Latest Ratios: P/E Ratio -19.2x · EV/EBITDA N/A · ROE -44.9%. (2008–2025 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 | $20M | $14M | $9M | $8M | $12M | $42M | $13M | $9M | $14M | $6M | $18M |
| Enterprise Value | $20M | $15M | $12M | $14M | $16M | $46M | $18M | $14M | $13M | $5M | $15M |
| P/E Ratio → | -19.20 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.75 | 0.34 | 1.65 | 1.42 | 1.67 | 8.85 | 2.13 | 1.55 | 1.89 | 0.66 | 1.80 |
| P/B Ratio | 6.55 | 5.19 | 3.79 | 7.11 | 3.37 | 9.06 | 5.04 | 5.11 | 2.83 | 0.78 | 1.57 |
| P/FCF | 5.03 | 8.79 | — | — | — | — | — | — | — | — | — |
| P/OCF | 8.83 | 6.53 | — | — | — | — | — | — | — | — | — |
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 | — | 0.34 | 2.25 | 2.28 | 2.27 | 9.80 | 2.96 | 2.39 | 1.75 | 0.57 | 1.49 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 8.94 | — | — | — | — | — | — | — | — | — |
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 | 5.7% | 5.7% | 20.3% | 16.8% | 19.8% | 21.8% | 26.2% | 7.7% | -5.8% | 0.9% | -48.7% |
| Operating Margin | -3.7% | -3.7% | -56.9% | -56.9% | -45.4% | -82.7% | -34.4% | -62.1% | -49.0% | -47.0% | -203.2% |
| Net Profit Margin | -2.6% | -2.6% | -39.3% | -45.0% | -38.9% | -60.2% | -9.0% | -60.4% | -39.8% | -44.4% | -209.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -44.9% | -44.9% | -118.3% | -114.7% | -67.6% | -79.3% | -25.0% | -105.0% | -46.5% | -42.0% | -103.8% |
| ROA | -8.5% | -8.5% | -16.6% | -18.2% | -16.0% | -17.4% | -4.1% | -27.5% | -18.7% | -20.5% | -70.0% |
| ROIC | -28.4% | -28.4% | -37.6% | -36.2% | -28.5% | -35.2% | -21.8% | -51.3% | -50.6% | -41.9% | -83.6% |
| ROCE | -38.3% | -38.3% | -75.0% | -64.5% | -41.2% | -54.7% | -31.3% | -49.7% | -42.7% | -31.4% | -83.2% |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.02 | 1.02 | 2.14 | 6.48 | 2.43 | 2.01 | 3.06 | 3.55 | 0.47 | 0.35 | 0.25 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.09 | 1.40 | 4.33 | 1.21 | 0.97 | 1.96 | 2.79 | -0.21 | -0.11 | -0.27 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | 0.16 | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -7.01 | -7.01 | -7.22 | -8.37 | -6.39 | -6.70 | -0.53 | -17.76 | -109.11 | -119.38 | -407.17 |
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 | 0.99 | 0.99 | 0.85 | 0.78 | 0.99 | 1.06 | 0.83 | 1.18 | 0.81 | 1.08 | 2.37 |
| Quick Ratio | 0.57 | 0.57 | 0.34 | 0.37 | 0.58 | 0.64 | 0.56 | 0.65 | 0.56 | 0.68 | 1.54 |
| Cash Ratio | 0.23 | 0.23 | 0.24 | 0.27 | 0.46 | 0.51 | 0.31 | 0.35 | 0.47 | 0.48 | 1.23 |
| Asset Turnover | — | 2.76 | 0.47 | 0.44 | 0.44 | 0.26 | 0.42 | 0.51 | 0.53 | 0.52 | 0.46 |
| Inventory Turnover | 8.50 | 8.50 | 1.16 | 1.24 | 1.49 | 0.94 | 1.81 | 2.62 | 4.36 | 3.10 | 3.71 |
| Days Sales Outstanding | — | 30.45 | 29.30 | 48.41 | 45.55 | 66.68 | 80.06 | 43.48 | 13.73 | 44.01 | 32.40 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 19.9% | 11.4% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 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% | 0.0% | 0.0% |
| Shares Outstanding | — | $8M | $6M | $5M | $5M | $4M | $4M | $4M | $4M | $4M | $3M |
Includes 30+ ratios · 18 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying LEDS stock.
SemiLEDs Corporation's current P/E ratio is -19.2x. This places it at the 50th percentile of its historical range.
SemiLEDs Corporation's return on equity (ROE) is -44.9%. The historical average is -51.1%.
Based on historical data, SemiLEDs Corporation is trading at a P/E of -19.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
SemiLEDs Corporation has 5.7% gross margin and -3.7% operating margin.
Key Metrics
Top Statement Risk
Liquidity and solvency constraints
Metrics are mathematically derived from official filings.
Distorted Multiples Mask Operational Fragility
As reported in recent financial statements, the company's P/S ratio of 0.30 appears to reflect deep market skepticism, as the negative TTM P/E of -10.33 suggests that investors are currently pricing the equity based on liquidation potential rather than any meaningful expectation of future earnings growth.
The low P/S multiple relative to broader semiconductor peers suggests that the market heavily discounts the company's revenue quality, likely due to the erratic nature of its project-based sales. Investors should monitor whether this valuation floor holds, as the lack of a forward P/E indicates that analysts have little confidence in the company's ability to reach sustained profitability in the near term.
Capital Decay Undermines Long-term Viability
Based on the provided quarterly data, the ROIC has plummeted to -68.3% in 2026Q2, indicating that the company is effectively destroying shareholder value with every dollar of capital deployed into its fabrication operations compared to historical performance levels.
The persistent negative ROIC trend suggests that the company's proprietary metal substrate technology has failed to generate the necessary returns to cover its cost of capital. This decay in returns warrants further investigation into whether the current manufacturing footprint is structurally oversized for the actual demand levels the company can realistically capture.
Working Capital Inefficiency Strains Liquidity
According to the latest quarterly filings, the cash conversion cycle has ballooned to 364 days as of 2026Q2, reflecting a significant deterioration in working capital management that forces the company to rely on external financing to bridge the gap between production and cash collection.
The extreme length of the cash conversion cycle, driven by high days inventory outstanding, suggests that the company is struggling to move its specialized LED products through the supply chain. This inefficiency appears to be a primary driver of the company's liquidity stress, as capital remains trapped in slow-moving inventory rather than being recycled into operations.
Precarious Liquidity Limits Operational Flexibility
As indicated by the 2026Q2 current ratio of 0.91, the company's liquidity position has become increasingly vulnerable, leaving it with insufficient current assets to comfortably cover its short-term liabilities without relying on potentially dilutive capital raises or further inventory liquidation.
The quick ratio of 0.55 further highlights the company's heavy dependence on inventory to meet its obligations, which is a high-risk strategy given the rapid obsolescence typical of the semiconductor industry. Investors should monitor the company's ability to maintain these ratios, as any further decline could trigger covenant issues or restrict access to essential trade credit.
Misapplied Metrics in Volatile Cycles
The P/E ratio is the most commonly misapplied metric for this business model, as it obscures the company's underlying operational volatility and the reality that its current losses are driven by structural fabrication costs rather than temporary, non-recurring accounting charges.
Using P/E to value a company with such erratic revenue and negative margins provides a false sense of comparability to profitable semiconductor peers. Instead, analysts should focus on the EV/Sales ratio or cash burn rates to better understand the company's survival runway and the true cost of maintaining its current manufacturing capacity.