Latest Ratios: P/E Ratio -3.4x · EV/EBITDA N/A · ROE -94.6%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $8M | $10M | $54M | $616M | $484M | — | — |
| Enterprise Value | $7M | $9M | $51M | $615M | $483M | — | — |
| P/E Ratio → | -3.38 | — | — | — | 4258.47 | — | — |
| P/S Ratio | 9.41 | 11.28 | 42.85 | 741.35 | 402.48 | — | — |
| P/B Ratio | 3.30 | 3.64 | 18.67 | 34.00 | 713.95 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.83 | 40.81 | 740.69 | 401.92 | — | — |
| 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 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 53.0% | 53.0% | 48.0% | 59.7% | 42.8% | 46.9% | 41.7% |
| Operating Margin | -354.4% | -354.4% | -163.1% | -149.8% | -57.3% | 36.6% | 23.2% |
| Net Profit Margin | -303.4% | -303.4% | -206.7% | 66.1% | 9.4% | 27.0% | 20.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -94.6% | -94.6% | -24.7% | 5.8% | 10.0% | 120.7% | 106.0% |
| ROA | -47.9% | -47.9% | -18.3% | 4.3% | 3.0% | 30.7% | 13.5% |
| ROIC | -263.9% | -263.9% | -17.2% | -10.6% | -9141.7% | — | — |
| ROCE | -96.2% | -96.2% | -18.4% | -12.2% | -46.6% | 155.2% | 122.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.31 | 0.31 | 0.62 | 0.03 | 1.44 | 0.22 | 0.57 |
| Debt / EBITDA | — | — | — | — | — | 0.17 | 0.47 |
| Net Debt / Equity | — | -0.47 | -0.89 | -0.03 | -0.99 | -1.44 | -2.09 |
| Net Debt / EBITDA | — | — | — | — | — | -1.11 | -1.71 |
| Debt / FCF | — | — | — | — | — | -3.70 | -1.01 |
| Interest Coverage | -48.97 | -48.97 | -35.16 | — | — | — | — |
Net cash position: cash ($2M) exceeds total debt ($828947)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 2.32 | 2.32 | 1.65 | 0.25 | 0.84 | 1.50 | 0.89 |
| Quick Ratio | 2.32 | 2.32 | 1.65 | 0.25 | 0.83 | 1.48 | 0.86 |
| Cash Ratio | 1.70 | 1.70 | 1.31 | 0.42 | 0.72 | 1.20 | 0.39 |
| Asset Turnover | — | 0.19 | 0.20 | 0.04 | 0.34 | 1.25 | 0.67 |
| Inventory Turnover | 385.24 | 385.24 | 414.05 | 169.36 | 20.17 | 55.16 | 15.29 |
| Days Sales Outstanding | — | 1.40 | 321.71 | 12.57 | 2.75 | 0.19 | 108.73 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 0.0% | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 39.3% | 11.1% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 39.3% | 11.1% | 0.0% | — | — |
| Shares Outstanding | — | $7M | $17M | $12M | $10M | $10M | $10M |
Parental funding dependency risk
Based on reported figures, HWH trades at a price-to-sales ratio of 9.41, a valuation that appears increasingly detached from the company's 30.84% year-over-year revenue decline and its inability to demonstrate a clear path toward positive earnings or sustainable growth in its membership-driven ecosystem.
The current P/S multiple suggests the market may be pricing in speculative potential rather than the reality of a shrinking revenue base. Investors should monitor whether this premium valuation is supported by the parent company's strategic backing or if it represents a mispricing of the firm's actual operational scale.
According to recent financial statements, HWH's ROIC has remained deeply negative, reaching -31.4% in 2026Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its multi-vertical leisure and wealth-building platform investments.
The consistent failure to generate positive returns on invested capital suggests that the underlying business model lacks the necessary scale to cover its fixed overhead. This trend warrants further investigation into whether the company's capital allocation strategy is fundamentally flawed or merely hampered by its current venture-stage development.
As reported in quarterly filings, HWH's cash conversion cycle has exhibited extreme volatility, including a -990 day cycle in 2026Q1, which highlights significant friction in collecting receivables and managing payables within the Hapi ecosystem compared to industry peers.
The erratic nature of the DSO and DPO metrics suggests that the company's operational leverage is poorly managed, potentially due to reliance on related-party transactions. This inefficiency forces the company to maintain higher liquidity buffers than would otherwise be necessary for a service-based business model.
Based on the latest quarterly data, HWH's current ratio of 1.60 provides a superficial appearance of stability, yet this is undermined by the company's persistent operating cash burn and a total asset base that has contracted significantly over the past ten quarters.
While the current ratio may suggest an ability to cover short-term obligations, the lack of organic cash flow implies that the company remains vulnerable to liquidity shocks. Investors should monitor the extent to which the company's survival depends on external capital injections from its parent entity.
The price-to-book ratio of 3.30 is frequently misapplied to HWH, as it obscures the fact that the company's book value is heavily comprised of intangible assets and platform development costs that may not hold liquidation value in a distressed scenario.
Analysts should instead focus on the 'Active Member Count' and 'Member Acquisition Cost' to gauge the true health of the Hapi ecosystem. Relying on book value in this context risks ignoring the reality that the company's primary value is its ability to generate recurring revenue, which is currently failing.
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Quick answers to the most common questions about buying HWH stock.
HWH International Inc.'s current P/E ratio is -3.4x. This places it at the 50th percentile of its historical range.
HWH International Inc.'s return on equity (ROE) is -94.6%. The historical average is 20.5%.
Based on historical data, HWH International Inc. is trading at a P/E of -3.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
HWH International Inc. has 53.0% gross margin and -354.4% operating margin.