Latest Ratios: P/E Ratio -1.0x · EV/EBITDA 0.5x · ROE -27.1%. (2013–2025 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 | $113M | $64M | $1.4B | $7.3B | $6.2B | $19.1B | $23.7B | $30.1B | $26.0B | $21.3B | $15.3B |
| Enterprise Value | $105M | $56M | $1.4B | $7.3B | $6.2B | $19.1B | $23.7B | $30.1B | $26.0B | $21.3B | $15.3B |
| P/E Ratio → | -0.96 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 9.33 | 10.59 | 2618.59 | 11383.78 | 7897.63 | 36639.46 | 35864.55 | 20131.00 | 54476.93 | — | — |
| P/B Ratio | 0.14 | 0.21 | 1285.80 | 3119.64 | 762.54 | 1699.16 | 6124.12 | 5161.26 | 2642.58 | — | — |
| 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 | — | 9.38 | 2616.52 | 11375.82 | 7879.29 | 36618.38 | 35859.65 | 20127.77 | 54423.41 | — | — |
| EV / EBITDA | 0.50 | — | — | — | — | — | — | — | — | — | — |
| 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 | 91.7% | 91.7% | -11.9% | 9.5% | 41.2% | 42.9% | -13.6% | 39.2% | 87.7% | — | — |
| Operating Margin | -351.0% | -351.0% | -2673.7% | -1929.8% | -1971.5% | -3475.5% | -2129.5% | -1604.0% | -5580.5% | — | — |
| Net Profit Margin | -679.6% | -679.6% | -2258.1% | -1374.2% | -1788.1% | -3473.6% | -2137.7% | -653.8% | -5988.1% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -27.1% | -27.1% | -688.9% | -168.6% | -145.0% | -239.7% | -291.2% | -124.7% | -2421.6% | — | — |
| ROA | -26.6% | -26.6% | -209.0% | -70.9% | -89.7% | -175.6% | -167.3% | -51.2% | -165.3% | -516.6% | -261.8% |
| ROIC | -10.8% | -10.8% | — | — | — | -3074.9% | -1284.3% | — | — | — | — |
| ROCE | -14.0% | -14.0% | -386.6% | -117.7% | -116.0% | -233.0% | -263.9% | -292.7% | -2256.8% | — | -1078.3% |
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 | — | — | 0.01 | 0.02 | 0.01 | 0.00 | 0.02 | 0.11 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.02 | -1.02 | -2.18 | -1.77 | -0.98 | -0.84 | -0.83 | -2.60 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -63.39 | -63.39 | -815.47 | — | -17.70 | — | — | — | — | — | -145.67 |
Net cash position: cash ($7M) exceeds total debt ($0)
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 | 10.33 | 10.33 | 1.58 | 3.88 | 8.40 | 4.75 | 1.93 | 1.90 | 1.50 | 0.46 | 1.73 |
| Quick Ratio | 9.96 | 9.96 | 1.08 | 3.64 | 8.10 | 4.57 | 1.77 | 1.75 | 1.48 | 0.46 | 1.73 |
| Cash Ratio | 2.41 | 2.41 | 0.50 | 2.76 | 7.32 | 4.15 | 1.37 | 1.44 | 1.42 | 0.39 | 1.13 |
| Asset Turnover | — | 0.02 | 0.15 | 0.08 | 0.05 | 0.04 | 0.10 | 0.14 | 0.02 | — | — |
| Inventory Turnover | 0.45 | 0.45 | 0.53 | 1.28 | 0.79 | 0.63 | 1.93 | 1.52 | 0.15 | — | — |
| Days Sales Outstanding | — | — | 445.72 | 361.03 | 159.08 | 175.51 | 127.00 | 140.05 | 209.99 | — | — |
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% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $22M | $3M | $1M | $539886 | $98270 | $47910 | $30116 | $26040 | $21294 | $15320 |
Includes 30+ ratios · 13 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HSDT stock.
Solana Company's current P/E ratio is -1.0x. This places it at the 50th percentile of its historical range.
Solana Company's current EV/EBITDA is 0.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Solana Company's return on equity (ROE) is -27.1%. The historical average is -166.0%.
