Latest Ratios: P/E Ratio -0.4x · EV/EBITDA N/A · ROE N/A. (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 | $34M | $128M | $97M | $604M | $1.4B | $2.0B | $820M | — | — |
| Enterprise Value | $311M | $404M | $583M | $1.0B | $1.7B | $1.6B | $919M | — | — |
| P/E Ratio → | -0.42 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.22 | 0.82 | 0.67 | 1.31 | 3.78 | 15.72 | 22.58 | — | — |
| P/B Ratio | — | — | — | 1.41 | 2.48 | 3.00 | — | — | — |
| P/FCF | 4.99 | 18.62 | — | — | — | — | — | — | — |
| P/OCF | 4.99 | 18.62 | — | — | — | — | — | — | — |
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 | — | 2.59 | 4.03 | 2.24 | 4.81 | 12.57 | 25.31 | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | 2.49 | — | — | — | — | — | — | — |
| EV / FCF | — | 58.90 | — | — | — | — | — | — | — |
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 | 38.4% | 38.4% | -7.6% | 0.8% | 9.1% | 1.0% | -10.8% | -18.6% | -37.8% |
| Operating Margin | -35.6% | -35.6% | -580.6% | -38.9% | -36.1% | -65.2% | -136.0% | -272.6% | -0.1% |
| Net Profit Margin | 88.2% | 88.2% | -590.7% | -30.4% | -34.2% | -79.5% | -430.0% | -338.5% | -0.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -5920.8% | -28.7% | -20.3% | -41.3% | — | — | -48.3% |
| ROA | 36.9% | 36.9% | -95.2% | -10.1% | -9.5% | -14.5% | -79.3% | -63.0% | -1.7% |
| ROIC | -72.5% | -72.5% | -133.1% | -15.1% | -16.5% | -66.0% | -172.1% | -59.2% | -19.0% |
| ROCE | -22.0% | -22.0% | -118.7% | -15.9% | -11.6% | -14.8% | -105.0% | -121.6% | -48.4% |
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 | — | — | — | 1.26 | 0.84 | 0.52 | — | — | 10.38 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | 0.04 |
| Net Debt / Equity | — | — | — | 1.01 | 0.68 | -0.60 | — | — | 0.91 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | 0.00 |
| Debt / FCF | — | 40.28 | — | — | — | — | — | — | — |
| Interest Coverage | 6.78 | 6.78 | -45.67 | -8.35 | -12.30 | -4.82 | -6.50 | -3.79 | — |
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 | 0.91 | 0.91 | 1.06 | 1.88 | 2.00 | 11.64 | 0.26 | 0.26 | 0.34 |
| Quick Ratio | 0.86 | 0.86 | 0.98 | 1.78 | 1.96 | 11.38 | 0.15 | 0.23 | -3.97 |
| Cash Ratio | 0.44 | 0.44 | 0.44 | 0.45 | 0.94 | 10.47 | 0.04 | 0.12 | 0.34 |
| Asset Turnover | — | 0.51 | 0.33 | 0.34 | 0.26 | 0.11 | 0.18 | 0.09 | 14.60 |
| Inventory Turnover | 21.00 | 21.00 | 14.25 | 17.17 | 39.39 | 5.55 | 1.93 | 5.81 | 4.83 |
| Days Sales Outstanding | — | 89.71 | 149.86 | 239.57 | 224.54 | 177.42 | 137.68 | 137.64 | 77.86 |
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 | 20.1% | 5.4% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 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% | 0.0% | — | — |
| Shares Outstanding | — | $8M | $8M | $8M | $8M | $5M | $2M | $2M | $2M |
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying STEM stock.
Stem, Inc.'s current P/E ratio is -0.4x. This places it at the 50th percentile of its historical range.
Based on historical data, Stem, Inc. is trading at a P/E of -0.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Stem, Inc. has 38.4% gross margin and -35.6% operating margin.
Key Metrics
Top Statement Risk
Liquidity and solvency pressure
Metrics are mathematically derived from official filings.
Persistent Erosion of Invested Capital
According to historical financial data, Stem's ROIC has remained deeply negative, bottoming out at -79.1% in 2024Q2, which suggests that the company has struggled to generate any meaningful return on the capital deployed during its aggressive expansion phase and subsequent pivot toward software-only services.
The consistent failure to achieve positive returns on invested capital indicates that the underlying business model has yet to reach the scale necessary to cover its cost of capital. Investors should monitor whether the recent shift toward software-only contracts can eventually reverse this trend, as current figures suggest a significant destruction of shareholder value.
Working Capital Inefficiencies and Delays
As reported in recent quarterly filings, the company's cash conversion cycle has been highly volatile, peaking at 888 days in 2024Q1, which highlights significant challenges in managing receivables and inventory turnover during the transition away from hardware-heavy project deployments toward a more service-oriented revenue model.
The extreme fluctuations in DSO and CCC suggest that Stem remains highly vulnerable to project commissioning delays and customer payment cycles. This inefficiency in working capital management appears to be a structural hurdle that exacerbates the company's ongoing liquidity constraints.
Liquidity Window Nearing Critical Threshold
Based on the latest quarterly data, Stem's current ratio has deteriorated to 0.84 in 2026Q1, down from 1.88 in 2023Q4, indicating that the company's ability to cover short-term obligations with existing liquid assets has become increasingly strained as cash reserves continue to dwindle.
The decline in the current ratio suggests that the company is operating with a narrowing margin of safety, leaving little room for error in its operational execution. This trend warrants close investigation, as it may necessitate further dilutive financing to sustain operations if cash burn is not curtailed.
Misleading Nature of Headline Multiples
As highlighted in recent SEC filings, the P/S ratio of 0.40 may lead investors to incorrectly perceive the stock as undervalued, failing to account for the fact that the company's revenue base is rapidly contracting while operating losses remain persistent and deeply negative.
The P/S ratio is particularly misapplied here because it ignores the quality and sustainability of the revenue stream, which is currently undergoing a painful transition. Analysts should instead focus on the conversion of backlog to high-margin software revenue and the company's ability to achieve cash flow positivity, rather than relying on top-line valuation multiples.