Latest Ratios: P/E Ratio -4.9x · EV/EBITDA N/A · ROE -65.4%. (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 | $18.4B | $23.4B | $13.5B | $22.2B | $16.8B | $21.2B | — | — |
| Enterprise Value | $21.5B | $26.4B | $13.9B | $19.5B | $7.1B | $4.6B | — | — |
| P/E Ratio → | -4.93 | — | — | — | — | — | — | — |
| P/S Ratio | 3.41 | 4.34 | 2.71 | 5.01 | 10.15 | 384.60 | — | — |
| P/B Ratio | 3.91 | 5.09 | 2.05 | 2.43 | 1.22 | 1.08 | — | — |
| 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 | — | 4.91 | 2.80 | 4.39 | 4.26 | 84.12 | — | — |
| 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 | 2.7% | 2.7% | -24.1% | -45.8% | -188.4% | -845.5% | — | — |
| Operating Margin | -66.5% | -66.5% | -94.3% | -129.4% | -413.5% | -7672.7% | — | — |
| Net Profit Margin | -67.7% | -67.7% | -95.5% | -122.5% | -407.2% | -8523.6% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -65.4% | -65.4% | -60.5% | -47.4% | -40.5% | -51.7% | — | — |
| ROA | -24.1% | -24.1% | -29.5% | -31.3% | -33.6% | -34.9% | -28.2% | -17.4% |
| ROIC | -36.7% | -36.7% | -52.5% | -82.4% | -146.3% | — | — | — |
| ROCE | -29.5% | -29.5% | -34.2% | -38.6% | -37.6% | -33.8% | -31.7% | -16.7% |
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 | 1.45 | 1.45 | 0.87 | 0.56 | 0.13 | 0.08 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.67 | 0.07 | -0.30 | -0.71 | -0.85 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -12.21 | -12.21 | -13.91 | -23.69 | -64.51 | -160.66 | -126.25 | -11.53 |
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 | 2.33 | 2.33 | 4.70 | 4.95 | 5.42 | 14.13 | 4.94 | 12.39 |
| Quick Ratio | 1.89 | 1.89 | 3.70 | 3.90 | 4.86 | 13.93 | 4.94 | 12.39 |
| Cash Ratio | 1.65 | 1.65 | 3.42 | 3.77 | 4.77 | 13.81 | 4.88 | 12.24 |
| Asset Turnover | — | 0.36 | 0.32 | 0.26 | 0.09 | 0.00 | — | — |
| Inventory Turnover | 3.29 | 3.29 | 2.74 | 2.47 | 3.55 | 1.90 | — | — |
| Days Sales Outstanding | — | 37.60 | 32.53 | 13.25 | 22.45 | 172.55 | — | — |
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 | — | $1.2B | $1.0B | $947M | $913M | $204M | $101M | $98M |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying RIVN stock.
Rivian Automotive, Inc.'s current P/E ratio is -4.9x. This places it at the 50th percentile of its historical range.
Rivian Automotive, Inc.'s return on equity (ROE) is -65.4%. The historical average is -53.1%.
Based on historical data, Rivian Automotive, Inc. is trading at a P/E of -4.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Rivian Automotive, Inc. has 2.7% gross margin and -66.5% operating margin.
Key Metrics
Top Statement Risk
Persistent negative operating margins
Metrics are mathematically derived from official filings.
Gross Margin Inflection, Operating Losses Persist
Gross margin swung from -44.9% in 2024Q3 to +10.8% in 2026Q2, yet operating margin remains deeply negative at -50.4%, indicating scale benefits are still elusive. According to recent financial statements, cost structure remains heavy.
The gross margin turnaround is real but incomplete; while positive gross margin suggests production efficiency gains, operating margin of -50.4% in 2026Q2 shows that R&D and SG&A expenses continue to consume more than half of revenue. The gap between gross and operating margin (61.2 percentage points) highlights the fixed-cost burden that has not yet been absorbed by volume. Investors should monitor whether operating leverage materializes as revenue grows, but current trends suggest limited scalability in the near term.
Returns on Capital Remain Deeply Negative
ROIC has improved from -16.3% in 2024Q1 to -8.4% in 2026Q2, but remains far below cost of capital, indicating value destruction. As reported in financial statements, the company is still in an investment phase with no clear path to positive returns.
The improvement in ROIC is driven by a shrinking capital base (equity down from $8.1B to $5.1B) and slightly better margins, but the absolute level is still deeply negative. With ROE at -17.4% and ROA at -5.7% in 2026Q2, the company is not compounding returns; it is burning capital. The negative returns are consistent with a company in heavy investment mode, but the lack of improvement in capital efficiency suggests that the asset base is not yet generating sufficient revenue to cover its cost.
Working Capital Efficiency Improves but Remains Volatile
Cash conversion cycle improved from 179 days in 2025Q1 to 68 days in 2026Q2, driven by faster inventory turnover and extended payables. Based on reported figures, working capital management is becoming more disciplined, though DIO remains elevated at 99 days.
The reduction in CCC is a positive sign, but the volatility is concerning: CCC swung from 179 days to 68 days within five quarters, indicating that working capital is not yet stable. DIO of 99 days suggests inventory is still a significant cash drag, while DPO of 51 days shows limited supplier leverage. The improvement in DSO from 31 to 20 days may reflect better collection practices, but the overall efficiency gains are modest relative to the company's capital intensity.
Leverage Creeps Higher as Cash Burns
Debt-to-equity rose from 0.64 in 2024Q1 to 1.00 in 2026Q2, while cash fell from $6.0B to $3.6B, indicating increasing reliance on debt. According to recent SEC filings, interest coverage remains negative, signaling elevated financial risk.
The doubling of D/E is a direct result of persistent losses and rising debt, even as total debt was reduced in 2026Q2. With interest coverage at -12.29, the company is not generating enough operating income to service its debt, though this is typical for a growth company in investment phase. The liquidity buffer (current ratio 2.10) provides some cushion, but the trend is concerning: cash is declining while debt remains high. Investors should monitor whether the company can refinance or raise capital without diluting shareholders further.
Liquidity Buffer Thins but Remains Adequate
Current ratio fell from 4.71 in 2024Q1 to 2.10 in 2026Q2, while quick ratio dropped to 1.65, indicating a shrinking but still comfortable liquidity cushion. As per the latest balance sheet, cash reserves are depleting rapidly.
The current ratio of 2.10 is still above the 1.0 threshold, but the trend is negative: the company has burned through $2.4B in cash over the period. The quick ratio of 1.65 suggests that even without selling inventory, the company can cover short-term obligations, but this is partly due to high receivables and other current assets. Under severe stress, such as a demand shock or supply chain disruption, the liquidity position could deteriorate quickly, especially given the negative operating cash flow.
Gross Margin Misapplied as Profitability Proxy
Gross margin is often cited as a sign of turnaround, but it obscures the massive operating losses and capital intensity. As reported in financial statements, gross margin of +10.8% in 2026Q2 does not translate to sustainable profitability.
The most commonly misapplied ratio for Rivian is gross margin, which improved to positive territory but is not indicative of overall profitability. The company still has operating margin of -50.4% and negative free cash flow margin of -51.2%, meaning that gross profit is entirely consumed by R&D and SG&A. A more appropriate metric is contribution margin after variable costs, or EBITDA margin, which would better reflect the company's ability to cover fixed costs. Investors should focus on the path to positive operating cash flow, not just gross margin.