Latest Ratios: P/E Ratio -0.2x · EV/EBITDA N/A · ROE -1429.0%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $410M | $159.7B | $156M | $243M | $367M | $357M | — |
| Enterprise Value | $680M | $160.0B | $405M | $513M | $609M | $564M | — |
| P/E Ratio → | -0.15 | — | — | — | 6.05 | 11.41 | — |
| P/S Ratio | 0.53 | 206.84 | 0.16 | 0.21 | 0.32 | 0.28 | — |
| P/B Ratio | — | — | 0.89 | 0.93 | 1.02 | 1.18 | — |
| P/FCF | 32.23 | 12541.18 | — | — | — | — | — |
| P/OCF | 24.75 | 9632.22 | 81.08 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 207.18 | 0.41 | 0.44 | 0.52 | 0.44 | — |
| EV / EBITDA | — | — | — | — | 4.75 | 5.45 | — |
| EV / EBIT | — | — | — | — | 7.18 | 9.44 | — |
| EV / FCF | — | 12562.35 | — | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | -20.1% | -20.1% | -6.4% | 3.1% | 12.1% | 8.9% | 8.8% |
| Operating Margin | -28.1% | -28.1% | -12.9% | -2.7% | 7.1% | 4.4% | 4.1% |
| Net Profit Margin | -39.7% | -39.7% | -10.7% | -1.7% | 5.2% | 3.0% | 3.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -1429.0% | -1429.0% | -48.3% | -6.2% | 18.3% | 13.7% | 12.8% |
| ROA | -28.0% | -28.0% | -8.8% | -1.7% | 5.6% | 3.6% | 3.0% |
| ROIC | -57.9% | -57.9% | -19.8% | -4.2% | 11.2% | 8.6% | 7.0% |
| ROCE | -47.3% | -47.3% | -21.1% | -5.0% | 13.6% | 10.4% | 8.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 1.83 | 1.23 | 0.83 | 0.89 | 0.91 |
| Debt / EBITDA | — | — | — | — | 2.34 | 2.61 | 2.87 |
| Net Debt / Equity | — | — | 1.42 | 1.04 | 0.67 | 0.69 | 0.79 |
| Net Debt / EBITDA | — | — | — | — | 1.89 | 2.00 | 2.50 |
| Debt / FCF | — | 21.17 | — | — | — | — | — |
| Interest Coverage | -5.80 | -5.80 | -4.28 | -1.61 | 9.54 | 8.23 | 5.89 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.12 | 1.12 | 1.42 | 1.61 | 1.82 | 1.60 | 1.32 |
| Quick Ratio | 1.12 | 1.12 | 1.41 | 1.60 | 1.79 | 1.50 | 1.32 |
| Cash Ratio | 0.08 | 0.08 | 0.12 | 0.08 | 0.12 | 0.14 | 0.05 |
| Asset Turnover | — | 0.78 | 0.81 | 0.97 | 1.03 | 1.24 | 0.94 |
| Inventory Turnover | — | — | 231.83 | 204.47 | 72.50 | 24.32 | — |
| Days Sales Outstanding | — | 300.72 | 288.51 | 270.08 | 242.38 | 173.89 | 207.98 |
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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.0% | 0.0% | — | 0.0% | 0.7% | 0.7% | — |
| Payout Ratio | — | — | — | — | 4.1% | 6.8% | 18.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 16.5% | 8.8% | — |
| FCF Yield | 3.1% | 0.0% | — | — | — | — | — |
| 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% | 0.7% | 0.7% | — |
| Shares Outstanding | — | $48.1B | $48M | $47M | $36M | $36M | $44.4B |
Project cost overrun insolvency
As reported in recent financial statements, Southland's gross margin plummeted to -20.11% in the most recent period, signaling a profound inability to maintain pricing power or control project costs relative to the historical sector averages typically seen in heavy civil engineering and infrastructure construction firms.
The consistent failure to achieve positive gross margins suggests that the company is likely trapped in legacy, fixed-price contracts that are failing to account for inflationary pressures. This structural profitability deficit implies that the firm's core operations are currently value-destructive rather than value-additive.
Based on the provided quarterly data, Southland's Days Sales Outstanding (DSO) has reached an elevated 328 days, which, according to industry benchmarks, suggests significant friction in converting project milestones into actual cash collections from municipal and private sector clients.
Such an extended collection cycle often points to disputes over change orders or unapproved claims that remain trapped in the balance sheet as unbilled receivables. This inefficiency forces the company to rely on external liquidity to fund operations, further straining the balance sheet during periods of revenue contraction.
According to recent SEC filings, Southland's cash position has dwindled to $52.7 million, a level that appears increasingly precarious given the company's history of erratic free cash flow and the ongoing operational losses that continue to consume the firm's remaining liquid assets.
The current ratio of 1.29 provides a superficial appearance of stability, but this is likely misleading given the high proportion of potentially illiquid unbilled receivables. Investors should monitor whether the company can maintain its bonding capacity, as any further liquidity erosion could trigger a cycle of restricted project bidding.
As indicated by the most recent quarterly figures, Southland's ROIC has fallen to -12.4%, a stark reversal from historical norms that highlights the company's inability to generate adequate returns on the heavy equipment and specialized assets required for its complex tunneling and marine infrastructure projects.
This negative return on capital suggests that the company is failing to cover its cost of capital, effectively destroying shareholder value with every dollar deployed into new projects. The trend warrants investigation into whether the firm's asset base is becoming obsolete or if project selection has become fundamentally flawed.
Market participants frequently misapply the Price-to-Sales (P/S) ratio to Southland, which obscures the reality that revenue in this business model is often derived from high-risk, low-margin, or loss-making contracts that do not translate into sustainable cash flow or long-term shareholder value creation.
Instead of P/S, analysts should focus on the 'Burn-to-Win' ratio and the quality of the backlog, as revenue growth is meaningless if the underlying contracts are structurally unprofitable. Relying on sales multiples in a distressed turnaround scenario risks ignoring the potential for significant future impairments and liquidity-driven dilution.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying SLND stock.
Southland Holdings, Inc.'s current P/E ratio is -0.2x. The historical average is 8.7x.
Southland Holdings, Inc.'s return on equity (ROE) is -1429.0%. The historical average is -1.9%.
Based on historical data, Southland Holdings, Inc. is trading at a P/E of -0.2x. Compare with industry peers and growth rates for a complete picture.
Southland Holdings, Inc.'s current dividend yield is 0.00%.
Southland Holdings, Inc. has -20.1% gross margin and -28.1% operating margin.