Latest Ratios: P/E Ratio -4.6x · EV/EBITDA N/A · ROE -132.4%. (1996–2025 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 | $28M | $22M | $77M | $50M | $34M | $142M | $134M | $64M | $12M | $39M | $38M |
| Enterprise Value | $28M | $22M | $74M | $48M | $26M | $128M | $120M | $62M | $11M | $36M | $34M |
| P/E Ratio → | -4.58 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 3.14 | 2.47 | 8.88 | 5.11 | 3.85 | 13.76 | 24.59 | 7.59 | 1.22 | 3.42 | 3.60 |
| P/B Ratio | 9.35 | 7.88 | 13.13 | 6.27 | 3.39 | 8.74 | 8.30 | 39.04 | 7.66 | 5.15 | 4.42 |
| 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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.46 | 8.54 | 4.85 | 2.92 | 12.38 | 22.15 | 7.41 | 1.14 | 3.19 | 3.26 |
| 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 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.5% | 70.5% | 74.6% | 69.1% | 55.7% | 61.3% | 66.6% | 68.3% | 46.1% | 61.8% | 60.2% |
| Operating Margin | -63.5% | -63.5% | -78.3% | -72.3% | -100.2% | -71.6% | -137.1% | -47.8% | -83.1% | -46.4% | -62.1% |
| Net Profit Margin | -63.8% | -63.8% | -54.6% | -70.5% | -98.9% | -66.2% | -134.9% | -89.8% | -77.2% | -46.0% | -56.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -132.4% | -132.4% | -68.1% | -76.9% | -66.4% | -42.2% | -82.7% | -476.7% | -164.6% | -64.7% | -67.2% |
| ROA | -65.0% | -65.0% | -44.5% | -55.3% | -52.0% | -34.6% | -56.2% | -116.1% | -67.5% | -35.6% | -45.1% |
| ROIC | -151.4% | -151.4% | -121.3% | -147.7% | -346.1% | -227.6% | -378.5% | -656.9% | -212.4% | -80.1% | -98.6% |
| ROCE | -117.1% | -117.1% | -94.2% | -76.0% | -65.1% | -44.2% | -81.4% | -253.4% | -153.4% | -60.0% | -73.6% |
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 | 0.36 | 0.36 | 0.06 | 0.05 | 0.05 | 0.04 | 0.06 | 0.01 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.03 | -0.50 | -0.32 | -0.82 | -0.87 | -0.82 | -0.92 | -0.49 | -0.35 | -0.42 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -222.53 | -222.53 | — | — | — | -451.01 | -412.21 | — | — | — | — |
Net cash position: cash ($1M) exceeds total debt ($1M)
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 | 1.81 | 1.81 | 2.48 | 3.51 | 3.93 | 6.11 | 6.45 | 1.23 | 1.20 | 1.79 | 2.54 |
| Quick Ratio | 0.89 | 0.89 | 1.49 | 2.65 | 3.39 | 5.62 | 5.61 | 0.90 | 0.81 | 1.28 | 1.62 |
| Cash Ratio | 0.27 | 0.27 | 0.87 | 1.94 | 2.64 | 4.77 | 4.94 | 0.31 | 0.15 | 0.39 | 0.72 |
| Asset Turnover | — | 1.15 | 0.88 | 0.86 | 0.64 | 0.52 | 0.28 | 1.28 | 1.50 | 0.72 | 0.77 |
| Inventory Turnover | 0.70 | 0.70 | 0.59 | 1.15 | 2.18 | 2.59 | 0.75 | 1.64 | 2.70 | 1.28 | 0.91 |
| Days Sales Outstanding | — | 27.68 | 20.11 | 11.61 | 28.75 | 33.41 | 72.54 | 74.56 | 78.84 | 105.50 | 122.47 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.1% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.1% | 0.0% | 0.0% |
| Shares Outstanding | — | $82M | $80M | $73M | $71M | $69M | $63M | $46M | $35M | $33M | $27M |
Liquidity and capital exhaustion
Based on recent market data, Milestone Scientific trades at a price-to-sales multiple of 3.14, a valuation that appears disconnected from the company's 3.99% year-over-year revenue decline and persistent inability to generate positive earnings, suggesting investors are pricing in speculative technological optionality rather than current fundamental performance.
The lack of a meaningful forward P/E or EV/EBITDA multiple reflects the company's current status as a pre-profitability entity where traditional valuation metrics fail to capture the underlying risk. Investors should monitor whether the premium valuation can be sustained if the medical segment fails to achieve the scale necessary to justify current market capitalization.
According to historical financial statements, Milestone Scientific has consistently reported negative ROIC, with the most recent figure of -25.9% in 2026Q1 highlighting a structural inability to generate returns on invested capital that exceed the cost of funding, a trend that has worsened significantly over the past two years.
The deterioration in ROIC from -23.7% in 2024Q1 to current levels indicates that capital allocation has not yet translated into efficient growth. This trend suggests that the company's heavy investment in R&D and specialized sales infrastructure is currently failing to produce the necessary margin expansion to drive shareholder value.
As reported in quarterly filings, the company's cash conversion cycle has expanded significantly, reaching 286 days in 2026Q1, primarily driven by an exceptionally high days inventory outstanding figure of 530 days, which indicates a substantial portion of capital is trapped in slow-moving inventory rather than generating cash.
The inability to optimize the cash conversion cycle suggests that the razor-razorblade model is facing friction in end-user adoption. This inefficiency forces the company to rely on external financing to bridge the gap between inventory production and actual revenue realization, further pressuring the already thin liquidity buffer.
Based on the most recent quarterly data, Milestone Scientific's current ratio has compressed to 1.51, while the quick ratio of 0.79 suggests that the company's ability to meet short-term obligations is heavily dependent on the liquidation of inventory, which has proven to be a slow and inefficient process.
With cash reserves at approximately $1.1 million, the company appears to be approaching a liquidity inflection point where operational continuity may require external capital. Investors should monitor the quick ratio closely, as any further decline would indicate a heightened risk of insolvency in the absence of a successful financing event.
While the reported debt-to-equity ratio of 0.43 might suggest a conservative capital structure, this metric is fundamentally misleading for Milestone Scientific, as it obscures the company's severe lack of operational cash flow and the rapid erosion of its equity base through persistent, multi-year net losses.
Analysts should prioritize the cash burn rate and liquidity runway over traditional leverage ratios, which fail to account for the company's inability to service debt through internal operations. Relying on D/E ratios in this context ignores the reality that the firm's financial flexibility is constrained by its operating losses rather than its debt load.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MLSS stock.
Milestone Scientific Inc.'s current P/E ratio is -4.6x. The historical average is 21.3x.
Milestone Scientific Inc.'s return on equity (ROE) is -132.4%. The historical average is -92.4%.
Based on historical data, Milestone Scientific Inc. is trading at a P/E of -4.6x. Compare with industry peers and growth rates for a complete picture.
Milestone Scientific Inc. has 70.5% gross margin and -63.5% operating margin.