Latest Ratios: P/E Ratio -0.6x · EV/EBITDA N/A · ROE -63.1%. (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 | $3M | $14M | $12M | $19M | $13M | $123M | $170M | $115M | $87M | $24M | $24M |
| Enterprise Value | $15M | $26M | $13M | $22M | $10M | $132M | $167M | $113M | $84M | $21M | $23M |
| P/E Ratio → | -0.63 | — | — | — | — | — | — | 2906.83 | — | — | — |
| P/S Ratio | 0.19 | 0.85 | 0.79 | 1.08 | 0.84 | 6.75 | 7.53 | 3.52 | 7.15 | 2.09 | 1.70 |
| P/B Ratio | 0.27 | 1.35 | 0.70 | 1.12 | 0.58 | 9.66 | 6.84 | 5.00 | 10.24 | 3.43 | 3.76 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | 560.53 |
| P/OCF | — | — | — | — | — | — | — | — | — | — | 56.69 |
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 | — | 1.59 | 0.86 | 1.23 | 0.61 | 7.25 | 7.40 | 3.47 | 6.84 | 1.87 | 1.62 |
| EV / EBITDA | — | — | — | — | — | — | — | 147.90 | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | 536.42 |
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 | 7.6% | 7.6% | 1.7% | 15.4% | 3.5% | 8.6% | 9.5% | 21.9% | 8.7% | 1.8% | 10.3% |
| Operating Margin | -50.3% | -50.3% | -65.0% | -43.3% | -78.4% | -58.5% | -36.6% | -1.8% | -36.7% | -40.6% | -94.5% |
| Net Profit Margin | -51.7% | -51.7% | -70.8% | -47.6% | -88.7% | -60.9% | -43.5% | 0.1% | -31.2% | -39.3% | -118.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -63.1% | -63.1% | -61.0% | -42.2% | -78.5% | -59.2% | -41.0% | 0.3% | -49.4% | -67.7% | -113.9% |
| ROA | -28.6% | -28.6% | -30.2% | -22.5% | -33.3% | -25.5% | -24.3% | 0.2% | -30.7% | -38.6% | -83.2% |
| ROIC | -31.0% | -31.0% | -37.8% | -29.5% | -45.2% | -36.7% | -28.8% | -3.3% | -72.9% | -71.2% | -73.6% |
| ROCE | -33.2% | -33.2% | -33.9% | -25.0% | -40.3% | -35.3% | -27.2% | -3.1% | -58.1% | -69.2% | -90.2% |
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 | 1.67 | 1.67 | 0.71 | 0.71 | 0.49 | 1.91 | 0.35 | 0.23 | 0.00 | 0.00 | 0.03 |
| Debt / EBITDA | — | — | — | — | — | — | — | 6.98 | — | — | — |
| Net Debt / Equity | — | 1.18 | 0.06 | 0.16 | -0.16 | 0.71 | -0.12 | -0.07 | -0.44 | -0.36 | -0.16 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | -2.25 | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | -24.11 |
| Interest Coverage | -26.27 | -26.27 | -60.97 | -56.87 | -33.31 | -14.80 | -83.97 | -12.68 | -57.23 | -103.12 | -337.91 |
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 | 3.38 | 3.38 | 4.21 | 2.95 | 4.55 | 1.66 | 2.61 | 2.66 | 2.46 | 1.98 | 1.70 |
| Quick Ratio | 2.01 | 2.01 | 3.08 | 2.24 | 3.88 | 1.34 | 2.05 | 2.16 | 1.50 | 1.00 | 0.67 |
| Cash Ratio | 1.07 | 1.07 | 2.22 | 1.26 | 2.49 | 0.91 | 1.20 | 0.68 | 0.82 | 0.52 | 0.24 |
| Asset Turnover | — | 0.61 | 0.45 | 0.50 | 0.40 | 0.41 | 0.53 | 0.85 | 0.93 | 0.97 | 1.22 |
| Inventory Turnover | 2.35 | 2.35 | 2.59 | 2.89 | 3.79 | 3.08 | 3.69 | 4.90 | 2.52 | 2.39 | 2.41 |
| Days Sales Outstanding | — | 92.07 | 101.54 | 122.93 | 104.22 | 77.18 | 94.58 | 133.50 | 90.45 | 72.45 | 54.09 |
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 | — | — | — | — | — | — | — | 0.0% | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | 0.2% |
| 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 | — | $10M | $6M | $6M | $4M | $3M | $3M | $2M | $2M | $1M | $1M |
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying LIQT stock.
