Latest Ratios: P/E Ratio -118.8x · EV/EBITDA N/A · ROE -0.7%. (1996–2025 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 | $38M | $35M | $37M | $45M | $66M | $93M | $29M | $27M | $24M | $23M | $26M |
| Enterprise Value | $13M | $10M | $10M | $19M | $44M | $79M | $27M | $26M | $18M | $19M | $22M |
| P/E Ratio → | -118.80 | — | 27.77 | 13.91 | 19.22 | 2.92 | — | — | 37.70 | — | — |
| P/S Ratio | 4.46 | 4.11 | 3.37 | 2.97 | 2.68 | 4.31 | 6.41 | 7.92 | 3.90 | 3.42 | 4.72 |
| P/B Ratio | 0.88 | 0.77 | 0.76 | 0.86 | 1.23 | 1.72 | 1.71 | 1.24 | 0.94 | 0.95 | 1.04 |
| P/FCF | — | — | 47.64 | 15.47 | 6.43 | 19.87 | — | — | — | 33.51 | 8.61 |
| P/OCF | — | — | 37.39 | 15.39 | 6.30 | 19.57 | — | — | — | 33.51 | 8.57 |
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 | — | 1.21 | 0.88 | 1.29 | 1.79 | 3.64 | 6.10 | 7.50 | 2.88 | 2.83 | 4.00 |
| EV / EBITDA | — | — | — | 5.16 | 3.89 | 9.24 | — | — | — | — | — |
| EV / EBIT | — | — | 5.03 | 4.76 | 8.88 | 9.66 | — | — | — | — | — |
| EV / FCF | — | — | 12.43 | 6.72 | 4.28 | 16.81 | — | — | — | 27.77 | 7.29 |
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 | 41.7% | 41.7% | 56.3% | 68.2% | 75.5% | 66.0% | 36.6% | 16.6% | 31.8% | 44.5% | 10.7% |
| Operating Margin | -35.3% | -35.3% | -4.4% | 23.4% | 45.0% | 37.7% | -53.7% | -79.7% | -36.5% | -12.9% | -75.9% |
| Net Profit Margin | -4.0% | -4.0% | 12.1% | 20.9% | 13.9% | 147.6% | -104.6% | -97.9% | 10.3% | -7.6% | -66.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.7% | -0.7% | 2.6% | 6.0% | 6.4% | 89.9% | -24.1% | -14.0% | 2.6% | -2.1% | -13.6% |
| ROA | -0.7% | -0.7% | 2.5% | 5.5% | 5.7% | 78.8% | -22.0% | -12.9% | 2.4% | -2.0% | -12.9% |
| ROIC | -4.7% | -4.7% | -0.7% | 5.0% | 15.4% | 17.1% | -9.1% | -8.6% | -6.8% | -2.7% | -11.6% |
| ROCE | -6.2% | -6.2% | -0.9% | 6.6% | 20.0% | 22.1% | -12.3% | -11.1% | -8.9% | -3.5% | -15.4% |
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 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | — | — | — | — |
| Debt / EBITDA | — | — | — | 0.02 | 0.01 | 0.01 | — | — | — | — | — |
| Net Debt / Equity | — | -0.54 | -0.56 | -0.49 | -0.41 | -0.26 | -0.08 | -0.07 | -0.24 | -0.16 | -0.16 |
| Net Debt / EBITDA | — | — | — | -6.72 | -1.96 | -1.69 | — | — | — | — | — |
| Debt / FCF | — | — | -35.21 | -8.75 | -2.15 | -3.07 | — | — | — | -5.74 | -1.32 |
| Interest Coverage | -261.00 | -261.00 | 639.33 | 1021.75 | — | — | — | — | — | — | — |
Net cash position: cash ($25M) exceeds total debt ($83000)
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 | 20.87 | 20.87 | 18.63 | 13.74 | 9.20 | 5.20 | 5.25 | 9.14 | 9.66 | 14.98 | 13.98 |
| Quick Ratio | 20.87 | 20.87 | 18.63 | 13.74 | 9.20 | 5.20 | 5.25 | 9.14 | 9.66 | 14.98 | 13.98 |
| Cash Ratio | 13.10 | 13.10 | 12.66 | 8.64 | 5.40 | 2.80 | 0.96 | 1.02 | 3.59 | 3.39 | 3.07 |
| Asset Turnover | — | 0.18 | 0.21 | 0.27 | 0.42 | 0.35 | 0.24 | 0.15 | 0.22 | 0.27 | 0.21 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 | 3.0% | 3.5% | 3.5% | 3.0% | 1.9% | 0.7% | 1.6% | 1.7% | 1.9% | 2.0% | 2.2% |
| Payout Ratio | — | — | 95.9% | 42.3% | 36.0% | 2.0% | — | — | 70.3% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 3.6% | 7.2% | 5.2% | 34.2% | — | — | 2.7% | — | — |
| FCF Yield | — | — | 2.1% | 6.5% | 15.5% | 5.0% | — | — | — | 3.0% | 11.6% |
| Buyback Yield | 5.2% | 5.7% | 5.9% | 2.7% | 0.7% | 0.3% | 0.4% | 0.1% | 0.6% | 0.5% | 1.2% |
| Total Shareholder Yield | 8.3% | 9.2% | 9.3% | 5.6% | 2.5% | 1.0% | 2.0% | 1.7% | 2.4% | 2.5% | 3.4% |
| Shares Outstanding | — | $13M | $14M | $15M | $15M | $15M | $15M | $15M | $15M | $15M | $15M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying GROW stock.
