Latest Ratios: P/E Ratio -329.7x · EV/EBITDA 152.0x · ROE -7.9%. (2017–2025 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 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.4B | $10.9B | $11.0B | $9.8B | $6.4B | $10.7B | — | — | — | — |
| Enterprise Value | $11.0B | $10.5B | $10.7B | $9.6B | $6.2B | $10.2B | — | — | — | — |
| P/E Ratio → | -329.67 | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 7.65 | 8.26 | 9.59 | 10.34 | 8.94 | 20.82 | — | — | — | — |
| P/B Ratio | 8.97 | 8.66 | 8.58 | 8.50 | 5.77 | 9.01 | — | — | — | — |
| P/FCF | 40.07 | 50.81 | 62.41 | 209.05 | — | 1178.12 | — | — | — | — |
| P/OCF | 38.03 | 36.57 | 56.32 | 106.79 | 510.89 | 291.85 | — | — | — | — |
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 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.96 | 9.28 | 10.07 | 8.66 | 19.87 | — | — | — | — |
| EV / EBITDA | 151.98 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 48.94 | 60.39 | 203.44 | — | 1124.34 | — | — | — | — |
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 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 78.4% | 78.4% | 82.1% | 81.6% | 79.4% | 80.9% | 82.1% | 81.6% | 79.9% | 77.4% |
| Operating Margin | -8.9% | -8.9% | -11.8% | -22.7% | -40.3% | -55.5% | -14.6% | -28.6% | -29.5% | -49.1% |
| Net Profit Margin | -7.6% | -7.6% | -9.2% | -20.0% | -39.8% | -51.5% | -24.0% | -28.7% | -30.4% | -49.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.9% | -7.9% | -8.7% | -16.7% | -24.9% | -57.8% | — | — | — | -219.0% |
| ROA | -4.6% | -4.6% | -5.3% | -10.4% | -16.7% | -21.1% | -14.5% | -21.3% | -25.1% | -31.5% |
| ROIC | -9.9% | -9.9% | -11.2% | -17.9% | -27.0% | -299.2% | — | — | -4997.9% | — |
| ROCE | -8.6% | -8.6% | -10.4% | -17.5% | -23.3% | -31.0% | -14.0% | -40.5% | -54.2% | -74.7% |
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 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.06 | 0.06 | 0.06 | 0.08 | 0.08 | 0.08 | — | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.32 | -0.28 | -0.23 | -0.18 | -0.41 | — | — | — | 0.00 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | -1.87 | -2.02 | -5.61 | — | -53.78 | -98.55 | — | — | — |
| Interest Coverage | -80.51 | -80.51 | -53.86 | -95.28 | -133.18 | -123.11 | -40.29 | -88.29 | -39.47 | -351.24 |
Net cash position: cash ($481M) exceeds total debt ($79M)
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 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.32 | 1.32 | 1.51 | 1.49 | 1.50 | 1.86 | 1.86 | 0.89 | 1.03 | 0.89 |
| Quick Ratio | 1.32 | 1.32 | 1.51 | 1.49 | 1.50 | 1.86 | 1.86 | 0.89 | 1.03 | 0.89 |
| Cash Ratio | 0.87 | 0.87 | 1.07 | 1.06 | 1.10 | 1.45 | 1.45 | 0.53 | 0.65 | 0.59 |
| Asset Turnover | — | 0.59 | 0.55 | 0.50 | 0.41 | 0.30 | 0.49 | 0.57 | 0.68 | 0.64 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 94.72 | 88.86 | 91.16 | 87.31 | 92.88 | 70.84 | 73.51 | 88.57 | — |
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 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 2.5% | 2.0% | 1.6% | 0.5% | — | 0.1% | — | — | — | — |
| Buyback Yield | 1.1% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 1.1% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $150M | $147M | $142M | $137M | $134M | $118M | $104M | $112M | $118M |
Includes 30+ ratios · 9 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying PCOR stock.
