Latest Ratios: P/E Ratio 34.0x · EV/EBITDA 31.4x · ROE 25.2%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $516M | $317M | $308M | $436M | $401M | $263M | $339M | $252M | $475M | $403M | $401M |
| Enterprise Value | $515M | $316M | $301M | $427M | $400M | $254M | $329M | $245M | $468M | $398M | $392M |
| P/E Ratio → | 33.97 | 20.86 | 20.50 | 25.47 | 17.66 | 18.16 | 28.97 | 17.34 | 32.74 | 28.96 | 30.89 |
| P/S Ratio | 19.59 | 12.04 | 11.92 | 14.64 | 10.48 | 9.76 | 15.86 | 9.92 | 17.94 | 13.49 | 14.14 |
| P/B Ratio | 8.86 | 5.44 | 4.95 | 6.66 | 5.98 | 4.08 | 4.78 | 3.23 | 5.74 | 4.66 | 4.32 |
| P/FCF | 35.65 | 21.91 | 23.63 | 23.94 | 22.09 | 21.91 | 25.48 | 15.92 | 33.55 | 27.69 | 33.78 |
| P/OCF | 30.97 | 19.03 | 21.55 | 23.92 | 21.00 | 21.07 | 25.36 | 15.87 | 33.39 | 26.58 | 32.36 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.01 | 11.65 | 14.31 | 10.45 | 9.40 | 15.41 | 9.64 | 17.68 | 13.33 | 13.85 |
| EV / EBITDA | 31.44 | 19.30 | 18.47 | 22.65 | 15.47 | 15.13 | 24.78 | 15.25 | 28.14 | 20.48 | 21.10 |
| EV / EBIT | 32.35 | 17.75 | 16.70 | 20.84 | 14.76 | 14.49 | 25.83 | 15.79 | 29.39 | 21.57 | 22.49 |
| EV / FCF | — | 21.85 | 23.08 | 23.40 | 22.02 | 21.10 | 24.75 | 15.46 | 33.07 | 27.36 | 33.09 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.7% | 78.7% | 83.6% | 77.3% | 78.9% | 76.8% | 80.7% | 80.8% | 80.3% | 79.0% | 78.5% |
| Operating Margin | 60.5% | 60.5% | 61.8% | 62.1% | 67.0% | 60.5% | 59.6% | 61.1% | 60.2% | 61.8% | 61.6% |
| Net Profit Margin | 57.7% | 57.7% | 58.2% | 57.5% | 59.3% | 53.8% | 54.7% | 57.2% | 54.8% | 46.6% | 45.7% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 25.2% | 25.2% | 23.6% | 25.8% | 34.5% | 21.4% | 15.7% | 18.1% | 17.1% | 15.5% | 13.5% |
| ROA | 24.3% | 24.3% | 23.0% | 25.2% | 33.2% | 20.7% | 15.4% | 17.8% | 17.0% | 15.4% | 13.3% |
| ROIC | 21.2% | 21.2% | 21.7% | 22.8% | 31.9% | 21.1% | 14.5% | 15.9% | 15.2% | 16.7% | 14.9% |
| ROCE | 25.9% | 25.9% | 24.8% | 27.8% | 38.7% | 23.9% | 17.0% | 19.2% | 18.8% | 20.6% | 18.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | — | — | — |
| Debt / EBITDA | 0.06 | 0.06 | 0.06 | 0.02 | 0.02 | 0.04 | 0.06 | 0.05 | — | — | — |
| Net Debt / Equity | — | -0.01 | -0.11 | -0.15 | -0.02 | -0.15 | -0.14 | -0.09 | -0.08 | -0.06 | -0.09 |
| Net Debt / EBITDA | -0.05 | -0.05 | -0.44 | -0.53 | -0.04 | -0.59 | -0.73 | -0.45 | -0.41 | -0.24 | -0.44 |
| Debt / FCF | — | -0.06 | -0.55 | -0.54 | -0.06 | -0.82 | -0.73 | -0.46 | -0.49 | -0.33 | -0.69 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($2M) exceeds total debt ($905539)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 28.21 | 28.21 | 28.40 | 32.05 | 16.80 | 16.90 | 23.71 | 43.19 | 32.84 | 33.03 | 32.13 |
| Quick Ratio | 22.00 | 22.00 | 22.03 | 25.14 | 13.30 | 14.82 | 19.92 | 38.31 | 27.73 | 29.35 | 29.06 |
| Cash Ratio | 17.38 | 17.38 | 18.59 | 21.44 | 9.38 | 12.74 | 17.62 | 34.10 | 23.17 | 25.79 | 25.37 |
| Asset Turnover | — | 0.43 | 0.40 | 0.45 | 0.55 | 0.40 | 0.29 | 0.32 | 0.32 | 0.34 | 0.30 |
| Inventory Turnover | 0.79 | 0.79 | 0.57 | 0.95 | 1.26 | 1.23 | 1.06 | 1.26 | 1.22 | 1.72 | 1.81 |
| Days Sales Outstanding | — | 53.57 | 50.63 | 38.51 | 62.24 | 63.63 | 33.56 | 38.69 | 41.30 | 35.31 | 44.29 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.7% | 6.1% | 6.3% | 4.4% | 4.8% | 7.3% | 5.7% | 7.7% | 4.1% | 4.8% | 4.8% |
| Payout Ratio | 127.3% | 127.3% | 128.4% | 112.9% | 85.1% | 133.3% | 165.3% | 133.4% | 133.5% | 139.2% | 149.4% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 4.8% | 4.9% | 3.9% | 5.7% | 5.5% | 3.5% | 5.8% | 3.1% | 3.5% | 3.2% |
| FCF Yield | 2.8% | 4.6% | 4.2% | 4.2% | 4.5% | 4.6% | 3.9% | 6.3% | 3.0% | 3.6% | 3.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.7% | 6.1% | 6.3% | 4.4% | 4.8% | 7.4% | 5.7% | 8.0% | 4.1% | 4.8% | 4.8% |
| Shares Outstanding | — | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NVEC stock.
