Latest Ratios: P/E Ratio -72.1x · EV/EBITDA 49.0x · ROE -2.0%. (2017–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $333M | $554M | $1.0B | $739M | $930M | $727M | $433M | $102M | $138M | — | — |
| Enterprise Value | $521M | $742M | $1.1B | $830M | $979M | $782M | $466M | $157M | $104M | — | — |
| P/E Ratio → | -72.05 | — | — | — | 624.07 | — | — | — | 96.42 | — | — |
| P/S Ratio | 1.01 | 1.69 | 3.57 | 3.11 | 4.96 | 5.15 | 6.68 | 2.26 | 2.15 | — | — |
| P/B Ratio | 1.43 | 2.39 | 4.37 | 4.55 | 5.65 | 7.79 | 4.77 | 2.23 | 2.22 | — | — |
| P/FCF | 9.34 | 15.55 | — | — | — | — | — | — | — | — | — |
| P/OCF | 10.44 | 17.38 | 41.08 | 47.36 | 51.46 | 30.67 | — | — | 23.06 | — | — |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.26 | 4.01 | 3.49 | 5.23 | 5.54 | 7.18 | 3.48 | 1.61 | — | — |
| EV / EBITDA | 49.00 | 69.82 | 122.04 | 2942.26 | 119.98 | 160.86 | — | — | 27.07 | — | — |
| EV / EBIT | — | — | — | — | 542.95 | — | — | — | 60.49 | — | — |
| EV / FCF | — | 20.82 | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.0% | 70.0% | 11.8% | 12.4% | 15.4% | 15.5% | 9.4% | -9.4% | 14.8% | 15.7% | 11.9% |
| Operating Margin | -2.0% | -2.0% | -1.7% | -4.8% | 0.2% | -0.5% | -15.4% | -36.5% | 2.6% | 3.6% | 2.8% |
| Net Profit Margin | -1.4% | -1.4% | -0.7% | -3.7% | 0.8% | -0.5% | -15.9% | -38.4% | 2.3% | 3.4% | 1.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.0% | -2.0% | -1.0% | -5.4% | 1.2% | -0.8% | -15.1% | -32.2% | 3.5% | 9.6% | 4.8% |
| ROA | -1.0% | -1.0% | -0.5% | -2.8% | 0.6% | -0.4% | -7.0% | -17.8% | 2.7% | 6.3% | 3.1% |
| ROIC | -1.3% | -1.3% | -1.2% | -3.7% | 0.1% | -0.4% | -6.7% | -19.3% | 5.2% | 7.9% | 5.0% |
| ROCE | -1.6% | -1.6% | -1.4% | -4.0% | 0.1% | -0.5% | -7.6% | -19.1% | 3.5% | 8.0% | 5.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.93 | 0.93 | 0.74 | 0.87 | 0.73 | 0.97 | 0.80 | 1.41 | 0.05 | 0.21 | 0.24 |
| Debt / EBITDA | 20.36 | 20.36 | 18.31 | 501.24 | 14.64 | 18.69 | — | — | 0.89 | 1.26 | 1.48 |
| Net Debt / Equity | — | 0.81 | 0.53 | 0.56 | 0.30 | 0.59 | 0.36 | 1.21 | -0.56 | -0.06 | 0.05 |
| Net Debt / EBITDA | 17.69 | 17.69 | 13.20 | 320.44 | 6.11 | 11.32 | — | — | -9.05 | -0.36 | 0.28 |
| Debt / FCF | — | 5.27 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -98.36 | -98.36 | -23.70 | -182.77 | 26.14 | -6.93 | -45.31 | -118.00 | 9.11 | 14.65 | 12.14 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.24 | 1.24 | 1.76 | 1.78 | 3.07 | 1.68 | 2.87 | 1.06 | 5.01 | 1.52 | 1.18 |
| Quick Ratio | 1.19 | 1.19 | 1.71 | 1.71 | 3.01 | 1.63 | 2.83 | 1.03 | 4.94 | 1.44 | 1.11 |
| Cash Ratio | 1.01 | 1.01 | 1.46 | 1.48 | 2.69 | 1.42 | 2.02 | 0.66 | 4.59 | 1.19 | 0.74 |
| Asset Turnover | — | 0.68 | 0.66 | 0.72 | 0.62 | 0.70 | 0.37 | 0.38 | 0.84 | 1.61 | 1.61 |
| Inventory Turnover | 37.52 | 37.52 | 116.45 | 93.89 | 90.81 | 106.43 | 80.20 | 134.66 | 101.53 | 113.62 | 122.06 |
| Days Sales Outstanding | — | 5.20 | 8.44 | 7.27 | 10.03 | 6.83 | 13.21 | 17.31 | 6.67 | 3.70 | 6.84 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 0.2% | — | — | — | 1.0% | — | — |
| FCF Yield | 10.7% | 6.4% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 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% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $12M | $12M | $11M | $11M | $10M | $9M | $8M | $6M | $8M | $8M |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying KRUS stock.
