Latest Ratios: P/E Ratio 7.7x · EV/EBITDA -2.1x · ROE 15.3%. (2021–2025 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 |
|---|---|---|---|---|---|---|
| Market Cap | $9M | $86M | — | — | — | — |
| Enterprise Value | $-2040690 | $936057 | — | — | — | — |
| P/E Ratio → | 7.71 | 10.40 | — | — | — | — |
| P/S Ratio | 0.87 | 1.09 | — | — | — | — |
| P/B Ratio | 0.83 | 1.11 | — | — | — | — |
| P/FCF | 11.07 | 13.79 | — | — | — | — |
| P/OCF | 11.07 | 13.79 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.01 | — | — | — | — |
| EV / EBITDA | -2.09 | 0.12 | — | — | — | — |
| EV / EBIT | -2.09 | 0.09 | — | — | — | — |
| EV / FCF | — | 0.15 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|
| Gross Margin | 22.6% | 22.6% | 22.3% | 3.2% | 3.4% | 24.8% |
| Operating Margin | 9.7% | 9.7% | 17.0% | 15.8% | 23.8% | 21.1% |
| Net Profit Margin | 10.5% | 10.5% | 14.8% | 13.8% | 20.9% | 17.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 15.3% | 15.3% | 58.9% | 274.3% | 213.1% | 80.8% |
| ROA | 10.8% | 10.8% | 31.9% | 183.0% | 130.3% | 47.6% |
| ROIC | — | — | — | — | — | 142.1% |
| ROCE | 14.2% | 14.2% | 97.2% | — | 582.5% | 96.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 0.03 | 0.10 | — |
| Debt / EBITDA | — | — | — | 0.01 | 0.02 | — |
| Net Debt / Equity | — | -1.10 | -1.15 | -7.90 | -6.38 | -0.49 |
| Net Debt / EBITDA | -11.09 | -11.09 | -3.16 | -2.95 | -1.13 | -0.51 |
| Debt / FCF | — | -13.64 | -2.28 | -15.21 | -11.46 | -0.51 |
| Interest Coverage | — | — | 5601.33 | 1006.05 | 6398.83 | — |
Net cash position: cash ($85M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 5.29 | 5.29 | 1.95 | 2.50 | 3.47 | 2.43 |
| Quick Ratio | 5.19 | 5.19 | 1.89 | 2.50 | 3.47 | 2.02 |
| Cash Ratio | 4.73 | 4.73 | 1.33 | 1.79 | 2.07 | 0.70 |
| Asset Turnover | — | 0.83 | 1.15 | 10.81 | 16.92 | 2.69 |
| Inventory Turnover | 32.42 | 32.42 | 28.06 | — | — | 12.30 |
| Days Sales Outstanding | — | 37.75 | 82.28 | 66.50 | 47.16 | 20.24 |
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 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | 16.5% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 13.0% | 9.6% | — | — | — | — |
| FCF Yield | 9.0% | 7.3% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $3M | $3M | $3M | $3M | $3M |
Capital allocation inefficiency
According to current market data, Raytech trades at a P/E of 7.71 and a P/B of 0.83, suggesting that investors are heavily discounting the company's core manufacturing operations while failing to assign meaningful value to the substantial $84.8M cash position held on the balance sheet.
The low P/B ratio below parity indicates that the market views the company's assets as potentially impaired or trapped, rather than as a productive engine for future growth. This valuation appears to reflect a deep skepticism regarding management's ability to deploy capital effectively, effectively pricing the stock as a liquidation play rather than a going concern.
As reported in financial statements, the net margin of 10.50% consistently exceeds the operating margin of 9.71%, which implies that a significant portion of the company's bottom-line profitability is derived from non-operating interest income rather than the underlying personal care electronics manufacturing business.
Investors should monitor the delta between these two metrics, as the reliance on interest income suggests that the core ODM business may be operating at thinner margins than the headline net income implies. This structural dependency warrants further investigation into whether the manufacturing segment can sustain profitability without the support of its cash-heavy balance sheet.
Based on the company's reported figures, the asset turnover ratio has declined from 0.83 in 2024Q2 to 0.31 in 2026Q2, signaling a significant deterioration in the efficiency with which Raytech utilizes its asset base to generate revenue within its competitive ODM niche.
The erratic nature of the cash conversion cycle, which has swung from -156 days to -13 days, suggests that the company's working capital management is highly sensitive to the timing of customer purchase orders. This inconsistency may indicate that Raytech lacks the leverage to dictate terms to its international distributors, leading to lumpy revenue recognition.
According to recent balance sheet data, Raytech maintains a current ratio of 5.06, supported by a cash position that dwarfs total liabilities, providing an extraordinary buffer against potential cyclical downturns or supply chain disruptions that typically plague small-cap electronics manufacturers in the current trade environment.
While this liquidity position is undeniably robust, it appears to be a double-edged sword that protects the company from insolvency while simultaneously dragging down overall return on equity. The lack of debt service requirements suggests that the company is well-positioned to weather prolonged periods of low demand, though this comes at the cost of capital efficiency.
The P/E ratio is the most commonly misapplied metric for Raytech, as it fails to account for the distortion caused by non-operating interest income and the massive cash balance that effectively subsidizes the company's reported earnings per share.
Analysts should instead utilize an EV/EBITDA metric, adjusted to exclude the cash balance from the enterprise value, to better isolate the valuation of the core manufacturing operations. Relying on a standard P/E multiple likely leads to an overestimation of the company's industrial earning power and ignores the risk of capital entrapment.
Includes 30+ ratios · 5 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying RAY stock.
Raytech Holding Limited Ordinary Shares's current P/E ratio is 7.7x. The historical average is 10.4x.
Raytech Holding Limited Ordinary Shares's current EV/EBITDA is -2.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 0.1x.
Raytech Holding Limited Ordinary Shares's return on equity (ROE) is 15.3%. The historical average is 128.5%.
Based on historical data, Raytech Holding Limited Ordinary Shares is trading at a P/E of 7.7x. Compare with industry peers and growth rates for a complete picture.
Raytech Holding Limited Ordinary Shares has 22.6% gross margin and 9.7% operating margin.