Procore Technologies, Inc.'s current P/E ratio is -329.7x. This places it at the 50th percentile of its historical range.
Procore Technologies, Inc.'s current EV/EBITDA is 152.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
Procore Technologies, Inc.'s return on equity (ROE) is -7.9%. The historical average is -55.8%.
Based on historical data, Procore Technologies, Inc. is trading at a P/E of -329.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Procore Technologies, Inc. has 78.4% gross margin and -8.9% operating margin.
Key Metrics
Top Statement Risk
Acquisition-driven leverage and dilution
Metrics are mathematically derived from official filings.
Premium Multiples Price in Long-Duration Growth
Based on the supplied valuation data, PCOR trades at 8.63x trailing sales and 53.03x price-to-free-cash-flow, with a 45.01x forward P/E implying the market is capitalizing future margin expansion rather than current GAAP earnings.
The negative trailing P/E of -112.84 renders earnings-based comparison uninformative, so the forward P/E and forward EV/EBITDA of 25.12x become the more relevant anchors. Relative to peers such as Autodesk at 51.46x trailing P/E and Roper at 34.57x, PCOR's forward multiples appear reasonable only if operating margins move decisively positive, which the current -8.90% operating margin does not yet support. Investors should monitor whether free cash flow conversion keeps pace with the premium embedded in the price-to-sales multiple.
Gross Margin Strength Against Operating Losses
According to the reported quarterly figures, gross margin has held between 79.1% and 83.1% across ten quarters, yet operating margin in 2026Q3 was -1.8% after reaching -21.9% in 2024Q4, showing improvement but no sustained break into profit.
The stability of gross margin near 80% indicates the subscription cost base is structurally sound, so the operating gap is driven by operating expenses, primarily sales and marketing and stock-based compensation. The narrowing of the operating loss from double-digit negative margins in 2024 suggests cost discipline is improving, though net margin remains negative at -1.1% in the latest quarter. Earning power should therefore be judged on operating margin trajectory rather than gross margin, which is already at a mature level.
Debt Step-Up Changes the Leverage Profile
Based on reported figures, total debt rose from $58.8M in 2026Q2 to $990.0M in 2026Q3, lifting debt-to-equity from 0.05 to 0.91, a shift that appears tied to acquisition financing rather than operating requirements.
Interest coverage moved from 1.67x in 2026Q2 to 0.26x in 2026Q3, which suggests operating earnings currently provide limited cushion over interest obligations. The debt-to-EBITDA ratio of 37.59x in the latest quarter reflects depressed EBITDA more than excessive borrowing alone, but it warrants further investigation into refinancing terms and debt maturity structure. Leverage comfort is therefore deteriorating and depends heavily on whether acquired earnings materialize.
Thinning Current Ratio Under Acquisition Strain
As reported in the balance sheets, the current ratio compressed from 1.32 in 2025Q4 to 1.06 in 2026Q3, while cash held near $540.0M, indicating a narrowing short-term liquidity buffer following large acquisition outflows.
A current ratio near 1.0 leaves limited margin for error if billings slow, particularly given that deferred revenue represents a significant share of current liabilities. Quick ratio equals current ratio here, so inventory is not a factor, and liquidity depends entirely on receivables and cash. Under severe stress, the position would likely depend on collection timing, and investors should monitor whether the cash balance can absorb further acquisition or buyback outflows without new borrowing.
Stock Compensation Masks True Economic Cost
Based on Procore's reported figures, stock-based compensation of $58.6M in 2026Q3 exceeded the operating loss of $7.2M, which suggests that headline operating cash flow of $95.7M may overstate economic cash generation.
The most commonly misapplied metric for this business is operating cash flow or free cash flow margin, since both exclude stock-based compensation that functions as a recurring cost paid in shares. Using a dilution-adjusted free cash flow figure, which subtracts stock compensation, would produce a materially lower and more conservative picture of cash generation. Investors should weigh this adjustment carefully before treating the reported free cash flow margin of 18.1% as evidence of durable profitability.