Latest Ratios: P/E Ratio -0.2x · EV/EBITDA N/A · ROE -201.1%. (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 | $2M | $4M | $57M | $242M | — | — | — |
| Enterprise Value | $4M | $6M | $64M | $247M | — | — | — |
| P/E Ratio → | -0.19 | — | — | — | — | — | — |
| P/S Ratio | 0.17 | 0.29 | 3.73 | 17.30 | — | — | — |
| P/B Ratio | 0.25 | 0.43 | 22.03 | 414.88 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.41 | 4.15 | 17.71 | — | — | — |
| 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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 26.3% | 26.3% | 25.9% | 8.7% | 27.5% | 16.9% | 34.5% |
| Operating Margin | -84.2% | -84.2% | -10.9% | -34.1% | 9.9% | 3.3% | 4.2% |
| Net Profit Margin | -85.8% | -85.8% | -28.5% | -51.0% | 4.4% | 0.9% | 3.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -201.1% | -201.1% | -275.3% | -558.0% | 114.6% | — | — |
| ROA | -68.0% | -68.0% | -31.9% | -50.9% | 6.4% | 2.5% | 4.1% |
| ROIC | -87.0% | -87.0% | -16.4% | -46.2% | 21.5% | 20.1% | 12.6% |
| ROCE | -132.6% | -132.6% | -67.4% | -299.2% | 186.8% | — | — |
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 | 0.31 | 0.31 | 2.56 | 11.68 | 3.78 | — | — |
| Debt / EBITDA | — | — | — | — | 2.79 | 3.26 | 3.30 |
| Net Debt / Equity | — | 0.19 | 2.47 | 9.79 | 3.65 | — | — |
| Net Debt / EBITDA | — | — | — | — | 2.69 | 2.88 | 3.05 |
| Debt / FCF | — | — | — | — | — | 1.75 | — |
| Interest Coverage | -53.91 | -53.91 | -8.30 | -2.02 | 2.55 | 134.89 | 260.00 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.67 | 1.67 | 0.61 | 0.53 | 0.55 | 0.43 | 0.26 |
| Quick Ratio | 0.83 | 0.83 | 0.41 | 0.32 | 0.17 | 0.24 | 0.07 |
| Cash Ratio | 0.14 | 0.14 | 0.03 | 0.09 | 0.02 | 0.05 | 0.03 |
| Asset Turnover | — | 0.67 | 1.11 | 1.03 | 1.45 | 2.38 | 1.21 |
| Inventory Turnover | 1.62 | 1.62 | 5.70 | 4.82 | 3.33 | 10.04 | 3.78 |
| Days Sales Outstanding | — | 94.27 | 73.87 | 68.33 | 24.88 | 14.04 | 5.08 |
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 | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $14M | $26M | $20M | $23M | $23M | $23M |
Liquidity and insolvency risk
Based on reported figures, Northann's P/S ratio of 0.17 suggests that the market assigns minimal value to the company's revenue stream, likely reflecting deep skepticism regarding the scalability of its 3D-printing manufacturing model compared to established industry peers like Mohawk Industries which trade at significantly higher multiples.
The current valuation appears to price the company as a distressed asset rather than a growth-stage innovator. Investors should monitor whether this low multiple represents a genuine value opportunity or a rational market reaction to the persistent inability to convert proprietary technology into sustainable top-line growth.
As reported in financial statements, Northann's ROIC has remained consistently negative, reaching -13.5% in 2026Q1, which suggests that the capital invested in specialized 3D printing equipment is currently failing to generate adequate returns, thereby eroding shareholder value rather than compounding it over the observed ten-quarter period.
The volatility in ROIC, swinging from positive peaks to deep negatives, implies that the company's manufacturing efficiency is highly sensitive to production volume. This pattern suggests that the firm has yet to achieve the necessary scale to amortize its fixed asset base effectively, warranting further investigation into the long-term viability of its current capital allocation strategy.
According to recent SEC filings, Northann's cash conversion cycle exhibits extreme instability, with periods of negative cycles followed by significant spikes, indicating that the company struggles to maintain a predictable rhythm in managing its inventory and receivables relative to its supplier payment obligations in a cyclical market.
The erratic nature of the CCC suggests that the company may be experiencing difficulties in aligning its production output with actual retail demand. This inefficiency likely exacerbates the firm's liquidity constraints, as capital remains trapped in inventory or tied up in delayed collections from wholesale distribution partners.
Based on the most recent quarterly data, Northann's quick ratio of 0.78 indicates a precarious liquidity position, as the company lacks sufficient liquid assets to cover its immediate obligations without relying on the potential liquidation of inventory that may be subject to obsolescence risks in the flooring market.
The current liquidity profile appears insufficient to support ongoing operations given the company's historical cash burn rate. Investors should monitor the firm's ability to secure additional financing, as the current cash position provides a very narrow margin of safety against further operational setbacks or market downturns.
The P/S ratio is frequently misapplied to Northann, as it obscures the underlying cash burn and the high fixed-cost nature of its 3D-printing manufacturing model, which requires a focus on 'Print Head Utilization' rather than simple top-line revenue growth to assess the company's true path to profitability.
Using revenue multiples in this context may lead to a false sense of security regarding the company's growth potential. A more appropriate metric would be an adjusted EBITDA or a unit-level contribution margin analysis, which would better reflect the actual cost of goods sold and the efficiency of the proprietary technology.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying NCL stock.
Northann Corp.'s current P/E ratio is -0.2x. This places it at the 50th percentile of its historical range.
Northann Corp.'s return on equity (ROE) is -201.1%. The historical average is -120.6%.
Based on historical data, Northann Corp. is trading at a P/E of -0.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Northann Corp. has 26.3% gross margin and -84.2% operating margin.