Latest Ratios: P/E Ratio -12.2x · EV/EBITDA N/A · ROE -21.7%. (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 | $986M | $1.2B | $1.2B | $1.5B | $2.4B | $4.5B | $3.8B | $1.6B | $1.4B | $636M | $438M |
| Enterprise Value | $871M | $1.1B | $1.1B | $1.4B | $2.3B | $4.3B | $3.7B | $1.5B | $1.3B | $623M | $430M |
| P/E Ratio → | -12.22 | — | — | 72.58 | 60.67 | 182.60 | 660.17 | 114.60 | 284.18 | — | — |
| P/S Ratio | 4.12 | 4.89 | 3.79 | 4.78 | 8.43 | 19.59 | 23.24 | 10.74 | 11.41 | 7.01 | 5.31 |
| P/B Ratio | 2.85 | 3.40 | 2.99 | 4.00 | 7.13 | 17.46 | 19.26 | 10.08 | 10.68 | 14.80 | 11.54 |
| P/FCF | — | — | — | — | 136.13 | 148.94 | 302.77 | 103.24 | 134.45 | 351.72 | — |
| P/OCF | — | — | 75.63 | 105.70 | 67.11 | 102.71 | 181.32 | 62.50 | 110.81 | 222.77 | 417.13 |
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 | — | 4.41 | 3.45 | 4.33 | 8.23 | 18.86 | 22.37 | 10.00 | 10.62 | 6.88 | 5.22 |
| EV / EBITDA | — | — | — | 42.00 | 48.47 | 117.57 | 370.76 | 96.57 | 145.29 | — | — |
| EV / EBIT | — | — | — | 41.41 | 51.40 | 138.72 | 540.28 | 126.71 | 199.57 | — | — |
| EV / FCF | — | — | — | — | 132.98 | 143.41 | 291.48 | 96.17 | 125.09 | 344.93 | — |
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 | 76.2% | 76.2% | 76.3% | 78.4% | 78.5% | 77.5% | 72.4% | 74.5% | 73.8% | 70.9% | 70.8% |
| Operating Margin | -19.2% | -19.2% | -4.0% | 8.7% | 15.4% | 14.5% | 4.1% | 7.9% | 5.3% | -4.0% | -15.4% |
| Net Profit Margin | -33.6% | -33.6% | -6.4% | 6.6% | 13.9% | 11.9% | 3.6% | 9.4% | 4.0% | -2.4% | -14.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -21.7% | -21.7% | -5.2% | 5.9% | 13.3% | 12.1% | 3.3% | 9.6% | 5.7% | -5.3% | -31.6% |
| ROA | -16.6% | -16.6% | -4.0% | 4.7% | 10.4% | 9.1% | 2.5% | 7.5% | 4.2% | -3.2% | -18.9% |
| ROIC | -13.2% | -13.2% | -3.6% | 8.1% | 17.7% | 34.1% | 9.7% | 21.3% | 15.3% | -8.9% | -31.2% |
| ROCE | -11.0% | -11.0% | -2.9% | 7.1% | 13.2% | 13.0% | 3.5% | 7.6% | 7.0% | -7.8% | -28.3% |
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 | 0.11 | 0.11 | 0.10 | 0.09 | 0.09 | 0.12 | 0.05 | 0.06 | 0.04 | 0.15 | 0.18 |
| Debt / EBITDA | — | — | — | 1.08 | 0.64 | 0.87 | 1.09 | 0.61 | 0.59 | — | — |
| Net Debt / Equity | — | -0.33 | -0.27 | -0.38 | -0.16 | -0.65 | -0.72 | -0.69 | -0.74 | -0.29 | -0.19 |
| Net Debt / EBITDA | — | — | — | -4.43 | -1.15 | -4.53 | -14.36 | -7.10 | -10.88 | — | — |
| Debt / FCF | — | — | — | — | -3.15 | -5.53 | -11.29 | -7.07 | -9.37 | -6.79 | — |
| Interest Coverage | — | — | — | — | — | 824.79 | — | — | — | -32.42 | -110.04 |
Net cash position: cash ($153M) exceeds total debt ($38M)
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 | 4.55 | 4.55 | 5.23 | 5.62 | 6.03 | 5.56 | 5.25 | 5.07 | 5.47 | 2.82 | 2.37 |
| Quick Ratio | 3.74 | 3.74 | 4.62 | 5.08 | 5.56 | 5.21 | 4.81 | 4.57 | 4.86 | 2.13 | 1.67 |
| Cash Ratio | 2.74 | 2.74 | 3.28 | 3.39 | 4.09 | 4.09 | 3.70 | 3.48 | 3.75 | 0.97 | 0.66 |
| Asset Turnover | — | 0.52 | 0.62 | 0.66 | 0.68 | 0.67 | 0.64 | 0.72 | 0.74 | 1.33 | 1.26 |
| Inventory Turnover | 1.03 | 1.03 | 1.72 | 1.99 | 2.53 | 3.00 | 2.49 | 2.23 | 1.94 | 1.98 | 1.62 |
| Days Sales Outstanding | — | 83.24 | 92.16 | 110.92 | 84.67 | 73.73 | 78.67 | 79.19 | 76.40 | 71.92 | 72.37 |
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 | — | — | — | 1.4% | 1.6% | 0.5% | 0.2% | 0.9% | 0.4% | — | — |
| FCF Yield | — | — | — | — | 0.7% | 0.7% | 0.3% | 1.0% | 0.7% | 0.3% | — |
| Buyback Yield | 0.7% | 0.6% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 0.7% | 0.6% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Shares Outstanding | — | $50M | $49M | $49M | $49M | $49M | $48M | $47M | $45M | $41M | $40M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying STAA stock.
