Latest Ratios: P/E Ratio -50.6x · EV/EBITDA N/A · ROE -1.9%. (2012–2025 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 | $703M | $651M | $1.5B | $942M | $1.1B | $7.4B | $3.8B | $1.3B | $662M | $542M | $401M |
| Enterprise Value | $686M | $634M | $1.5B | $926M | $1.1B | $6.8B | $3.7B | $1.3B | $588M | $524M | $379M |
| P/E Ratio → | -50.57 | — | — | — | — | 475.78 | — | 131.65 | 53.49 | — | 421.67 |
| P/S Ratio | 3.38 | 3.12 | 7.21 | 4.29 | 4.21 | 22.98 | 19.49 | 7.48 | 4.65 | 4.75 | 3.69 |
| P/B Ratio | 0.96 | 0.91 | 2.02 | 1.18 | 1.32 | 8.05 | 7.26 | 3.98 | 3.70 | 3.60 | 3.74 |
| P/FCF | 221.41 | 204.92 | 43.76 | — | — | 189.55 | 200.48 | 316.40 | 25.39 | 1643.10 | — |
| P/OCF | 28.75 | 26.61 | 30.16 | — | — | 137.93 | 116.29 | 122.23 | 19.84 | 90.52 | 419.89 |
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 | — | 3.04 | 7.13 | 4.21 | 3.92 | 21.16 | 18.96 | 7.38 | 4.13 | 4.59 | 3.48 |
| EV / EBITDA | — | — | — | — | — | 342.64 | — | 110.02 | 55.62 | 191.72 | 85.99 |
| EV / EBIT | — | — | — | — | — | 434.67 | — | 174.71 | 99.22 | — | 215.99 |
| EV / FCF | — | 199.61 | 43.26 | — | — | 174.57 | 194.99 | 312.26 | 22.55 | 1586.65 | — |
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 | 44.3% | 44.3% | 45.0% | 30.5% | 35.5% | 47.2% | 45.4% | 45.6% | 49.1% | 47.4% | 45.5% |
| Operating Margin | -16.6% | -16.6% | -18.3% | -39.8% | -25.7% | 4.0% | -3.5% | 4.2% | 3.9% | -1.8% | 1.3% |
| Net Profit Margin | -6.5% | -6.5% | -8.2% | -29.3% | -29.1% | 4.8% | -2.5% | 5.7% | 8.7% | -1.8% | 0.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.9% | -1.9% | -2.2% | -7.7% | -8.8% | 2.2% | -1.1% | 3.9% | 7.5% | -1.6% | 0.8% |
| ROA | -1.7% | -1.7% | -2.0% | -7.1% | -7.9% | 1.9% | -0.9% | 3.3% | 6.3% | -1.3% | 0.6% |
| ROIC | -3.7% | -3.7% | -3.8% | -8.4% | -9.3% | 2.6% | -1.4% | 2.7% | 3.5% | -1.4% | 1.3% |
| ROCE | -4.7% | -4.7% | -4.8% | -10.3% | -7.6% | 1.7% | -1.5% | 2.8% | 3.4% | -1.6% | 1.3% |
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 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.07 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | 1.36 | — | 1.92 | — | — | — |
| Net Debt / Equity | — | -0.02 | -0.02 | -0.02 | -0.09 | -0.64 | -0.20 | -0.05 | -0.41 | -0.12 | -0.21 |
| Net Debt / EBITDA | — | — | — | — | — | -29.39 | — | -1.46 | -7.01 | -6.82 | -5.18 |
| Debt / FCF | — | -5.31 | -0.50 | — | — | -14.98 | -5.49 | -4.14 | -2.84 | -56.45 | — |
| Interest Coverage | — | — | -59.59 | -267.56 | -212.21 | 54.82 | -18.85 | 18.76 | 19.82 | -6.48 | 6.33 |
Net cash position: cash ($35M) exceeds total debt ($19M)
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 | 14.18 | 14.18 | 13.88 | 10.43 | 8.85 | 8.02 | 5.33 | 5.56 | 4.24 | 3.50 | 3.28 |
| Quick Ratio | 13.06 | 13.06 | 12.52 | 9.07 | 7.49 | 7.37 | 4.74 | 4.73 | 3.34 | 2.14 | 2.48 |
| Cash Ratio | 10.90 | 10.90 | 10.46 | 6.64 | 6.12 | 6.71 | 4.06 | 3.69 | 2.51 | 1.12 | 1.30 |
| Asset Turnover | — | 0.27 | 0.26 | 0.25 | 0.28 | 0.31 | 0.31 | 0.44 | 0.66 | 0.64 | 0.78 |
| Inventory Turnover | 2.46 | 2.46 | 1.86 | 2.26 | 1.96 | 2.70 | 2.01 | 2.61 | 2.41 | 1.72 | 2.46 |
| Days Sales Outstanding | — | 106.58 | 117.22 | 155.50 | 90.55 | 56.45 | 97.35 | 82.21 | 56.28 | 74.37 | 106.24 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | 0.2% | — | 0.8% | 1.9% | — | 0.2% |
| FCF Yield | 0.5% | 0.5% | 2.3% | — | — | 0.5% | 0.5% | 0.3% | 3.9% | 0.1% | — |
| Buyback Yield | 3.7% | 4.0% | 5.7% | 5.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.7% | 4.0% | 5.7% | 5.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $45M | $47M | $49M | $50M | $49M | $42M | $39M | $35M | $34M | $32M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying KRNT stock.
