Latest Ratios: P/E Ratio -7.8x · EV/EBITDA N/A · ROE -61.6%. (2004–2025 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 | $704M | $590M | $358M | $38M | $111M | $245M | $190M | $81M | $56M | $44M | $53M |
| Enterprise Value | $671M | $557M | $329M | $35M | $102M | $231M | $187M | $83M | $54M | $39M | $38M |
| P/E Ratio → | -7.84 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 654.62 | 548.61 | 8653.04 | 80.53 | 200.73 | 1173.00 | 48.76 | 20.76 | 14.51 | 15.81 | 28.37 |
| P/B Ratio | 2.70 | 3.21 | 17.33 | 7.61 | 9.69 | 9.82 | 32.61 | 4.24 | 2.67 | 1.91 | 1.64 |
| 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 | — | 518.01 | 7931.26 | 75.21 | 184.59 | 1103.41 | 48.05 | 21.24 | 13.85 | 14.03 | 20.65 |
| 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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 62.0% | 62.0% | 62.0% | 51.9% | 25.9% |
| Operating Margin | -3150.5% | -3150.5% | -72572.6% | -4381.3% | -3565.9% | -7493.6% | -467.3% | -235.1% | -427.5% | -468.7% | -736.7% |
| Net Profit Margin | -5857.8% | -5857.8% | -136857.2% | -4351.3% | -3805.8% | -7493.6% | -492.5% | -294.1% | -419.8% | -458.0% | -710.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -61.6% | -61.6% | -442.6% | -247.5% | -115.5% | -101.8% | -154.1% | -57.0% | -73.9% | -46.3% | -55.5% |
| ROA | -31.6% | -31.6% | -144.6% | -167.7% | -98.9% | -80.8% | -107.2% | -46.5% | -64.8% | -42.2% | -51.4% |
| ROIC | -35.9% | -35.9% | — | -614.8% | -228.4% | -174.7% | -113.8% | -34.8% | -68.1% | -54.6% | -109.0% |
| ROCE | -32.9% | -32.9% | -226.4% | -242.8% | -107.1% | -99.6% | -143.7% | -44.5% | -71.5% | -44.9% | -55.6% |
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 | 0.04 | 0.04 | 0.35 | 0.11 | 0.03 | 0.02 | 0.70 | 0.17 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.18 | -1.45 | -0.50 | -0.78 | -0.58 | -0.48 | 0.10 | -0.12 | -0.22 | -0.45 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -436.10 | -436.10 | -551.20 | -287.78 | -421.95 | -41.97 | -16.54 | -13.15 | — | — | — |
Net cash position: cash ($40M) exceeds total debt ($7M)
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 | 2.19 | 2.19 | 1.15 | 0.90 | 2.51 | 11.33 | 1.39 | 4.02 | 2.27 | 9.81 | 10.55 |
| Quick Ratio | 2.19 | 2.19 | 1.15 | 0.90 | 2.51 | 11.33 | 1.39 | 4.02 | 2.12 | 9.16 | 9.86 |
| Cash Ratio | 2.18 | 2.18 | 1.11 | 0.85 | 2.42 | 11.08 | 1.27 | 0.28 | 0.84 | 6.14 | 9.21 |
| Asset Turnover | — | 0.00 | 0.00 | 0.05 | 0.04 | 0.01 | 0.33 | 0.16 | 0.15 | 0.11 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 3.38 | 2.56 | 1.24 |
| Days Sales Outstanding | — | 70.93 | 63.90 | 44.82 | 126.23 | 247.12 | — | 1697.36 | 96.93 | 80.13 | 57.41 |
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% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $93M | $60M | $40M | $37M | $35M | $29M | $29M | $28M | $26M | $22M |
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying POET stock.
POET Technologies Inc.'s current P/E ratio is -7.8x. This places it at the 50th percentile of its historical range.
POET Technologies Inc.'s return on equity (ROE) is -61.6%. The historical average is -135.0%.
