Latest Ratios: P/E Ratio -10.1x · EV/EBITDA N/A · ROE N/A. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.0B | $2.2B | $1.9B | $480M | $296M | $860M | $252M | — |
| Enterprise Value | $2.2B | $2.5B | $1.9B | $465M | $257M | $760M | $302M | — |
| P/E Ratio → | -10.13 | — | — | — | — | — | — | — |
| P/S Ratio | 429.33 | 483.47 | 333.49 | 124.41 | 75.40 | 1127.11 | 442.00 | — |
| P/B Ratio | — | — | 37.72 | 6.00 | 2.85 | 8.60 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 536.79 | 339.15 | 120.33 | 65.36 | 995.95 | 530.23 | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -256.2% | -256.2% | -90.1% | -230.0% | -200.7% | -2310.2% | -1265.6% | -3367.7% |
| Operating Margin | -1535.8% | -1535.8% | -1060.1% | -1645.0% | -1669.3% | -5560.8% | -5179.1% | -10537.2% |
| Net Profit Margin | -4138.5% | -4138.5% | -1797.1% | -1857.5% | -1021.8% | -18960.2% | -24136.4% | -60225.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -156.5% | -78.0% | -39.4% | -144.7% | — | -1076.3% |
| ROA | -92.4% | -92.4% | -62.9% | -50.2% | -30.8% | -159.2% | -326.2% | -251.4% |
| ROIC | -43.9% | -43.9% | -61.5% | -74.0% | -152.8% | — | — | -123.1% |
| ROCE | -36.5% | -36.5% | -39.8% | -47.5% | -53.5% | -49.7% | -83.7% | -58.2% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 1.43 | 0.83 | 0.08 | — | — | 1.73 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | 0.64 | -0.20 | -0.38 | -1.00 | — | 0.15 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -14.19 | -14.19 | -9.82 | -18.52 | — | -7.11 | -12.68 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 12.71 | 12.71 | 7.09 | 9.31 | 6.89 | 15.92 | 4.26 | 2.00 |
| Quick Ratio | 12.71 | 12.71 | 7.09 | 9.31 | 6.89 | 15.92 | 4.26 | 2.00 |
| Cash Ratio | 12.28 | 12.28 | 6.60 | 8.76 | 6.24 | 14.98 | 2.04 | 1.51 |
| Asset Turnover | — | 0.02 | 0.04 | 0.02 | 0.03 | 0.01 | 0.01 | 0.00 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 187.25 | 212.54 | 220.40 | 201.56 | 832.37 | 49.39 | — |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — |
| Shares Outstanding | — | $133M | $122M | $108M | $101M | $98M | $25M | $16M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NN stock.
NextNav Inc.'s current P/E ratio is -10.1x. This places it at the 50th percentile of its historical range.
Based on historical data, NextNav Inc. is trading at a P/E of -10.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NextNav Inc. has -256.2% gross margin and -1535.8% operating margin.
Key Metrics
Top Statement Risk
Liquidity crunch within 12-18 months
Metrics are mathematically derived from official filings.
Negative Margins Reflect Pre-Scale Infrastructure
According to the latest quarterly data, NextNav's gross margin was -256.22%, with operating margin at -1535.80%, indicating the company is paying to provide its service while revenue remains minimal.
The deeply negative gross margin suggests that direct network costs—site leases, electricity, backhaul—far exceed the $1.1M quarterly revenue, a structural deficit typical of a high-fixed-cost infrastructure business with insufficient utilization. Operating margin deterioration from -7.7% in 2024Q4 to -1535.80% in 2026Q2 reflects front-loaded R&D and SG&A expenses, with SG&A averaging $10.2M per quarter against ~$1M revenue. Investors should monitor whether gross margin can turn positive as data licensing volume scales, but the current trajectory implies the company is still in a pre-commercial phase.
Persistent Negative Returns on Invested Capital
Based on reported figures, NextNav's ROIC has remained deeply negative, ranging from -8.3% to -21.0% over the past ten quarters, indicating the company is destroying value on its capital base.
The consistent negative ROIC, even as the company raised substantial capital, suggests that the invested capital is not yet generating any return, with the latest quarter showing ROIC at -9.1%. The trend shows no improvement, with ROIC hovering around -10% to -15% for most of the period, implying that the business model has not reached a scale where fixed costs are covered. This is consistent with the prior balance sheet analysis showing cumulative losses exceeding $300M, and it suggests that without a significant revenue inflection, the company will continue to erode shareholder value.
Working Capital Efficiency Masked by Low Revenue
As reported in the financial statements, NextNav's DSO has risen from 128 days in 2024Q3 to 138 days in 2026Q2, while asset turnover remains near zero, indicating inefficient use of assets relative to revenue.
The DSO increase suggests that the company is taking longer to collect on its receivables, which may indicate weaker customer payment terms or a shift toward larger enterprise contracts with longer payment cycles. Asset turnover of 0.00 reflects the minimal revenue generated against a large asset base, primarily composed of spectrum licenses and network infrastructure. The cash conversion cycle is not calculable due to missing DIO data, but the negative gross margin implies that working capital is not being managed to offset operational losses.
Leverage Spikes Despite Low Debt Levels
According to recent SEC filings, NextNav's debt-to-equity ratio spiked to 35.01 in 2025Q1, though it has since normalized to 0.04 in 2026Q2, reflecting a volatile capital structure.
The extreme D/E in 2025Q1 was driven by a temporary negative equity position, as retained earnings deteriorated to -$1.1B, while total debt reached $281.5M. The subsequent drop to 0.04 suggests a significant equity raise or debt repayment, but the company's interest coverage remains negative, with the latest quarter showing -3.70, indicating that operating income is insufficient to cover interest expenses. This implies that the company is reliant on external financing to service its debt, and any tightening in capital markets could pose a refinancing risk.
Cash Buffer Provides Limited Runway
Based on the balance sheet data, NextNav's current ratio improved to 25.63 in 2026Q2, but with quarterly operating cash burn averaging -$12.6M, the $44.7M cash on hand suggests a runway of roughly 12-18 months.
The high current ratio is primarily due to a large cash balance relative to current liabilities, but this liquidity is being consumed rapidly by operating losses. The quick ratio equals the current ratio, indicating no inventory dependence, which is consistent with a service-based business. However, the cash burn rate, as highlighted in the cash flow analysis, implies that without additional financing or a significant revenue inflection, the company may face a liquidity crunch within the next 12-18 months.
Spectrum Value vs. Operational Reality
The most commonly misapplied ratio for NextNav is P/S, which at 531.37 implies the market is valuing the company on future potential rather than current operations, obscuring the negative gross margins and declining revenue.
The P/S multiple is misleading because it compares market cap to a revenue base that is shrinking and insufficient to cover costs, making the ratio appear astronomically high. Instead, investors should focus on the value of the spectrum licenses and the potential for regulatory-driven adoption, which may justify a sum-of-the-parts valuation. However, the negative gross margin and declining revenue suggest that the spectrum assets may not be monetizable as assumed, and the market may be overestimating the ease of commercial adoption. A more appropriate metric would be EV/EBITDA, but given the negative EBITDA, investors should consider the cash burn rate and the timeline to break-even.