Kornit Digital Ltd.'s current P/E ratio is -50.6x. The historical average is 81.7x.
Kornit Digital Ltd.'s return on equity (ROE) is -1.9%. The historical average is 2.9%.
Based on historical data, Kornit Digital Ltd. is trading at a P/E of -50.6x. Compare with industry peers and growth rates for a complete picture.
Kornit Digital Ltd. has 44.3% gross margin and -16.6% operating margin.
Key Metrics
Top Statement Risk
Negative operating margins and cash burn
Growth Premium Amidst Negative Earnings
Kornit's forward P/E of 78.87 and P/S of 3.72 suggest the market is pricing in a significant earnings recovery, a stark contrast to its negative TTM P/E of -55.73 and the peer Stratasys' negative multiple.
The valuation disconnect between the negative trailing earnings and the positive forward multiple indicates the market is pricing a successful transition to profitability, likely driven by the Apollo platform and consumables growth. However, the P/S ratio of 3.72 is elevated for an industrial machinery firm with negative operating margins, implying the market is treating KRNT more like a high-growth technology company than a cyclical peer. This premium appears fragile and highly sensitive to the execution of the path to breakeven.
Gross Margin Volatility Masks Structural Overhead
Gross margin has swung from 32.3% in Q1 2024 to 51.3% in Q4 2024, yet operating margin remains deeply negative at -26.9% in Q2 2026, indicating that high fixed costs in R&D and SG&A are overwhelming product-level profitability.
The wide fluctuation in gross margin suggests a high dependency on the quarterly mix of systems versus higher-margin consumables, making it an unreliable indicator of core earning power. The persistent negative operating margin, despite revenue stabilization, reveals a fundamental cost structure misalignment where overhead consumes all gross profit. This implies that meaningful margin expansion will require either a dramatic shift in revenue mix toward consumables or significant operational deleveraging, neither of which is evident in recent trends.
Capital Erosion Amidst Negative Returns
ROIC has been negative for nine of the last ten quarters, reaching -1.7% in Q2 2026, indicating the company is destroying value on invested capital and failing to generate a return above its cost of capital.
The sustained negative ROIC trend, coupled with a declining equity base from accumulated losses, suggests the business model is not yet generating adequate returns to justify its capital intensity. The brief positive ROIC in Q4 2024 (-0.1% to 0.2%) appears to be an anomaly driven by a strong seasonal quarter rather than a sustainable inflection. This pattern indicates that the company's investments in R&D and platform development have not yet translated into efficient capital deployment.
Working Capital Strain and Lengthening Cycles
The cash conversion cycle has improved from 402 days in Q1 2024 to 206 days in Q2 2026, but this is driven by a sharp reduction in days inventory outstanding from 207 to 163, which may reflect inventory liquidation rather than operational efficiency.
The significant reduction in DIO is a positive development for cash flow, but it must be viewed in the context of potentially lower inventory levels to support a smaller revenue base. Days sales outstanding (DSO) has also improved, falling from 210 to 83 days, suggesting better collections or a shift in customer mix. However, the overall asset turnover remains very low at 0.07, indicating the company's asset base is not being utilized efficiently to generate revenue, a critical concern for an industrial manufacturer.
Liquidity Buffer Narrowing Rapidly
The current ratio has compressed from 16.50 in Q3 2024 to 8.81 in Q2 2026, while the cash position has dwindled to $33.8M, indicating a significant reduction in the company's immediate financial buffer against operational shocks.
While a current ratio of 8.81 still appears strong in isolation, the rapid deterioration trend is alarming and suggests the company is consuming its cash reserves to fund operations. The quick ratio of 7.97 confirms that liquidity is heavily dependent on cash and receivables, with minimal inventory reliance. Given the negative operating margins and the recent trend of asset drawdown, this liquidity position appears to be a function of past capital raises rather than current cash generation, creating a potential vulnerability if the path to profitability is delayed.
The Misleading Strength of the Current Ratio
The current ratio of 8.81 is the most commonly misapplied metric for Kornit, as it obscures the reality that the company's liquidity is being actively consumed by negative operating margins and may not reflect a sustainable operational buffer.
Investors often cite the high current ratio as a sign of financial health, but for a company burning cash, this metric is a snapshot of a declining resource, not a measure of ongoing strength. The ratio is inflated by a large cash balance that is shrinking quarter-over-quarter, and it does not account for the negative operating cash flow trend. A more appropriate metric would be the cash runway, calculated by dividing the remaining cash by the average quarterly cash burn, which provides a more dynamic view of the company's financial sustainability.