Based on historical data, POET Technologies Inc. is trading at a P/E of -7.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
POET Technologies Inc. has 100.0% gross margin and -3150.5% operating margin.
Key Metrics
Top Statement Risk
Cash burn outpaces commercialization
Valuation Reflects Venture-Style Option Value
The current P/S ratio of 916.22, as reported in recent financial statements, indicates the market is pricing POET not on its minimal revenue but on the speculative future value of its Optical Interposer platform, a valuation method typical for pre-commercial technology ventures.
This extreme multiple is meaningless in a traditional earnings context, as the company has no positive earnings or EBITDA to anchor a P/E or EV/EBITDA multiple. The valuation appears to be a bet on the successful commercialization of its technology for AI data centers, with the P/B ratio of 3.78 suggesting the market assigns significant value to the company's intellectual property and future potential over its tangible book value. Investors should monitor whether design wins translate into revenue that can eventually justify this speculative premium.
Artificial Margins Mask Structural Operating Losses
The reported 100% gross margin in several quarters is a temporary accounting artifact of service-based revenue with no COGS, while the -3150% operating margin reveals the true cost of maintaining a high-fixed-cost R&D operation, as seen in the latest quarterly data.
This extreme divergence indicates that current profitability metrics are not indicative of the company's future earning power. The shift to negative gross margins in Q3 2025 and Q2 2026 suggests the company began incurring cost of goods sold from initial prototype production, a necessary step toward commercialization that will permanently alter its margin profile. The true test of profitability will be achieving positive gross margins on physical products, which is not yet demonstrated.
Negative Returns Reflect Pre-Commercial Investment Phase
ROIC has been consistently negative, with the most recent quarter at -3.5%, indicating that the company's invested capital is currently generating losses rather than returns, a typical profile for a firm in a heavy R&D and pre-production phase.
The negative ROIC trend is driven by the massive operating losses relative to the company's growing equity base, which has been inflated by continuous capital raises. This is not a sign of operational decay but rather a reflection of the business model's current stage, where capital is being deployed to develop and validate technology before meaningful revenue generation. The key metric to watch is not the level of ROIC, but the trajectory of operating losses as a percentage of revenue, which should improve as sales scale.
Minimal Leverage Amidst Equity-Funded Operations
With a debt-to-equity ratio of just 0.01 as of Q2 2026, POET maintains an exceptionally clean balance sheet, relying entirely on equity markets to fund its operations and avoid the constraints of debt covenants.
This lack of financial leverage is a strategic choice for a pre-revenue technology firm, as it eliminates interest coverage risk and refinancing concerns. However, it also means that all operational risk is borne by equity holders, who face dilution from future capital raises needed to fund the cash burn. The absence of debt is a strength in terms of balance sheet flexibility but underscores the company's complete dependence on its ability to raise capital or achieve cash flow breakeven.
Cash Fortress Built on Dilutive Financing
The current ratio of 24.46 in Q2 2026, based on reported figures, indicates an exceptionally strong liquidity position, but this appears to be the result of recent equity raises rather than operational cash flow, as evidenced by the concurrent deepening of the retained earnings deficit.
While the company holds a substantial cash balance relative to its liabilities, this liquidity is a function of its financing activities, not its operations. The high ratio provides a significant runway to fund ongoing R&D and the transition to manufacturing, but it is not a permanent state. The sustainability of this position is entirely dependent on the company's ability to either achieve positive cash flow or access capital markets before the current reserves are depleted.
The Misleading Power of the Gross Margin
The single ratio most commonly misapplied to POET is the gross margin, which at 100% in several quarters is a misleading indicator of profitability for a pre-commercial firm whose revenue is primarily from non-recurring engineering services.
This metric obscures the true economic reality of the business, which is characterized by massive operating losses and a high-fixed-cost structure. Investors should instead focus on the operating margin trend and the cash burn rate, as these better reflect the company's progress toward commercial viability. The gross margin will only become a meaningful metric once the company generates significant revenue from physical product sales, at which point it will likely contract to levels typical of semiconductor hardware manufacturers.