Based on historical data, Solana Company is trading at a P/E of -1.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Solana Company has 91.7% gross margin and -351.0% operating margin.
Key Metrics
Top Statement Risk
Volatile non-operating earnings swings
Metrics are mathematically derived from official filings.
Book Value Pricing Masks Negative Earnings
Based on reported figures, HSDT trades at a P/B of 0.14 and P/S of 18.73 while trailing P/E is -1.04, a combination suggesting the market prices the balance sheet cheaply but attaches a steep multiple to a sales base that has only recently become meaningful.
The sub-1.0 price-to-book multiple appears to reflect skepticism about whether the recent equity rebuild is operational rather than accounting-driven, as the prior balance sheet findings indicate. A P/S near 19 against a revenue stream that rose from roughly $43K to $2.5M over recent quarters implies investors are pricing in sustained growth that the reported data does not yet confirm. With no forward earnings or EV/EBITDA available, the valuation cannot be anchored to earnings power, and investors should monitor whether revenue persistence justifies the sales multiple.
High Gross Margin Overwhelmed by Operating Costs
As reported in the income statement, HSDT's gross margin reached 97.0% in 2026Q2, yet operating margin remained at -3.4% and net margin at -12.0%, indicating that operating expenses absorb nearly all gross profit.
The gap between gross margin and operating margin in recent quarters suggests the cost structure, particularly SG&A, is sized far beyond current revenue. Net margin swings from -506.1% in 2025Q3 to +62.3% in 2025Q4 reflect non-operating items rather than improving earnings power, so operating margin is the more reliable indicator here. Investors should treat the high gross margin as unproven until operating leverage appears in the reported figures.
Returns Erratic Without Compounding Pattern
Based on EDBL-style ratio reporting, HSDT's ROIC moved from -41.9% in 2025Q2 to -3.7% in 2026Q2 while ROE swung between -40.0% and +4.4%, showing no sustained compounding trend across the ten-quarter window.
The erratic movement in ROE and ROIC appears driven more by volatile net income and equity adjustments than by changes in operating efficiency. Negative ROIC across most reported quarters suggests invested capital is not generating returns above its cost. Without a consistent positive return trajectory, the data does not support a view that the company is compounding capital.
Clean Debt Line Warrants Liability Scrutiny
According to reported figures, HSDT's debt-to-equity ratio is largely unavailable after 2024Q4 and interest coverage is distorted to extremes, so leverage metrics offer little insight into the company's true obligations.
Debt fell from $46K in early 2024 to zero by 2025Q3, which makes the D/E and interest coverage ratios either blank or statistically meaningless. However, total liabilities reached $628.3M in 2025Q3 per the prior balance sheet findings, which suggests that obligations may sit outside the reported debt line. This possibility warrants further investigation before treating the balance sheet as lightly leveraged.
Headline Current Ratio Overstates Cash Cushion
Based on reported figures, HSDT's current ratio of 13.31 in 2026Q2 contrasts with cash of $3.6M against quarterly operating outflows of $11.9M, covering roughly one-third of a single quarter's burn.
The elevated current ratio appears to be driven by non-cash current assets rather than liquid resources, since quick ratio nearly equals current ratio, signaling minimal inventory dependence. Cash coverage of one-third of quarterly burn suggests the liquidity position would deteriorate rapidly under continued operating losses. Investors should monitor financing activity closely, as the reported figures do not explain how the gap would be bridged.
Asset Turnover Misleads on Operating Scale
The asset turnover ratio of 0.01 is most commonly misapplied here because it reflects a sharply shrinking asset base and volatile revenue rather than efficient asset utilization, obscuring the true operating scale.
Applying asset turnover to a company whose revenue jumped from minimal levels while total assets fell from $303.9M to $176.1M produces a figure dominated by denominator movement rather than productivity. A more informative lens would be revenue per dollar of operating cash-generating capacity or a trailing revenue run-rate normalized for the reported volatility. Investors should avoid reading the near-zero turnover as a structural inefficiency without accounting for the accounting-driven equity and asset swings.