Latest Ratios: P/E Ratio -2.5x · EV/EBITDA N/A · ROE -105.1%. (1997–2025 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 | $74M | $15M | $33M | $64M | $109M | $161M | $38M | $37M | $34M | $17M | — |
| Enterprise Value | $76M | $17M | $43M | $63M | $82M | $122M | $40M | $35M | $36M | $14M | — |
| P/E Ratio → | -2.49 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 4.27 | 0.60 | 1.34 | 3.10 | 5.65 | 8.98 | 2.57 | 3.41 | 6.26 | 6.30 | — |
| P/B Ratio | 3.17 | 0.62 | 0.97 | 1.11 | 1.45 | 2.82 | 2.51 | 2.06 | 2.68 | 5.36 | — |
| 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 | — | 0.71 | 1.76 | 3.05 | 4.25 | 6.84 | 2.70 | 3.18 | 6.63 | 5.32 | — |
| 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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.3% | 55.3% | 49.2% | 56.0% | 56.7% | 64.4% | -3.9% | 48.5% | 45.0% | 54.0% | — |
| Operating Margin | -49.7% | -49.7% | -56.1% | -123.9% | -86.1% | -23.3% | -29.1% | -57.0% | -90.6% | -52.7% | 12.8% |
| Net Profit Margin | -123.3% | -123.3% | -106.5% | -128.5% | -86.3% | -41.0% | -35.2% | -69.7% | -95.0% | -204.7% | 8.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -105.1% | -105.1% | -56.9% | -39.9% | -25.3% | -20.4% | -31.2% | -49.5% | -65.5% | -269.2% | 43.2% |
| ROA | -57.9% | -57.9% | -37.9% | -31.0% | -20.8% | -15.6% | -18.6% | -28.8% | -36.3% | -202.8% | 21.2% |
| ROIC | -25.9% | -25.9% | -20.5% | -36.6% | -37.5% | -17.6% | -19.8% | -30.9% | -48.6% | -192.4% | 84.8% |
| ROCE | -27.9% | -27.9% | -22.2% | -32.8% | -23.0% | -10.4% | -21.2% | -30.0% | -42.2% | -67.8% | 61.7% |
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 | 0.57 | 0.57 | 0.40 | 0.13 | 0.04 | 0.06 | 0.30 | 0.16 | 0.30 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.12 | 0.30 | -0.02 | -0.36 | -0.67 | 0.13 | -0.14 | 0.16 | -0.83 | -0.38 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | -1.20 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | -1.28 |
| Interest Coverage | -3426.87 | -3426.87 | -1509.68 | -924.07 | -185.45 | -8.52 | -6.53 | -7.33 | -57.06 | -324.89 | 969.39 |
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 | 2.08 | 2.08 | 1.41 | 2.84 | 4.05 | 8.05 | 0.97 | 1.37 | 1.12 | 3.92 | 3.16 |
| Quick Ratio | 1.85 | 1.85 | 1.15 | 2.49 | 3.87 | 7.85 | 0.87 | 1.08 | 1.02 | 3.85 | 3.15 |
| Cash Ratio | 1.18 | 1.18 | 0.43 | 1.40 | 3.23 | 6.88 | 0.33 | 0.76 | 0.42 | 3.08 | 1.44 |
| Asset Turnover | — | 0.55 | 0.41 | 0.27 | 0.21 | 0.27 | 0.54 | 0.39 | 0.22 | 0.67 | 1.37 |
| Inventory Turnover | 5.24 | 5.24 | 5.83 | 4.42 | 5.19 | 5.29 | 18.68 | 2.66 | 7.25 | 20.68 | — |
| Days Sales Outstanding | — | 71.54 | 60.55 | 68.51 | 64.26 | 73.93 | 90.76 | 65.20 | 149.00 | 65.14 | 86.80 |
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 | — | — | — | — | — | — | — | — | — | 0.5% | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | 43.0% |
| 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% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | — |
| Shares Outstanding | — | $33M | $26M | $25M | $20M | $16M | $14M | $13M | $9M | $4M | $2M |
Capital exhaustion and dilution
According to recent market data, MindWalk Holdings trades at a P/S ratio of 4.27, which appears to reflect a premium for its AI-discovery narrative despite stagnant revenue growth and a negative P/E of -2.49, suggesting investors are pricing in speculative future breakthroughs rather than current fundamental performance.
The current valuation suggests a significant disconnect between the company's legacy CRO service revenue and the high-growth expectations typically afforded to AI-drug discovery platforms. Investors should monitor whether this multiple can be sustained without a clear transition from fee-for-service contracts to high-margin milestone or royalty-based revenue streams.
As reported in financial statements, the company's ROIC has trended deeply into negative territory, reaching -59.1% in 2026Q3, which indicates that the capital deployed toward the LensAI platform development is currently failing to generate any meaningful economic return compared to historical benchmarks.
The consistent decay in ROIC suggests that the firm's pivot to an AI-centric model is consuming capital at a rate that far outpaces the value created by its laboratory services. This trend warrants further investigation into whether the current R&D spend is truly building a proprietary moat or merely subsidizing operational inefficiencies.
Based on the provided quarterly data, the cash conversion cycle has remained erratic, swinging from -102 days in 2026Q2 to -78 days in 2026Q3, which highlights the operational instability inherent in managing a hybrid service and platform business model with inconsistent client payment cycles.
The extreme fluctuations in DSO and DPO suggest that the company lacks leverage over its suppliers and customers, forcing it to manage liquidity through aggressive working capital adjustments. This volatility appears to be a structural byproduct of the firm's transition, potentially complicating its ability to forecast cash needs accurately.
As indicated by recent filings, the current ratio has fluctuated significantly, dropping from 4.19 in 2026Q2 to 3.74 in 2026Q3, which, when viewed alongside persistent net losses, suggests that the company's liquidity position is increasingly dependent on external financing to maintain its ongoing research and development activities.
While the current ratio appears superficially healthy, the underlying cash burn rate suggests that the firm's liquidity is highly sensitive to the timing of milestone payments and potential equity raises. Investors should monitor the cash-to-net-loss ratio, as the current runway appears insufficient to support long-term platform development without further dilution.
The P/S ratio is the most commonly misapplied metric for MindWalk Holdings, as it obscures the fundamental shift from a service-based CRO model to a speculative AI-platform business, failing to account for the high-margin potential of future milestones versus the low-margin reality of current laboratory service revenue.
Relying on P/S ratios ignores the lumpy nature of milestone payments and the high fixed-cost base required to maintain the AI infrastructure. Analysts should instead focus on the 'Partnership Conversion Rate' and 'In Silico Validation Speed' to better gauge the actual progress of the company's strategic pivot.
Includes 30+ ratios · 29 years · Updated daily
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MindWalk Holdings Corp.'s current P/E ratio is -2.5x. This places it at the 50th percentile of its historical range.
MindWalk Holdings Corp.'s return on equity (ROE) is -105.1%. The historical average is -50.6%.
Based on historical data, MindWalk Holdings Corp. is trading at a P/E of -2.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MindWalk Holdings Corp. has 55.3% gross margin and -49.7% operating margin.