Latest Ratios: P/E Ratio -0.1x · EV/EBITDA N/A · ROE N/A. (2019–2025 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 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $473M | $2.0B | $2.2B | $4.8B | $11.2B | $24.7B | — | — |
| Enterprise Value | $5.8B | $7.3B | $6.5B | $7.6B | $11.7B | $24.8B | — | — |
| P/E Ratio → | -0.14 | — | — | — | — | — | — | — |
| P/S Ratio | 0.15 | 0.65 | 1.09 | 2.00 | 4.59 | 18.42 | — | — |
| P/B Ratio | — | — | — | — | — | 202.04 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.38 | 3.19 | 3.18 | 4.79 | 18.47 | — | — |
| 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 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -35.4% | -35.4% | -43.1% | -17.4% | 4.9% | 0.8% | 9.3% | 56.9% |
| Operating Margin | -65.0% | -65.0% | -89.1% | -62.2% | -37.4% | -71.5% | -72.2% | -207.7% |
| Net Profit Margin | -77.1% | -77.1% | -100.8% | -50.2% | -19.6% | -75.0% | -79.5% | -214.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | -286.5% | -82.7% | -33.5% |
| ROA | -59.0% | -59.0% | -50.1% | -29.6% | -13.2% | -34.4% | -23.7% | -12.8% |
| ROIC | -262.6% | -262.6% | -109.3% | -118.2% | -261.1% | -161.5% | -41.2% | -16.0% |
| ROCE | — | — | — | -218.2% | -178.4% | -202.4% | -68.4% | -31.6% |
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 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | 6.74 | 0.75 | 0.92 |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | — | — | — | — | 0.56 | 0.21 | 0.52 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -5.29 | -5.29 | -5.14 | -4.56 | -4.78 | -20.52 | -16.72 | -8.35 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.43 | 0.43 | 0.48 | 0.65 | 0.68 | 0.53 | 0.63 | 0.56 |
| Quick Ratio | 0.29 | 0.29 | 0.26 | 0.38 | 0.48 | 0.35 | 0.40 | 0.54 |
| Cash Ratio | 0.19 | 0.19 | 0.16 | 0.22 | 0.31 | 0.25 | 0.17 | 0.25 |
| Asset Turnover | — | 0.78 | 0.50 | 0.58 | 0.62 | 0.41 | 0.24 | 0.06 |
| Inventory Turnover | 4.82 | 4.82 | 2.70 | 3.01 | 3.56 | 2.45 | 1.28 | 1.75 |
| Days Sales Outstanding | — | 72.79 | 75.17 | 72.78 | 47.67 | 67.05 | 213.60 | 179.28 |
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 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 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% | — | — |
| Shares Outstanding | — | $93M | $70M | $70M | $70M | $71M | $56M | $7M |
Includes 30+ ratios · 7 years · Updated daily
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Polestar Automotive Holding UK PLC's current P/E ratio is -0.1x. This places it at the 50th percentile of its historical range.
Based on historical data, Polestar Automotive Holding UK PLC is trading at a P/E of -0.1x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Polestar Automotive Holding UK PLC has -35.4% gross margin and -65.0% operating margin.
Key Metrics
Top Statement Risk
Value-destructive scaling with negative gross margins
Gross Margin Deepens Unit-Level Losses
Polestar's gross margin has deteriorated to -8.5% in 2026Q2, indicating that the core business is currently losing money on each vehicle delivered, a significant reversal from the briefly positive margins seen in early 2025.
The negative gross margin suggests that the cost of goods sold, heavily influenced by contract manufacturing and sourcing fees to Geely and Volvo, exceeds the realized selling price per vehicle. This structural deficit means that each incremental sale may currently be increasing the company's cash burn, making volume growth a value-destructive metric in the short term. The brief positive margin spark in 2025 has proven unsustainable, pointing to persistent pricing power and input cost challenges.
Capital Intensity Produces Deeply Negative Returns
Return on Invested Capital (ROIC) has plunged to -77.8% in 2026Q2 from -37.1% in 2023Q4, a trend that starkly illustrates the company's current phase of destroying capital rather than creating it.
This severe negative ROIC indicates that the capital deployed in the business—from manufacturing partnerships to R&D—is generating significant losses. The driver appears to be the combination of negative operating margins and a shrinking asset base that cannot generate sufficient revenue to offset the high fixed-cost structure. The worsening trend, despite revenue growth attempts, suggests a fundamental issue with capital efficiency and the path to achieving self-sustaining operations.
Solvency Relies on Parent Credit, Not Equity
The company's debt-to-equity ratio is meaningless given a negative equity position of -$4.7B in 2026Q2, while total debt of $6.0B highlights a complete reliance on creditor financing from parent entities.
With shareholders' equity completely eroded by accumulated losses, traditional leverage ratios fail. The critical risk is not covenant compliance but the continued willingness of Geely to provide funding. The high debt load relative to the negative asset base underscores that the capital structure is a function of survival financing rather than strategic capital allocation, making the company's viability contingent on parental support.
Liquidity Position Enters Critical Stress Zone
Polestar's current ratio has collapsed to 0.32 in 2026Q2 from 0.63 in 2023Q4, signaling that short-term liabilities now dwarf available liquid assets, raising immediate concerns about operational continuity.
The declining current and quick ratios (0.22) indicate a severe working capital deficit, with accounts payable and other current obligations far exceeding cash and receivables. This position appears precarious under any operational stress, as the company lacks the liquid buffer to absorb a demand shock or a delay in external funding. The shrinking cash balance alongside rising liabilities suggests the liquidity cliff is approaching unless supported by significant, timely capital infusions.
Inventory Buildup Compounds Cash Burn
Days Sales of Inventory (DSI) has remained elevated, with a figure of 97 days in 2026Q2, indicating vehicles are sitting on the balance sheet for over three months, tying up crucial cash in an environment of negative gross margins.
The persistent high DSI suggests potential demand softening or production misalignment, forcing the company to hold inventory that is actively losing value at the unit level. This inefficiency exacerbates the cash conversion cycle, which widened to 32 days in 2026Q2. In a scenario where each unsold vehicle represents a cash and margin liability, this inventory buildup is a critical operational risk that directly accelerates the burn rate.
P/E Ratio's Fatal Misapplication Here
The most commonly misapplied ratio for Polestar is the Price-to-Earnings (P/E) multiple, which is meaningless given negative earnings and fails to capture the central risk of structural cash burn and equity insolvency.
Focusing on a P/E ratio obscures the fundamental reality that the company is not yet earning, and its balance sheet is technically insolvent. The appropriate metrics are instead liquidity ratios (current/quick ratio), gross margin trajectory, and cash burn per unit. For a pre-profit, capital-intensive manufacturer dependent on external funding, valuation should be anchored on cash runway, path to positive gross margin, and the cost of capital, not on earnings multiples that assume a going concern with stable equity.