Latest Ratios: P/E Ratio -14.6x · EV/EBITDA N/A · ROE -29.5%. (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 | $2.2B | $1.5B | $656M | $1.4B | $512M | $666M | — | — |
| Enterprise Value | $1.9B | $1.2B | $576M | $1.2B | $408M | $405M | — | — |
| P/E Ratio → | -14.63 | — | — | — | 6.88 | — | — | — |
| P/S Ratio | 47.42 | 31.97 | 7.87 | 17.16 | 13.48 | 28.07 | — | — |
| P/B Ratio | 3.86 | 3.31 | 1.88 | 3.58 | 1.33 | 10.17 | — | — |
| 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 | — | 26.95 | 6.92 | 15.35 | 10.75 | 17.06 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | 8.14 | — | — | — |
| 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 | 31.0% | 31.0% | 34.0% | 39.1% | 31.5% | 45.0% | 31.4% | 30.8% |
| Operating Margin | -190.0% | -190.0% | -156.9% | -148.7% | -325.8% | -288.6% | -158.7% | -1013.3% |
| Net Profit Margin | -254.7% | -254.7% | -101.6% | -183.0% | 194.8% | -643.3% | -160.7% | -1028.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -29.5% | -29.5% | -23.2% | -38.0% | 32.8% | -233.0% | — | -649.0% |
| ROA | -26.3% | -26.3% | -19.3% | -31.9% | 20.5% | -88.7% | -66.3% | -193.6% |
| ROIC | -27.2% | -27.2% | -38.7% | -34.2% | -217.7% | — | — | -853.0% |
| ROCE | -21.4% | -21.4% | -32.4% | -28.1% | -35.8% | -41.9% | -79.5% | -332.5% |
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 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.11 | — | 1.80 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.52 | -0.23 | -0.38 | -0.27 | -3.99 | — | -0.44 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -134.46 | -134.46 | -591.31 | — | — | -547.09 | -78.35 | — |
Net cash position: cash ($237M) exceeds total debt ($6M)
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 | 4.99 | 4.99 | 5.69 | 4.25 | 6.98 | 27.16 | 7.37 | 2.03 |
| Quick Ratio | 4.73 | 4.73 | 4.96 | 3.79 | 6.05 | 26.04 | 6.84 | 1.85 |
| Cash Ratio | 4.54 | 4.54 | 4.10 | 3.13 | 5.42 | 25.00 | 6.11 | 1.56 |
| Asset Turnover | — | 0.09 | 0.21 | 0.16 | 0.09 | 0.08 | 0.24 | 0.19 |
| Inventory Turnover | 2.38 | 2.38 | 3.55 | 2.18 | 1.36 | 1.09 | 2.39 | 1.67 |
| Days Sales Outstanding | — | 28.78 | 61.26 | 118.78 | 87.80 | 127.06 | 127.90 | 151.02 |
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 | — | — | — | — | 14.5% | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | — | — |
| Shares Outstanding | — | $206M | $184M | $169M | $146M | $39M | $16M | $15M |
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 NVTS stock.
Navitas Semiconductor Corp's current P/E ratio is -14.6x. The historical average is 6.9x.
Navitas Semiconductor Corp's return on equity (ROE) is -29.5%. The historical average is -58.2%.
Based on historical data, Navitas Semiconductor Corp is trading at a P/E of -14.6x. Compare with industry peers and growth rates for a complete picture.
Navitas Semiconductor Corp has 31.0% gross margin and -190.0% operating margin.
Key Metrics
Top Statement Risk
Persistent negative gross margins
Metrics are mathematically derived from official filings.
Margin Collapse Undermines Fabless Model
Gross margin swung from 41.1% in 2024Q1 to -9.5% in 2026Q2, while operating margin remained deeply negative at -259%, indicating severe pricing pressure and cost decoupling.
The reported gross margin deterioration is stark, with the latest quarter showing a negative gross margin of -9.5%, a dramatic reversal from the 41.1% seen in 2024Q1. This suggests either significant inventory write-downs or a collapse in pricing power, likely tied to the consumer electronics downturn. Operating margin at -259% in 2026Q2 reflects R&D and SG&A expenses that have remained sticky above $20M per quarter even as revenue halved, implying a cost structure that is not scaling down with revenue. The negative gross margin is particularly concerning as it indicates that the company is selling below cost, which is unsustainable without a rapid shift to higher-margin products.
