Latest Ratios: P/E Ratio -66.1x · EV/EBITDA N/A · ROE -1.5%. (2016–2025 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 | $151M | $2.8B | $1.2B | $1.5B | $1.1B | $4.0B | $1.3B | $449M | $611M | $2.2B | $6.9B |
| Enterprise Value | $144M | $2.8B | $1.1B | $1.4B | $1.0B | $4.0B | $1.4B | $463M | $608M | $2.2B | $6.8B |
| P/E Ratio → | -66.13 | — | 185.10 | — | — | — | — | — | — | — | 1085.71 |
| P/S Ratio | 208.73 | 3830.01 | 1569.23 | 689.27 | 320.53 | 33436.13 | — | 141.49 | 71.94 | 172.14 | 359.18 |
| P/B Ratio | 0.92 | 27.89 | 14.37 | 24.41 | 20.82 | 1445.01 | 231.37 | 69.66 | 58.38 | 124.14 | 389.96 |
| P/FCF | — | — | — | — | 267.43 | — | — | 45.97 | — | 5549.91 | 784.92 |
| P/OCF | — | — | — | — | 267.43 | — | — | 45.62 | — | 1830.42 | 675.95 |
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 | — | 3820.09 | 1458.16 | 660.60 | 302.28 | 33424.12 | — | 145.95 | 71.51 | 169.86 | 357.73 |
| EV / EBITDA | — | — | — | — | — | — | — | 1397.77 | — | — | 763.78 |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | 820.88 |
| EV / FCF | — | — | — | — | 252.21 | — | — | 47.42 | — | 5476.44 | 781.75 |
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 | 73.5% | 73.5% | 74.1% | 74.2% | 77.0% | 99.9% | — | 37.0% | 66.6% | 90.3% | 94.1% |
| Operating Margin | -148.1% | -148.1% | -122.4% | -40.7% | -275.7% | -11232.3% | — | -8.4% | -74.2% | -14.2% | 44.1% |
| Net Profit Margin | -187.7% | -187.7% | 850.1% | 241.6% | -304.2% | -25061.3% | — | -129.0% | -89.8% | -8.2% | 33.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.5% | -1.5% | 8.9% | 9.2% | -37.5% | -700.1% | -10.0% | -48.4% | -53.8% | -6.0% | 36.1% |
| ROA | -1.4% | -1.4% | 7.9% | 7.4% | -26.1% | -166.8% | -2.2% | -14.4% | -19.7% | -2.1% | 13.2% |
| ROIC | -1.8% | -1.8% | — | — | — | -281.1% | -4.5% | -1.5% | -69.2% | — | — |
| ROCE | -1.2% | -1.2% | -1.3% | -1.5% | -34.0% | -310.0% | -5.3% | -1.5% | -44.4% | -10.3% | 47.9% |
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 | — | — | — | — | 0.03 | 0.02 | 0.01 | 1.32 | 0.85 | 0.43 | 0.42 |
| Debt / EBITDA | — | — | — | — | — | — | — | 25.67 | — | — | 0.82 |
| Net Debt / Equity | — | -0.07 | -1.02 | -1.02 | -1.19 | -0.52 | 1.47 | 2.19 | -0.35 | -1.64 | -1.58 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | 42.69 | — | — | -3.10 |
| Debt / FCF | — | — | — | — | -15.22 | — | — | 1.45 | — | -73.47 | -3.17 |
| Interest Coverage | -3.95 | -3.95 | — | — | -11939.58 | — | -4.82 | -68.94 | -13.14 | -0.20 | 41.22 |
Net cash position: cash ($7M) exceeds total debt ($0)
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 | 17.13 | 17.13 | 15.13 | 5.72 | 4.41 | 0.24 | 1.25 | -0.66 | 1.58 | 1.42 | 1.49 |
| Quick Ratio | 17.13 | 17.13 | 15.13 | 5.72 | 4.41 | 0.18 | 1.25 | 0.26 | 1.58 | 1.42 | 1.49 |
| Cash Ratio | 1.16 | 1.16 | 14.37 | 4.79 | 4.15 | 0.17 | 0.00 | -0.67 | 0.89 | 1.06 | 1.15 |
| Asset Turnover | — | 0.01 | 0.01 | 0.03 | 0.05 | 0.01 | — | 0.10 | 0.35 | 0.24 | 0.40 |
| Inventory Turnover | — | — | — | — | — | 0.00 | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | 135.59 | — | 365.00 | — | 902.49 | 22.13 | 62.46 | 179.85 |
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 | — | — | 0.5% | — | — | — | — | — | — | — | 0.1% |
| FCF Yield | — | — | — | — | 0.4% | — | — | 2.2% | — | 0.0% | 0.1% |
| 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 | — | $9M | $4M | $2M | $495877 | $247675 | $227268 | $224922 | $224371 | $221557 | $226184 |
Regulatory and liquidity volatility
