Latest Ratios: P/E Ratio -0.2x · EV/EBITDA N/A · ROE -322.6%. (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 | $1M | $3M | $125M | — | — | — | — |
| Enterprise Value | $408216 | $2M | $126M | — | — | — | — |
| P/E Ratio → | -0.16 | — | — | — | — | — | — |
| P/S Ratio | 0.40 | 0.90 | 46.67 | — | — | — | — |
| P/B Ratio | 0.65 | 2.95 | 93.00 | — | — | — | — |
| 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 | — | 0.63 | 46.81 | — | — | — | — |
| 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 | 44.9% | 44.9% | 9.4% | 6.9% | 34.5% | 17.8% | 41.9% |
| Operating Margin | -98.7% | -98.7% | -142.2% | -111.2% | -75.4% | -1.4% | 6.4% |
| Net Profit Margin | -121.8% | -121.8% | -152.6% | -112.3% | -78.0% | -1.5% | 5.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -322.6% | -322.6% | -261.7% | -87.6% | -48.7% | -6.6% | 93.4% |
| ROA | -76.5% | -76.5% | -94.0% | -50.8% | -40.1% | -5.9% | 61.5% |
| ROIC | -96.9% | -96.9% | -101.5% | -46.5% | -31.8% | -4.7% | 80.3% |
| ROCE | -115.3% | -115.3% | -124.3% | -61.1% | -42.5% | -6.4% | 208.4% |
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 | 1.47 | 1.47 | 0.72 | 0.86 | 0.22 | 0.04 | 0.05 |
| Debt / EBITDA | — | — | — | — | — | — | 0.04 |
| Net Debt / Equity | — | -0.87 | 0.29 | 0.46 | -0.62 | -0.98 | -1.36 |
| Net Debt / EBITDA | — | — | — | — | — | — | -1.06 |
| Debt / FCF | — | — | — | — | — | -11.12 | -1.74 |
| Interest Coverage | -9.78 | -9.78 | -42.89 | -48.88 | -28.83 | -9.04 | — |
Net cash position: cash ($2M) exceeds total debt ($1M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.77 | 0.77 | 0.64 | 1.45 | 5.73 | 16.07 | 1.94 |
| Quick Ratio | 0.77 | 0.77 | 0.64 | 1.45 | 5.73 | 16.07 | 1.94 |
| Cash Ratio | 0.71 | 0.71 | 0.41 | 0.61 | 4.98 | 15.59 | 1.44 |
| Asset Turnover | — | 0.55 | 0.66 | 0.54 | 0.56 | 2.13 | 11.65 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — |
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% | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — |
| Shares Outstanding | — | $665820 | $7M | $7M | $7M | $7M | $8M |
Liquidity and operational burn
Based on reported figures, PAPL trades at a P/S of 0.40, which, when contrasted with a net margin of -121.82%, suggests the market is pricing the firm as a speculative technology venture rather than a traditional mortgage brokerage, implying significant reliance on future platform scalability.
The lack of a positive P/E or EV/EBITDA multiple reflects the company's current inability to generate sustainable earnings. Investors appear to be assigning value based on potential future revenue growth rather than current fundamental performance, which warrants caution given the high volatility in historical margins.
According to recent financial statements, Pineapple Financial's gross margin has exhibited extreme volatility, fluctuating from a low of -1.8% in 2024Q1 to a peak of 47.3% in 2025Q2, suggesting significant inconsistency in the company's ability to retain commission revenue after accounting for agent-related payouts.
The deeply negative operating margins, reaching -140.1% in 2026Q1, indicate that the firm's overhead costs are currently disconnected from its revenue-generating capacity. This suggests that the business model has yet to achieve the necessary scale to absorb the fixed costs associated with its proprietary technology stack.
As reported in quarterly filings, the company's ROIC has remained consistently negative, bottoming out at -58.5% in 2026Q2, which indicates that the capital deployed into the business is currently destroying value rather than compounding returns for shareholders during this aggressive expansion phase.
The persistent negative ROIC highlights the difficulty in generating returns on invested capital when operating expenses and platform development costs significantly outweigh commission income. This trend suggests that management's current capital allocation strategy is not yet yielding the operational efficiencies required to justify the ongoing investment.
Based on historical cash flow data, working capital changes have been inconsistent, swinging from a $794.6K inflow in 2024Q3 to a $1.1M outflow in 2026Q2, which suggests that the company's cash cycle is highly sensitive to the timing of mortgage originations and agent commission payouts.
The fluctuation in asset turnover, which dropped to 0.12 in 2026Q2, reflects a decline in the efficiency with which the company utilizes its asset base to generate revenue. Investors should monitor whether the MyPineapple platform can improve these metrics as the company matures and scales its brokerage operations.
As indicated by the financial data, the market's reliance on traditional P/E multiples is fundamentally flawed for PAPL, as the company's heavy investment in proprietary technology renders standard earnings-based valuation metrics largely irrelevant until the firm reaches a sustainable break-even point in its core operations.
Analysts often misapply brokerage-specific valuation ratios to PAPL, ignoring the high capital intensity of its technology-first strategy. A more appropriate approach would involve evaluating the company based on unit economics, such as customer acquisition costs versus lifetime value, rather than traditional earnings multiples that fail to capture the platform's long-term potential.
Includes 30+ ratios · 6 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying PAPL stock.
Pineapple Financial Inc.'s current P/E ratio is -0.2x. This places it at the 50th percentile of its historical range.
Pineapple Financial Inc.'s return on equity (ROE) is -322.6%. The historical average is -105.6%.
Based on historical data, Pineapple Financial 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.
Pineapple Financial Inc. has 44.9% gross margin and -98.7% operating margin.