Latest Ratios: P/E Ratio -5.5x · EV/EBITDA N/A · ROE -16.3%. (1996–2025 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 | $960M | $760M | $606M | $353M | $246M | $377M | $467M | $200M | $109M | $132M | $657M |
| Enterprise Value | $873M | $673M | $904M | $593M | $392M | $327M | $351M | $138M | $264M | $191M | $631M |
| P/E Ratio → | -5.51 | — | 7.30 | 5.82 | 19.06 | 17.33 | — | — | — | 1.76 | 55.36 |
| P/S Ratio | 0.90 | 0.71 | 0.58 | 0.32 | 0.20 | 0.33 | 0.45 | 0.16 | 0.08 | 0.10 | 0.40 |
| P/B Ratio | 1.24 | 1.07 | 0.71 | 0.31 | 0.20 | 0.39 | 1.74 | 0.71 | 0.64 | 0.60 | 7.92 |
| P/FCF | 2.15 | 1.70 | — | 58.83 | — | — | — | — | — | — | — |
| P/OCF | 2.00 | 1.58 | — | 9.29 | — | — | — | 16.66 | — | — | — |
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 | — | 0.63 | 0.87 | 0.53 | 0.33 | 0.28 | 0.34 | 0.11 | 0.20 | 0.14 | 0.38 |
| EV / EBITDA | — | — | 43.07 | 17.44 | 130.61 | — | — | — | — | 3.09 | 2.90 |
| EV / EBIT | — | — | 5.35 | 3.59 | 4.61 | 5.83 | 10.33 | 3.63 | — | — | 5.69 |
| EV / FCF | — | 1.51 | — | 98.83 | — | — | — | — | — | — | — |
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 | 21.7% | 21.7% | 19.5% | 19.1% | 14.4% | 14.3% | 13.1% | 14.7% | 13.6% | 15.2% | 24.5% |
| Operating Margin | -12.0% | -12.0% | -0.7% | 0.4% | -2.2% | -4.0% | -7.2% | -8.2% | -7.7% | -1.3% | 6.9% |
| Net Profit Margin | -12.0% | -12.0% | 9.8% | 6.7% | 2.2% | 2.1% | -52.6% | 9.3% | -1.2% | 6.8% | 0.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -16.3% | -16.3% | 10.2% | 6.3% | 2.3% | 3.9% | -197.1% | 51.4% | -8.2% | 61.8% | 16.1% |
| ROA | -7.0% | -7.0% | 4.7% | 3.2% | 1.2% | 1.4% | -40.6% | 7.9% | -1.0% | 5.4% | 0.8% |
| ROIC | -10.8% | -10.8% | -0.4% | 0.2% | -1.7% | -6.4% | -29.9% | -28.1% | -25.0% | -8.0% | 57.8% |
| ROCE | -8.2% | -8.2% | -0.4% | 0.2% | -1.3% | -3.3% | -7.4% | -11.5% | -10.0% | -1.4% | 7.5% |
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 | 0.35 | 0.35 | 0.58 | 0.43 | 0.29 | 0.32 | 0.30 | 0.61 | 2.36 | 1.82 | 4.90 |
| Debt / EBITDA | — | — | 23.76 | 14.56 | 121.00 | — | — | — | — | 6.50 | 1.87 |
| Net Debt / Equity | — | -0.12 | 0.35 | 0.21 | 0.12 | -0.05 | -0.43 | -0.22 | 0.91 | 0.27 | -0.31 |
| Net Debt / EBITDA | — | — | 14.19 | 7.06 | 48.67 | — | — | — | — | 0.95 | -0.12 |
| Debt / FCF | — | -0.20 | — | 40.00 | — | — | — | — | — | — | — |
| Interest Coverage | -0.81 | -0.81 | 2.86 | 3.17 | 2.13 | 1.70 | 2.83 | 2.38 | -0.44 | -2.25 | 1.85 |
Net cash position: cash ($337M) exceeds total debt ($250M)
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 | 3.14 | 3.14 | 2.28 | 2.52 | 2.32 | 2.61 | 2.12 | 1.92 | 1.13 | 2.29 | 2.64 |
| Quick Ratio | 2.32 | 2.32 | 1.44 | 1.75 | 1.52 | 1.90 | 1.42 | 1.33 | 0.83 | 1.63 | 2.08 |
| Cash Ratio | 1.26 | 1.26 | 0.77 | 0.90 | 0.74 | 1.17 | 0.66 | 0.63 | 0.32 | 0.82 | 1.02 |
| Asset Turnover | — | 0.65 | 0.52 | 0.47 | 0.53 | 0.53 | 0.82 | 0.88 | 0.87 | 0.81 | 0.93 |
| Inventory Turnover | 3.84 | 3.84 | 3.84 | 4.17 | 4.35 | 4.50 | 4.34 | 4.93 | 4.83 | 4.26 | 5.25 |
| Days Sales Outstanding | — | 51.90 | 48.29 | 63.72 | 53.61 | 55.54 | 62.78 | 61.13 | 64.15 | 66.63 | 61.54 |
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 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 0.3% | 0.7% | 1.1% | 1.6% | 1.9% | 4.7% | 1.5% | 7.3% | 7.6% | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 13.7% | 17.2% | 5.2% | 5.8% | — | — | — | 56.8% | 1.8% |
| FCF Yield | 46.4% | 58.7% | — | 1.7% | — | — | — | — | — | — | — |
| Buyback Yield | 0.7% | 0.9% | 0.2% | 0.0% | 0.4% | 0.3% | 7.1% | 0.0% | 0.0% | 0.8% | 0.5% |
| Total Shareholder Yield | 1.0% | 1.2% | 0.8% | 1.1% | 2.0% | 2.1% | 11.8% | 1.5% | 7.3% | 8.3% | 0.5% |
| Shares Outstanding | — | $90M | $92M | $91M | $81M | $81M | $57M | $43M | $43M | $43M | $42M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying KODK stock.
