Latest Ratios: P/E Ratio -1.7x · EV/EBITDA N/A · ROE -131.6%. (2002–2025 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 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $659M | $1.2B | $363M | $261M | $1.0B | $1.3B | $1.2B | — | — | — | — |
| Enterprise Value | $803M | $1.3B | $1.0B | $7M | $480M | $696M | $1.2B | — | — | — | — |
| P/E Ratio → | -1.72 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.66 | 1.54 | 123.25 | — | — | — | — | — | — | — | — |
| P/B Ratio | 1.27 | 3.60 | 1.53 | 0.41 | 1.43 | 2.31 | 236.36 | — | — | — | — |
| P/FCF | — | 69.61 | — | — | — | — | — | — | — | — | — |
| P/OCF | 6.90 | 12.15 | — | — | — | — | — | — | — | — | — |
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 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.73 | 341.04 | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 78.29 | — | — | — | — | — | — | — | — | — |
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 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 7.4% | 7.4% | 41.7% | — | — | — | — | — | 63.9% | 62.1% | 99.2% |
| Operating Margin | -23.8% | -23.8% | -2524.2% | — | — | — | — | — | 20.5% | 19.7% | 16.3% |
| Net Profit Margin | -48.7% | -48.7% | -15300.9% | — | — | — | — | — | 6.3% | 5.1% | 6.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -131.6% | -131.6% | -103.3% | -10.6% | -15.6% | -33.9% | -479.4% | 0.0% | 6.8% | 5.3% | 8.5% |
| ROA | -27.2% | -27.2% | -43.5% | -9.2% | -13.6% | -29.0% | -117.1% | 0.0% | 2.0% | 1.6% | 2.7% |
| ROIC | -20.1% | -20.1% | -8.9% | -17.8% | -118.6% | — | — | -0.0% | 6.7% | 6.7% | 6.9% |
| ROCE | -19.6% | -19.6% | -9.3% | -9.0% | -17.7% | -24.9% | -423.1% | -0.0% | 7.3% | 7.1% | 6.9% |
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 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.02 | 1.02 | 3.01 | — | 0.02 | — | 1.53 | — | 1.50 | 1.41 | 1.25 |
| Debt / EBITDA | — | — | — | — | — | — | — | 0.38 | 4.22 | 4.28 | 3.68 |
| Net Debt / Equity | — | 0.45 | 2.70 | -0.40 | -0.76 | -1.03 | -1.45 | — | 1.50 | 1.40 | 1.17 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | -0.47 | 4.19 | 4.25 | 3.45 |
| Debt / FCF | — | 8.69 | — | — | — | — | — | — | — | — | 21.68 |
| Interest Coverage | -8.19 | -8.19 | — | — | -55.68 | -31125.00 | -168.36 | — | 3.02 | 2.95 | 2.84 |
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 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.43 | 1.43 | 1.41 | 6.34 | 9.26 | 22.59 | 1.45 | 0.36 | 0.48 | 0.69 | 1.12 |
| Quick Ratio | 1.18 | 1.18 | 0.75 | 6.34 | 9.26 | 22.59 | 1.45 | 0.36 | 0.22 | 0.44 | 0.74 |
| Cash Ratio | 0.39 | 0.39 | 0.18 | 5.17 | 9.00 | 21.86 | 1.35 | 0.14 | 0.03 | 0.03 | 0.25 |
| Asset Turnover | — | 0.55 | 0.00 | — | — | — | — | — | 0.31 | 0.29 | 0.38 |
| Inventory Turnover | 6.03 | 6.03 | 0.01 | — | — | — | — | — | 3.26 | 3.63 | 0.08 |
| Days Sales Outstanding | — | 58.40 | — | — | — | — | — | — | 37.34 | 42.64 | 0.17 |
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 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | 122.0% | 152.8% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | 1.4% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | — | — | — | — |
| Shares Outstanding | — | $174M | $141M | $140M | $118M | $113M | $116M | $36M | $235M | $224M | $216M |
Includes 30+ ratios · 21 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 TE stock.
T1 Energy Inc's current P/E ratio is -1.7x. This places it at the 50th percentile of its historical range.
T1 Energy Inc's return on equity (ROE) is -131.6%. The historical average is -0.6%.
Based on historical data, T1 Energy Inc is trading at a P/E of -1.7x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
T1 Energy Inc has 7.4% gross margin and -23.8% operating margin.
Key Metrics
Top Statement Risk
Unsustainable cash burn rate
Metrics are mathematically derived from official filings.
