Latest Ratios: P/E Ratio -1382.5x · EV/EBITDA N/A · ROE -54.0%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $39M | $21.0B | $260.7B | — | — | — |
| Enterprise Value | $39M | $21.0B | $260.7B | — | — | — |
| P/E Ratio → | -1382.53 | — | — | — | — | — |
| P/S Ratio | 7.23 | 3886.77 | 191039.55 | — | — | — |
| P/B Ratio | 902.43 | 3133.16 | 28074.21 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 3886.69 | 191037.81 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|
| Gross Margin | 4.7% | 4.7% | -146.0% | 91.4% | 62.1% | -2.5% |
| Operating Margin | -80.0% | -80.0% | -335.4% | -6.4% | -22.1% | -6.4% |
| Net Profit Margin | -79.9% | -79.9% | -336.3% | -6.4% | -22.2% | -5.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -54.0% | -54.0% | -96.3% | -20.0% | -19.9% | -51.3% |
| ROA | -26.6% | -26.6% | -50.3% | -1.8% | -0.7% | -1.9% |
| ROIC | -39.3% | -39.3% | -69.8% | -13.7% | -14.5% | -45.0% |
| ROCE | -53.1% | -53.1% | -48.3% | — | — | -60.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.03 | 0.04 | 1.06 | — |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.06 | -0.26 | -3.21 | -59.34 | -2.78 |
| Net Debt / EBITDA | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | -0.17 |
| Interest Coverage | — | — | — | — | — | — |
Net cash position: cash ($624583) exceeds total debt ($199102)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.51 | 1.51 | 1.73 | 1.12 | 0.99 | 1.03 |
| Quick Ratio | 1.51 | 1.51 | 1.73 | 1.12 | 0.99 | 1.03 |
| Cash Ratio | 0.07 | 0.07 | 0.38 | 0.07 | 0.10 | 0.10 |
| Asset Turnover | — | 0.34 | 0.08 | 0.25 | 0.23 | 0.34 |
| 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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — |
| Shares Outstanding | — | $219M | $191M | $214M | $214M | $210M |
Liquidity and margin compression
As reported in recent financial statements, GSIW trades at a price-to-sales ratio of 7.55, a valuation that appears disconnected from the firm's -80.00% operating margin and suggests investors are pricing the equity as a speculative call option on future Hong Kong IPO market recovery.
The current P/S multiple implies a growth-oriented valuation that is difficult to justify given the company's inability to convert revenue into operating profit. Investors should monitor whether this premium is sustainable or if it reflects a misunderstanding of the firm's structural inability to retain fees in a competitive sub-underwriting environment.
Based on reported figures, the company's gross margin has compressed to 4.72%, which indicates that GSIW may be functioning as a sub-underwriter with limited pricing power, forcing the firm to pass the majority of its generated fees to lead managers or external distribution partners.
The persistent negative operating margin suggests that the firm's fixed-cost base in Central, Hong Kong, is currently too high to be supported by its transactional revenue model. Without a shift toward higher-margin discretionary asset management, the firm may continue to struggle with achieving break-even profitability regardless of top-line growth.
According to historical data, the company's ROIC has trended into negative territory, reaching -36.2% in 2026Q2, which suggests that the capital deployed into the business is currently destroying value rather than compounding returns for shareholders.
The decline in return on capital appears to be driven by the firm's inability to scale its underwriting mandates profitably. This trend warrants further investigation into whether management's capital allocation strategy is focused on long-term value creation or merely maintaining a presence in a highly volatile market.
Based on the most recent financial statements, GSIW's cash position of $19.0M in 2026Q2 represents a significant improvement from the $624.6K reported in 2025Q4, yet the firm's history of rapid cash depletion warrants caution regarding its ability to sustain operations without further dilutive capital raises.
While the liquidity position has improved, the firm's reliance on episodic underwriting revenue makes its cash flow profile inherently unstable. Investors should monitor the current ratio and cash burn rate closely, as any downturn in HKEX listing activity could quickly exhaust the current cash buffer.
As indicated by the financial statements, the market's focus on the 295.95% revenue growth rate is a commonly misapplied metric that obscures the firm's underlying lack of profitability and the high-risk nature of its transactional, point-in-time fee recognition model.
Analysts should prioritize net margin and free cash flow over top-line growth to assess the true economic viability of the business. The current reliance on revenue as a primary performance indicator likely masks the structural challenges inherent in the firm's low-margin sub-underwriting activities.
Includes 30+ ratios · 5 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying GSIW stock.
Garden Stage Limited Ordinary Shares's current P/E ratio is -1382.5x. This places it at the 50th percentile of its historical range.
Garden Stage Limited Ordinary Shares's return on equity (ROE) is -54.0%. The historical average is -48.3%.
Based on historical data, Garden Stage Limited Ordinary Shares is trading at a P/E of -1382.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Garden Stage Limited Ordinary Shares has 4.7% gross margin and -80.0% operating margin.