Latest Ratios: P/E Ratio -0.1x · EV/EBITDA N/A · ROE -24.1%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $305130 | $20M | $62M | $33M | $30M | $188M | — | — |
| Enterprise Value | $6M | $26M | $68M | $49M | $55M | $184M | — | — |
| P/E Ratio → | -0.06 | — | — | — | 19.94 | — | — | — |
| P/S Ratio | 0.00 | 0.31 | 0.72 | 0.37 | 0.38 | 3.47 | — | — |
| P/B Ratio | 0.02 | 1.11 | 2.70 | 1.57 | 0.93 | 7.52 | — | — |
| P/FCF | — | — | 10.08 | 3.60 | — | — | — | — |
| P/OCF | — | — | 10.08 | 3.55 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.40 | 0.79 | 0.55 | 0.70 | 3.40 | — | — |
| EV / EBITDA | — | — | 43.75 | — | 18.97 | 61.79 | — | — |
| EV / EBIT | — | — | — | — | 21.25 | 627.05 | — | — |
| EV / FCF | — | — | 10.98 | 5.40 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.8% | 43.8% | 45.6% | 39.1% | 41.8% | 42.2% | 37.9% | 34.5% |
| Operating Margin | -8.9% | -8.9% | -1.1% | -15.2% | 2.9% | 5.5% | 7.3% | 3.7% |
| Net Profit Margin | -7.5% | -7.5% | -1.8% | -13.5% | 1.9% | -1.4% | 5.0% | 2.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -24.1% | -24.1% | -7.0% | -44.9% | 5.3% | -5.6% | 115.3% | 102.3% |
| ROA | -11.4% | -11.4% | -2.7% | -17.3% | 2.7% | -3.1% | 18.0% | 6.3% |
| ROIC | -16.7% | -16.7% | -2.2% | -21.4% | 4.4% | 17.8% | 86.2% | 61.8% |
| ROCE | -24.1% | -24.1% | -3.0% | -29.2% | 5.6% | 19.7% | 138.1% | 107.1% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.44 | 0.44 | 0.56 | 0.96 | 0.83 | 0.10 | 0.71 | 1.87 |
| Debt / EBITDA | — | — | 8.34 | — | 9.21 | 0.86 | 0.72 | 1.16 |
| Net Debt / Equity | — | 0.33 | 0.24 | 0.78 | 0.77 | -0.16 | 0.38 | 0.96 |
| Net Debt / EBITDA | — | — | 3.56 | — | 8.58 | -1.38 | 0.38 | 0.60 |
| Debt / FCF | — | — | 0.89 | 1.80 | — | — | 1.01 | 0.70 |
| Interest Coverage | -13.29 | -13.29 | -1.27 | -12.76 | 4.83 | 0.97 | 17.28 | 7.60 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.34 | 1.34 | 1.47 | 1.77 | 2.41 | 3.58 | 1.31 | 1.00 |
| Quick Ratio | 0.78 | 0.78 | 1.03 | 0.89 | 1.08 | 2.13 | 0.75 | 0.60 |
| Cash Ratio | 0.14 | 0.14 | 0.31 | 0.16 | 0.08 | 0.74 | 0.10 | 0.06 |
| Asset Turnover | — | 1.86 | 1.68 | 1.48 | 1.01 | 1.52 | 2.92 | 2.71 |
| Inventory Turnover | 4.57 | 4.57 | 4.44 | 2.63 | 1.52 | 2.39 | 4.32 | 4.80 |
| Days Sales Outstanding | — | 33.79 | 62.51 | 57.77 | 80.12 | 53.30 | 58.35 | 58.10 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 5.0% | — | — | — |
| FCF Yield | — | — | 9.9% | 27.8% | — | — | — | — |
| Buyback Yield | 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% | — | — |
| Shares Outstanding | — | $131025 | $124493 | $123806 | $115756 | $110203 | $117918 | $117918 |
Liquidity and solvency constraints
As reported in recent financial filings, iPower's gross margin compressed to 21.6% in 2026Q3, a significant departure from its historical 43-47% range, suggesting that the company's private-label pricing power is rapidly deteriorating under the weight of intensifying market competition and potential inventory obsolescence pressures.
The collapse in gross margin, coupled with an operating margin of -32.7%, indicates that the company's current cost structure is fundamentally misaligned with its declining revenue base. Investors should monitor whether this margin compression is a temporary result of inventory liquidation or a structural shift in the competitive landscape for indoor gardening hardware.
Based on the provided quarterly data, iPower's ROIC has trended into negative territory, reaching -3.4% in 2026Q3, which reflects a persistent inability to generate returns on invested capital that exceed the company's cost of funding during this period of severe top-line contraction.
The consistent decay in ROIC over the last ten quarters suggests that capital allocation has failed to produce value, as the company struggles to scale its e-commerce operations profitably. This trend warrants further investigation into whether the current asset base can be optimized or if further impairment of invested capital is likely.
According to historical financial statements, iPower's cash conversion cycle has expanded to 174 days as of 2026Q3, a marked increase from the 54-day cycle observed in 2024Q3, indicating that the company is facing significant challenges in managing inventory velocity and collecting on its receivables.
The lengthening of the cash conversion cycle suggests that capital is becoming increasingly trapped in slow-moving inventory, which is particularly concerning given the technical nature of the company's hardware products. This inefficiency appears to be a primary driver of the company's current liquidity strain, as cash remains tied up in assets that are not turning over at historical rates.
As indicated by recent SEC filings, the company's current ratio of 2.10 in 2026Q3 masks a precarious cash position, as the reliance on inventory to meet short-term obligations leaves the firm vulnerable to any further downturns in consumer demand for indoor gardening equipment.
While the current ratio appears superficially healthy, the high inventory dependence suggests that the company's liquidity position would hold poorly under severe stress. Investors should be cautious, as the lack of liquid cash reserves may necessitate dilutive financing to sustain operations if the current negative cash flow trend persists.
The market's reliance on the Price-to-Sales ratio to value iPower is fundamentally flawed, as it ignores the company's negative operating margins and the high cash-burn nature of its current e-commerce business model, which requires significant scale to achieve profitability that is currently absent.
Using P/S as a primary valuation metric obscures the reality that revenue growth is currently value-destructive rather than accretive. A more appropriate focus would be on the company's ability to generate positive free cash flow, as the current valuation ignores the underlying solvency risks inherent in the business's high fixed-cost structure.
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Quick answers to the most common questions about buying IPW stock.
iPower Inc.'s current P/E ratio is -0.1x. The historical average is 19.9x.
iPower Inc.'s return on equity (ROE) is -24.1%. The historical average is 20.2%.
Based on historical data, iPower Inc. is trading at a P/E of -0.1x. Compare with industry peers and growth rates for a complete picture.
iPower Inc. has 43.8% gross margin and -8.9% operating margin.