Latest Ratios: P/E Ratio -5.8x · EV/EBITDA N/A · ROE N/A. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $54M | $38M | $51M | $35M | $181M | $175M |
| Enterprise Value | $48M | $32M | $50M | $31M | $168M | $160M |
| P/E Ratio → | -5.83 | — | — | — | — | — |
| P/S Ratio | 2.74 | 1.92 | 1.72 | 1.92 | 7.12 | 11.51 |
| P/B Ratio | — | — | — | — | 15.05 | 12.75 |
| 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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.65 | 1.70 | 1.73 | 6.61 | 10.49 |
| 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 |
|---|---|---|---|---|---|---|
| Gross Margin | 45.4% | 45.4% | 44.9% | 43.6% | 42.7% | 46.3% |
| Operating Margin | -43.8% | -43.8% | -22.3% | -71.9% | -10.4% | -27.4% |
| Net Profit Margin | -38.5% | -38.5% | -51.8% | -115.5% | -11.5% | -26.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | — | — | — | -405.4% | -22.6% | -29.0% |
| ROA | -45.2% | -45.2% | -134.4% | -141.8% | -15.6% | -21.5% |
| ROIC | — | — | — | — | — | — |
| ROCE | -1104.4% | -1104.4% | — | -244.2% | -20.3% | -30.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 0.10 | 0.04 |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | -1.08 | -1.13 |
| Net Debt / EBITDA | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — |
| Interest Coverage | -5.71 | -5.71 | -4.07 | — | — | — |
Net cash position: cash ($15M) exceeds total debt ($10M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 0.94 | 0.94 | 0.57 | 0.80 | 2.77 | 3.86 |
| Quick Ratio | 0.90 | 0.90 | 0.55 | 0.78 | 2.77 | 3.86 |
| Cash Ratio | 0.75 | 0.75 | 0.29 | 0.39 | 2.22 | 3.37 |
| Asset Turnover | — | 0.92 | 2.45 | 1.69 | 1.36 | 0.82 |
| Inventory Turnover | 12.80 | 12.80 | 38.37 | 44.24 | — | — |
| Days Sales Outstanding | — | 23.53 | 30.91 | 47.42 | 41.90 | 36.07 |
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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 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% |
| Shares Outstanding | — | $27M | $18M | $14M | $18M | $18M |
BARDA funding dependency risk
Based on reported figures, Spectral AI trades at a price-to-sales multiple of 2.77, a valuation that appears disconnected from the company's 33.57% year-over-year revenue contraction and the absence of positive earnings, suggesting investors are pricing the firm as a speculative R&D venture rather than a commercial entity.
The lack of a meaningful P/E or EV/EBITDA multiple reflects the company's pre-profit status and reliance on milestone-based government funding. Investors should monitor whether this valuation premium can be sustained if the transition from government-funded research to commercial product adoption continues to face delays.
As reported in financial statements, Spectral AI's operating margin of -49.4% in the most recent quarter underscores the heavy investment required for clinical trials, which significantly outweighs the gross profit generated from its current mix of government contracts and nascent hardware sales.
The gross margin of 50.8% suggests that while the core technology has potential, the high fixed-cost structure of clinical-stage medical device development prevents the company from achieving operating leverage. Future profitability appears contingent on shifting toward a higher-margin software-as-a-service model, which remains unproven at this stage.
According to recent SEC filings, Spectral AI's cash conversion cycle remains erratic, with a negative 36-day cycle in 2026Q1, reflecting the inherent difficulty in managing liquidity when revenue recognition is tied to lumpy, milestone-based government contracts rather than predictable, recurring commercial product demand.
The asset turnover ratio of 0.20 indicates that the company is not yet effectively utilizing its asset base to generate revenue, which is typical for firms in the clinical development phase. Investors should monitor the efficiency of inventory management as the company attempts to scale its hardware deployment.
Based on the most recent quarterly data, Spectral AI's current ratio has compressed to 0.75, indicating that current liabilities now exceed current assets, which leaves the company with a limited liquidity buffer to support its ongoing research and development activities over the coming fiscal year.
The quick ratio of 0.71 further highlights the company's dependence on inventory liquidation or new funding tranches to meet short-term obligations. This liquidity profile appears vulnerable to any further delays in BARDA milestone payments or unexpected increases in clinical trial expenditures.
As indicated by the company's financial history, the market may be misapplying software-as-a-service valuation multiples to Spectral AI, overlooking the significant capital-intensive hardware friction and hospital procurement hurdles that distinguish this business model from pure-play AI diagnostic software providers.
Investors should focus on clinical trial enrollment velocity and CPT code reimbursement status rather than traditional software growth metrics. The reliance on physical hardware carts means that scaling is constrained by medical device sales cycles, which are fundamentally different from the rapid, low-friction deployment typical of pure AI software.
Includes 30+ ratios · 5 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MDAI stock.
Spectral AI, Inc.'s current P/E ratio is -5.8x. This places it at the 50th percentile of its historical range.
Based on historical data, Spectral AI, Inc. is trading at a P/E of -5.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Spectral AI, Inc. has 45.4% gross margin and -43.8% operating margin.