Latest Ratios: P/E Ratio -0.4x · EV/EBITDA N/A · ROE -117.6%. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $3.3B | $7.4B | $8.8B | $11.6B | $28.2B | $249M | — |
| Enterprise Value | $1.2B | $3.2B | $8.3B | $9.8B | $12.2B | $24.1B | $-364924341 | — |
| P/E Ratio → | -0.37 | — | — | — | — | — | — | — |
| P/S Ratio | 1.01 | 2.43 | 9.14 | 14.72 | 19.02 | 1039.13 | 62.50 | — |
| P/B Ratio | 1.88 | 4.59 | 1.91 | 1.81 | 2.66 | 7.21 | — | — |
| 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 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.33 | 10.22 | 16.50 | 20.02 | 889.59 | -91.78 | — |
| 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 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -92.8% | -92.8% | -114.3% | -225.2% | -170.7% | -471.3% | 22.8% | 14.5% |
| Operating Margin | -258.7% | -258.7% | -373.9% | -520.7% | -426.5% | -5645.1% | -15071.1% | -5619.5% |
| Net Profit Margin | -199.3% | -199.3% | -336.0% | -475.1% | -214.5% | -9515.6% | -18093.1% | -6042.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -117.6% | -117.6% | -62.2% | -61.5% | -31.6% | -199.2% | — | -61.0% |
| ROA | -29.9% | -29.9% | -29.9% | -34.5% | -16.6% | -55.6% | -72.6% | -47.9% |
| ROIC | -98.7% | -98.7% | -42.5% | -42.8% | -80.8% | — | — | -187.4% |
| ROCE | -49.2% | -49.2% | -37.8% | -42.9% | -36.0% | -35.2% | -69.2% | -50.2% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.20 | 1.20 | 0.64 | 0.50 | 0.54 | 0.56 | — | 0.00 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.19 | 0.22 | 0.22 | 0.14 | -1.04 | — | -0.77 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -27.39 | -27.39 | -81.40 | -112.48 | -41.62 | -1876.52 | -11242.25 | -31.45 |
Net cash position: cash ($998M) exceeds total debt ($861M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.25 | 1.25 | 4.18 | 4.72 | 5.24 | 16.43 | 3.58 | 6.43 |
| Quick Ratio | 0.83 | 0.83 | 3.83 | 4.03 | 4.35 | 16.11 | 3.57 | 6.42 |
| Cash Ratio | 0.38 | 0.38 | 3.46 | 3.83 | 4.17 | 15.81 | 3.32 | 5.35 |
| Asset Turnover | — | 0.16 | 0.08 | 0.07 | 0.08 | 0.00 | 0.00 | 0.01 |
| Inventory Turnover | 2.35 | 2.35 | 4.24 | 2.78 | 1.97 | 1.22 | 2.94 | 5.74 |
| Days Sales Outstanding | — | 47.77 | 50.62 | 31.78 | 11.73 | 42.38 | 23.87 | 32.44 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.9% | 0.1% | 4.9% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.9% | 0.1% | 4.9% | — |
| Shares Outstanding | — | $312M | $245M | $208M | $169M | $74M | $2M | $2M |
Includes 30+ ratios · 7 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 LCID stock.
Lucid Group, Inc.'s current P/E ratio is -0.4x. This places it at the 50th percentile of its historical range.
Lucid Group, Inc.'s return on equity (ROE) is -117.6%. The historical average is -88.8%.
Based on historical data, Lucid Group, Inc. is trading at a P/E of -0.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Lucid Group, Inc. has -92.8% gross margin and -258.7% operating margin.
Key Metrics
Top Statement Risk
Cash burn and dilution
Metrics are mathematically derived from official filings.
Liquidity Buffer Shrinks Rapidly
Lucid's current ratio fell to 1.14 in 2026Q2 from 4.66 in 2024Q1, while cash dropped to $732.6M, per the latest balance sheet, indicating a shrinking buffer against operational shocks.
The quick ratio of 0.57 in 2026Q2 reveals that inventory, which has ballooned to 156 days on hand, is masking the true liquidity strain. With cash and equivalents at $732.6M and operating cash burn of $2.4B in the quarter, the company appears to have less than one quarter of funding runway without additional capital raises. This suggests that the liquidity position is highly vulnerable to any production delays or demand shortfalls, and investors should monitor the pace of cash consumption closely.
Leverage Surges as Cash Erodes
Debt-to-equity spiked to 1.82 in 2026Q2 from 0.57 in 2024Q1, as reported in financial statements, indicating a strategic but risky reliance on borrowings to fund growth.
Total debt climbed to $3.4B while equity has been eroded by cumulative losses, pushing the leverage ratio to levels that would be concerning for a mature automaker. Interest coverage is negative at -24.44, meaning operating income is insufficient to cover interest expenses, though this is typical for a pre-profit company. The rising D/E suggests that Lucid is increasingly dependent on debt financing, which may indicate that equity dilution is being deferred but at the cost of higher financial risk.
Working Capital Drain Intensifies
Cash conversion cycle lengthened to 149 days in 2026Q2 from 108 days in 2024Q4, per the latest financials, driven by inventory days soaring to 156, indicating a significant build-up of unsold vehicles.
The inventory build-up is particularly concerning as it suggests production is outpacing deliveries, potentially leading to obsolescence or price cuts. Days sales outstanding improved to 40 days, but days payable outstanding rose to 47, indicating some supplier leverage. However, the overall CCC expansion reflects a cash trap in working capital, which is exacerbating the cash burn and may indicate demand softness.
Margins Deeply Negative, No Scale Yet
Gross margin improved to -105.3% in 2026Q2 from -134.5% in 2024Q2, as reported in financial statements, but remains deeply negative, indicating that production costs still far exceed revenue.
Operating margin of -2.7% in 2026Q2 appears misleadingly small because it excludes massive non-cash charges like depreciation and stock-based compensation, which are captured in the gross margin. The true earning power is reflected in the net margin of -3.1%, which is distorted by one-time items. The improvement in gross margin from -134.5% to -105.3% suggests some progress in cost absorption, but the company is still far from breakeven, and the negative margins indicate that each vehicle sold destroys value.
Returns on Capital Remain Deeply Negative
ROIC worsened to -18.1% in 2026Q2 from -10.5% in 2024Q1, per the latest financials, indicating that the company is destroying value on every dollar of invested capital.
ROE of -64.8% and ROA of -16.6% reflect the heavy losses relative to the equity and asset base, which has grown due to debt-funded expansion. The negative returns are driven by the lack of scale, as the fixed cost base is not being utilized efficiently. The trend in ROIC is volatile, but the overall trajectory suggests that the company is not yet compounding returns, and investors should expect continued value destruction until production volumes reach a critical mass.
P/S Ratio Misleads on Value
The price-to-sales ratio of 1.65 appears low for a growth company, but with gross margins at -105.3%, as per the latest financials, this multiple obscures the fact that each sale generates significant losses.
Commonly, investors apply a P/S multiple to pre-revenue or high-growth companies, but for Lucid, the negative gross margin means that sales are not just unprofitable but deeply value-destructive. A more appropriate metric would be EV/Revenue adjusted for the cash burn rate, or a multiple of gross profit (which is negative). The P/S ratio fails to capture the capital intensity and the negative contribution margin per vehicle, making it a misleading indicator of value. Investors should focus on the cash burn per vehicle and the path to positive gross margin.