Latest Ratios: P/E Ratio -2.3x · EV/EBITDA N/A · ROE -223.8%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $90M | $146M | $439M | $495M | — | — |
| Enterprise Value | $72M | $128M | $407M | $458M | — | — |
| P/E Ratio → | -2.26 | — | — | — | — | — |
| P/S Ratio | 0.70 | 1.14 | 2.89 | 4.28 | — | — |
| P/B Ratio | 146.67 | 240.69 | 12.73 | 15.71 | — | — |
| 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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.01 | 2.68 | 3.96 | — | — |
| 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 |
|---|---|---|---|---|---|---|
| Gross Margin | 17.8% | 17.8% | 19.6% | 18.0% | 15.1% | 16.4% |
| Operating Margin | -29.7% | -29.7% | -9.1% | -3.9% | -1.1% | 5.7% |
| Net Profit Margin | -30.8% | -30.8% | -9.7% | -5.2% | -2.1% | 4.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -223.8% | -223.8% | -44.8% | -27.8% | -14.7% | 21.4% |
| ROA | -34.9% | -34.9% | -13.9% | -6.3% | -1.9% | 3.1% |
| ROIC | — | — | -373.9% | — | — | — |
| ROCE | -114.1% | -114.1% | -39.0% | -19.3% | -7.7% | 26.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 11.67 | 11.67 | 0.10 | 0.12 | 0.03 | 0.03 |
| Debt / EBITDA | — | — | — | — | — | 0.12 |
| Net Debt / Equity | — | -28.60 | -0.92 | -1.16 | -6.30 | -6.16 |
| Net Debt / EBITDA | — | — | — | — | — | -21.39 |
| Debt / FCF | — | — | — | — | — | -16.87 |
| Interest Coverage | — | — | — | — | — | — |
Net cash position: cash ($24M) exceeds total debt ($7M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.01 | 1.01 | 1.19 | 1.52 | 1.12 | 1.17 |
| Quick Ratio | 0.91 | 0.91 | 1.12 | 1.38 | 0.95 | 1.13 |
| Cash Ratio | 0.34 | 0.34 | 0.41 | 0.89 | 0.84 | 1.07 |
| Asset Turnover | — | 1.25 | 1.24 | 1.28 | 0.87 | 0.68 |
| Inventory Turnover | 15.77 | 15.77 | 19.19 | 12.69 | 5.13 | 17.35 |
| Days Sales Outstanding | — | 115.03 | 144.70 | 77.89 | 42.77 | 24.99 |
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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 0.7% | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.1% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.1% | 0.0% | 0.0% | 0.7% | — | — |
| Shares Outstanding | — | $57M | $55M | $54M | $53M | $53M |
Persistent Operating Cash Burn
Based on reported figures, Ispire trades at a price-to-sales multiple of 0.70, which appears to discount the company's ongoing revenue contraction and persistent inability to achieve positive net income, suggesting that the market is pricing the firm as a distressed asset rather than a growth-oriented technology provider.
The current P/S ratio of 0.70 indicates that investors are assigning little value to the company's proprietary Ducore technology, likely due to the lack of a clear path to profitability. Given the negative P/E and the absence of positive EBITDA, traditional valuation metrics are currently ineffective, forcing a reliance on revenue multiples that highlight the market's skepticism regarding the firm's long-term scalability.
As reported in financial statements, Ispire's gross margin has compressed to 10.7% in 2026Q3, a significant decline from historical levels, which indicates that the company lacks the pricing power required to absorb rising component costs and maintain profitability in a highly competitive, commoditized hardware market.
The negative operating margin of -50.8% suggests that the company's fixed cost base is far too heavy for its current revenue scale. Without a shift toward higher-margin proprietary consumables or a drastic reduction in overhead, the firm's earning power remains structurally impaired, making it difficult to justify current operational expenditures.
According to recent SEC filings, Ispire's cash conversion cycle has become increasingly erratic, reaching 70,265 days in 2026Q3, which suggests that the company is struggling with significant inefficiencies in inventory management and receivables collection that are directly impacting its ability to maintain a stable liquidity position.
The extreme fluctuations in the cash conversion cycle point to potential issues with inventory obsolescence and delayed payments from key MSO clients. Investors should monitor whether these inefficiencies are temporary operational hurdles or a structural byproduct of the company's reliance on third-party manufacturing and long-distance logistics.
Based on the company's quarterly data, the current ratio has tightened to 1.02, indicating that Ispire's ability to cover short-term obligations is increasingly precarious as the firm continues to burn through its remaining cash reserves to fund ongoing operations and administrative overhead.
With a quick ratio of 0.92, the company's liquidity is heavily dependent on the liquidation of inventory, which may be difficult to achieve at book value in a declining market. This tight liquidity position warrants close investigation, as any further deterioration in cash flow could necessitate dilutive financing to sustain operations.
The most commonly misapplied metric for Ispire is the price-to-sales ratio, which obscures the company's structural inability to convert top-line revenue into gross profit, suggesting that investors should instead focus on the gross margin per unit to assess the true viability of the business model.
Valuing Ispire as a high-growth technology firm based on revenue multiples ignores the reality that its hardware is increasingly treated as a low-margin commodity. A more appropriate metric would be the contribution margin per unit, which would better reflect the company's actual ability to generate value after accounting for the high costs of outsourced manufacturing and logistics.
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Quick answers to the most common questions about buying ISPR stock.
Ispire Technology Inc.'s current P/E ratio is -2.3x. This places it at the 50th percentile of its historical range.
Ispire Technology Inc.'s return on equity (ROE) is -223.8%. The historical average is -57.9%.
Based on historical data, Ispire Technology Inc. is trading at a P/E of -2.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ispire Technology Inc. has 17.8% gross margin and -29.7% operating margin.