Latest Ratios: P/E Ratio -28.3x · EV/EBITDA 3.8x · ROE -12.6%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.5B | $2.8B | $2.6B | $901M | $930M | $3.6B | $7.0B | — | — |
| Enterprise Value | $2.6B | $3.2B | $5.1B | $368M | $-1139156490 | $1.0B | $4.2B | — | — |
| P/E Ratio → | -28.33 | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.53 | 0.30 | 0.33 | 0.13 | 0.11 | 0.40 | 1.07 | — | — |
| P/B Ratio | 1.67 | 0.30 | 0.47 | 0.12 | 0.10 | 0.32 | 0.85 | — | — |
| P/FCF | 11.98 | — | — | — | — | — | — | — | — |
| P/OCF | 4.42 | 0.74 | 4.09 | — | 4.92 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.33 | 0.66 | 0.05 | -0.14 | 0.11 | 0.64 | — | — |
| EV / EBITDA | 3.81 | 1.63 | 11.70 | — | — | — | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 15.7% | 15.7% | 17.2% | 12.1% | 5.3% | 3.9% | 5.4% | 0.2% | -9.0% |
| Operating Margin | -5.5% | -5.5% | -10.6% | -19.2% | -27.2% | -19.0% | -18.4% | -28.9% | -44.2% |
| Net Profit Margin | -9.8% | -9.8% | -25.3% | -30.9% | -32.5% | -17.5% | -14.6% | -28.1% | -45.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -12.6% | -12.6% | -30.8% | -25.9% | -25.2% | -16.1% | -47.6% | — | — |
| ROA | -4.2% | -4.2% | -12.0% | -13.4% | -13.8% | -9.6% | -10.7% | -18.7% | -17.2% |
| ROIC | -4.5% | -4.5% | -8.4% | -14.3% | -20.4% | -18.1% | -16.7% | — | — |
| ROCE | -4.1% | -4.1% | -9.9% | -14.3% | -18.4% | -15.6% | -19.9% | -28.5% | -22.1% |
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 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.69 | 0.69 | 0.94 | 0.24 | 0.14 | 0.14 | 0.07 | — | — |
| Debt / EBITDA | 3.31 | 3.31 | 11.88 | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.04 | 0.46 | -0.07 | -0.22 | -0.23 | -0.34 | — | — |
| Net Debt / EBITDA | 0.18 | 0.18 | 5.82 | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -0.93 | -0.93 | -7.52 | -13.83 | -18.01 | -29.67 | -104.94 | -223.40 | -23.75 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.17 | 1.17 | 0.75 | 0.89 | 1.36 | 1.65 | 2.75 | 1.71 | 3.29 |
| Quick Ratio | 1.17 | 1.17 | 0.75 | 0.89 | 1.36 | 1.65 | 2.75 | 1.71 | 3.29 |
| Cash Ratio | 0.65 | 0.65 | 0.30 | 0.33 | 0.70 | 0.89 | 1.77 | 0.93 | 2.59 |
| Asset Turnover | — | 0.36 | 0.44 | 0.47 | 0.47 | 0.43 | 0.55 | 0.66 | 0.38 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 88.41 | 123.28 | 129.92 | 147.07 | 183.06 | 140.95 | 136.47 | 128.54 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | 8.3% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 22.4% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 22.4% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $274M | $245M | $238M | $243M | $231M | $161M | $60M | $53M |
Includes 30+ ratios · 8 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 KC stock.
Kingsoft Cloud Holdings Limited's current P/E ratio is -28.3x. This places it at the 50th percentile of its historical range.
Kingsoft Cloud Holdings Limited's current EV/EBITDA is 3.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.7x.
Kingsoft Cloud Holdings Limited's return on equity (ROE) is -12.6%. The historical average is -26.4%.
Based on historical data, Kingsoft Cloud Holdings Limited is trading at a P/E of -28.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kingsoft Cloud Holdings Limited has 15.7% gross margin and -5.5% operating margin.
