Latest Ratios: P/E Ratio -0.2x · EV/EBITDA N/A · ROE -42.9%. (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 | $139M | $180M | $777M | $416M | $725M | $431M | — |
| Enterprise Value | $-56756844 | $-15930840 | $451M | $-118742900 | $721M | $436M | — |
| P/E Ratio → | -0.22 | — | — | — | — | — | — |
| P/S Ratio | — | — | 3109.10 | 2377.31 | 1249.82 | 205.08 | — |
| P/B Ratio | 0.24 | 0.34 | 0.36 | 0.18 | 11.26 | 1.41 | — |
| 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 | — | — | 1804.60 | -678.53 | 1242.27 | 207.19 | — |
| 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 | — | — | -685.2% | -532.6% | 52.6% | 60.6% | 17.8% |
| Operating Margin | — | — | -72528.4% | -130091.4% | -8625.0% | -1793.1% | -80882.2% |
| Net Profit Margin | — | — | -19676.4% | -44132.6% | -9444.5% | -1820.5% | -80897.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -42.9% | -42.9% | -2.2% | -6.4% | -29.6% | -18.9% | -36.9% |
| ROA | -40.0% | -40.0% | -2.1% | -6.1% | -25.7% | -16.8% | -34.0% |
| ROIC | -19.3% | -19.3% | -7.5% | -18.4% | -20.3% | -14.3% | — |
| ROCE | -19.8% | -19.8% | -7.7% | -18.0% | -24.0% | -16.9% | -36.9% |
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 | 0.01 | 0.01 | 0.00 | 0.00 | 0.01 | 0.02 | — |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.37 | -0.15 | -0.23 | -0.07 | 0.01 | -0.13 |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | -10.44 | — | — |
Net cash position: cash ($199M) exceeds total debt ($4M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 7.24 | 7.24 | 28.65 | 53.31 | 0.89 | 6.40 | 1.60 |
| Quick Ratio | 7.24 | 7.24 | 28.65 | 53.31 | 0.89 | 6.40 | 1.60 |
| Cash Ratio | 7.12 | 7.12 | 28.35 | 52.98 | 0.61 | 4.95 | 1.50 |
| Asset Turnover | — | — | 0.00 | 0.00 | 0.01 | 0.01 | 0.00 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | 5375.72 | 4171.43 | 221.52 | 1.38 | 275.78 |
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% | 52.6% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 52.6% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $79M | $73M | $41M | $71M | $43M | $3M |
Commercialization and execution failure
As reported in financial statements, NPWR's ROIC has fluctuated wildly, hitting a negative 96.0% in 2025Q3, which underscores the company's inability to generate productive returns on invested capital while it remains in a pre-revenue, capital-intensive development cycle for its proprietary Allam-Fetvedt technology.
The extreme volatility in ROIC, swinging from a positive 74.5% in 2025Q4 to deep negative territory, suggests that these metrics are currently driven by accounting noise rather than operational efficiency. Investors should monitor whether the company can stabilize these returns once commercial operations commence, as current figures reflect the heavy burden of R&D and project-related expenditures.
Based on recent quarterly filings, the company's DPO has shown significant inconsistency, ranging from 4 to 258,796 days, which suggests that the firm lacks a stable working capital cycle and is currently struggling to manage its supplier relationships amidst a lack of commercial revenue.
The erratic nature of the cash conversion cycle metrics indicates that the company is not yet operating as a standard industrial entity. This lack of predictability in payables management may imply that the firm is prioritizing project-specific cash preservation over standard operational efficiency, which warrants further investigation as the company attempts to scale.
According to the latest quarterly data, the current ratio has declined from a peak of 56.90 in 2024Q1 to 23.82 in 2026Q1, signaling that while the company maintains a high liquidity position, its cash reserves are being depleted rapidly to fund ongoing development activities.
While the current ratio remains high compared to typical industrial peers, it is a misleading indicator of health given the company's lack of revenue and persistent cash burn. The rapid decline in this ratio suggests that the firm's runway is shortening, and the company may eventually face pressure to secure additional financing if commercial milestones are delayed.
As noted in institutional research, the P/B ratio of 0.24 is frequently misapplied to NPWR, as it obscures the fact that the company's book value is heavily comprised of intangible assets and R&D investments that may not hold liquidation value in a failed commercialization scenario.
Investors should avoid relying on book value as a floor for valuation, as the company's assets are highly specialized and tied to the success of the Allam-Fetvedt cycle. A more appropriate focus would be on the cash burn rate and the achievement of specific technical milestones, rather than traditional valuation multiples that assume a stable, revenue-generating asset base.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying NPWR stock.
NET Power Inc.'s current P/E ratio is -0.2x. This places it at the 50th percentile of its historical range.
NET Power Inc.'s return on equity (ROE) is -42.9%. The historical average is -22.8%.
Based on historical data, NET Power Inc. 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.