion appears adequate.
Outperforming Fragmented Peer Group
GCT's ROE of 8.1% and net margin of 10.3% in 2026Q2 exceed Globant's 5.2% ROE and 4.2% net margin, while its P/E of 14.45x is lower, per peer data.
Compared to Globant, GigaCloud shows superior profitability and a cheaper valuation, but the comparison is imperfect given GigaCloud's asset-heavy logistics model versus Globant's asset-light services. LightInTheBox and SOS are not meaningful comps due to their distressed financials. The market may be undervaluing GigaCloud's integrated marketplace and logistics network, which is a structural advantage in the large-parcel niche, but the cyclicality of furniture demand warrants a discount.
Misapplied P/E on Cyclical Earnings
The trailing P/E of 14.45x is commonly used to value GCT, but it obscures the cyclicality of furniture demand and the capital intensity of logistics, per current multiples.
A simple P/E fails to capture the earnings volatility driven by freight rates and housing cycles, which can cause sharp swings in net income. Instead, EV/EBITDA or EV/EBIT may be more appropriate, as they normalize for capital structure and depreciation, but even these need adjustment for operating leases. Investors should also consider the 1P/3P mix, as gross revenue inflates the denominator, making P/S misleading. A better approach is to value the company on normalized free cash flow or EV/EBITDAR to account for lease obligations.