Latest Ratios: P/E Ratio -3.5x · EV/EBITDA N/A · ROE -14.0%. (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 | $188M | $429M | $1.3B | $1.4B | $350M | $308M | — | — |
| Enterprise Value | $179M | $420M | $1.3B | $1.4B | $384M | $328M | — | — |
| P/E Ratio → | -3.55 | — | — | — | — | — | — | — |
| P/S Ratio | 1.54 | 3.19 | 9.55 | 15.60 | 7.15 | 13.63 | — | — |
| P/B Ratio | 0.68 | 1.56 | 4.75 | 8.66 | 3.90 | 2.23 | — | — |
| P/FCF | 10.08 | — | — | — | — | — | — | — |
| 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 | — | 3.12 | 9.52 | 15.52 | 7.83 | 14.54 | — | — |
| 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 | 76.6% | 76.6% | 70.7% | 60.4% | 43.5% | 20.0% | 11.6% | -81.2% |
| Operating Margin | -35.8% | -35.8% | -26.3% | -56.2% | -129.2% | -233.6% | -241.2% | -2055.8% |
| Net Profit Margin | -29.0% | -29.0% | -19.6% | -54.6% | -136.2% | -215.5% | 187.9% | 5632.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -14.0% | -14.0% | -12.4% | -38.8% | -58.5% | -35.2% | — | — |
| ROA | -12.4% | -12.4% | -11.0% | -29.2% | -38.9% | -33.2% | 26.1% | 114.3% |
| ROIC | -13.3% | -13.3% | -12.8% | -27.1% | -33.7% | -24.9% | — | — |
| ROCE | -16.7% | -16.7% | -16.2% | -34.0% | -40.3% | -39.0% | -37.1% | -45.2% |
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 | 0.04 | 0.04 | 0.04 | 0.02 | 0.50 | 0.33 | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.03 | -0.02 | -0.04 | 0.37 | 0.15 | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | -970.90 | -970.90 | -1304.00 | -13.69 | -12.50 | -12.22 | 55.18 | 4856.54 |
Net cash position: cash ($20M) exceeds total debt ($11M)
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 | 10.95 | 10.95 | 11.36 | 8.06 | 7.81 | 15.92 | 7.03 | 10.67 |
| Quick Ratio | 9.75 | 9.75 | 10.50 | 7.22 | 6.95 | 15.19 | 6.31 | 9.81 |
| Cash Ratio | 8.69 | 8.69 | 9.17 | 6.08 | 6.14 | 14.38 | 5.95 | 9.54 |
| Asset Turnover | — | 0.43 | 0.44 | 0.49 | 0.33 | 0.12 | 0.15 | 0.02 |
| Inventory Turnover | 1.00 | 1.00 | 1.86 | 2.03 | 1.87 | 2.25 | 1.57 | 0.56 |
| Days Sales Outstanding | — | 63.47 | 78.39 | 83.10 | 81.60 | 78.55 | 71.24 | 128.51 |
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 | 9.9% | — | — | — | — | — | — | — |
| 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 | — | $41M | $39M | $34M | $28M | $27M | $19M | $19M |
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 RXST stock.
RxSight, Inc.'s current P/E ratio is -3.5x. This places it at the 50th percentile of its historical range.
RxSight, Inc.'s return on equity (ROE) is -14.0%. The historical average is -31.8%.
Based on historical data, RxSight, Inc. is trading at a P/E of -3.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
RxSight, Inc. has 76.6% gross margin and -35.8% operating margin.
Key Metrics
Top Statement Risk
Persistent operating losses dilute equity
Metrics are mathematically derived from official filings.
Negative Earnings Make Multiples Uninformative
Based on reported figures, RXST carries a P/E of -4.78 and P/S of 1.40 while trading at 0.68 times book, so earnings-based multiples offer no meaningful anchor for valuation given losses in every quarter of the ten-quarter series.
The negative P/E reflects net losses rather than a valuation signal, which means the market is effectively pricing RXST on sales and book value. A P/S of 1.40 against a business generating negative operating margins of -75.3% in 2026Q3 suggests investors are paying for revenue they cannot yet convert to profit. Trading below book at 0.68 times may indicate skepticism about the durability of the $255M to $281M equity base, which has been absorbed by a $705.2M accumulated deficit. Relative to LMAT at 32.10 P/E and TMDX at 18.12 P/E, RXST lacks any earnings-based peer anchor, so investors should monitor revenue trajectory and operating loss trends rather than multiple compression alone.
Gross Margin Strong but Operating Leverage Negative
Based on reported figures, RXST's gross margin held near 74% to 80% in most recent quarters, yet operating margin fell to -75.3% in 2026Q3 versus -20.3% in 2024Q3, indicating fixed cost deleverage outweighs pricing strength.
Gross margin stability at roughly 77% to 80% compares favorably with a healthy medical device profile, which suggests the product economics are not the core problem. The deterioration in operating margin points instead to an operating expense base of roughly $27M to $32M per quarter that has not scaled down with revenue declines of 19.0% year over year. Net margin of -66.0% against peer TMDX at 31.4% and LMAT at 23.1% highlights a structural gap, and investors should monitor whether revenue re-accelerates enough to absorb the fixed SG&A base of $24M to $32M per quarter.
Returns Remain Negative Across Ten Quarters
According to the supplied ratio data, RXST's ROE moved from -2.1% in 2024Q4 to -6.3% in 2026Q3 and ROIC from -2.4% to -6.1%, showing returns are deteriorating rather than compounding on invested capital.
The widening of negative ROIC over the period suggests capital is being consumed rather than deployed productively, with losses growing alongside an asset base of $304M to $353M. Peers ATRC at -0.6% ROIC and IRTC at -5.2% ROIC share negative returns, but TMDX at 18.8% ROIC shows the sector can earn well above cost of capital, so RXST's gap appears company-specific. Investors should monitor whether margin recovery or asset efficiency gains can reverse the trend before further equity dilution becomes necessary.
Liquidity Ample but Compressing Over Time
Based on reported balance sheet figures, RXST's current ratio declined from 14.33 in 2024Q2 to 4.20 in 2026Q3 while quick ratio fell from 13.34 to 3.67, though both remain well above typical thresholds of 1.5 to 2.0.
The current ratio compression suggests the liquidity cushion is being drawn down as operating losses persist, even though absolute coverage remains very high. Cash ranging from $13.4M to $66.7M across the series means near-term coverage depends on quarterly swings rather than a stable reserve, which warrants further investigation. Under severe stress with continued quarterly losses of $6M to $16M, the current position would likely shrink materially, so investors should monitor cash balances and burn rate closely.
Asset Turnover Obscures Operating Losses
Based on reported figures, the most commonly misapplied metric here is the current ratio, which at 4.20 appears strong yet fails to capture that RXST's negative cash conversion cycle of 653 days in 2026Q3 reflects slow inventory and collection rather than liquidity strength.
For a medical device company with inventory days rising from 52 to 179 and DIO extending sharply, the current ratio flatters liquidity because inventory and receivables constitute a large share of current assets that may not convert quickly. A more informative measure would be cash plus short-term investments relative to monthly cash operating expenses, which better captures runway. Using this alternative, investors could assess whether the reported cash position supports the operating cost base, rather than relying on a headline ratio that may overstate near-term resilience.