Latest Ratios: P/E Ratio -1.5x · EV/EBITDA N/A · ROE -7.0%. (2008–2025 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 | $338M | $468M | $484M | $277M | $421M | $838M | $242M | $28M | $10M | $10M | $13M |
| Enterprise Value | $505M | $634M | $365M | $49M | $253M | $867M | $165M | $26M | $-11227282 | $12M | $19M |
| P/E Ratio → | -1.55 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.91 | 2.91 | 28.63 | 16.10 | 358.23 | 1572.23 | 43.67 | 1.15 | 0.29 | 0.35 | 0.49 |
| P/B Ratio | 0.69 | 0.99 | 0.99 | 0.50 | 0.70 | 1.53 | 1.65 | 0.39 | 0.11 | 0.15 | 0.19 |
| 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 | — | 3.95 | 21.60 | 2.83 | 215.73 | 1626.75 | 29.81 | 1.08 | -0.34 | 0.44 | 0.72 |
| EV / EBITDA | — | 98.24 | — | — | — | — | — | — | — | — | — |
| 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 | 30.2% | 30.2% | 29.0% | 30.3% | -640.3% | -1342.2% | -171.0% | -50.2% | -26.5% | -39.8% | -39.5% |
| Operating Margin | -11.7% | -11.7% | -536.9% | -475.8% | -8739.2% | -11307.3% | -487.0% | -107.8% | -67.6% | -85.3% | -90.4% |
| Net Profit Margin | -21.1% | -21.1% | -464.9% | -385.0% | -8341.0% | -11107.5% | -725.9% | -117.2% | -85.1% | -90.2% | -140.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.0% | -7.0% | -15.0% | -11.4% | -17.0% | -17.1% | -36.7% | -35.5% | -36.7% | -37.1% | -63.3% |
| ROA | -5.2% | -5.2% | -12.7% | -9.8% | -14.6% | -14.8% | -32.7% | -28.6% | -28.6% | -24.5% | -34.6% |
| ROIC | -2.8% | -2.8% | -19.5% | -16.0% | -15.2% | -14.0% | -28.8% | -28.5% | -24.9% | -24.7% | -25.1% |
| ROCE | -3.1% | -3.1% | -16.2% | -13.3% | -15.9% | -15.8% | -24.5% | -30.1% | -24.7% | -30.0% | -29.5% |
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 | 0.36 | 0.36 | 0.14 | 0.13 | 0.12 | 0.13 | 0.01 | 0.20 | 0.15 | 0.22 | 0.49 |
| Debt / EBITDA | 25.94 | 25.94 | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.35 | -0.24 | -0.41 | -0.28 | 0.05 | -0.52 | -0.02 | -0.23 | 0.04 | 0.09 |
| Net Debt / EBITDA | 25.77 | 25.77 | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -0.86 | -0.86 | -19.27 | -29.64 | -82.98 | -234.87 | -18.19 | -9.47 | -7.64 | -7.35 | -3.75 |
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 | 1.82 | 1.82 | 8.36 | 4.23 | 16.33 | 11.98 | 16.88 | 1.21 | 7.32 | 1.58 | 0.96 |
| Quick Ratio | 1.88 | 1.88 | 8.18 | 4.18 | 16.08 | 11.89 | 16.38 | 1.05 | 6.72 | 1.19 | 0.86 |
| Cash Ratio | 0.01 | 0.01 | 7.77 | 3.26 | 15.90 | 10.87 | 15.88 | 0.81 | 6.38 | 1.03 | 0.80 |
| Asset Turnover | — | 0.22 | 0.03 | 0.03 | 0.00 | 0.00 | 0.04 | 0.26 | 0.31 | 0.31 | 0.24 |
| Inventory Turnover | — | — | 2.67 | 3.15 | 1.37 | 2.79 | 6.02 | 11.48 | 13.13 | 8.75 | 10.70 |
| Days Sales Outstanding | — | 21.32 | 67.78 | 83.91 | 147.86 | 1717.49 | 34.75 | 16.94 | 5.84 | 14.09 | 15.43 |
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% | 1.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 1.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $234M | $232M | $239M | $222M | $196M | $57M | $12M | $5M | $814796 | $192371 |
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying GEVO stock.
Gevo, Inc.'s current P/E ratio is -1.5x. This places it at the 50th percentile of its historical range.
Gevo, Inc.'s return on equity (ROE) is -7.0%. The historical average is -86.6%.
Based on historical data, Gevo, Inc. is trading at a P/E of -1.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Gevo, Inc. has 30.2% gross margin and -11.7% operating margin.
Gevo, Inc.'s Debt/EBITDA ratio is 25.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Persistent negative returns with eroding equity
Metrics are mathematically derived from official filings.