Eastman Kodak Company's current P/E ratio is -5.5x. The historical average is 15.7x.
Eastman Kodak Company's return on equity (ROE) is -16.3%. The historical average is 8.3%.
Based on historical data, Eastman Kodak Company is trading at a P/E of -5.5x. Compare with industry peers and growth rates for a complete picture.
Eastman Kodak Company's current dividend yield is 0.23%.
Eastman Kodak Company has 21.7% gross margin and -12.0% operating margin.
Key Metrics
Top Statement Risk
Sustainability of revenue acceleration
Metrics are mathematically derived from official filings.
Margin Recovery Masks Underlying Fragility
Gross margin expanded to 26.4% in 2026Q2 from 19.4% a year earlier, per the latest financial statements, yet operating margin remains thin at 4.8%, indicating limited buffer against cost shocks.
The sequential improvement in gross margin from 21.5% in 2026Q1 to 26.4% in 2026Q2 suggests better cost absorption or a favorable product mix, possibly driven by the Advanced Materials segment. However, operating margin of 4.8% is still well below the 7.4% seen in 2025Q3, and the TTM net margin remains negative at -11.97%, reflecting persistent legacy costs and impairments. Investors should monitor whether the gross margin expansion is sustainable or a one-off benefit from commodity price movements, as aluminum and silver volatility could quickly reverse the trend.
Return on Capital Inflects but Remains Subpar
ROIC turned positive at 2.0% in 2026Q2, up from -11.3% in 2025Q4, as reported in the financial statements, but remains far below the cost of capital, suggesting value creation is still nascent.
The sharp swing in ROIC from -11.3% in 2025Q4 to 2.0% in 2026Q2 is driven by both improved operating income and a shrinking asset base, as total assets contracted to $1.5B from $2.4B in 2024Q3. While the positive ROIC is a welcome change, it is still below the company's likely weighted average cost of capital, implying that the business is not yet compounding shareholder value. The improvement is more a function of asset reduction than robust earnings power, and the sustainability of this trend depends on the AMC segment's ability to generate higher margins on a smaller capital base.
Working Capital Cycle Lengthens on Inventory
Cash conversion cycle rose to 99 days in 2026Q2 from 92 days in 2024Q2, per the ratio data, driven by inventory days of 101, indicating persistent working capital inefficiency.
The CCC has remained elevated in the 92-110 day range over the past ten quarters, with DIO consistently above 100 days, reflecting the capital-intensive nature of chemical manufacturing and possibly slow-moving legacy product lines. DSO improved to 42 days in 2026Q2 from 61 days in 2024Q1, suggesting better receivables collection, but DPO has declined to 44 days from 58 days, indicating reduced supplier leverage. The net effect is a stable but high CCC, which ties up cash and limits free cash flow generation, as evidenced by the negative TTM FCF margin.
Deleveraging Accelerates, Coverage Improves
Debt-to-equity fell to 0.21 in 2026Q2 from 0.64 in 2025Q3, and interest coverage rose to 4.5x, per the balance sheet data, indicating a significantly reduced refinancing risk.
Total debt declined to $148M in 2026Q2 from $549M in 2025Q3, while cash rose to $290M, resulting in a net cash position. Interest coverage of 4.5x in 2026Q2 is a marked improvement from the negative readings in 2025Q4 and 2025Q2, suggesting that operating income is now comfortably covering interest expense. However, the D/EBITDA ratio of 7.05x in 2026Q2, while down from 33x in 2026Q1, remains elevated due to low EBITDA, and investors should monitor whether the company can sustain this deleveraging pace without sacrificing growth investments.
Liquidity Buffer Strengthens but Relies on Cash
Current ratio improved to 2.91 in 2026Q2 from 0.79 in 2025Q3, with cash at $290M, per the balance sheet, indicating a robust short-term position, though inventory remains a large component.
The current ratio of 2.91 and quick ratio of 1.95 in 2026Q2 suggest that Kodak can comfortably meet its short-term obligations, a stark contrast to the 0.79 current ratio in 2025Q3 when liquidity was strained. The improvement is largely due to the $290M cash balance, which provides a cushion against operational volatility. However, inventory days of 101 indicate that a significant portion of current assets is tied up in slow-moving stock, and if demand were to weaken, the quick ratio could deteriorate quickly. The absence of a formal guidance adds uncertainty to the sustainability of this liquidity position.
P/FCF Misleads on Earnings Quality
P/FCF of 2.22 appears attractive, but TTM FCF is negative and the 2025Q4 FCF margin of 166.6% was a one-off, per the cash flow data, obscuring the true cash generation.
The P/FCF multiple of 2.22 is misleading because it is based on a single quarter's free cash flow, which was inflated by a $489M operating cash flow spike in 2025Q4, likely from working capital releases or one-time items. Over the TTM, FCF is negative, and the cumulative operating cash flow of $448M over ten quarters diverges sharply from cumulative net income of -$23M, indicating that earnings quality is poor. Investors should instead focus on normalized FCF excluding working capital swings and non-recurring items, or use EV/EBITDA (forward 2.75x) as a more stable valuation metric, but even that requires adjusting for legacy liabilities and pension obligations.