Latest Ratios: P/E Ratio -4.9x · EV/EBITDA N/A · ROE -12.7%. (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 | $557M | $708M | $630M | $981M | $789M | $1.6B | $1.1B | $1.1B | $968M | $1.1B | $870M |
| Enterprise Value | $489M | $640M | $592M | $917M | $656M | $1.3B | $888M | $826M | $602M | $761M | $615M |
| P/E Ratio → | -4.85 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 1.02 | 1.29 | 1.10 | 1.56 | 1.21 | 2.56 | 2.18 | 1.73 | 1.46 | 1.58 | 1.29 |
| P/B Ratio | 0.62 | 0.84 | 0.79 | 1.11 | 0.82 | 1.63 | 1.50 | 0.95 | 0.85 | 0.93 | 0.77 |
| P/FCF | — | — | — | — | — | 171.32 | — | — | 24.88 | 27.77 | 58.58 |
| P/OCF | 36.80 | 46.77 | 80.49 | — | — | 43.39 | 40.93 | — | 15.19 | 17.07 | 14.03 |
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 | — | 1.16 | 1.03 | 1.46 | 1.01 | 2.18 | 1.70 | 1.30 | 0.91 | 1.14 | 0.92 |
| EV / EBITDA | — | — | — | — | 251.32 | — | — | 19.06 | 11.49 | 21.06 | 99.83 |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | 146.17 | — | — | 15.48 | 19.98 | 41.45 |
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 | 47.0% | 47.0% | 44.9% | 42.5% | 42.4% | 42.8% | 42.1% | 48.1% | 49.0% | 48.3% | 47.2% |
| Operating Margin | -10.7% | -10.7% | -15.0% | -14.0% | -8.8% | -13.0% | -87.6% | -1.2% | -1.3% | -4.6% | -12.9% |
| Net Profit Margin | -18.9% | -18.9% | -21.0% | -19.6% | -4.4% | -10.2% | -85.2% | -1.7% | -1.7% | -6.0% | -11.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -12.7% | -12.7% | -14.3% | -13.3% | -3.0% | -7.2% | -46.3% | -0.9% | -1.0% | -3.5% | -6.6% |
| ROA | -9.9% | -9.9% | -11.1% | -10.3% | -2.3% | -5.5% | -37.4% | -0.8% | -0.8% | -2.9% | -5.6% |
| ROIC | -5.8% | -5.8% | -8.2% | -8.0% | -5.5% | -9.6% | -49.0% | -0.7% | -0.8% | -2.7% | -7.2% |
| ROCE | -6.6% | -6.6% | -9.4% | -8.7% | -5.4% | -8.2% | -43.9% | -0.6% | -0.7% | -2.5% | -7.1% |
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 | 0.03 | 0.03 | 0.04 | 0.02 | 0.02 | 0.02 | 0.03 | 0.02 | 0.02 | 0.03 | 0.02 |
| Debt / EBITDA | — | — | — | — | 6.83 | — | — | 0.50 | 0.52 | 0.89 | 4.22 |
| Net Debt / Equity | — | -0.08 | -0.05 | -0.07 | -0.14 | -0.24 | -0.33 | -0.23 | -0.32 | -0.26 | -0.22 |
| Net Debt / EBITDA | — | — | — | — | -50.82 | — | — | -6.27 | -6.98 | -8.21 | -41.26 |
| Debt / FCF | — | — | — | — | — | -25.15 | — | — | -9.41 | -7.79 | -17.13 |
| Interest Coverage | — | — | -42.07 | — | — | — | -10.31 | — | — | — | — |
Net cash position: cash ($95M) exceeds total debt ($27M)
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 | 3.57 | 3.57 | 3.07 | 3.17 | 3.32 | 3.80 | 4.24 | 4.12 | 3.89 | 3.77 | 3.36 |
| Quick Ratio | 2.68 | 2.68 | 1.99 | 2.08 | 2.40 | 3.19 | 3.24 | 3.07 | 3.19 | 3.06 | 2.65 |
| Cash Ratio | 1.50 | 1.50 | 0.90 | 0.92 | 1.56 | 2.39 | 2.26 | 2.01 | 2.25 | 2.06 | 1.77 |
| Asset Turnover | — | 0.51 | 0.56 | 0.55 | 0.52 | 0.48 | 0.53 | 0.46 | 0.48 | 0.48 | 0.49 |
| Inventory Turnover | 2.01 | 2.01 | 1.76 | 1.87 | 1.93 | 2.69 | 2.29 | 1.96 | 2.74 | 2.99 | 3.02 |
| Days Sales Outstanding | — | 106.29 | 97.54 | 100.04 | 81.09 | 77.77 | 74.33 | 76.07 | 76.03 | 76.39 | 65.36 |
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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | 0.6% | — | — | 4.0% | 3.6% | 1.7% |
| Buyback Yield | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $82M | $71M | $69M | $66M | $63M | $55M | $54M | $54M | $53M | $53M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying SSYS stock.
