Latest Ratios: P/E Ratio -1.4x · EV/EBITDA N/A · ROE -189.0%. (1996–2025 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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $27M | $31M | $9M | $19M | $36M | $27M | $3M | $285751 | $158751 | $381001 | $412751 |
| Enterprise Value | $25M | $29M | $-818568 | $8M | $32M | $16M | $3M | $571972 | $150269 | $529665 | $832965 |
| P/E Ratio → | -1.36 | — | — | — | — | — | 140.00 | — | — | 1.20 | — |
| P/S Ratio | 126.53 | 144.49 | 20.61 | 24.88 | 12.01 | 556.98 | 28.91 | 11.91 | 0.84 | 0.45 | 0.70 |
| P/B Ratio | 4.26 | 4.62 | 0.59 | 1.26 | 4.39 | 2.17 | 222.46 | — | 2.44 | 1.45 | — |
| P/FCF | — | — | — | — | — | — | 38.64 | — | 1.01 | 1.40 | 2.81 |
| P/OCF | — | — | — | — | — | — | 38.64 | — | 1.01 | 1.40 | 2.81 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 135.31 | -1.84 | 10.84 | 10.67 | 325.56 | 34.04 | 23.83 | 0.79 | 0.62 | 1.42 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | 1.13 | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | 1.23 | — |
| EV / FCF | — | — | — | — | — | — | 45.50 | — | 0.96 | 1.95 | 5.68 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -1093.5% | -1093.5% | -204.9% | -149.0% | 11.2% | 100.0% | 83.5% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | -9834.2% | -9834.2% | -2874.3% | -1161.8% | -157.7% | -6582.1% | -13.5% | -1718.5% | -357.7% | 50.6% | -10.5% |
| Net Profit Margin | -9754.2% | -9754.2% | -2791.4% | -1089.3% | -155.5% | -6579.2% | 46.6% | -2145.5% | -357.2% | 47.4% | -21.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -189.0% | -189.0% | -82.3% | -70.5% | -45.6% | -51.3% | 358.6% | — | -413.5% | 659.9% | — |
| ROA | -137.1% | -137.1% | -70.4% | -62.2% | -42.0% | -50.6% | 57.1% | -727.0% | -221.6% | 92.7% | -37.2% |
| ROIC | -310.2% | -310.2% | -196.4% | -152.4% | -132.1% | -287.6% | -4.7% | — | -217.6% | 93.6% | -18.1% |
| ROCE | -181.7% | -181.7% | -83.1% | -75.2% | -46.2% | -51.3% | -103.7% | -59513.6% | -414.0% | 703.9% | — |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.18 | 0.18 | 0.04 | — | — | — | 45.87 | — | — | 0.57 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | 0.32 | — |
| Net Debt / Equity | — | -0.29 | -0.65 | -0.71 | -0.49 | -0.90 | 39.48 | — | -0.13 | 0.56 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | 0.32 | — |
| Debt / FCF | — | — | — | — | — | — | 6.86 | — | -0.05 | 0.55 | 2.86 |
| Interest Coverage | -507.97 | -507.97 | — | — | — | — | -0.09 | -14.46 | -970.50 | 15.56 | -0.99 |
Net cash position: cash ($3M) exceeds total debt ($1M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.40 | 1.40 | 4.76 | 10.85 | 5.25 | 131.41 | 1.11 | 0.37 | 0.75 | 1.69 | 0.46 |
| Quick Ratio | 1.05 | 1.05 | 4.22 | 9.19 | 4.25 | 131.41 | 1.11 | 0.37 | 0.75 | 1.69 | 0.46 |
| Cash Ratio | 0.76 | 0.76 | 3.41 | 7.60 | 3.60 | 128.88 | 0.78 | 0.20 | 0.22 | 0.01 | 0.01 |
| Asset Turnover | — | 0.02 | 0.02 | 0.05 | 0.30 | 0.00 | 0.83 | 0.64 | 1.83 | 1.68 | 1.62 |
| Inventory Turnover | 1.74 | 1.74 | 0.80 | 0.81 | 1.61 | — | — | — | — | — | — |
| Days Sales Outstanding | — | 1335.13 | 1723.44 | 784.55 | 111.14 | — | 132.09 | 91.25 | 19.20 | 158.41 | 105.93 |
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 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | 0.7% | — | — | 83.3% | — |
| FCF Yield | — | — | — | — | — | — | 2.6% | — | 99.0% | 71.3% | 35.6% |
| Buyback Yield | 2.4% | 2.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.4% | 2.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $15M | $13M | $13M | $13M | $9M | $3M | $3M | $3M | $3M | $3M |
Liquidity and commercialization failure
Based on reported figures, the company trades at a P/S ratio of 129.89, which appears significantly detached from its TTM revenue of $215,037 and suggests that investors are pricing the equity as a speculative call option on regulatory tailwinds rather than current industrial output or fundamental performance.
The extreme P/S multiple indicates that the market is assigning a substantial premium to the company's potential addressable market rather than its actual commercial traction. This valuation level warrants caution, as it implies an expectation of rapid, non-linear growth that remains unsupported by the current, lumpy, and declining revenue profile.
As reported in financial statements, the company's ROIC has consistently remained in deep negative territory, reaching -71.7% in 2026Q1, which indicates that the firm is currently destroying invested capital rather than compounding it through its specialized supercritical water oxidation technology deployments.
The persistent negative ROIC suggests that the high costs associated with bespoke engineering and manufacturing are not being offset by sufficient margins or asset utilization. Investors should monitor whether the company can achieve a positive return threshold as it attempts to transition from pilot-scale projects to standardized, modular manufacturing.
According to quarterly data, the cash conversion cycle has exhibited extreme volatility, reaching 277 days in 2026Q1, which highlights the company's significant difficulty in managing receivables and inventory while attempting to scale its nascent operations in the industrial pollution control sector.
The erratic nature of the CCC, characterized by massive swings in DSO and DIO, suggests that the company lacks a repeatable operational cadence. This inefficiency in working capital management appears to be a structural hurdle that exacerbates the firm's already precarious liquidity position.
Based on the provided balance sheet data, the current ratio has declined from 10.85 in 2023Q4 to 1.42 in 2026Q1, signaling a rapid erosion of the company's liquidity buffer as it continues to fund heavy operating losses with a shrinking cash and equivalents base.
The sharp contraction in the current ratio suggests that the company's ability to meet short-term obligations is becoming increasingly constrained. Given the lack of consistent revenue, the current liquidity position appears insufficient to support the firm's ongoing R&D and operational requirements without further dilutive financing.
The P/S ratio is frequently misapplied to this business model, as it obscures the company's lack of recurring revenue and the extreme cost-to-revenue mismatch inherent in its current early-stage, project-based commercialization phase for supercritical water oxidation technology.
Using P/S as a primary valuation metric for this firm is misleading because it ignores the underlying unit economics and the high probability of significant future dilution. Analysts should instead focus on the 'Contracted Backlog' and 'Cost per Gallon Treated' to better assess the company's long-term viability and potential for reaching a break-even scale.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying SCWO stock.
374Water, Inc.'s current P/E ratio is -1.4x. The historical average is 70.6x.
374Water, Inc.'s return on equity (ROE) is -189.0%. The historical average is -77.7%.
Based on historical data, 374Water, Inc. is trading at a P/E of -1.4x. Compare with industry peers and growth rates for a complete picture.
374Water, Inc. has -1093.5% gross margin and -9834.2% operating margin.