Kingsoft Cloud Holdings Limited's Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Persistent negative operating margins
Valuation Reflects Growth, Not Profitability
Kingsoft Cloud trades at an EV/EBITDA of 10.60, a significant discount to Alibaba's 17.38, suggesting the market is pricing in its lower scale and persistent losses despite 22.8% revenue growth.
The negative P/E ratio renders traditional earnings multiples meaningless, forcing reliance on EV/EBITDA and P/S. The current EV/Sales of 2.13 appears depressed relative to the growth rate, indicating the market is skeptical of the company's path to sustainable profitability. The wide gap between the trailing EV/EBITDA of 10.60 and the forward multiple of 1.18 implies an expectation of a dramatic EBITDA turnaround, which warrants scrutiny given the structurally low gross margin.
Gross Margin Ceiling Limits Path to Profitability
The gross margin has remained constrained between 12.8% and 16.9% over the past ten quarters, a structural ceiling that prevents operating leverage from covering substantial R&D and SG&A overhead.
This margin profile, significantly below hyperscale peers, indicates a lack of pricing power in the commoditized IaaS market and a heavy reliance on low-value-added infrastructure services. The recent positive operating margin of 0.7% in 2026Q2 appears anomalous and may not be sustainable without a fundamental shift in revenue mix toward higher-margin PaaS or SaaS offerings. The persistent negative net margin of -3.0% confirms that core operations are not yet generating earnings.
Negative Returns Signal Value Destruction
ROIC has been negative in seven of the last ten quarters, with the most recent reading at 0.2%, indicating the company is not generating returns above its cost of capital on a consistent basis.
The volatile and predominantly negative ROIC trend suggests that the significant capital invested in data centers and infrastructure is not yet translating into sustainable economic profit. The brief positive readings in 2025Q4 and 2026Q2 appear driven by volatile operating income rather than a structural improvement in capital efficiency. This pattern is inconsistent with a business model that is successfully compounding value for investors.
Leverage Rising Amidst Cash Burn
The debt-to-equity ratio has surged from 0.22 in 2024Q1 to 0.77 in 2026Q2, indicating a strategic shift toward debt financing to fund growth as retained earnings erode.
While the absolute debt level is manageable, the rapid increase in leverage is occurring alongside persistent operating losses, which reduces the margin of safety. The interest coverage ratio of 0.14 in 2026Q2 is precarious, suggesting that operating income is insufficient to cover interest expenses, a situation that could become untenable if growth stalls or financing conditions tighten. This trend warrants close monitoring for covenant compliance and refinancing risk.
Liquidity Position Appears Adequate but Volatile
The current ratio has improved to 1.01 in 2026Q2 from a low of 0.67 in 2024Q3, but the cash balance has declined from $6.1B to $4.7B, suggesting working capital improvements may be driven by non-cash items.
The quick ratio mirrors the current ratio, indicating minimal inventory dependence, which is appropriate for a cloud services model. However, the volatility in the cash position, despite a positive operating cash flow, highlights the lumpy nature of capital expenditures and the ongoing cash burn from operations. Under severe stress, the company's liquidity would be heavily dependent on its ability to access capital markets or draw on ecosystem support.
The Misleading Signal of Operating Cash Flow
The most commonly misapplied metric is operating cash flow, which appears robust but is heavily inflated by over $1.0B in quarterly depreciation, masking the true cash cost of maintaining the infrastructure.
Investors often equate positive operating cash flow with financial health, but for Kingsoft Cloud, this figure is distorted by non-cash charges. The cumulative operating cash flow of $7.8B over ten quarters contrasts sharply with cumulative net losses of -$2.98B, indicating that the reported cash generation does not reflect underlying profitability. A more appropriate metric would be free cash flow after maintenance capital expenditures, which reveals the true cash generation capability of the core business.