Kura Sushi USA, Inc.'s current P/E ratio is -72.1x. The historical average is 96.4x.
Kura Sushi USA, Inc.'s current EV/EBITDA is 49.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 48.4x.
Kura Sushi USA, Inc.'s return on equity (ROE) is -2.0%. The historical average is -3.7%.
Based on historical data, Kura Sushi USA, Inc. is trading at a P/E of -72.1x. Compare with industry peers and growth rates for a complete picture.
Kura Sushi USA, Inc. has 70.0% gross margin and -2.0% operating margin.
Kura Sushi USA, Inc.'s Debt/EBITDA ratio is 20.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative FCF despite revenue growth
Metrics are mathematically derived from official filings.
Growth Premium Defies Current Losses
Kura Sushi USA trades at a significant premium to peers with a forward EV/EBITDA of 30.18, suggesting the market is pricing in a substantial future earnings recovery that is not yet reflected in its current negative profitability.
The company's forward EV/EBITDA of 30.18 is more than double the peer median of approximately 14.18, indicating investors are paying for future growth rather than current earnings. This premium is particularly stark given the company's trailing P/E is negative and its net margin is just 0.5% in the latest quarter. The valuation appears to be predicated on the successful scaling of the restaurant concept to a point where operating leverage finally materializes, a scenario that remains unproven based on the last ten quarters of financial results.
Margin Volatility Masks Core Earning Power
Gross margins have swung from 8.2% to 14.0% over the last ten quarters, with the latest at 11.9%, indicating that the company's core earning power is highly sensitive to food costs and pricing, making consistent profitability elusive.
The extreme volatility in gross margin, ranging from a low of 8.2% in Q1 2026 to a high of 14.0% in Q4 2024, suggests the business model lacks stable pricing power or faces unpredictable input costs. This volatility directly translates to operating margin, which has swung from -8.8% to +1.8% in the same period. The most recent quarter's 0.1% operating margin on $85.9 million in revenue highlights that even at scale, the company is barely breaking even, with SG&A and other overhead consuming nearly all gross profit.
Capital Intensity Yields Minimal Returns
Return on Invested Capital has been negative or near-zero for eight of the last ten quarters, with the latest at 0.0%, indicating that the heavy capital investment in new restaurants is not yet generating meaningful returns for investors.
The ROIC trend shows a company in a heavy investment phase, with returns consistently below the cost of capital. The brief positive ROIC of 0.3% in Q4 2025 appears to be an anomaly rather than a sustainable trend, as it quickly reverted to negative territory. This pattern suggests that while the company is successfully deploying capital to grow its asset base, it has not yet achieved the operational efficiency or scale necessary to generate a positive spread on that invested capital.
Negative CCC Reflects Supplier Leverage
Kura Sushi USA maintains a negative cash conversion cycle of -4 days, driven by a 14-day DPO versus a 7-day DSO, which suggests it effectively uses supplier credit to finance its operations and working capital needs.
The consistently negative CCC is a structural positive, indicating the company collects cash from customers before paying its suppliers. This provides a modest, interest-free source of financing for its operations. However, the efficiency is limited by the low asset turnover of 0.18, which reveals that the company's large asset base, dominated by restaurant buildouts, is not yet generating proportionate sales volume. The working capital efficiency is a bright spot, but it is overshadowed by the low return on the overall asset base.
Rising Debt Amidst Cash Burn
The debt-to-equity ratio has increased to 0.90 from 0.78 over ten quarters, while the D/EBITDA ratio spiked to 438.71 in Q3 2026, indicating that debt is growing far faster than the company's ability to service it from earnings.
The leverage profile is deteriorating on a relative basis. While the absolute D/E of 0.90 is not extreme, the D/EBITDA ratio of 438.71 is a critical red flag, as it shows the company's debt load is hundreds of times its current earnings. This is a direct result of funding expansion with debt while operating at near-breakeven levels. The interest coverage ratio of 27.88 in Q3 2026 appears healthy but is misleading; it is inflated by a quarter of minimal operating profit and masks the underlying risk that a sustained period of losses could quickly erode the company's ability to service its debt.
The Misleading Interest Coverage Ratio
The interest coverage ratio is the most commonly misapplied metric for Kura Sushi USA, as its high value of 27.88 in Q3 2026 obscures the fundamental risk that the company's debt is funded by capital, not consistent operating cash flow.
Investors may look at the 27.88x interest coverage and assume comfortable debt service. However, this ratio is calculated from a quarter where operating income was just $70,000 on $85.9 million in revenue. The ratio is highly volatile and meaningless over a cycle, as evidenced by negative coverage in multiple prior quarters. A more appropriate metric is the debt-to-equity ratio or the trend in cash reserves, which show that debt is being accumulated to fund negative free cash flow from expansion, not from profitable operations. The coverage ratio provides a false sense of security about the company's leverage.