LiqTech International, Inc.'s current P/E ratio is -0.6x. The historical average is 63.2x.
LiqTech International, Inc.'s return on equity (ROE) is -63.1%. The historical average is -42.0%.
Based on historical data, LiqTech International, Inc. is trading at a P/E of -0.6x. Compare with industry peers and growth rates for a complete picture.
LiqTech International, Inc. has 7.6% gross margin and -50.3% operating margin.
Key Metrics
Top Statement Risk
Persistent negative operating margins
Metrics are mathematically derived from official filings.
Distressed Valuation Reflects Execution Risk
According to recent market data, LIQT trades at a price-to-sales ratio of 0.52, a valuation level that suggests investors are heavily discounting the company's future growth prospects due to its persistent inability to generate positive earnings or maintain consistent top-line momentum across its industrial filtration segments.
The current P/S multiple reflects a market that views the company as a distressed option rather than a viable industrial compounder. Given the lack of positive P/E or EV/EBITDA metrics, the valuation appears to be tethered entirely to the speculative potential of its SiC technology rather than any tangible fundamental performance.
Capital Returns Indicate Structural Decay
As reported in financial statements, LIQT's ROIC has remained consistently negative, reaching -8.5% in 2026Q1, which highlights a fundamental failure to generate returns on invested capital that exceed the company's cost of capital or even reach a break-even threshold for its manufacturing operations.
The persistent negative ROIC trend over the last ten quarters suggests that the company is destroying shareholder value with every dollar of capital deployed. This decay is driven by the inability to scale revenue sufficiently to cover the high fixed-cost base inherent in its specialized ceramic membrane manufacturing process.
Working Capital Cycles Remain Stretched
Based on reported figures, the company's cash conversion cycle has remained highly volatile, peaking at 339 days in 2024Q3 and settling at 205 days in 2026Q1, which underscores the significant difficulty in managing liquidity within a project-based industrial model that lacks recurring revenue streams.
The extended CCC is primarily driven by high days inventory outstanding, which suggests that the company is struggling to move its specialized SiC products through the sales channel efficiently. Investors should monitor whether this inefficiency is a result of poor demand forecasting or an accumulation of obsolete inventory that may require future write-downs.
Liquidity Buffer Facing Rapid Depletion
As evidenced by the company's quarterly filings, the current ratio has fluctuated significantly, dropping to 2.50 in 2026Q1 from a high of 4.21 in 2024Q4, signaling a narrowing margin of safety as cash reserves are consumed to fund ongoing operational losses.
While the current ratio appears superficially adequate, the reliance on inventory and receivables to meet short-term obligations poses a risk under stress. The rapid decline in cash suggests that the company may face a liquidity crunch in the near term if it cannot secure additional financing or achieve a sudden inflection in project-based cash inflows.
Misapplied Focus on Revenue Growth
Based on an analysis of the company's business model, the most commonly misapplied metric is top-line revenue growth, which obscures the reality that the company is currently 'buying' growth at the expense of severely negative gross margins and unsustainable operational cash burn.
Analysts often focus on revenue expansion as a proxy for market adoption, but for LiqTech, this metric is misleading because it ignores the high cost of goods sold and the lack of pricing power. A more appropriate focus would be on the 'Contribution Margin' per unit of SiC membrane, which would better reveal whether the company's core technology can ever achieve the scale required for profitability.