Deep Discount Reflects Asset Write-Down Risk
Gevo trades at a P/B of 0.57, implying the market prices assets 43% below carrying value, while trailing EV/EBITDA of 68.74 versus forward 9.47 suggests analysts expect a step-change EBITDA recovery that has not yet materialized, per market data as of latest quarter.
The negative P/E of -8.14 renders the earnings multiple meaningless for Gevo, leaving P/B and EV/EBITDA as the only interpretable valuation signals. A P/B below 1.0 is unusual and may indicate the market anticipates further impairments to the $490.7M asset base, consistent with the $120M PPE write-down reported in 2026Q2. The gap between trailing and forward EV/EBITDA (68.74 vs. 9.47) embeds an implied EBITDA inflection that investors should treat as speculative until quarterly margins stabilize above zero.
Gross Margin Whipsaw Undermines Earnings Power
Gross margin swung from 26.3% in 2025Q1 to 60.2% in 2025Q2 and back to 29.4% by 2025Q3, reflecting extreme sensitivity to utilization and feedstock costs rather than durable pricing power, while operating margin posted only one positive quarter in ten, as reported in Gevo's filings.
The single positive operating margin (13.4% in 2025Q2) coincided with peak gross margin, suggesting the business reaches breakeven only under favorable throughput and mix conditions. Net margin of -50.5% in 2026Q1 and -3.8% in 2026Q2 indicates that even when gross profit is generated, SG&A and non-cash charges overwhelm it. True earning power appears materially below headline gross margin given the structural overhead base near $11M per quarter established after the 2025Q1 scale-up.
Capital Compounding Negative Returns Consistently
ROIC was negative in nine of the last ten quarters, ranging from -5.2% in 2024Q2 to -27.4% in 2026Q2, with only a marginal 0.7% positive print in 2025Q2, suggesting Gevo has not generated an economic return on invested capital at any meaningful scale.
The deterioration from -5.2% ROIC in mid-2024 to -27.4% in 2026Q2 tracks the acquisition-driven asset build, implying the newly deployed capital has not yet produced commensurate operating income. ROE of -48.1% in 2026Q2, compared to -3.4% in 2024Q1, reflects equity erosion from impairments rather than operating leverage. This pattern suggests a business still in pre-profit scale-up where returns on capital will remain uninterpretable until utilization stabilizes and fixed costs are absorbed.
Rising Leverage Without Earnings Coverage
D/E increased from 0.13 in 2024Q1 to 0.61 in 2026Q2, driven by a $174.7M equity decline rather than incremental borrowing, while interest coverage was negative in eight of ten quarters, meaning debt service is being funded from cash reserves rather than operating earnings, per reported balance sheets.
The leverage ratio more than quadrupled over ten quarters without a corresponding increase in debt, signaling that the balance sheet weakening is equity-driven through impairments. Negative interest coverage (as low as -33.82 in 2024Q1 and -30.30 in 2026Q2) indicates EBIT does not cover interest costs, leaving the $170.7M debt load dependent on the remaining $58.1M cash position and any financing access. Investors should monitor whether refinancing conditions tighten as cash runway compresses from the prior fortress level.
Near-Zero Asset Turnover Exposes Utilization Gap
Asset turnover ranged from 0.00 to 0.08 across ten quarters, meaning Gevo generates less than $0.08 of revenue per dollar of assets, while the cash conversion cycle swung from 240 days in 2024Q3 to 30 days in 2026Q2, reflecting extreme working capital volatility.
An asset turnover below 0.10 is characteristic of a pre-commercial or ramping industrial asset base and confirms the large capital investments have not yet translated into proportional revenue. The CCC compression from 240 to 30 days appears driven primarily by DSO falling from 132 to 27 days and DIO from 168 to 70, which may reflect changes in customer mix or inventory positioning rather than structural efficiency gains. DPO compression from 111 to 66 days over the same period suggests supplier terms have tightened, partially offsetting the working capital improvement.
P/B Misleads on Impaired Book Value
The P/B ratio of 0.57 is the most commonly misapplied metric for Gevo, as it appears to signal a 43% discount to book value but actually reflects a $174.7M equity write-down from PPE impairments rather than a genuine value opportunity, per reported balance sheets.
Book value declined from $466.3M in 2025Q4 to $273.2M in 2026Q2 largely through non-cash impairments, so the low P/B ratio measures the market's skepticism about remaining asset carrying values rather than a bargain relative to replacement or liquidation worth. An analyst relying on P/B alone would miss that the asset base may require further markdowns, particularly the $43.6M goodwill still on the balance sheet. EV/EBITDA on a forward basis and cash burn trajectory provide more reliable signals for this asset-heavy, pre-profit chemical manufacturer than book-value multiples.