Capital Efficiency Decaying Amid Losses
ROIC has hovered between -6% and -10% over the past ten quarters, with ROE deteriorating to -37.4% in 2026Q2, reflecting persistent losses and a growing equity base from dilution.
ROIC has remained consistently negative, ranging from -6.3% to -10.1% over the last ten quarters, indicating that the company is destroying value on its invested capital. The latest quarter's ROIC of -9.0% is in line with this trend, but ROE has worsened to -37.4% due to a large net loss of -$228.2M, which included a massive non-operating charge. The equity base has been bolstered by a $557.4M capital raise, but this has not translated into improved returns, as the company continues to burn cash. The negative returns are driven by both negative margins and low asset turnover, with asset turnover at 0.02, reflecting the asset-heavy nature of the balance sheet due to goodwill and intangibles from the GeneSiC acquisition.
Working Capital Volatility Masks Demand Trends
Cash conversion cycle swung from -18 days in 2026Q1 to 28 days in 2026Q2, with DSO at 37 days and DIO at 136 days, indicating inventory buildup and potential channel stuffing.
The cash conversion cycle has been highly volatile, ranging from -18 days to 176 days over the past ten quarters, with the latest quarter at 28 days. DSO has improved to 37 days from 101 days in 2025Q3, but DIO has risen to 136 days, suggesting that inventory is building up, possibly due to slowing demand or anticipation of new product launches. DPO has also increased to 144 days, which may indicate stretched supplier terms, but this could be a sign of financial strain. The working capital swings, as noted in the cash flow analysis, may reflect distributor sell-in patterns, but the rising inventory levels warrant monitoring for potential obsolescence charges, especially in the fast-moving consumer electronics market.
Cash Buffer Provides Runway Despite Losses
Current ratio surged to 21.79 in 2026Q2 from 4.33 in 2026Q1, with cash at $557.4M, providing a substantial runway despite ongoing operating losses and negative cash flow.
The liquidity position has strengthened dramatically following a $557.4M capital raise, with the current ratio jumping to 21.79 and quick ratio to 21.09. This provides a significant cushion against the ongoing cash burn, which averaged around $30M per quarter in operating cash flow. However, the company's ability to sustain this runway depends on its ability to reduce losses, as the current cash position would cover roughly 18 quarters of current burn, but this assumes no further deterioration. The high current ratio is also a reflection of the asset-light model, with minimal debt, but the reliance on external capital infusions to maintain liquidity is a risk, as dilution may continue.
Minimal Debt Masks Equity Dilution Risk
Debt-to-equity stands at 0.01 with total debt of $5.1M, but the equity base is heavily reliant on contributed capital, with retained earnings at -$763.7M, indicating dilution risk.
The company has negligible leverage, with a D/E ratio of 0.01 and total debt of just $5.1M, which is a positive attribute. However, the equity base is largely composed of contributed capital, as retained earnings are deeply negative at -$763.7M, reflecting cumulative losses. This suggests that the company has relied heavily on equity raises to fund operations, which dilutes existing shareholders. The interest coverage ratio is negative, as the company has no meaningful interest expense, but the lack of debt also means that the company is not benefiting from any tax shield. The risk is not from debt service but from the need for future capital raises, which could be dilutive and signal financial distress if the revenue turnaround does not materialize.
Misapplied P/S Ratio Overlooks Negative Margins
The price-to-sales ratio of 73.75 is often used to justify growth, but with negative gross margins and a 45% revenue decline, it obscures the lack of profitability and cash burn.
The P/S ratio is commonly used for pre-revenue or high-growth companies, but in NVTS's case, it is misleading because the company is not only unprofitable but also has negative gross margins. A P/S of 73.75 implies that the market is pricing in a massive future revenue growth, but the recent -44.88% YoY revenue decline and the negative gross margin suggest that the company is far from achieving the scale needed to justify this multiple. A more appropriate metric would be EV/Sales adjusted for the cash position, or better yet, a multiple on forward revenue that accounts for the design-win pipeline, but even then, the lack of profitability makes any valuation speculative. Investors should focus on the path to positive gross margin and operating leverage rather than the P/S ratio, which fails to capture the company's fundamental challenges.