Latest Ratios: P/E Ratio -17.4x · EV/EBITDA N/A · ROE -52.2%. (2011–2025 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 | $156M | $135M | $37M | $20M | $31M | $30M | $30M | $53M | $90M | $63M | $81M |
| Enterprise Value | $147M | $125M | $35M | $20M | $30M | $28M | $32M | $57M | $92M | $62M | $80M |
| P/E Ratio → | -17.43 | — | — | — | — | 8.00 | — | — | — | 1350.00 | — |
| P/S Ratio | 5.78 | 4.97 | 1.62 | 0.80 | 1.24 | 1.24 | 1.07 | 1.58 | 2.51 | 1.90 | 3.31 |
| P/B Ratio | 6.63 | 6.27 | 3.61 | 1.37 | 1.64 | 1.43 | 1.76 | 2.25 | 3.21 | 1.87 | 5.58 |
| P/FCF | — | — | 11.82 | — | — | 97.07 | 24.77 | — | — | — | — |
| P/OCF | — | — | 9.00 | — | — | 64.81 | 21.54 | — | — | — | — |
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 | — | 4.61 | 1.54 | 0.81 | 1.22 | 1.17 | 1.15 | 1.70 | 2.56 | 1.87 | 3.29 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | 76.51 | — |
| EV / EBIT | — | — | — | — | — | 7.50 | — | — | — | 246.07 | — |
| EV / FCF | — | — | 11.28 | — | — | 91.73 | 26.49 | — | — | — | — |
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 | 36.3% | 36.3% | 43.6% | 40.6% | 44.3% | 47.5% | 38.3% | 37.3% | 37.9% | 39.0% | 38.0% |
| Operating Margin | -26.3% | -26.3% | -20.0% | -17.6% | -9.4% | -5.0% | -21.1% | -13.9% | -15.4% | 0.7% | -4.1% |
| Net Profit Margin | -30.5% | -30.5% | -21.0% | -18.3% | -9.8% | 15.1% | -21.8% | -14.1% | -15.9% | 0.1% | -4.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -52.2% | -52.2% | -38.4% | -27.3% | -12.2% | 19.3% | -30.3% | -18.3% | -18.5% | 0.2% | -8.1% |
| ROA | -24.2% | -24.2% | -16.2% | -16.4% | -8.1% | 11.8% | -17.3% | -10.3% | -11.4% | 0.1% | -4.9% |
| ROIC | -52.7% | -52.7% | -29.3% | -20.0% | -9.3% | -4.7% | -19.0% | -12.2% | -13.3% | 0.7% | -6.3% |
| ROCE | -34.0% | -34.0% | -28.7% | -23.3% | -10.6% | -5.4% | -24.4% | -14.5% | -14.1% | 0.7% | -5.9% |
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 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.13 | 0.13 | 0.37 | 0.10 | 0.07 | 0.09 | 0.21 | 0.22 | 0.07 | 0.03 | 0.22 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | 1.05 | — |
| Net Debt / Equity | — | -0.45 | -0.17 | 0.01 | -0.03 | -0.08 | 0.12 | 0.18 | 0.06 | -0.02 | -0.04 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | -1.01 | — |
| Debt / FCF | — | — | -0.54 | — | — | -5.34 | 1.73 | — | — | — | — |
| Interest Coverage | -53.75 | -53.75 | -38.71 | -57.28 | -143.37 | 100.00 | -47.22 | -45.92 | -47.06 | 1.63 | -5.61 |
Net cash position: cash ($12M) exceeds total debt ($3M)
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 | 3.12 | 3.12 | 1.32 | 1.94 | 2.87 | 2.84 | 2.52 | 2.08 | 2.00 | 2.49 | 3.57 |
| Quick Ratio | 1.94 | 1.94 | 0.74 | 0.93 | 1.50 | 1.96 | 1.70 | 1.60 | 1.52 | 1.90 | 2.72 |
| Cash Ratio | 1.34 | 1.34 | 0.32 | 0.13 | 0.25 | 0.41 | 0.17 | 0.07 | 0.02 | 0.19 | 0.66 |
| Asset Turnover | — | 0.73 | 0.73 | 0.90 | 0.88 | 0.75 | 0.94 | 0.81 | 0.72 | 0.66 | 1.03 |
| Inventory Turnover | 1.58 | 1.58 | 1.32 | 1.42 | 1.33 | 1.65 | 2.43 | 3.27 | 3.54 | 3.95 | 3.18 |
| Days Sales Outstanding | — | 59.58 | 103.68 | 116.06 | 124.37 | 175.64 | 167.14 | 218.29 | 194.07 | 154.84 | 166.34 |
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 | — | — | — | — | — | 12.5% | — | — | — | 0.1% | — |
| FCF Yield | — | — | 8.5% | — | — | 1.0% | 4.0% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 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% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $27M | $25M | $25M | $25M | $25M | $25M | $25M | $25M | $23M | $19M |
Persistent negative operating margins
