Latest Ratios: P/E Ratio -6.6x · 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 | $16.5B | $23.4B | $13.5B | $22.2B | $16.8B | $21.2B | — | — |
| Enterprise Value | $19.6B | $26.4B | $13.9B | $19.5B | $7.1B | $4.6B | — | — |
| P/E Ratio → | -6.62 | — | — | — | — | — | — | — |
| P/S Ratio | 2.55 | 4.34 | 2.71 | 5.01 | 10.15 | 384.60 | — | — |
| P/B Ratio | 3.51 | 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 -6.6x. 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 -6.6x. 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 operating cash burn
Metrics are mathematically derived from official filings.
Negative Earnings Leave P/E Unusable
With trailing P/E at -4.33 and no forward multiple available, Rivian's valuation rests on a 2.99 price-to-sales ratio and 3.43 price-to-book, according to the reported figures in the supplied data set.
Because trailing earnings are negative, the P/E ratio carries no interpretive weight and the market is effectively pricing Rivian on sales and book value. The 2.99 price-to-sales multiple is high for a manufacturer with a gross margin of 8.2% and an operating margin of -40.9%, which suggests investors are underwriting a future margin expansion that the reported quarters do not yet show. Investors should monitor whether the premium to book reflects growth expectations or simply the limited tangible earnings base.
Gross Margin Recovery Still Fails to Cover Overhead
Gross margin recovered to 8.2% in the latest quarter from -15.8% two years earlier, yet the operating margin of -40.9% shows operating expenses still absorb far more than gross profit, based on reported quarterly figures.
The move from negative gross margin to 8.2% indicates improving unit economics, but the 49-point gap between gross and operating margin shows R&D and SG&A remain structurally oversized relative to current volume. Net margin of -42.4% and free cash flow margin of -52.2% confirm that the earnings deficit is operational rather than driven by non-cash items alone. Operating leverage would need a substantial volume increase before this cost base is absorbed.
Returns Remain Deeply Negative Despite Asset Growth
ROIC of -9.2% and ROE of -16.8% in the latest quarter, compared with -14.1% ROIC two years earlier, indicate returns have improved modestly but capital is still being destroyed, per the reported ratio series.
ROIC has moved from -14.1% in 2024Q2 to -9.2% in 2026Q3, an improvement driven mainly by the narrowing of operating losses rather than by more productive use of capital. Asset turnover of 0.14 is extremely low, meaning the substantial PP&E base generates little revenue per dollar invested. Returns would need to turn meaningfully positive before the capital base could be considered value-creating.
Debt Ratios Ease as Equity Rebuilds
Debt-to-equity fell from 1.48 in 2026Q1 to 0.95 in 2026Q3, and interest coverage remains negative at -11.27, according to reported ratio data, suggesting leverage is easing but debt service is not covered by operations.
The decline in D/E reflects equity rebuilding and debt reduction rather than earnings growth, so the improvement depends on capital structure actions instead of operating performance. Negative interest coverage indicates operating income does not cover interest expense, which warrants further investigation into the refinancing and maturity profile of the reported debt. The balance sheet may be less fragile than the cash flow profile implies, but this remains an inference from the supplied figures.
Current Ratio Strong but Cash Shrinking
A current ratio of 2.18 and quick ratio of 1.70 in 2026Q3 appear adequate on paper, yet cash declined from $5.8B in 2024Q2 to $3.5B, based on reported figures, implying the buffer is being consumed.
Current and quick ratios remain comfortable, and the quick ratio staying close to the current ratio indicates limited dependence on inventory. However, the steady decline in cash against persistent operating burn suggests the liquidity cushion shortens over time. Under a severe stress scenario with flat or reduced deliveries, the reported cash balance would likely be the binding constraint rather than the current ratio.
Working Capital Days Flatter the Cash Cycle
The cash conversion cycle narrowed from 179 days in 2025Q1 to 56 days in 2026Q3, but as reported in the quarterly data, much of this improvement tracks a fall in DPO and a DIO that remains volatile.
A shorter CCC looks favorable, yet the reduction is driven substantially by shifting payable and inventory timing rather than durable operating efficiency. Asset turnover of 0.14 shows that the working capital improvement does not translate into productive revenue generation. The most commonly misapplied metric here is ROIC on a near-zero or negative denominator, since it obscures the scale of capital consumed; free cash flow margin and cumulative cash burn are better measures of economic performance for this business model.