Latest Ratios: P/E Ratio -15.4x · EV/EBITDA N/A · ROE -80.2%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $1.7B | $1.9B | $1.1B | $65M | $181M | $174M | — |
| Enterprise Value | $1.5B | $1.7B | $945M | $104M | $181M | $160M | — |
| P/E Ratio → | -15.40 | — | — | 1.08 | — | — | — |
| P/S Ratio | 8.18 | 9.22 | 4.89 | 0.82 | 2.10 | 2.40 | — |
| P/B Ratio | 6.31 | 9.51 | 284.42 | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | 230.49 | — | — |
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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.22 | 4.14 | 1.31 | 2.10 | 2.20 | — |
| EV / EBITDA | — | — | — | — | 4.65 | — | — |
| EV / EBIT | — | — | — | 6.57 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 15.6% | 15.6% | 16.5% | -26.3% | 12.1% | -38.3% | 3.8% |
| Operating Margin | -41.5% | -41.5% | -25.2% | -70.7% | -6.4% | -52.2% | -9.9% |
| Net Profit Margin | -39.7% | -39.7% | -124.3% | 79.0% | -7.5% | -49.1% | -9.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -80.2% | -80.2% | -7228.1% | — | — | — | — |
| ROA | -15.0% | -15.0% | -128.4% | 82.1% | -11.6% | -87.5% | -11.2% |
| ROIC | — | — | — | — | — | — | — |
| ROCE | -19.6% | -19.6% | -44.0% | -1279.3% | — | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.83 | 1.83 | 9.53 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | 0.66 | — | — |
| Net Debt / Equity | — | -1.03 | -43.41 | — | — | — | — |
| Net Debt / EBITDA | — | — | — | — | 0.00 | — | — |
| Debt / FCF | — | — | — | — | — | — | -3.36 |
| Interest Coverage | -23.63 | -23.63 | — | 19.30 | -6.69 | -158.13 | — |
Net cash position: cash ($583M) exceeds total debt ($372M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 4.96 | 4.96 | 2.97 | 0.38 | 0.43 | 0.52 | 0.69 |
| Quick Ratio | 4.96 | 4.96 | 2.97 | 0.38 | 0.43 | 0.52 | 0.69 |
| Cash Ratio | 4.67 | 4.67 | 2.10 | 0.06 | 0.27 | 0.43 | 0.51 |
| Asset Turnover | — | 0.28 | 0.64 | 0.93 | 1.28 | 1.67 | 1.16 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 42.45 | 100.65 | 105.69 | 7.00 | 17.28 | 65.72 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 12.2% | — | — | — |
| Payout Ratio | — | — | — | 12.7% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 92.6% | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 1.2% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 1.2% | 1.1% | 0.0% | 12.2% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $119M | $61M | $26M | $18M | $18M | $18M |
Includes 30+ ratios · 6 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 LUNR stock.
Intuitive Machines, Inc.'s current P/E ratio is -15.4x. The historical average is 1.1x.
Intuitive Machines, Inc.'s return on equity (ROE) is -80.2%. The historical average is -80.2%.
Based on historical data, Intuitive Machines, Inc. is trading at a P/E of -15.4x. Compare with industry peers and growth rates for a complete picture.
Intuitive Machines, Inc. has 15.6% gross margin and -41.5% operating margin.
Key Metrics
Top Statement Risk
Negative equity and cash burn
Metrics are mathematically derived from official filings.
Valuation Reflects Lunar Optionality, Not Current Cash Flows
The current P/S ratio of 11.65 and P/B of 9.00, as reported in recent filings, appear to price in a significant success premium for future lunar infrastructure, given the company's negative operating margins and lack of positive earnings.
The valuation multiples are disconnected from current profitability, with a negative P/E and a high price-to-book ratio suggesting the market is valuing the company as a call option on the lunar economy rather than on its present industrial cash flows. This premium is likely sustained by the $4.8B NSNS contract ceiling and recent revenue acceleration, but it leaves the stock vulnerable to any mission delays or funding shifts. Investors should monitor whether the implied growth rate embedded in the P/S multiple is achievable without significant margin expansion.
Margin Volatility Masks Underlying Cost Structure
Gross margins have swung wildly from -23.5% to 39.0% over the past year, settling at 17.4% in Q2 2026, indicating a project-based cost structure where profitability is highly sensitive to specific mission economics and contract mix.
The extreme volatility in gross margins suggests that early-stage contracts may be priced near cost to establish flight heritage, or are burdened by high initial hardware iteration costs. The persistent negative operating margin of -22.9% in Q2 2026, despite 310% revenue growth, indicates that the current fixed-cost structure of specialized engineering labor and R&D is not yet being covered by the revenue base. A sustainable margin expansion likely requires a shift toward higher-margin Data Services revenue, which has a lower marginal cost than physical payload delivery.
Negative Returns Reflect Pre-Scale Investment Phase
ROE of -20.7% and ROIC of -10.0% in Q2 2026, as per the company's financial statements, confirm that the business is currently destroying value on invested capital, a typical profile for a high-growth industrial firm in its pre-profitability scaling phase.
The deeply negative returns on capital are a direct function of the company's negative equity base and operating losses, not necessarily a sign of operational inefficiency. The trend shows ROE improving from -37.9% in Q4 2024, suggesting that the rapid revenue scaling is beginning to improve the return profile, albeit from a very low base. The key question for investors is whether the company can achieve positive ROIC before its cash reserves are depleted, which would require a significant improvement in operating margins.
Working Capital Swings Reflect Mission Timing
The cash conversion cycle of 49 days in Q2 2026, derived from a DSO of 60 and DPO of 43, indicates moderate working capital efficiency, but the high volatility in these metrics across quarters suggests they are driven by milestone-based payments rather than operational improvements.
The DSO of 60 days is reasonable for a government contractor, but the swings from 45 to 109 days over the past two years highlight the lumpy nature of cash receipts tied to mission milestones. The asset turnover ratio of 0.11 is extremely low, reflecting the capital-intensive nature of the business and the recent acquisition that significantly expanded the asset base. This low turnover will need to improve materially as the company scales to generate positive free cash flow.
Leverage Surge Post-Acquisition Warrants Monitoring
The debt-to-equity ratio of 1.83 in Q4 2025, as reported in the company's filings, indicates a significant increase in financial leverage, though the subsequent negative equity makes this ratio less meaningful and points to a capital structure reliant on debt and equity-linked instruments.
The surge in leverage appears to be a strategic choice to fund expansion via the Q1 2026 acquisition, but it has occurred alongside persistent negative operating margins. The interest coverage ratio of -13.02 in Q2 2026 confirms that operating losses are insufficient to cover interest expenses, meaning debt service is currently being funded from the cash balance. This dynamic is sustainable only as long as the company maintains adequate liquidity, which is now under pressure as cash has declined to $367.4M.
The Misapplied Ratio: Price-to-Book in a Negative Equity World
The P/B ratio of 9.00 is the most commonly misapplied metric for this business model, as it becomes distorted and less meaningful when shareholders' equity is negative, obscuring the true asset base and the company's reliance on debt and deferred revenue.
For a company with negative equity of -$283.7M, the P/B ratio is mathematically inflated and does not reflect the true economic value of the assets, which are now heavily weighted toward goodwill and intangives from an acquisition. A more appropriate alternative metric is the Price-to-Sales ratio, which at 11.65 provides a clearer, though still premium, valuation of the company's revenue generation capability. Analysts should also consider the enterprise value relative to the contracted backlog, as this better captures the value of the company's future, pre-funded revenue streams.