Latest Ratios: P/E Ratio -11.9x · EV/EBITDA N/A · ROE -19.3%. (2018–2025 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 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $345M | $338M | $270M | $352M | $410M | $828M | — | — | — |
| Enterprise Value | $314M | $306M | $258M | $304M | $392M | $671M | — | — | — |
| P/E Ratio → | -11.91 | — | — | — | — | — | — | — | — |
| P/S Ratio | 2.48 | 2.43 | 1.82 | 2.15 | 2.15 | 4.07 | — | — | — |
| P/B Ratio | 2.47 | 2.42 | 1.69 | 1.95 | 1.33 | 2.33 | — | — | — |
| P/FCF | 87.05 | 85.15 | 105.17 | — | — | 509.58 | — | — | — |
| P/OCF | 46.35 | 45.34 | 56.13 | — | — | 159.58 | — | — | — |
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 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.20 | 1.74 | 1.86 | 2.05 | 3.29 | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 77.23 | 100.67 | — | — | 412.63 | — | — | — |
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 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.6% | 74.6% | 74.3% | 71.7% | 72.3% | 76.7% | 78.8% | 69.5% | 69.8% |
| Operating Margin | -25.7% | -25.7% | -34.2% | -37.9% | -31.2% | -11.6% | 13.9% | -18.1% | -19.5% |
| Net Profit Margin | -20.7% | -20.7% | -28.5% | -31.6% | -30.5% | -11.9% | 13.2% | -19.7% | -21.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -19.3% | -19.3% | -24.8% | -21.2% | -17.6% | -13.3% | 203.4% | — | — |
| ROA | -12.0% | -12.0% | -15.9% | -14.7% | -12.8% | -7.6% | 18.4% | -34.0% | -50.7% |
| ROIC | -21.0% | -21.0% | -27.1% | -22.0% | -18.3% | -19.9% | — | — | — |
| ROCE | -23.2% | -23.2% | -29.2% | -24.9% | -17.7% | -11.8% | 88.2% | -167.6% | — |
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 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.04 | 0.04 | 0.02 | 0.03 | 0.03 | 0.02 | 2.75 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | 1.13 | — | — |
| Net Debt / Equity | — | -0.23 | -0.07 | -0.27 | -0.06 | -0.44 | -2.96 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | -1.22 | — | — |
| Debt / FCF | — | -7.92 | -4.50 | — | — | -96.95 | -0.83 | — | — |
| Interest Coverage | -173.57 | -173.57 | -1220.26 | -545.14 | -315.30 | -51.89 | 25.22 | -15.69 | -16.10 |
Net cash position: cash ($37M) 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 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.48 | 2.48 | 2.59 | 2.51 | 3.53 | 3.74 | 1.09 | 0.92 | 0.58 |
| Quick Ratio | 2.48 | 2.48 | 2.59 | 2.51 | 3.53 | 3.74 | 1.00 | 0.83 | 0.58 |
| Cash Ratio | 2.02 | 2.02 | 2.07 | 2.07 | 2.96 | 3.18 | 0.52 | 0.40 | 0.18 |
| Asset Turnover | — | 0.61 | 0.59 | 0.58 | 0.45 | 0.42 | 1.00 | 1.30 | 2.38 |
| Inventory Turnover | — | — | — | — | — | — | 3.17 | 4.87 | — |
| Days Sales Outstanding | — | 64.57 | 70.53 | 84.59 | 83.68 | 82.67 | 115.10 | 92.56 | 79.15 |
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 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 14.2% | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | 0.3% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — |
| FCF Yield | 1.1% | 1.2% | 1.0% | — | — | 0.2% | — | — | — |
| Buyback Yield | 6.4% | 6.5% | 9.6% | 21.2% | 7.1% | 0.9% | — | — | — |
| Total Shareholder Yield | 6.4% | 6.5% | 9.6% | 35.4% | 7.1% | 0.9% | — | — | — |
| Shares Outstanding | — | $42M | $42M | $45M | $47M | $48M | $44M | $44M | $41M |
Includes 30+ ratios · 8 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ONTF stock.
ON24, Inc.'s current P/E ratio is -11.9x. This places it at the 50th percentile of its historical range.
ON24, Inc.'s return on equity (ROE) is -19.3%. The historical average is 17.9%.
Based on historical data, ON24, Inc. is trading at a P/E of -11.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ON24, Inc. has 74.6% gross margin and -25.7% operating margin.
Key Metrics
Top Statement Risk
Liquidity depletion and burn
Metrics are mathematically derived from official filings.
Market Pricing Reflects Growth Uncertainty
As reported in recent financial filings, ONTF trades at a P/S multiple of 2.48, which appears to discount the company's persistent revenue contraction and negative earnings profile relative to higher-growth peers like HubSpot or more profitable communication utilities like Zoom Video Communications.
The forward P/E of 61.13 suggests that the market is pricing in a significant recovery in profitability that remains unsupported by current operational trends. Investors should monitor whether this valuation floor holds as the company continues to navigate a challenging transition from pandemic-era demand to a more normalized, yet shrinking, enterprise marketing environment.
Capital Efficiency Remains Structurally Impaired
Based on the company's reported figures, ROIC has remained consistently negative, hovering near -5.9% in 2025Q4, which indicates that the firm is currently destroying shareholder value rather than compounding it through its core platform investments and professional services operations.
The persistent negative return on capital suggests that the company's heavy investment in R&D and sales infrastructure has failed to generate sufficient incremental returns. This trend warrants further investigation into whether the current business model can ever achieve the scale necessary to generate positive returns on invested capital.
Working Capital Cycles Indicate Friction
According to quarterly financial statements, ONTF's DSO has fluctuated between 44 and 80 days over the last ten quarters, suggesting that the company faces inconsistent collection cycles that complicate its ability to manage liquidity effectively during periods of revenue contraction.
The variability in DSO implies that the company may be offering extended payment terms to retain enterprise clients, which creates additional pressure on cash flow. Investors should monitor these efficiency metrics closely, as any further lengthening of the collection cycle could exacerbate the company's existing liquidity constraints.
Liquidity Buffer Faces Sustained Pressure
As indicated by the most recent balance sheet data, the current ratio of 2.48 provides a superficial sense of security, yet the company's persistent operating losses and cash burn suggest that this liquidity position is more vulnerable than the headline ratio implies.
While the company maintains a nearly debt-free balance sheet, the rapid depletion of cash reserves to fund ongoing operations and share repurchases limits management's strategic flexibility. The lack of positive cash flow generation suggests that the current liquidity position may require a fundamental shift in cost management to avoid future dilution.
Misapplication of P/S Valuation Multiples
The P/S ratio is frequently misapplied to ONTF, as it obscures the underlying quality of revenue and the high cost of customer acquisition required to maintain the platform's enterprise-grade engagement data features in a competitive, post-pandemic market environment.
Analysts should instead prioritize 'Calculated Billings' and 'Net Dollar Retention' to assess the true health of the subscription base, as the P/S multiple fails to account for the 'lumpiness' of professional services and the potential for churn in the core platform segment. Relying solely on revenue multiples risks ignoring the structural challenges inherent in the company's current business model.