Latest Ratios: P/E Ratio -122.1x · EV/EBITDA 15.4x · ROE -6.5%. (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 | $731M | $947M | — | — | — | — | — |
| Enterprise Value | $521M | $737M | — | — | — | — | — |
| P/E Ratio → | -122.10 | — | — | — | — | — | — |
| P/S Ratio | 2.52 | 3.26 | — | — | — | — | — |
| P/B Ratio | 2.57 | 3.10 | — | — | — | — | — |
| P/FCF | 16.63 | 21.54 | — | — | — | — | — |
| P/OCF | 12.95 | 16.77 | — | — | — | — | — |
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 | — | 2.54 | — | — | — | — | — |
| EV / EBITDA | 15.36 | 21.73 | — | — | — | — | — |
| EV / EBIT | 21.67 | — | — | — | — | — | — |
| EV / FCF | — | 16.76 | — | — | — | — | — |
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 | 76.3% | 76.3% | 71.6% | 70.0% | 54.0% | 66.4% | 61.8% |
| Operating Margin | 8.3% | 8.3% | -0.7% | -26.2% | -71.0% | -11.2% | 10.0% |
| Net Profit Margin | -2.2% | -2.2% | -14.6% | -30.2% | -70.4% | -12.3% | 7.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -6.5% | -6.5% | — | — | — | — | — |
| ROA | -2.1% | -2.1% | -15.2% | -26.8% | -41.8% | -4.9% | — |
| ROIC | 18.9% | 18.9% | — | — | — | — | — |
| ROCE | 12.2% | 12.2% | -2.0% | -53.6% | -76.7% | -7.2% | — |
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 | — | — | — | — | — | — | — |
| Debt / EBITDA | — | — | 7.50 | — | — | — | — |
| Net Debt / Equity | — | -0.69 | — | — | — | — | — |
| Net Debt / EBITDA | -6.20 | -6.20 | -4.82 | — | — | — | 0.00 |
| Debt / FCF | — | -4.78 | -0.99 | — | — | — | 0.00 |
| Interest Coverage | -3.59 | -3.59 | -2.91 | -4.23 | -64.20 | -32.46 | 2.56 |
Net cash position: cash ($210M) 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 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 4.18 | 4.18 | 1.02 | 0.98 | 1.01 | 1.52 | — |
| Quick Ratio | 4.18 | 4.18 | 1.02 | 0.98 | 1.01 | 1.52 | — |
| Cash Ratio | 3.07 | 3.07 | 0.53 | 0.47 | 0.46 | 1.03 | — |
| Asset Turnover | — | 0.77 | 0.94 | 0.91 | 0.66 | 0.40 | — |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 84.75 | 108.28 | 106.81 | 139.00 | 150.38 | — |
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 | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | 6.0% | 4.6% | — | — | — | — | — |
| Buyback Yield | 1.4% | 1.1% | — | — | — | — | — |
| Total Shareholder Yield | 1.4% | 1.1% | — | — | — | — | — |
| Shares Outstanding | — | $79M | $77M | $77M | $77M | $77M | $77M |
Includes 30+ ratios · 6 years · Updated daily
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DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MNTN stock.
MNTN, Inc Class A's current P/E ratio is -122.1x. This places it at the 50th percentile of its historical range.
MNTN, Inc Class A's current EV/EBITDA is 15.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.7x.
MNTN, Inc Class A's return on equity (ROE) is -6.5%. The historical average is -6.5%.
Based on historical data, MNTN, Inc Class A is trading at a P/E of -122.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MNTN, Inc Class A has 76.3% gross margin and 8.3% operating margin.
Key Metrics
Top Statement Risk
Persistent negative net margins
Metrics are mathematically derived from official filings.
Margin Expansion Masks Earnings Volatility
Gross margin expanded from 65.7% in 2024Q1 to 80.3% in 2026Q2, yet net margin remains negative at -2.2% TTM, per reported financials, indicating operating leverage is still developing.
