Latest Ratios: P/E Ratio 24.2x · EV/EBITDA N/A · ROE 30.8%. (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 | $226M | $179M | $329M | $18M | $82M | $1.1B | — |
| Enterprise Value | $218M | $172M | $308M | $8M | $61M | $912M | — |
| P/E Ratio → | 24.21 | 17.75 | — | — | — | — | — |
| P/S Ratio | 43.04 | 34.21 | 42.19 | 3.01 | 5.66 | 222.58 | — |
| P/B Ratio | 3.28 | 2.40 | — | 0.45 | 0.57 | 5.28 | — |
| 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 | — | 32.79 | 39.61 | 1.26 | 4.16 | 179.80 | — |
| 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 | 48.7% | 48.7% | 55.2% | 18.0% | 20.3% | 23.8% | 36.4% |
| Operating Margin | -617.7% | -617.7% | -345.8% | -1968.0% | -1215.2% | -1595.9% | -238.3% |
| Net Profit Margin | 191.4% | 191.4% | -932.7% | -1880.8% | -1078.5% | -1606.1% | -237.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | 30.8% | 30.8% | -462.9% | -124.7% | -87.7% | -66.0% | -63.6% |
| ROA | 13.2% | 13.2% | -124.5% | -101.4% | -77.9% | -59.5% | -55.0% |
| ROIC | -129.4% | -129.4% | -8466.4% | -118.8% | -222.4% | — | -840.4% |
| ROCE | -45.7% | -45.7% | -51.9% | -115.7% | -91.6% | -61.3% | -60.9% |
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 | 0.14 | 0.14 | — | 0.30 | 0.09 | 0.00 | 0.08 |
| Debt / EBITDA | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.10 | — | -0.26 | -0.15 | -1.01 | -0.94 |
| Net Debt / EBITDA | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | -2382.09 | — |
Net cash position: cash ($18M) exceeds total debt ($11M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 9.28 | 9.28 | 9.64 | 5.33 | 12.26 | 37.06 | 10.22 |
| Quick Ratio | 9.22 | 9.22 | 9.62 | 5.20 | 11.92 | 36.90 | 10.02 |
| Cash Ratio | 8.30 | 8.30 | 9.04 | 4.62 | 10.87 | 35.24 | 9.47 |
| Asset Turnover | — | 0.05 | 0.14 | 0.10 | 0.09 | 0.02 | 0.23 |
| Inventory Turnover | 7.94 | 7.94 | 49.13 | 4.73 | 3.26 | 3.84 | 7.92 |
| Days Sales Outstanding | — | 244.21 | 61.55 | 153.76 | 150.97 | 72.57 | 52.60 |
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 | 4.1% | 5.6% | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.4% | 9.8% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.4% | 9.8% | 0.0% | — |
| Shares Outstanding | — | $42M | $27M | $26M | $24M | $19M | $17M |
Liquidity and operational viability
Based on reported figures, PDYN trades at a P/S multiple of 43.11, a valuation that appears disconnected from the company's -32.62% YoY revenue decline and suggests investors are pricing in a speculative turnaround rather than current fundamental performance or established market share in the industrial software space.
The elevated P/S ratio relative to the company's contracting revenue base implies that the market is assigning significant option value to the firm's proprietary sensor-fusion IP. However, without a clear path to recurring revenue or positive earnings, this valuation remains highly vulnerable to further downward revisions should the pilot-to-production conversion rates fail to materialize.
As reported in financial statements, PDYN's ROIC has remained consistently negative, bottoming out at -66.4% in 2023Q4, which indicates that the company has struggled to generate any meaningful return on invested capital throughout its transition from a hardware-centric model to its current software-focused operational structure.
The inability to achieve positive returns on capital suggests that the firm's R&D and engineering expenditures are not yet yielding the high-margin software licensing revenue required to offset its cost base. Investors should monitor whether the recent pivot can eventually stabilize these returns, as current levels reflect significant value destruction.
According to recent SEC filings, PDYN's cash conversion cycle has shown extreme instability, fluctuating from 13 days in 2025Q1 to 296 days in 2023Q4, which highlights the company's ongoing difficulty in managing its working capital effectively during its transition toward a software-licensing business model.
The erratic nature of the DSO and CCC metrics suggests that the company's revenue recognition and collection processes are highly dependent on milestone-based government contracts. This lack of operational predictability complicates liquidity management and may necessitate further external financing if the company cannot shorten its collection cycles.
Based on the company's reported figures, PDYN maintains a current ratio of 7.85 as of 2026Q1, yet this liquidity metric appears misleading given the firm's persistent operating losses and the high cash burn rate required to sustain its specialized engineering talent and R&D-heavy cost structure.
While the current ratio appears superficially healthy, the company's reliance on non-recurring revenue and the absence of positive free cash flow suggest that its liquidity position is more fragile than the headline numbers imply. The firm remains highly dependent on its remaining cash reserves to fund operations until a scalable software model is proven.
As indicated by the provided financial data, the 191.36% net margin reported in 2025Q1 is the most commonly misapplied metric for PDYN, as it obscures the company's underlying operational reality by incorporating non-recurring accounting gains that do not reflect the firm's actual earning power or cash-generating capacity.
Analysts should prioritize operating cash flow and adjusted EBITDA over net income to avoid being misled by one-time divestiture gains or fair-value adjustments. Relying on net margin for this business model risks significantly overestimating the company's financial health and its ability to sustain operations without further dilution.
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Quick answers to the most common questions about buying PDYN stock.
Palladyne AI Corp.'s current P/E ratio is 24.2x. The historical average is 17.8x. This places it at the 100th percentile of its historical range.
Palladyne AI Corp.'s return on equity (ROE) is 30.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -129.0%.
Based on historical data, Palladyne AI Corp. is trading at a P/E of 24.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Palladyne AI Corp. has 48.7% gross margin and -617.7% operating margin.