Latest Ratios: P/E Ratio -54.6x · EV/EBITDA N/A · ROE -151.4%. (2022–2025 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 |
|---|---|---|---|---|---|
| Market Cap | $210M | $460M | — | — | — |
| Enterprise Value | $209M | $205M | — | — | — |
| P/E Ratio → | -54.64 | — | — | — | — |
| P/S Ratio | 62.28 | 0.84 | — | — | — |
| P/B Ratio | 71.60 | 0.97 | — | — | — |
| 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 |
|---|---|---|---|---|---|
| EV / Revenue | — | 0.38 | — | — | — |
| 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 |
|---|---|---|---|---|---|
| Gross Margin | 53.4% | 53.4% | 54.0% | 48.2% | 64.1% |
| Operating Margin | -110.4% | -110.4% | -57.0% | -112.3% | -2.4% |
| Net Profit Margin | -115.0% | -115.0% | -61.2% | -113.3% | -0.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | -151.4% | -151.4% | -91.3% | -108.9% | -1.1% |
| ROA | -53.9% | -53.9% | -40.3% | -68.5% | -0.7% |
| ROIC | -134.0% | -134.0% | -68.8% | -112.8% | — |
| ROCE | -84.5% | -84.5% | -56.5% | -98.5% | -3.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.60 | 0.60 | 1.57 | 0.36 | 0.24 |
| Debt / EBITDA | — | — | — | — | — |
| Net Debt / Equity | — | -0.54 | 0.28 | -0.25 | -0.33 |
| Net Debt / EBITDA | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — |
| Interest Coverage | -29.00 | -29.00 | -14.47 | — | — |
Net cash position: cash ($542M) exceeds total debt ($287M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 2.13 | 2.13 | 2.18 | 2.76 | 3.16 |
| Quick Ratio | 1.42 | 1.42 | 1.70 | 2.26 | 2.82 |
| Cash Ratio | 1.15 | 1.15 | 1.05 | 1.17 | 1.27 |
| Asset Turnover | — | 0.50 | 0.64 | 0.49 | 0.97 |
| Inventory Turnover | 0.76 | 0.76 | 1.75 | 1.58 | 3.51 |
| 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 |
|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — |
| FCF Yield | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $35M | $822795 | $822795 | $822795 |
Unscalable operating cost structure
Based on reported figures, PicoCELA trades at a P/S ratio of 68.76, which appears significantly detached from its negative earnings profile and suggests that investors are pricing in speculative future growth rather than current fundamental performance compared to the broader telecommunications equipment sector.
The extreme P/S multiple implies that the market is valuing the company as a high-growth software entity despite the hardware-heavy revenue mix. This valuation warrants caution, as it assumes a rapid transition to high-margin recurring revenue that has yet to materialize in the financial statements.
According to recent SEC filings, PicoCELA's ROIC has deteriorated to -90.4% in 2025Q4, indicating that the company is currently destroying shareholder value with every dollar of capital deployed into its operations compared to historical performance and industry benchmarks.
The persistent negative returns on invested capital suggest that the company's proprietary technology has not yet achieved the necessary scale to generate a return above its cost of capital. Investors should monitor whether future R&D investments can improve these metrics or if the current business model remains structurally unprofitable.
As reported in financial statements, PicoCELA's cash conversion cycle reached 196 days in 2025Q4, reflecting significant inefficiencies in inventory management and receivables collection that appear to be worsening compared to the company's own historical operational benchmarks.
The high DIO of 181 days suggests that the company is struggling to move hardware inventory, which ties up critical liquidity. This inefficiency, combined with the project-based nature of the business, creates a volatile cash flow profile that necessitates a large cash buffer to maintain operations.
Based on the provided data, PicoCELA maintains a debt-to-equity ratio of 0.60, which, while appearing healthy, obscures the underlying risk of an operating margin that collapsed to -106.6% in 2025Q4, indicating that the company's solvency is currently dependent on cash reserves rather than operational cash flow.
While the low debt levels provide a temporary safety net, the lack of interest coverage suggests that the company would face significant challenges if it needed to access credit markets to fund its ongoing losses. The current capital structure appears designed for survival rather than growth-oriented leverage.
The P/S ratio is frequently misapplied to PicoCELA, as it fails to account for the company's transition from hardware-centric revenue to a potential SaaS model, thereby obscuring the true quality of earnings and the underlying value of the PicoManager platform.
Investors should instead focus on the 'Node-to-Gateway Ratio' and 'PicoManager Attachment Rate' to gauge the company's true progress toward a scalable business model. Relying on P/S multiples in this context may lead to an overestimation of the company's current market position and long-term earning potential.
Includes 30+ ratios · 4 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying PCLA stock.
PicoCELA Inc.'s current P/E ratio is -54.6x. This places it at the 50th percentile of its historical range.
PicoCELA Inc.'s return on equity (ROE) is -151.4%. The historical average is -88.2%.
Based on historical data, PicoCELA Inc. is trading at a P/E of -54.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
PicoCELA Inc. has 53.4% gross margin and -110.4% operating margin.