The 14.6-point gross margin improvement suggests increasing take-rate efficiency or a favorable revenue mix, but the gap between gross and net margins highlights heavy reinvestment in R&D and sales. Operating margin swung from -21.9% in 2024Q1 to 8.6% in 2026Q2, yet the -38.3% net margin in 2025Q2 underscores volatility from non-operating items. Investors should monitor whether the recent positive net margin in 2026Q2 (8.1%) marks a sustainable inflection or a seasonal artifact.
Return on Capital Inflects After Capital Raise
ROIC turned positive at 5.3% in 2026Q2, up from -11.3% in 2024Q1, according to quarterly data, but remains below the cost of capital, suggesting value creation is still nascent.
The dramatic improvement in ROIC from negative territory to 5.3% reflects both margin recovery and a larger equity base following the $400M+ capital raise. However, ROE of 2.1% in 2026Q2 is still modest, and the 2025Q2 ROE of -42.0% illustrates how sensitive returns are to quarterly earnings swings. The company appears to be transitioning from a period of capital destruction to one of marginal positive returns, but sustained double-digit ROIC is not yet evident.
Working Capital Leverage Drives Cash Flow
DSO improved from 99 days in 2024Q3 to 67 days in 2026Q2, while DPO rose to 275 days, per company filings, indicating increasing bargaining power with suppliers and faster collections.
The extension of days payable outstanding to 275 days in 2026Q2, up from 181 days in 2024Q3, suggests MNTN is using supplier financing to fund operations, a common practice in ad-tech where media payments are passed through. The simultaneous reduction in DSO from 99 to 67 days points to improved collections efficiency, which has contributed to strong operating cash flow. However, the negative cash conversion cycle (not calculable due to missing DIO) implies that MNTN is effectively using its suppliers' cash to fund growth, a favorable dynamic if sustainable.
Fortress Liquidity Bolsters Strategic Flexibility
Current ratio improved to 4.86 in 2026Q2 from 0.98 in 2025Q1, with cash of $237.3M representing 59% of total assets, as reported in the balance sheet, providing ample buffer.
The liquidity position has transformed dramatically, moving from a current ratio below 1.0 in early 2025 to 4.86 by 2026Q2, driven by the capital raise and positive cash flow. With no debt and a quick ratio of 4.86, MNTN appears well-positioned to weather operational shocks or fund strategic acquisitions. However, the reliance on external capital to achieve this liquidity means the fortress balance sheet is not yet self-sustaining from organic profitability.
Valuation Premium Reflects Growth, Not Profitability
MNTN trades at 3.13x P/S and 20.57x EV/EBITDA, versus TTD's 9.39x EV/EBITDA and DV's 13.86x, based on current multiples, suggesting a premium for its growth profile.
MNTN's EV/EBITDA of 20.57x is higher than The Trade Desk's 9.39x and DoubleVerify's 13.86x, despite MNTN's lower profitability (net margin -2.2% vs. TTD's 15.3%). This premium likely reflects MNTN's 28.6% TTM growth rate, which outpaces peers, but it also implies the market is pricing in significant margin expansion. The negative P/E of -151.60 is meaningless given the net loss, so investors should focus on EV/Sales and EV/EBITDA, which are more relevant for a growth-stage company.
Misapplied P/E Obscures Cash Generation
The P/E ratio is commonly misapplied to MNTN given its negative net income, but cumulative operating cash flow of $133.3M over ten quarters, per cash flow statements, reveals a different earnings reality.
Using P/E for MNTN is misleading because net income is heavily impacted by non-cash items like stock-based compensation and one-time gains/losses, as seen in the -38.3% net margin in 2025Q2. Instead, investors should use EV/EBITDA or P/FCF, which better capture the underlying cash-generating ability; MNTN's P/FCF of 20.65x is more reasonable than its negative P/E. The company's ability to generate positive free cash flow despite accounting losses suggests that the business model is more profitable than GAAP net income indicates, but the persistent dilution from SBC warrants monitoring.