U.S. Global Investors, Inc.'s current P/E ratio is -118.8x. The historical average is 22.6x.
U.S. Global Investors, Inc.'s return on equity (ROE) is -0.7%. The historical average is 8.6%.
Based on historical data, U.S. Global Investors, Inc. is trading at a P/E of -118.8x. Compare with industry peers and growth rates for a complete picture.
U.S. Global Investors, Inc.'s current dividend yield is 3.05%.
U.S. Global Investors, Inc. has 41.7% gross margin and -35.3% operating margin.
Key Metrics
Top Statement Risk
Operational cash flow volatility
Metrics are mathematically derived from official filings.
Market Pricing Ignores Operational Decay
According to recent market data, GROW trades at a P/S ratio of 4.71, which appears disconnected from the firm's -23.05% revenue contraction and persistent operating losses, suggesting investors are pricing the company as a liquid investment vehicle rather than a viable, growing asset management business.
The negative P/E of -125.60 underscores the absence of core earnings, forcing the market to rely on the book value of the firm's cash-heavy balance sheet. This valuation premium relative to the underlying operating performance warrants caution, as it implies a speculative expectation of a turnaround that the current financial trajectory does not support.
Capital Efficiency Remains Structurally Impaired
Based on reported figures, GROW's ROIC has struggled to maintain positive territory, frequently dipping into negative values such as the -1.6% observed in 2025Q4, which indicates that the firm is failing to generate adequate returns on its invested capital compared to its boutique asset management peers.
The persistent inability to achieve a positive ROIC suggests that the firm's high fixed-cost structure is consuming the value generated by its AUM. Investors should monitor whether management can scale the business without further eroding the capital base, as current trends point toward a decay in long-term compounding potential.
Working Capital Trends Signal Inefficiency
As reported in financial statements, the firm's asset turnover has remained stagnant at approximately 0.04 to 0.05 over the last several quarters, reflecting a lack of operational leverage and an inability to efficiently convert its asset base into meaningful revenue growth within the competitive ETF landscape.
The low asset turnover ratio highlights the firm's struggle to maximize the utility of its regulatory licenses and brand equity. This inefficiency, combined with the lack of clear working capital management, suggests that the firm's operational processes are not currently optimized for the scale required to achieve profitability.
Cash Reserves Mask Operational Fragility
Based on recent SEC filings, GROW maintains a current ratio exceeding 20.0, which provides a significant liquidity buffer, yet this fortress-like balance sheet appears to be a byproduct of accumulated cash rather than a reflection of robust, self-sustaining operational cash flow generation from core management activities.
While the liquidity position is technically strong, it masks the underlying cash burn occurring within the operating business. This reliance on cash reserves to fund ongoing operations and shareholder returns suggests that the firm's liquidity is a defensive mechanism rather than a sign of a healthy, growing enterprise.
Misapplication of Price-to-Book Ratio
Analysts frequently rely on the P/B ratio of 0.93 to assess GROW's value, yet this metric is fundamentally misapplied here because it treats the firm's massive cash pile as a productive asset rather than a stagnant reserve that is currently failing to generate sufficient operational returns.
Using P/B in this context obscures the reality that the firm's core business is currently destroying value. A more appropriate metric would be an adjusted EV/AUM or a focus on the operating margin, which would better highlight the disconnect between the firm's cash-heavy balance sheet and its struggling asset management operations.