NVE Corporation's current P/E ratio is 34.0x. The historical average is 32.8x. This places it at the 81th percentile of its historical range.
NVE Corporation's current EV/EBITDA is 31.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.8x.
NVE Corporation's return on equity (ROE) is 25.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 10.8%.
Based on historical data, NVE Corporation is trading at a P/E of 34.0x. This is at the 81th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NVE Corporation's current dividend yield is 3.75% with a payout ratio of 127.3%.
NVE Corporation has 78.7% gross margin and 60.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
NVE Corporation's Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Extreme revenue concentration and cyclicality
Metrics are mathematically derived from official filings.
Premium Valuation Reflects Growth Reacceleration
NVE's forward P/E of 21.45 and EV/EBITDA of 17.57 represent a significant discount to its trailing multiples, suggesting the market is pricing in the recent 80.7% YoY revenue growth acceleration reported in Q1 2027.
The substantial gap between trailing and forward multiples indicates the market is pricing in a significant earnings expansion, which aligns with the reported revenue surge. However, the PEG ratio of 5.98 suggests the current valuation may already embed aggressive growth expectations, warranting scrutiny of the sustainability of this acceleration given the company's historical volatility.
Elite Margins Driven by Operating Leverage
NVE's operating margin expanded to 65.8% in Q1 2027, a level that appears structurally superior to peers and is driven by a lean cost structure where combined R&D and SG&A expenses represent only 15.5% of revenue.
The gross margin expansion from 75.5% in Q4 2024 to 81.3% in Q1 2027 suggests improved pricing power or a favorable product mix shift. This, combined with a fixed-cost base, creates exceptional operating leverage, as evidenced by operating income scaling to $7.3M on $11.0M revenue. The sustainability of these elite margins is the key analytical question.
ROIC Inflection Points to Improved Capital Efficiency
Return on Invested Capital has improved markedly from a low of 3.7% in Q3 2025 to 9.5% in Q1 2027, indicating the recent revenue surge is translating into more efficient deployment of the company's capital base.
The ROIC expansion appears driven primarily by margin improvement rather than asset turnover, which remains low at 0.18. This suggests the company is generating more profit per dollar of revenue, but the asset base is not yet turning over faster. The trend is positive, but the absolute ROIC level remains modest, implying there may be room for further efficiency gains.
Working Capital Swings Mask Underlying Efficiency
The cash conversion cycle has improved significantly from a peak of 897 days in Q3 2025 to 336 days in Q1 2027, primarily driven by a reduction in days inventory outstanding from 877 to 303 days.
The dramatic reduction in DIO suggests improved inventory management or a shift in product mix towards faster-moving items. However, the CCC remains extremely long, indicating that a substantial portion of working capital is tied up in inventory. This long cycle creates cash flow volatility and represents a key area for potential efficiency improvement.
Negligible Leverage Provides Strategic Flexibility
With a debt-to-equity ratio of just 0.02 and no interest coverage ratio reported due to minimal debt, NVE operates with virtually no financial leverage, as evidenced by total debt of only $905.8K against a market capitalization of over $1 billion.
The near-zero leverage position provides a fortress balance sheet and significant strategic flexibility for acquisitions, R&D investment, or weathering cyclical downturns. This conservative structure is appropriate given the company's cyclical semiconductor market exposure and historical revenue volatility.
The Misleading Safety of the Current Ratio
The current ratio of 23.72 in Q1 2027, while appearing to indicate extreme liquidity, is likely the most misapplied ratio for NVE's business model as it obscures the operational reality of a very long cash conversion cycle.
A high current ratio is typically interpreted as a sign of liquidity strength, but for NVE, it is inflated by a massive inventory balance (DIO of 303 days) that is not readily convertible to cash. The quick ratio of 19.28, while still high, provides a more accurate picture by excluding inventory. Investors should focus on the cash conversion cycle and free cash flow generation rather than the current ratio to assess true liquidity.