According to recent market data, TGEN trades at a price-to-sales multiple of 5.71, which appears elevated given the company's persistent negative earnings and the lack of a forward P/E ratio, suggesting investors are pricing in speculative recovery potential rather than current fundamental performance.
The negative TTM P/E of -17.23 underscores the absence of bottom-line profitability, making traditional earnings-based valuation metrics inapplicable. The high P/B ratio of 6.56 relative to the company's inability to generate positive returns on equity suggests that the market may be valuing the firm's intellectual property and service infrastructure rather than its current cash-generating capacity.
Based on reported financial statements, Tecogen's ROIC has remained consistently negative, reaching -12.8% in 2026Q1, which indicates that the company is currently destroying shareholder value rather than compounding it through its core industrial operations and service network investments.
The persistent negative ROIC trend over the last ten quarters suggests that the capital deployed into the business is not earning a return above the cost of capital. This decay in returns appears driven by the inability to scale revenue sufficiently to cover the fixed costs inherent in the company's specialized service and manufacturing model.
As reported in recent filings, the company's cash conversion cycle reached 252 days in 2026Q1, a figure that highlights significant inefficiencies in inventory management and collection cycles compared to broader industrial peers, placing additional strain on the firm's limited cash resources.
The high days inventory outstanding, which peaked at 346 days in 2024Q2, suggests that the company may be carrying excessive or obsolete parts inventory for its legacy engine fleet. Investors should monitor whether management can optimize these working capital components, as the current cycle length necessitates a larger cash buffer than would otherwise be required.
According to the latest balance sheet data, Tecogen maintains a current ratio of 3.02, which provides a superficial appearance of strength, yet this liquidity is heavily tied to inventory and receivables rather than cash, warranting caution regarding the company's ability to meet obligations under stress.
While the quick ratio of 1.72 suggests the company can cover short-term liabilities without relying on inventory liquidation, the persistent cash burn makes this liquidity position a finite resource. The reliance on project-based revenue means that any significant delay in contract milestones could rapidly erode this liquidity buffer.
Market participants frequently misapply the price-to-sales ratio to Tecogen, which obscures the company's underlying profitability challenges and the high cost of servicing its installed base, leading to an incomplete assessment of the firm's true economic value as an industrial service provider.
Using P/S as a primary valuation metric ignores the fact that a significant portion of revenue is tied to low-margin or project-based equipment sales that do not contribute to long-term cash flow. A more appropriate approach would be to value the recurring service revenue segment separately using a multiple of EBITDA, while treating the product segment as a capital-intensive, non-core activity.
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying TGEN stock.
Tecogen Inc.'s current P/E ratio is -17.4x. The historical average is 8.0x.
Tecogen Inc.'s return on equity (ROE) is -52.2%. The historical average is -26.3%.
Based on historical data, Tecogen Inc. is trading at a P/E of -17.4x. Compare with industry peers and growth rates for a complete picture.
Tecogen Inc. has 36.3% gross margin and -26.3% operating margin.