Latest Ratios: P/E Ratio -3.5x · EV/EBITDA N/A · ROE -11.2%. (2016–2025 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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $41M | $37M | $57M | $10M | $77M | $198M | $56M | $44M | $364M | $251M | $21M |
| Enterprise Value | $-59073162 | $-62639059 | $-54986752 | $12M | $88M | $182M | $60M | $46M | $366M | $253M | $21M |
| P/E Ratio → | -3.51 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 16.02 | 14.62 | 17.89 | 2.02 | 11.74 | 18.64 | 5.58 | 2.29 | 11.80 | 9.40 | 0.44 |
| P/B Ratio | 0.42 | 0.39 | 0.53 | — | 3.08 | 3.04 | — | 10.90 | 62.54 | 31.79 | 0.30 |
| 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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -24.54 | -17.24 | 2.57 | 13.47 | 17.08 | 6.02 | 2.39 | 11.84 | 9.46 | 0.45 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | 12.52 |
| 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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.6% | 50.6% | 45.6% | 34.9% | 53.8% | 33.9% | 66.4% | 52.9% | 61.8% | 41.2% | 39.1% |
| Operating Margin | -803.7% | -803.7% | -435.5% | -945.6% | -368.5% | -158.3% | -175.0% | -64.3% | -22.2% | -95.9% | -0.3% |
| Net Profit Margin | -446.6% | -446.6% | -323.5% | -1092.4% | -780.5% | -502.9% | -222.0% | -67.2% | -31.7% | -97.1% | -0.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -11.2% | -11.2% | -21.6% | -786.4% | -112.9% | -169.1% | -2168.9% | -261.3% | -142.8% | -67.3% | -0.1% |
| ROA | -9.7% | -9.7% | -17.0% | -166.2% | -65.7% | -82.4% | -72.9% | -39.0% | -27.7% | -49.4% | -0.1% |
| ROIC | — | — | — | -250.4% | -42.5% | -49.5% | -312.3% | -143.1% | -62.8% | -48.7% | -0.2% |
| ROCE | -20.0% | -20.0% | -28.2% | -426.2% | -48.6% | -46.1% | -239.8% | -94.3% | -38.4% | -57.1% | -0.2% |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.01 | — | 0.53 | 0.10 | — | 0.54 | 0.34 | 0.23 | 0.01 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | 0.46 |
| Net Debt / Equity | — | -1.04 | -1.05 | — | 0.45 | -0.26 | — | 0.47 | 0.20 | 0.19 | 0.00 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | 0.17 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -354.69 | -354.69 | -75.11 | -23.19 | -17.88 | -11.04 | -5.50 | -21.14 | -13.06 | -64.52 | — |
Net cash position: cash ($101M) exceeds total debt ($619000)
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.03 | 5.03 | 17.63 | 0.30 | 0.66 | 1.98 | 0.19 | 0.12 | 0.24 | 0.45 | 10.41 |
| Quick Ratio | 5.03 | 5.03 | 17.63 | 0.30 | 0.55 | 1.89 | 0.19 | 0.12 | 0.24 | 0.45 | 170.81 |
| Cash Ratio | 4.21 | 4.21 | 17.51 | 0.24 | 0.08 | 0.76 | 0.15 | 0.01 | 0.04 | 0.02 | 9.77 |
| Asset Turnover | — | 0.02 | 0.03 | 0.72 | 0.11 | 0.11 | 0.31 | 0.66 | 0.84 | 0.79 | 0.67 |
| Inventory Turnover | — | — | — | — | 1.08 | 2.67 | — | — | — | — | — |
| Days Sales Outstanding | — | 42.89 | 31.59 | 41.55 | 53.62 | 33.16 | 24.23 | 31.85 | 42.62 | 84.77 | 62.10 |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 5.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 5.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $20M | $11M | $2M | $2M | $2M | $885380 | $737580 | $511120 | $495118 | $41879 |
Includes 30+ ratios · 10 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying PHUN stock.
Phunware, Inc.'s current P/E ratio is -3.5x. This places it at the 50th percentile of its historical range.
Phunware, Inc.'s return on equity (ROE) is -11.2%. The historical average is -98.3%.
Based on historical data, Phunware, Inc. is trading at a P/E of -3.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Phunware, Inc. has 50.6% gross margin and -803.7% operating margin.
Key Metrics
Top Statement Risk
Persistent structural operating losses
Metrics are mathematically derived from official filings.
Speculative Premium Over Fundamental Reality
Based on reported figures, Phunware trades at a price-to-sales multiple of 15.38, which appears disconnected from the company's contracting revenue base and lack of positive earnings, suggesting the market is pricing in speculative potential rather than tangible fundamental performance relative to software peers.
The absence of a positive P/E ratio and the reliance on a high P/S multiple indicate that investors are currently valuing the company as a speculative asset rather than a mature software enterprise. This valuation level warrants caution, as it implies an expectation of rapid growth that is not currently supported by the company's recent financial trajectory.
Structural Margin Deficit Remains Persistent
As reported in financial statements, Phunware's operating margin of -803.72% highlights a severe structural inability to cover overhead costs, with gross margins fluctuating significantly due to an inconsistent mix of high-margin software licensing and lower-margin hardware sales that fail to achieve necessary scale.
The extreme negative operating margin suggests that the company's current cost structure is fundamentally misaligned with its revenue generation capacity. Without a decisive shift toward high-margin software subscriptions, the company appears likely to continue struggling with profitability, regardless of its gross margin improvements in recent quarters.
Working Capital Volatility Hinders Operations
According to recent SEC filings, Phunware's cash conversion cycle remains erratic, with DSO figures fluctuating between 38 and 142 days over the last ten quarters, indicating significant instability in the company's ability to collect receivables and manage its short-term asset liquidity effectively.
The high variability in DSO suggests that the company may be facing challenges in its customer payment cycles, which complicates cash flow forecasting. Investors should monitor these efficiency metrics closely, as they reflect the operational friction inherent in managing a hybrid software and hardware business model.
Cash Buffer Masks Operational Fragility
Based on the provided balance sheet data, Phunware maintains a current ratio of 16.95 as of 2026Q1, which provides a substantial liquidity cushion, yet this figure is heavily skewed by a large cash balance that masks the underlying reality of persistent operational cash burn.
While the high current ratio suggests the company is not at immediate risk of insolvency, it does not indicate operational health. The liquidity position appears to be a result of past equity raises rather than successful business operations, leaving the company vulnerable if it cannot pivot to a self-sustaining model.
Misapplication of Price-to-Sales Multiples
The price-to-sales ratio is frequently misapplied to Phunware, as it obscures the low quality of revenue derived from volatile hardware sales and one-time project work, failing to distinguish between high-margin recurring software income and lower-margin, capital-intensive hardware revenue streams.
Analysts should instead focus on the software-to-hardware revenue mix and the growth of recurring subscription fees to assess the company's true earning power. Relying on a headline P/S multiple risks overestimating the company's value by treating all revenue as equally scalable and profitable.