STAAR Surgical Company's current P/E ratio is -12.2x. The historical average is 74.9x.
STAAR Surgical Company's return on equity (ROE) is -21.7%. The historical average is -13.5%.
Based on historical data, STAAR Surgical Company is trading at a P/E of -12.2x. Compare with industry peers and growth rates for a complete picture.
STAAR Surgical Company has 76.2% gross margin and -19.2% operating margin.
Key Metrics
Top Statement Risk
China demand volatility
Metrics are mathematically derived from official filings.
Valuation Disconnect from Current Earnings Power
The forward P/E of 77.77 and P/S of 4.60 appear to price in a significant earnings recovery that is not yet visible in the trailing results, which show a negative P/E of -13.65.
The valuation multiples suggest the market is pricing STAAR as a high-growth medtech firm, similar to peers like TransMedics (P/S 7.58), despite its current operational losses. This disconnect implies investors are betting on a return to historical profitability levels, but the recent -23.7% YoY revenue contraction and negative operating margins create substantial execution risk for that thesis to materialize.
Gross Margin Resilience vs. Operating Cost Burden
While gross margins have remained structurally high, averaging over 75% in recent quarters, the operating margin has been deeply negative, indicating that the company's fixed cost structure is currently overwhelming its revenue generation.
The persistent high gross margin underscores the pricing power of the proprietary Collamer lens technology. However, the swing to a -19.19% operating margin in Q2 2025, followed by a partial recovery to 10.8% in Q2 2026, reveals extreme negative operating leverage. This suggests the company's cost base, particularly in sales and marketing, is misaligned with the current revenue trajectory, and a permanent return to profitability requires significant volume scaling.
Capital Returns Volatile, Tied to Volume Swings
ROIC has been highly volatile, swinging from -17.0% in Q1 2025 to 6.5% in Q3 2025, indicating that returns on invested capital are not compounding but are instead highly sensitive to quarterly revenue fluctuations.
The erratic ROIC trend, which includes several quarters of negative returns, demonstrates that the company is not generating consistent value from its capital base. The recent improvement to 3.0% in Q2 2026 is encouraging but remains below the levels seen in 2024, suggesting the business model has not yet re-established a stable, positive return profile after the 2025 demand shock.
Working Capital Swings Dominate Cash Flow Profile
The cash conversion cycle has been highly erratic, expanding to 407 days in Q4 2025 before contracting to 234 days in Q2 2026, driven primarily by massive swings in days inventory outstanding.
The extreme volatility in the CCC, particularly the DIO component, suggests significant challenges in managing inventory levels relative to demand, which may be exacerbated by the consignment model and distributor sales in China. This instability in working capital is a primary driver of the erratic operating cash flow, making it difficult to assess the underlying cash generation from core operations.
Fortress Balance Sheet Provides Critical Buffer
Despite ongoing operational losses, the company maintains an exceptionally strong liquidity position with a current ratio of 4.66 and a net cash position of $112.7M, providing a substantial margin of safety.
The current ratio, while down from a peak of 5.99, remains far above typical medtech peers, indicating no near-term liquidity risk. However, the cash position has declined by 33.7% from its peak, showing the company is drawing down its balance sheet to fund losses. This fortress provides strategic flexibility but is not infinite, and the rate of cash burn will be a key monitorable.
The Misapplied Ratio: Price-to-Sales
The P/S ratio of 4.60 is the most commonly misapplied metric for STAAR, as it obscures the severe profitability challenges and working capital volatility that are currently destroying shareholder value.
Investors often use P/S for high-growth medtech, but for STAAR, it masks the fact that the company is currently generating negative operating income and burning cash. A more appropriate metric would be EV/Operating Cash Flow or a focus on the trajectory of ROIC, as these better reflect the company's ability to convert its high gross margins into sustainable free cash flow, which is currently impaired by its cost structure and working capital inefficiencies.