Latest Ratios: P/E Ratio -11.5x · EV/EBITDA N/A · ROE -50.7%. (2018–2025 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 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $462M | $414M | $182M | $251M | $584M | $835M | — | — | — |
| Enterprise Value | $411M | $362M | $102M | $148M | $434M | $608M | — | — | — |
| P/E Ratio → | -11.49 | — | — | — | — | — | — | — | — |
| P/S Ratio | 5.98 | 5.35 | 2.28 | 3.10 | 8.19 | 17.05 | — | — | — |
| P/B Ratio | 6.93 | 6.47 | 2.09 | 2.09 | 3.65 | 3.60 | — | — | — |
| 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 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.68 | 1.28 | 1.83 | 6.09 | 12.42 | — | — | — |
| 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 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 86.2% | 86.2% | 85.5% | 85.3% | 82.7% | 82.4% | 66.7% | 72.0% | 69.0% |
| Operating Margin | -48.0% | -48.0% | -63.3% | -70.7% | -117.7% | -105.2% | -116.5% | -103.0% | -189.9% |
| Net Profit Margin | -49.7% | -49.7% | -64.5% | -68.5% | -120.9% | -128.6% | -125.5% | -110.8% | -189.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | -50.7% | -50.7% | -49.6% | -39.6% | -44.0% | -87.9% | — | — | — |
| ROA | -29.8% | -29.8% | -33.3% | -29.3% | -35.0% | -35.7% | -67.0% | -133.2% | -176.6% |
| ROIC | -274.4% | -274.4% | -302.9% | -311.8% | -803.0% | -686.3% | — | — | -1129.9% |
| ROCE | -32.0% | -32.0% | -35.9% | -32.8% | -36.3% | -31.2% | -74.1% | -168.1% | -275.0% |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.64 | 0.64 | 0.46 | 0.29 | 0.22 | 0.15 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.80 | -0.91 | -0.85 | -0.94 | -0.98 | — | — | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — | — |
| Interest Coverage | -6.47 | -6.47 | -10.00 | -9.25 | -18.30 | -13.38 | -13.41 | -12.19 | — |
Net cash position: cash ($92M) exceeds total debt ($41M)
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 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.22 | 10.22 | 9.04 | 13.29 | 11.77 | 20.52 | 7.58 | 3.82 | 2.47 |
| Quick Ratio | 9.52 | 9.52 | 8.63 | 12.65 | 11.43 | 20.26 | 7.30 | 3.51 | 2.31 |
| Cash Ratio | 8.34 | 8.34 | 7.78 | 11.27 | 10.38 | 19.30 | 6.60 | 2.89 | 1.46 |
| Asset Turnover | — | 0.67 | 0.56 | 0.49 | 0.33 | 0.17 | 0.38 | 0.76 | 0.93 |
| Inventory Turnover | 1.38 | 1.38 | 1.83 | 1.51 | 2.02 | 2.48 | 3.54 | 2.92 | 4.81 |
| Days Sales Outstanding | — | 45.98 | 49.29 | 64.34 | 77.51 | 64.93 | 70.82 | 64.00 | 87.98 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| 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 | — | $52M | $50M | $49M | $48M | $48M | $47M | $34M | $32M |
Includes 30+ ratios · 8 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 SGHT stock.
Sight Sciences, Inc.'s current P/E ratio is -11.5x. This places it at the 50th percentile of its historical range.
Sight Sciences, Inc.'s return on equity (ROE) is -50.7%. The historical average is -54.4%.
Based on historical data, Sight Sciences, Inc. is trading at a P/E of -11.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Sight Sciences, Inc. has 86.2% gross margin and -48.0% operating margin.
Key Metrics
Top Statement Risk
Cash runway erosion amidst losses
Metrics are mathematically derived from official filings.
Valuation Anomalous Despite Persisting Losses
Sight Sciences trades at a P/S of 5.70 and a P/B of 6.61, which appear elevated for a company with a -19.0% net margin and a -10.96 P/E, suggesting the market is pricing significant future growth rather than current financial performance.
The P/S multiple is substantially higher than peers like Novocure (not provided) but seems reasonable for a high-gross-margin device company, yet the negative P/E and lack of forward earnings estimates underscore that valuation is entirely dependent on a successful path to profitability. Investors are paying for the gross margin profile and recent revenue acceleration, but this premium is vulnerable if the operating leverage story fails to materialize as suggested by the persistent, deep operating losses.
Exceptional Gross Margins Mask Deep Operating Deficits
The company's gross margin expanded to a best-in-class 91.4% in 2026Q2, as reported in its latest filing, yet this exceptional profitability at the product level is entirely consumed by operating expenses, resulting in a negative operating margin of -16.6%.
This stark divergence highlights the core financial challenge: converting the best-in-class gross margin into operating profitability. The recent improvement from a -63.0% operating margin in 2026Q1 is encouraging and driven by SG&A reduction, but the business model is still in a phase where scale is required to achieve positive operating leverage. Until fixed cost coverage improves meaningfully, the superb gross margin will continue to mask significant value destruction at the net income level.
Negative Returns Reflect Value Destruction Cycle
Return on invested capital remains deeply negative at -22.6% for 2026Q2, although this represents a significant improvement from the trough of -123.4% in 2025Q1, based on the reported financial data.
The severe negative ROIC indicates the company is destroying value with every dollar of capital invested, as operating losses far outweigh any capital employed. The directional improvement is tied to the narrowing operating losses and is a prerequisite for future value creation, but the absolute level confirms the business is not yet self-sustaining. This trend must invert to positive territory and be sustained to validate the investment thesis.
Leverage Ratio Rising Due to Equity Erosion
Sight Sciences' debt-to-equity ratio has climbed to 0.79 as of 2026Q2, not from increased borrowing, but because the equity base has been eroded by accumulated losses, a concerning trend according to balance sheet figures.
This rising leverage is a symptom of the company's unprofitable operations rather than a strategic financial decision. While the absolute debt level appears manageable, the deteriorating equity cushion means any future need for financing will be on increasingly unfavorable terms. The negative interest coverage ratio of -3.60 confirms that operating earnings are insufficient to service debt costs, a situation that becomes riskier as the cash balance declines.
Liquidity Buffer Contracts Amidst Persistent Burn
The current ratio has fallen sharply to 4.95 in 2026Q2 from 13.01 in 2024Q1, and the quick ratio is 4.67, indicating that while the position remains adequate, the trajectory of decline is directly tied to cash consumption from operations.
The high quick ratio relative to the current ratio suggests minimal reliance on inventory, which is positive, but the absolute level of liquidity is being rapidly consumed. With an average quarterly free cash flow margin around -24% recently, the remaining cash balance provides a finite runway. This trend warrants close monitoring, as any acceleration in cash burn or delay in reaching profitability could necessitate dilutive capital raises.
Asset Turnover Ratio Misleads on Scalability
The asset turnover ratio of 0.22 in 2026Q2 appears exceptionally low and is commonly misapplied to this business model, where it obscures the capital-light, high-margin nature of the core medical device revenue stream.
For a company with over 90% gross margins, asset turnover is not a primary driver of returns; the key metric is operating margin expansion on a given revenue base. Focusing on the low asset turnover could incorrectly signal inefficiency, whereas the real operational challenge is the fixed cost structure relative to current revenue. A more appropriate measure is the trend in operating leverage, which is finally showing signs of positive movement.