As reported in recent financial filings, NFT Limited trades at a P/S ratio of 208.73, a figure that appears detached from the company's contracting revenue base and suggests that market participants are pricing the equity as a speculative option rather than a traditional operating business.
The extreme P/S multiple indicates that investors are not valuing the company based on current brokerage activity, but rather on the potential for a future pivot or asset-based valuation. Given the negative P/E of -66.12, the valuation lacks a fundamental anchor, implying that the stock price is driven by sentiment regarding its cash-holding status rather than earnings growth.
Based on the company's reported figures, ROIC has remained consistently negative, reaching -0.5% in 2025Q4, which demonstrates that the firm is failing to generate any meaningful return on the capital deployed into its digital art-trading infrastructure and administrative overhead.
The inability to achieve a positive return on invested capital suggests that the company's core brokerage model is structurally incapable of covering its cost of capital. This trend of decaying returns highlights a fundamental misalignment between the firm's high-cost operating structure and its limited ability to scale transaction volumes.
According to historical data, the company's asset turnover remains near zero, reflecting a profound inability to convert its platform infrastructure into meaningful revenue, a trend that warrants further investigation into the actual utility of the firm's digital assets compared to its peers.
The lack of asset turnover suggests that the platform is not facilitating the volume of trades necessary to justify its existence as a commercial exchange. Investors should monitor whether this stagnation is a result of regulatory constraints in the PRC or a fundamental lack of market demand for the company's specific fractionalized art offerings.
As reported in financial statements, NFT Limited maintains a current ratio of 17.13, which appears to be a defensive posture rather than a sign of operational strength, as the company continues to burn cash despite holding a significant buffer of liquid assets.
While the high current ratio suggests the company is not at immediate risk of insolvency, it also indicates that capital is being trapped in low-yield cash equivalents rather than being deployed into growth initiatives. This liquidity position appears to be a survival mechanism, providing a runway that is currently being eroded by persistent administrative and compliance expenses.
The most commonly misapplied metric for NFT Limited is the P/B ratio, which, at 0.92, obscures the fact that the company's book value is largely composed of illiquid art investments rather than productive, cash-generating assets that could support a valuation floor.
Investors often use the P/B ratio to suggest the stock is undervalued, but this ignores the potential for significant write-downs on the carrying value of the physical art assets. A more appropriate focus would be on the cash-burn rate relative to the total cash balance, as this provides a clearer picture of the company's remaining operational lifespan.
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Quick answers to the most common questions about buying MI stock.
NFT Limited's current P/E ratio is -66.1x. The historical average is 185.1x.
NFT Limited's return on equity (ROE) is -1.5%. The historical average is -11.4%.
Based on historical data, NFT Limited is trading at a P/E of -66.1x. Compare with industry peers and growth rates for a complete picture.
NFT Limited has 73.5% gross margin and -148.1% operating margin.