Latest Ratios: P/E Ratio 8.8x · EV/EBITDA 55.7x · ROE 14.4%. (2019–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $760M | $927M | $799M | $784M | $1.6B | — | — | — | — |
| Enterprise Value | $1.0B | $1.2B | $1.0B | $714M | $1.5B | — | — | — | — |
| P/E Ratio → | 8.83 | 16.39 | 17.50 | 12.39 | 38.18 | — | — | — | — |
| P/S Ratio | 12.86 | 15.70 | 34.06 | 15.71 | 47.14 | — | — | — | — |
| P/B Ratio | 0.83 | 1.54 | 5.03 | 2.07 | 4.54 | — | — | — | — |
| P/FCF | 53.01 | 64.71 | 1520.05 | 18.36 | 100.55 | — | — | — | — |
| P/OCF | 52.79 | 64.44 | 1463.11 | 18.35 | 100.53 | — | — | — | — |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 20.42 | 43.83 | 14.30 | 46.11 | — | — | — | — |
| EV / EBITDA | 55.69 | 64.68 | 57.88 | 17.59 | 81.48 | — | — | — | — |
| EV / EBIT | 113.48 | 11.06 | 19.47 | 25.10 | 32.79 | — | — | — | — |
| EV / FCF | — | 84.13 | 1956.34 | 16.72 | 98.35 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 65.7% | 65.7% | 78.4% | 87.7% | 70.2% | 8.1% | 12.9% | 91.6% | 37.0% |
| Operating Margin | 15.5% | 15.5% | 51.7% | 75.7% | 52.6% | 5.5% | 63.8% | 86.0% | 10.0% |
| Net Profit Margin | 92.7% | 92.7% | 189.5% | 128.0% | 127.2% | 108.7% | 90.8% | 90.3% | 120.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.4% | 14.4% | 16.6% | 17.7% | 2.4% | 7.2% | 8.5% | 21.5% | 14.4% |
| ROA | 7.5% | 7.5% | 8.5% | 12.5% | 2.3% | 6.9% | 5.3% | 3.2% | 0.3% |
| ROIC | 1.1% | 1.1% | 2.6% | 9.2% | 0.8% | 0.3% | 3.2% | 2.3% | 0.0% |
| ROCE | 1.6% | 1.6% | 3.4% | 10.5% | 1.0% | 0.4% | 5.9% | 20.1% | 1.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.54 | 0.54 | 1.62 | 0.17 | 0.35 | — | — | 1.75 | 47.22 |
| Debt / EBITDA | 17.42 | 17.42 | 14.52 | 1.62 | 6.39 | — | — | 15.57 | 3980.40 |
| Net Debt / Equity | — | 0.46 | 1.44 | -0.19 | -0.10 | -0.04 | -0.14 | 1.59 | 47.17 |
| Net Debt / EBITDA | 14.93 | 14.93 | 12.91 | -1.73 | -1.82 | -6.39 | -3.20 | 14.20 | 3976.42 |
| Debt / FCF | — | 19.43 | 436.29 | -1.64 | -2.20 | -1.40 | -5.03 | 9.50 | 234.57 |
| Interest Coverage | 10.56 | 10.56 | 5.11 | — | 38.91 | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.92 | 1.92 | 0.52 | 2.83 | 2.29 | 27.78 | 19.58 | 1.48 | 0.99 |
| Quick Ratio | 1.92 | 1.92 | 0.52 | 2.83 | 2.29 | 27.78 | 19.58 | 1.48 | 0.99 |
| Cash Ratio | 0.33 | 0.33 | 0.25 | 0.89 | 1.17 | 1.05 | 3.07 | 0.09 | 0.06 |
| Asset Turnover | — | 0.06 | 0.05 | 0.09 | 0.07 | 0.06 | 0.06 | 0.05 | 0.00 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 1639.38 | 144.55 | 1687.14 | 1587.58 | 4713.53 | 529.44 | 896.04 | 134074.91 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.3% | 6.1% | 5.7% | 8.1% | 2.6% | — | — | — | — |
| FCF Yield | 1.9% | 1.5% | 0.1% | 5.4% | 1.0% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $314M | $254M | $192M | $186M | $169M | $132M | $177M | $185M |
Non-operating income dependency
According to recent market data, AMTD Digital trades at a P/S ratio of 12.86, which appears significantly elevated compared to regional fintech peers, suggesting that investors may be pricing in speculative growth expectations that are not supported by the company's current contracting revenue and volatile earnings profile.
The valuation multiples appear to reflect a premium for the company's ecosystem narrative rather than its underlying financial performance. Given the lack of forward-looking guidance and the historical volatility of its investment-driven income, the current P/E of 8.83 may be misleadingly low, as it likely incorporates non-recurring fair value gains that are unlikely to repeat.
Based on reported figures, the company's ROIC has struggled to maintain positive territory, hovering near 0.6% in 2024Q4, which indicates that the firm is failing to generate meaningful returns on its invested capital compared to the double-digit ROIC levels typically expected from scalable software-as-a-service business models.
The erratic nature of ROE and ROIC trends suggests that capital allocation is heavily influenced by the mark-to-market fluctuations of the investment portfolio rather than operational reinvestment. This lack of compounding returns warrants investigation into whether the company's capital is being deployed effectively or merely parked in speculative digital assets.
As reported in financial statements, the company's asset turnover ratio remains extremely low at 0.02, which suggests that the firm's massive asset base is not being utilized efficiently to drive revenue, highlighting a structural disconnect between the company's reported scale and its actual operational output.
The exceptionally high DSO figures, which have historically reached into the thousands, imply significant challenges in collecting receivables from the ecosystem partners. This suggests that the company's revenue recognition may be decoupled from actual cash inflows, creating a potential liquidity trap that investors should monitor closely.
Based on an analysis of historical filings, the net margin is the most commonly misapplied metric for this business, as it frequently exceeds 100% due to non-operating investment gains, thereby obscuring the underlying weakness in the company's core software-driven operating margins which have recently compressed to 25.6%.
Analysts should prioritize operating margin and cash flow from operations over net income to gauge the true earning power of the SpiderNet ecosystem. Relying on net margin risks overestimating the company's ability to generate sustainable profit from its core service offerings, as these figures are heavily distorted by volatile fair value adjustments.
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Quick answers to the most common questions about buying HKD stock.
AMTD Digital Inc.'s current P/E ratio is 8.8x. The historical average is 21.1x.
AMTD Digital Inc.'s current EV/EBITDA is 55.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 55.4x.
AMTD Digital Inc.'s return on equity (ROE) is 14.4%. The historical average is 12.8%.
Based on historical data, AMTD Digital Inc. is trading at a P/E of 8.8x. Compare with industry peers and growth rates for a complete picture.
AMTD Digital Inc. has 65.7% gross margin and 15.5% operating margin. Operating margin between 10-20% is typical for established companies.
AMTD Digital Inc.'s Debt/EBITDA ratio is 17.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.