Margin Recovery Amidst Structural Drag
TE's gross margin recovered to 19.6% in Q2 2026 from negative territory, but operating losses persist as SG&A consumes 28.8% of revenue, indicating the company has not yet achieved the scale needed to cover its fixed cost structure.
The sequential improvement in gross margin from -4.5% in Q4 2025 to 19.6% in Q2 2026 suggests initial manufacturing inefficiencies are being addressed as production scales. However, the operating margin remains deeply negative at -9.1%, with SG&A expenses of $71.9M dwarfing the $49.1M gross profit, indicating that overhead is scaling proportionally with revenue rather than demonstrating operating leverage. This margin profile is typical of an early-stage industrial manufacturer, but the persistent gap between gross and operating profitability warrants monitoring for signs of structural cost containment.
Negative Returns Reflect Pre-Profitability Phase
TE's ROIC of -2.0% in Q2 2026, while an improvement from -8.5% in Q4 2025, remains negative, indicating the company is still destroying value on invested capital as it scales its manufacturing operations.
The negative ROIC trend, which has fluctuated between -1.9% and -8.5% over the past five quarters, confirms that TE is in a capital-intensive build-out phase where returns are not yet covering the cost of capital. The improvement from Q4 2025's -8.5% to Q2 2026's -2.0% is encouraging and aligns with the revenue ramp, but the company must achieve positive ROIC to demonstrate it can generate sustainable returns. The negative ROE of -14.9% further underscores that equity holders are currently absorbing losses as the company invests for future scale.
Leverage Surge Amidst Liquidity Erosion
TE's debt-to-equity ratio has ballooned to 2.83 in Q2 2026 from 0.04 in early 2024, while interest coverage is negative at -4.37x, indicating that debt service is becoming increasingly uncomfortable as the company funds its asset-heavy build-out.
The rapid escalation in leverage, with total debt reaching $778.5M against a declining cash position, suggests the company is relying heavily on external financing to fund its growth. The negative interest coverage ratio of -4.37x in Q2 2026, a deterioration from 1.60x in Q1 2026, indicates that operating losses are now insufficient to cover interest expenses, raising refinancing risk. This leverage profile, combined with the negative ROIC, suggests that the company's capital structure is becoming strained as it pursues an aggressive manufacturing expansion.
Cash Position Erodes Under Capex Pressure
TE's cash and equivalents have declined 56.6% from $182.4M in Q4 2025 to $79.1M in Q2 2026, while the current ratio has fallen to 1.30, indicating a rapid consumption of liquidity to fund operations and capital expenditures.
The sharp decline in cash reserves, coupled with a current ratio that has deteriorated from 1.43 in Q4 2025 to 1.30 in Q2 2026, suggests the company's liquidity position is under significant pressure. The quick ratio of 0.90 in Q2 2026, down from 1.18 in Q4 2025, indicates that the company may face challenges meeting short-term obligations without relying on inventory liquidation. This liquidity trajectory, combined with the negative free cash flow margin of -52.5%, warrants close monitoring for potential capital raises or covenant breaches.
Working Capital Volatility Masks Project Lumps
TE's cash conversion cycle has been highly volatile, swinging from 43 days in Q4 2025 to 82 days in Q2 2026, indicating lumpy project-based cash flows and potential inefficiencies in managing receivables and inventory during the revenue ramp.
The erratic movement in the cash conversion cycle, with days sales outstanding (DSO) increasing from 38 to 68 days and days inventory outstanding (DIO) surging from 45 to 112 days between Q4 2025 and Q2 2026, suggests that working capital management is struggling to keep pace with the rapid revenue growth. The increase in DSO may indicate extended payment terms with customers, while the rise in DIO could reflect inventory build-up for future projects. This volatility in working capital efficiency is a key risk for a project-based manufacturer, as it can mask underlying cash flow challenges.
P/E Ratio Misapplied to Pre-Profitability Model
The P/E ratio of -2.19 is meaningless for TE's current business model, as the company is in a pre-profitability phase where earnings are negative and volatile, making EV/EBITDA or EV/GWh more appropriate valuation metrics.
The negative P/E ratio is a common misapplication for companies like TE that are in a capital-intensive build-out phase with negative earnings. This metric obscures the company's true valuation drivers, which are likely based on future production capacity and off-take agreements rather than current profitability. Investors should instead focus on EV/EBITDA (21.65x forward) or EV/GWh metrics, which better reflect the company's growth potential and capital intensity. The P/B ratio of 2.58 may also be misleading given the negative equity base from accumulated losses, further highlighting the need for alternative valuation frameworks.