Stratasys Ltd.'s current P/E ratio is -4.9x. The historical average is 47.5x.
Stratasys Ltd.'s return on equity (ROE) is -12.7%. The historical average is -2.0%.
Based on historical data, Stratasys Ltd. is trading at a P/E of -4.9x. Compare with industry peers and growth rates for a complete picture.
Stratasys Ltd. has 47.0% gross margin and -10.7% operating margin.
Key Metrics
Top Statement Risk
Persistent operating losses amid revenue contraction
Gross Margin Volatility Obscures Structural Pressure
Stratasys' gross margin has fluctuated between 41.0% and 46.3% over the past ten quarters, with the latest 2026Q2 reading of 42.4% appearing to reflect an unfavorable product mix, as the high-margin consumables business may be offset by lower-margin hardware sales.
The company's gross margin, while structurally supported by its high-margin consumables 'blade,' is showing signs of pressure, likely from a shift in sales mix toward lower-margin hardware or promotional pricing to drive placements. This volatility masks the underlying strength of the recurring material revenue stream. The persistent negative operating margin of -12.7% in 2026Q2, as reported in recent financial statements, indicates that the gross profit generated is insufficient to cover the heavy fixed cost base in R&D and SG&A, which consistently consumes over 55% of revenue.
Negative Returns Signal Value Erosion
Stratasys' ROIC has been negative for all ten reported quarters, reaching -1.7% in 2026Q2, which suggests the company is destroying value on the capital invested in its operations and is failing to generate a return above its cost of capital.
The sustained negative ROIC, as shown in the provided ratio data, is a direct consequence of the persistent operating losses and indicates that the company's asset base is not generating sufficient operating profit. This trend is compounded by a declining ROE, which fell to -2.1% in 2026Q2, reflecting the erosion of shareholder equity from accumulated losses. The negative returns are a clear signal that the current scale and cost structure are not economically viable without a significant improvement in operational efficiency or a shift toward higher-margin revenue streams.
Lengthening Cash Cycle Signals Working Capital Strain
Stratasys' cash conversion cycle has expanded to 214 days in 2026Q2, driven by a significant increase in days inventory outstanding to 165 days, which suggests potential inventory management challenges or a buildup of slower-moving stock.
The lengthening CCC, as reported in the financial data, is primarily driven by a sharp increase in DIO, which has risen from 214 days in 2024Q4 to 165 days in 2026Q2. This trend, coupled with a stable DSO around 105 days, indicates that inventory is turning over more slowly, potentially tying up cash and increasing the risk of obsolescence in a technologically fast-moving industry. The company's ability to negotiate with suppliers, as reflected in a DPO of 56 days, appears limited, preventing it from offsetting the inventory buildup and contributing to the volatile working capital swings noted in prior cash flow analysis.
Minimal Leverage Highlights Equity Reliance
Stratasys maintains a debt-to-equity ratio of just 0.03 as of 2026Q2, indicating a fortress-like balance sheet with negligible financial leverage, which underscores its reliance on its equity base and cash reserves to fund operations.
The company's minimal leverage, as shown in the ratio data, provides significant financial flexibility and eliminates near-term refinancing risk. However, this conservative posture also means the company is not using debt to enhance returns for shareholders, which is particularly notable given the negative ROIC. The strong current ratio of 3.48 suggests ample liquidity to cover short-term obligations, but this strength is being eroded by the ongoing cash burn from operations, as highlighted in the prior balance sheet analysis.
Strong Liquidity Buffer Amid Operational Burn
Stratasys' current ratio of 3.48 and quick ratio of 2.58 in 2026Q2 indicate a robust liquidity position, but this appears to be a defensive buffer rather than a sign of operational strength, given the recent negative free cash flow of $22.2M.
The company's strong liquidity ratios, as reported in the financial statements, are primarily driven by a substantial cash position, which provides a cushion against the ongoing operational losses. However, the negative FCF margin of -16.2% in 2026Q2 suggests that this liquidity is being consumed to fund the business, and the sustainability of this buffer depends on the company's ability to reduce its cash burn rate. The high quick ratio relative to the current ratio indicates that inventory constitutes a significant portion of current assets, which, as noted in the efficiency analysis, is turning over slowly.
P/E Multiple Misleads on Standalone Value
The forward P/E of 70.45 is the most commonly misapplied ratio for Stratasys, as it obscures the company's lack of current profitability and is likely distorted by a low expected earnings base rather than reflecting genuine growth expectations.
Analysts often focus on the forward P/E, but this metric is misleading for a company with a trailing P/E of -6.05 and persistent operating losses. The high forward multiple suggests the market is pricing in a significant earnings recovery, but this may be based on optimistic assumptions about the path to profitability. A more appropriate metric for evaluating Stratasys' valuation would be the EV/Sales multiple of 1.22, which provides a clearer picture of its valuation relative to its revenue base, especially given the company's hybrid hardware-consumables model where sales growth is a key driver of future recurring revenue.